MONEY AND CREDIT 453
The piiiicipal articles of British produce exported to Chile were cottons of the value of 1,182,252Z. in 1885 ; 83(3,045 in 1897 ; woollens, 241,316Z. in 1897 ; of iron, wrought and unwrought, 319,622/. in 1897 ; coal, &c. , 114.550/. iu 1897 ; hardware, 28,997/. ; machinery, 125,901.
Shippings and Navigation.
The commercial navy of Chile consisted, on January 1, 1897, of 160 vessels of 80,275 tons, of which 48 were steamers, of 25,521 tons net. In 1896 there entered the ports of the Republic, in the foreign trade, 2,193 vessels of 3,315,426 tons, and cleared 2,346 of 3,961,996 tons. Of vessels engaged in the coasting trade in 1896 a total tonnage of 6,656,603 entered. There are English, German, and French lines of steamers from the coasts of Chile to Europe, through the Straits of Magellan, and English and Chilian lines to Peru and Panama.
Communications.
chile was the first State in South America in the construction of railways. In 1897 the total length of lines open for traffic wa.« 2,661 English miles, of which 1,233 belonged, to the State, The cost of the State lines to the end of 1897 was 82,269,660 pesos. The revenue of the State railways in 1897 was 13,259,607 pesos, and the expenses 12,878,248 pesos. Of the Trans-Andine railway from Santa Rosa to Mendoza, 18 miles of the Chilian section and 88 of the Argentine section are open, 46 miles of line being still required to unite the sections.
The post-office in 1896 transmitted in the internal service 54,537,687 letters, newspapers, &c., and in the external, 5,387,020. There were 626 po.st-offices. Postal revenue, 1896, 951,816 pesos : expenditure 890,658 pesos.
The length of State telegraph lines at the end ol 1897, was 9,832 miles, with 11,200 miles of wire. There were 229 offices. In 1897, 1,255,806 telegrams were sent. The railway and private lines, over 2,613 miles in length, are not included in these figures. In 1887 the telephone conversations numbered 19,463,775.
Money and Credit.
Chile has no State bank. The number of joint-stock banks of issue was 23 in January 1898. Their joint capital amounted to 50,818,829 pesos, and their registered issue to 16,230,840 pesos. The banks are required to guarantee their note issue by dejwsiting gold. Government notes, or securities in tha'Treasury, and the amount so deposited is stated to be 18,196,888 pesos. There are also a number of land banks which issue scrip payable to bearer and bearing inter- est, and lend money secured as a first charge on landed property and repayable at fixed periods.
The conversion law of February 11, 1895, provided that the redemption of the paper currency should be effected from June 1 of that year, at the rate of 18c^. per peso, and authorised the i.ssue of the coinage described below. The nominal value of the coinage of Chile during the last three years is given as follows : —
