1260 SANTO DOMINGO
Under authority of an Executive Order dated August 2, 1918, by the Military Governor of Santo Domingo, bonds under the title "Dominican Republic 5% Bonds Issue of 1918 " were issued for the purpose of settling claims and indebtedness, both foreign and domestic, accumulated prior to the establishment of the Military Government ; authorized amount of issue 5,000,000 dollars ; actually issued, 4,161,300 dollars ; bonds are issued to claimants in settlements of awards as they are made by the Dominican Claims Commission ; they are secured as a second lien on the customs revenue of the Republic; from January 1, 1918, a sinking fund is provided for, to be applied to the retirement of bonds as drawn for redemption on each interest date ; the sinking fund is in the hands of the Designated Depositary for the Dominican Government, at present the International Banking Corporation of New York ; date due 1918-1938 ; interest dates, January and July ; interest and principal payable at the offices of the Designated Depositary in the Dominican Republic and in New York City.
On July 31, 1920, the Public Debt of the Dominican Republic was as follows :— 1908 issue of bonds due in 1958, 20,000,000 dollars ; redeemed bonds held in the amortization fund, 9,174,750 dollars ; cash in the amorti- zation fund on July 31, 1920, 618,221 dollars; amortized total, 9,792,971 dollars ; leaving an unsettled balance of 10,207,029 dollars. Issue of bonds in 1918 due in 1938, 4,161,300 dollars ; redeemed bonds, 1,113,200 dollars ; cash in the amortization fund, 154, 342 dollars ; total amortized, 1,267,542 dollars ; leaving an unsettled balance of 2,893,757 dollars, which, added to the above-mentioned sums, leaves a total balance of 13,100,786 dollars unpaid.
Defence. — Native constabulary officered by Americans is the only defence, apart from the American marine forces in the Republic, which consist of 1,150 men, divided into 14 companies.
The Republic has no navy.
Production and Industry.— Agriculture is the principal source of wealth ; and cattle raising is a promising industry. Of the total area, about 15,500 square miles is cultivable, and about 3,000,000 acres suitable for grazing. Tobacco is grown in the northern part and cacao in the eastern. Sugar-growing is a flourishing industry ; production of sugar in 1920-21, 1,326,438 bags (of 320 pounds each); 1919-20 1,230,150 bsgsT; and 1918-19, 1,166,761 bags. Tobacco production in 1918, 33,439,648 pounds ; in 1917, 17,250,000 pounds. The annual production of coconuts is about 1,500,000. Cocoa was exported in 1919 to the extent of 22,418,335 kilos, valued at 8,011,384 dollars; tobacco leaf, 20,302,095 kilos., valued at 6,(161,033 dollars; sugar, 162,321,601 kilos, valued at 20,697,761 dollars ; coffee, 2,209,446 kilos, valued at 947,421 dollars. The forest area of the Republic is 9,500,000 acres.
Minerals of almost every kind are found at various places in the Republic, principal among which are gold and copper. Iron is found in the form of black magnetic oxide of iron, and petroleum has been found in the Azua region. Coal of the lignite variety of little commercial value is found in considerable quantities, as well as some anthracite coal. Silver, platinum, and traces of quicksilver have been found, and rock salt near Neiba is found in inexhaustible quantities, there being several hills of native salt covered with only a thin layer of soil. For building purposes there is a large variety of limestone and sandstone.
