benefit the exchange, as the demand for approximately 3,500,000 

 {the coal bill) would cease or decrease, and be reduced to the 

 amount required for bunkering purposes. 



Portugal is importing one-half of the coal she used to buy 

 in England, and she is paying over double the amount for it. 



In a small exchange market like Portugal the falling off in 

 demand of an annual amount of 3,500,000 would be immediately 

 reflected in the agio. The financial benefits to be derived from 

 a broad water-power policy need not be explained at any length; 

 they are self-evident. 



It may be argued that the power demand and consumption 

 of the country are small, but nowhere has electric pow^r been left 

 wasted, and the country's possibilities are still to be opened up. 

 In fact, Portugal's consumption of power is not ascertainable 

 with exactitude, as there are no statistics, and no data whatever 

 are supplied by the official departments concerned. 



However, reliable private information shows that in 1914 

 the production of energy amounted to 138,000 h.p., of which only 

 -a small fraction was derived from water-power. But this figure 

 is relative to the power derived from water and coal and utilised 

 in industry. The power generated by the railways, by the 

 tramways, the power required for the electric light supply, the 

 power utilised in the generation of gas, and the power derived from 

 charcoal and wood, has to be estimated if a right idea of the 

 market is to be formed. 



The power actually required for the railways is estimated 

 at 68,777 k.w.h. ; the power required for light is calculated at 

 0,000 k.w.h. ; the power for the city tramways is estimated at 

 13,630 k.w.h., totalling 132,407 k.w.h. 



The distribution of the energy is variable, but with the 

 exception of Oporto most of the centres of consumption are 

 situated in the centre and south of Portugal. 



Electric power would change the face of Portugal within a 

 few years. The mining resources of the country are at a stand- 

 still awaiting cheap power. Agriculture is in a backward state, 

 lacking power and transport facilities. Most of the existing 

 industries are wanting an impetus and an adjustment of plant. 

 Chemical industries are practically non-existent although raw 

 materials are abundant. 



Mines. 



Copper deposits are mainly found in the South. The 

 S. Domingo Mine is the most important, and has been exploited 

 since 1858. It belongs to an English firm, Messrs. Mason and 

 Barry. The output of the mine varies a good deal, but over 



