SPAIN". 



817 



presidency of Sefior Moret y Prendergast, the 

 projects of law presented by SeQor Camacho 

 for the conversion of the privileged two per 

 cents and the floating debt, and for the final 

 settlement of the general debt, were unani- 

 mously approved. Commencing from the fol- 

 lowing week, immediately after the termina- 

 tion of the debate on the royal speech, the 

 Cortes were to hold two sittings daily until all 

 the measures relating to the finance adminis- 

 trative reforms and the budget should be dis- 

 posed of. Sefior Cosgayon, Finance Minister 

 under a Liberal - Conservative Government, 

 made (December 7th) a somewhat spiritless 

 attack upon the proposals of the reorganization 

 of Spanish finance and the plans of SeQor 

 Camacho, claiming for the Conservative party 

 at all events a share of the credit for the im- 

 proved financial position. Sefior Camacho, in 

 an energetic and convincing speech, which 

 carried the entire House with him, defended 

 and justified his schemes of reform, and on 

 concluding was warmly congratulated by mem- 

 bers of all shades. It appeared evident that 

 the party spirit which usually runs so high in 

 Spain would not be allowed to interfere in this 

 vitally important question for the entire coun- 

 try. Seflor Camacho might fairly count upon 

 aid from all parties in order to render his mea- 

 sures successful. He stated that at the end of 

 the year (1881) the floating debt would not ex- 

 ceed 175,000,000 pesetas. On December 13th 

 was published a contract with the Bank of Spain 

 for the conversion of the amortizable privi- 

 leged debts in an emission of a four-per-cent 

 stock to the amount of 72,000,000 sterling, 

 authorized under Article I of the law of the 

 l)th of the same month. The most important 

 clause, as affecting the foreign holders of the 

 two-per-cent stock, was that the Finance Min- 

 ister recognized their rights in the substantial 

 form of giving an additional two per cent be- 

 yond the price of 50 fixed for the interior, thus 

 compensating them for their loss by exchange, 

 and bringing up the value slightly in excess of 

 the difference which existed in their favor at 

 the time of the original emission. Senor Ca- 

 macho has sought and obtained a solution of 

 this delicate point in an equitable if not liberal 

 sense, leaving at the same time perfect free- 

 dom of action to the foreign creditors to ac- 

 cept or not the proposition. Among the hold- 

 ers of the foreign two per cents at Madrid, 

 the unexpected concession was eagerly ac- 

 cepted, and SeQor Camacho, by his regard to 

 strict equity, seemed determined to raise the 

 Spanish credit to a higher level than ever be- 

 fore reached. The next operation to complete 

 the minister's scheme for the reform of the 

 national debts related to the three-per-cent 

 general debt, which was to be proceeded with 

 immediately. 



In the budget of Cuba for 1879 the receipts 

 were estimated at $60,132,638, and the ex- 

 penditure at $56,764,688. 



The peace strength of the Spanish army for 

 VOL. xxi. 52 A 



1879-'80 was fixed by law at 90,000, as fol- 

 lows: 59,993 foot; 12,783 horse; 9,955 artil- 

 lery; and 4,168 engineers. In time of war 

 the strength is to be raised to 480,000. The 

 strength of the army for Cuba was fixed at 

 38,000 ; for the Philippines at 15,500 ; and for 

 Porto Rico at 3,346. 



The fleet in 1879 consisted of 121 steamers, 

 of 21,576 horse-power, with 525 guns. 



The imports in 1879 were of the total value 

 of 443,300,000 pesetas, and the exports 503,- 

 900,000 pesetas. 



The merchant navy on January 1, 1880, con- 

 sisted of 1,578 sailing-vessels, aggregating 325,- 

 036 tons, and 226 steamers, with an aggregate 

 of 135,814 tons ; total, 1,804 vessels and 460,- 

 850 tons. 



The length of railroads in operation on Jan- 

 uary 1, 1878, was 3,875 miles. 



The number of post-offices in 1880 was 

 2,536; the number of letters sent, 81,422,000; 

 postal-cards, 1,045,000 ; packages of printed 

 matter and samples, 5,703,000; newspapers, 

 40,247,000 ; total, 128,417,000. 



The length of the Government telegraph 

 lines in 1879 was 9,920 miles, and that of the 

 wires 25,831 miles. The number of Govern- 

 ment stations was 349, and of private and rail- 

 road stations 91. The number of inland dis- 

 patches was 1,334,963 ; of foreign dispatches, 

 377,145; of official dispatches, 300,640; total, 

 2,012,748 dispatches. 



The exports from the Island of Cuba for 

 1878 were of the value of $70,881,525. The 

 principal articles exported were as follows : 

 Sugar, $53,830,931 ; molasses, $2,734,094 ; ci- 

 gars, $7,294,224; tobacco, $5,485,163. 



The number of vessels entered at the port of 

 Havana in 1880 was as follows : 



The length of railways in operation on the 

 island is 863 miles. The length of telegraph 

 lines in 1880 was 1,127 miles, with 187 sta- 

 tions. 



Among the American productions most in 

 demand, in Cuba are those hereafter tran- 

 scribed from a dispatch of United States Con- 

 sul Roosevelt,* to the Department of State, 

 under date February 1, 1881 : 



Agricultural Implements. Plows, cultivators, rakes, 

 hoes, forks, coffee-cleaners, machetes or cane-knives, 

 sausage-meat cutters, bagazo-spreaders, sugar-mills, 

 portable railroads, sheep-shears, corn-shellers, spades, 

 and shovels. 



Sugar - Machines. Mills, centrifugal apparatus, 

 vacuum-pans, stampers for hogsheads and box sugars, 

 fire-brick. 



* At the port of Matanzas. 



