23 



values estimated at 2,000,000. Admitting for the sake of 

 argument that 50 per cent, is absorbed by the cost of production, 

 1,000,000 remains as net income for the remuneration of some 

 millions of escudos capital invested there. 



Portuguese Guinea is the lands of oil seeds, of which 20,000 

 tons are being exported per annum, yielding about 100 per cent, 

 of the capital invested there. Angola's exports are valued at 

 620,000 for 1921. Mozambique's exports are estimated at 

 1,000,000. All this money is brought into the country yearly, 

 and the disequilibrium which is noted in the State finances will 

 gradually disappear as the development of the colonial resources 

 takes place. The Portuguese debt would be crushing were it not 

 that 20,000,000 have been spent by the mother country in the 

 colonies within the last 70 years. In addition to the colonies, the 

 debt is represented by 17,000 kilometres of roads; by numerous 

 bridges; by harbours, such as Lisbon, Leixoes, San Miguel, 

 Lourenco Marques; by 1,200 kilometres of railways with equip- 

 ment; by thousands of schools, three universities, and an excellent 

 School of Engineering, &c. 



The Adjacent Islands 



of Madeira and the Azores play a very important part in the 

 Portuguese economy. 



Madeira. 



Madeira, well-known for her variety of climates, is the calling 

 port for all ships going to and returning from South Africa and 

 South America. One hundred thousand passengers are reported 

 to call at Fimch al per annum. The chief exports consist of wines 

 (400,000) and embroideries ($2,000,000). 



Very little has been done to attract foreigners to Madeira. 

 The sea passages are much too high, accommodation is good in 

 some hotels of Funchal but does not exist in the hinterland, 

 touring facilities are non-existent, sports are limited to practically 

 nothing, daily telegraphic news from abroad is relatively scarce, 

 transport is very awkward and most expensive. There are about 

 100 kilmetres of motor roads which have not yet been properly 

 metalled. Electric tramways in the main roads, linking the 

 magnificent landscapes of the North orn coast of the Island with 

 Funchal would undoubtedly attract a good many visitors, who, 

 during the short stay of the steamers in the harbour, are confined 

 a,t present to a very small area. 



The interior of the island, which would be easily reached 

 in a very short time, is one of the most beautiful sights in the 

 world. 



