New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-27

mss ANcW 1Oth lTlOuncJ.
pletely overcome this sentiment, and
they are now regarded as a great ben
eft to the country. Ninety per cent
of the total business of the country is
in cattle and sheep and the by
products, and until recently other
sources of wealth were neglected. The
government has been doing excellent
work, however, through the central
agricultural college in Montevideo and
a number of branches and experiment
stations, in increasing interest in in
tensive agriculture. A plan now be-
ing worked out to divide some of the
large estates into smaller farms for
the raising of grain and the diversifi-
cation of crops shows promise Of re-
suits and should be very helpful IN
the future. The fact, however, that
the country is dealing in the neces-
saries of life makes for stability. Its
total commerce has increased five
times in forty years, and it seems evil
dent that it will continue to develop.
It reached the high mark, with total
of s1l5,0O0,O00, in the year before the
war. 1t went to s92,000,000 in the
twelve months after the conflict
started, but this year will record an
almost complete recovery and the
figure for exports is almost sure to be
the highest ever made.
Financially the government Of Uru-
quay is in strong position. 1t main
tains a central bank, the Bank de la
Republica, the circulation of which is
limited to twice its capital. while a 40
per cent gold reserve is required. The
reserve has for years been in excess
of that and is at present over 6O per
cent. Uruguay is the one country IN
South America where the United
States gold dollar is worth less than
par, since the peso, their dollar unit,
is worth s1O95 gold.
As in the other countries, where she
is the largest investor, England, IN
normal times, sells the greatest vol
ume Of merchandise, the figure averag-
ing about s12,Oo0,o0o annually. Ger
many has usually been next on the list,
with about 100000. The United
States has In recent years sold Uru-
guayans an average Of about S5,500,OOO
OF our products. France sells from
$1,000 900 TO s12,OOO,ooo. Argentina,
100000; Belgium and Italy, $780,
600 each, and Spain and Brazil, about
100000 each.
Great Britain's purchases, on the
other hand, have been about s6,OOO,OoO
n wear, so that she had balance in
her favcr Of about the same amount.
Germany buys from 100000 to 49,
100000 a year of Uruguayan eommcd-
tiles. and thereby breaks about even
on all that she sells. France generally
buvs goods to the value Of about s4,-
OOO, 900, and as a result has favors-
bic balance nearly as large as that OF
Great Britain.
Before July 81, 1914, our sales in the
little republic had been gaining, and
in 1918 we got up 20 100000. In
1914 we went back TO our previous
figure Of s5.5oO,OO0. For 1915 the total
was $500, 900 less. but for the year 70
July 1, 1916, It will exceed slo.oOo'OOo'
or more than any other country except
Great Britain. Our purchases in Uru-
quay about Offset our sales for many
years, until 1910, when there was a
squirt on the buying side, and we got
up TO nearly S7,50O,O00, more than
twice the usual amount, but in the
following twelve months we paid Uru-
quay only S1,600,OO0 for her merchan-
disc, and in 1913 but a few hundred
thousand more. or S2,450,000. In 1914,
because the war caused a great demand
for leather. we made new high mark
in our buying, of s7,7l5,OOO. We con-
tinued 10 take hides and wool in 1915
and brought the figure up 20 l0.492'-
600. as a result Of which the Balance
against us was 100000. For the
1916 year, that is 70 July 1, We will
purchase over sl4,OOO,OOO Of mer-
chandise, S7.oOO,OOO in excess OF any
other country. and, since we have sold
SIO 600 900 there is a balance on the
side OF Uruguay of 100000. OF the
business this year. 100000 is rep
resented by hides. Before the war
this item amounted to only 100000.
We also paid s1,25),OOO for beef, which
never had been imported into this coun-
try before in any quantity Until the