MONEY AND CREDIT 11^1
poiatiou. These include (1) the Peruvian Central (Oroya) Railway, lrom Callao an<l Lima to Huanoayo, 248 miles; (2) the Southern Railway of Peru, from Mollendo to Puno, 326 miles ; from Juliaca, 30 miles from Puno, the Cuzco section strikes off northward for 210 miles; (3) the Paita to Piura Rail- way, 60 miles ; (4) the Pacasmayo to Guadalupe Railway, 63 miles ; (5) the Pisco to lea Railway, 46 miles. All the lines are standard gauge railways (4 ft 8£ in.), with the exception of the Trujillo Railway (75 miles long) between Salaverry and Ascope, and the Chimbote Railway (36 miles) be- tween Chimbote and Tablones, which are 3 ft. gauge, and the Guaqui to La Paz Railway, which is a metre gauge line. A small Government fine con- necting up Lima with the Port of Chilca. a short distance south of Callao, is being constructed.
There were 303 telegraph offices in 1918. The length of State tele- graph lines in 1917 was 7,849 miles. Number of telegrams (1918) 1,041,667 despatched and 1,049.346 received. Three submarine telegraph cables connect Peru and Chile, and one connects Peru and the Republics to the north. Wireless communication between Iquitos and Masisea, and between Iquitos and Puerto Hermudez was inaugurated July 8, 1908. In 1919 Peru had 19 wireless stations. Total length of telephone wire (1914), 182,900 miles.
In 1917 there were 646 post offices ; letters and packets handled, 23,908,987 in the home service and 5,011,181 in the international service.
Money and Credit.
A decree was issued by the President of the Republic on January 10, 1898, to give effect to the law of December 29, 1897, establishing a gold currency. By Act of December 14, 1901, gold became the only standard. The national gold coin, the libra, is of the same standard and weight as the pound sterling, which is also legal tender; 10 soles = 11. sterling. Silver is legal tender up to 100 soles. Peru has no paper currency issued by the Governmenr, but since the outbreak of the European War '1914) an issue in notes has been made by a number of banks with the sanction of Congress, the total on December 31, 1918, being 5,109,369*. of which 3,532,623 are in circulation.
These notes (10s., II, 51. and 104. ) are guaranteed by the several banks with 20 per cent, bullion and 80 per cent, in approved bonds, shares and other secmities deposited by them in their vaults and subject to Government supervision ; they are by law declared legal substitute for the gold £. The actual amount of gold coin held in deposit on December 31, 1918. was 4,609,0904.
The scarcity of silver coins made it necessary to issue paper notes of the value of 50 cents, or Is. These have been issued against full gold deposits as follows : Government 12,250 banks, 10,1004., the public generally 17,2204.
On Decenil>er 31, 1919. the currency of the Republic was as follows : Gold on hand in the bank-. 496,474 Peruvian pounds ; silver on hand, 825.753 soles : gold certificates, 6,646,321 pounds ; nickel, 1,909,261 soles ; and copper, 338,500 soles. The total amounts, therefore, to 7,142,795 Peruvian pounds in gold and 3.073,514 soles in silver, nickel, and copper.
In Peru the commercial hanks are : the Bank of Peru and London (capital, 500,0004.), the Italian Bank, the International Bank of Peru, the American Mercantile Bank (founded in 1916), and the Banco Popular, the Caja de Depositos y Consignaciones, the Banco Aleman Transatlantico, ami the Caja de Ahorros de la Bene&cencia de Lima, a savings bank with
