Liberia ^ 



value, and then the piassava-fibre, the principal article of export 

 in the leeward counties, declined in quality and consequently in 

 price. Disturbances in the interior, especially in Montserrado County 

 and in other quarters, have affected conditions. Everything possible 

 is being done to settle the disturbed districts, but as it is easier 

 to excite disturbances than to allay them, it will be some time 

 before the result of these efforts can be seen and appreciated. 



Nations, like individuals, must live within their income or else 

 go into bankruptc}' and so lose control to a very great extent of 

 their affairs. It may be useful to place before you a statement of 

 our financial condition. 



The foreign bonded debt amounts to ^96,997. We are paying 

 interest on ;^78,2 50 at the rate of 3I per cent, and the charge on the 

 revenue for sinking fund and interest will be $16,000 for the next 

 three years. The internal bonded debt amounts to $135,557.17, 

 of which $36,000 bears interest at 6 per cent, and the balance at 

 3 per cent. The annual charge is about $5,000. 



The floating debt is estimated at under $200,000, less than one 

 year's average income. It consists of currency, audited bills, and 

 drafts on the Treasury. 



About $150,000 of this sum is held by foreign merchants. It 

 forms the principal embarrassment of the Treasury, since it is being 

 constantly liquidated out of current revenue. To meet the deficit 

 and pay current expenses of government, the Treasury has con- 

 stantly to ask for advances from the mercantile holders of this 

 debt. For this accommodation it is paying interest at the rate of from 

 25 to 33 per cent. 



The total debt of the country is about $800,000, of which the 

 English 1 87 1 7 per cent. Loan is the largest item. The debt would 

 be covered by about three years' revenue. 



For the last ten years, 1893 to 1903, the revenue from all 

 sources is returned at $2,243,148. The disbursements were 

 $2,177,556, showing a balance in favour of the country of 

 $65,592. 



Unpaid balances due by the receivers of the revenue stamps, etc., 

 account for a very large amount of this balance. Now if our disburse- 

 ments represented approximately the sum annually appropriated, 

 there would be no floating debt ; but unfortunately they do not. 

 The local budgets of the counties of Sino and Maryland especially, 



336 



