Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-21
WILL BUILD UP NAVY.
Portugal Likely to Spend Some
Money in This Country.
C0UNTRY'S DEBT GROWS
Now Three-Quarters of q Billion Dol
lars-More Than 500
Per Capita.

LISBON. Portugal. December c.
Portugal has now turned it's attention
I, to building up its navy. and some of the
money SO expended is pretty sure to so
to America.
American and British shipbuiiders have
been asked TO submit bids for number
of small vessels, the building of which is
to be followed by the construction Of some
larger ships. the plans for which are now
! being prepared The first vessels to he
quilt are two cruisers Of 900 tons each
Tour destroyers Of from 500 to 900 tons.
and two or four submersibles.
Agents OF American shipyards are al
ready busy examining the plans with a
view to submitting bids against their only
competitors. the British. Z he latter firms.
; 1t Is learned. are SO crowded with work
that their figures are not expected to be
| as low as they might be under other cir
cumstances. though the SJ.G;UOo0 to be
spent on these ships will be an induce
| ment to some of the smaller wards
The Portuguese navy department has
| not yet decided what class of larger
ships 1t will build, cruisers or battleships.
| but has decided that S40,COOOOO will be
spent on them 1t is possible that it will
ask contractors to submit plans for GER
tain classes of ships and accept what are
considered the best.
National Debt Grows.
The Portuguese national debt has risen
TO S'oo.OOOOCO. which amounts to about
$40 for every inhabitant VI the country.
This is an increase of about S12. 0,00)
since the monarchy was overthrown. Par
lament reassembled November II. in
stead Of December >. the date originally
fixed. in order to deal with financial re-
forms proposed by the minister Of finance.
These include a consolidation of the
whole debt. internal. external and float
ing. at > per cent rate, an increased
tax on land. an amendment of the con-
tract with the Bank Of Portugal. and
for collecting customs dues at the cur
rent rate of gold exchange.
Under the new arrangement with the
Rank of Portugal the paper currency
will be increased by about S;5.O00.CU
over the present issues. amounting to
S3o.OU.O0O, without increasing the metal
lie reserve. The government proposes
in this way to obtain funds without
fresh loans. The Bank of Portugal.
upon the confirmation by parliament of
the contract, Will open a current account
with the government Of s4t.nOo,OOO. repay
able in sixty years by semi-annual in
stallments. The government has a pro-
gram OF economies amounting to $3.50
COO
FINANCES Were Deplorable.
The republican government came into
power with the public finances in a de-
plorablc state. The expenditures were
already i'm excess of income. and every
department of the public administration
was in arrears.
DIR. Thcophile Braga. who was prcsi-
dent of the provisional republic, says in
an interview:
THE public moneys are improperly
handled. and to my knowledge consid-
able sums of money to the governments
credit have been lost sight of and for
gotten in a certain bank. Seeing the in
competence of the Portuguese financial
ministers. it might be we'll to import a
skilled chancellor of the excheauer from
abroad. What Portugal requires is
surgeon.