H 



S&a transport is assured by a merchant fleet ^.timbering 57 

 steamers (including the ex-German fleet) totalling 200,000 tons. 

 Only a very small fraction of the State-owned steamers is being- 

 utilised. 



There are two colonial shipping companies, with 54,000 tons 

 and 18,000 tons respectively. 



The aggregate capital of the shipping companies is estimated 

 at 20,000,0(50 escudos. 



Economic and Financial. 



There are no statistics of industrial production, and even 

 those relating to agriculture are not always complete. But the- 

 increase of wealth in the country is visible. 



The passenger traffic in the trains compares most 

 favourably with the pre-war period. The number of letters, 

 telegrams, and telephone messages shows a large increase. Loco- 

 motives and trucks are being imported in order to increase the 

 transport facilities of the railways. 



The consumption of sugar, cocoa, coffee, tobacco, cotton,, 

 and foodstuffs is increasing. 



The imports of luxuries from abro*ad, such as velvets, silks, 

 Parisian confectionery, &c., have attained a very high record. 



The deposits in the banks have increased. The State Savings 

 Bank, for instance, recorded in 1914/15 19,116,000 escudos of 

 voluntary deposits, comparing with 199,271,101 escudos hi 

 1921-22. 



The deposits in the Bank of Portugal in 1922 amounted to 

 58,918,974 escudos. The deposits in the Banco Nacional 

 Ultramarino in 1922 totalled 279,246,612 escudos. 



The velocity of circulation in some banks is most interesting, 

 as it coincides with certain definite periods of the country's 

 economic life. Cheques are not in general use as in England, 

 although they would greatly facilitate the task of the banks 

 and alleviate the position as regards the fiduciary issue. 



The State Savings Bank, however, paid in 1921-22, 173,898 

 cheques, totalling 251,700,342 escudos, comparing with 90,153 

 cheques and 140,488,261 escudos in 1920-21. 



In 1919 the number of new companies floated was 926, 

 representing a nominal capital of 156,805,000 escudos. In 1918 

 the new companies numbered 705, and the capital represented 

 amounted to 125,180,000 escudos. This capital has been invested 

 much more in banking and insurance business than in any other 

 branch. General trade accounts for 36,000,000 escudos in 1919 

 and industrial undertakings represent 30,000,000 escudos. 



Thirty-five applications for the privilege of introducing new 



