New-York tribune., 1922-04-02
finances Easpd

The financial situation Of the gov
eminent also mas been considerably
eased by the issue of paper money
recently authorized by the Congress,
but the latter IS marking time with
reference to other legislation OF u
fiscal and economic nature
Bat in spite Of the somewhat inn
proved conditions there g apparently
al unusual dearth Of government con
tracts. concessions, etc. The several
groups OF American promoters seeking
concessions for building a railway from
bo2ota TO the sea have dropped off
one by one, until there is only one re-
naming. In spite of many proposals
for leases Of government owned oil
lands. none is being granted. This
conditor is SAID to arise from the
unwilIingness of General Holguin the
acting President 10 take any steps of
this nature pending the coming into
Office Of President-elect OSpina. which
viii occur early in August.
The Colombian Congress. which has
been III continuous session since July
20 last, engaged chiefly upon economic
measures calculated to alleviate the
strained financial situation Of the ma
tional government. was the recipient of
a communication issued by the Colon
pian President a short time ago, in
which nc requested attention to Ger
tain measures. among which tae pro
posed government owned bank. increase
OF the national revenues and encour-
agemcnt Of the river transportation
service were mentioned.
The communication congratulated the
Congress upon having passed CON
sderably reduced budget.
The Congress is also comp plimented
by the executive for having passed the
bill authorizing the government 20 is
100000 pesos Of which have already
been issued and are circulating at par
in Bogota in spite OF the refusal Of the
banks TO accept them in payment o.
obligations or on deposit, except in
special accounts.
new bill for a governm ent- owned
bank has been Introduced, the 0rinci-
pal change consisting in the reduction
of the capital from 10000, ,O00 pesos, as
originally planned, to 100000 pesos.
divided into 10000 equal shares, one
half TO be subscribed by the national
treasury and the other half by the
public
The alIusion by the executive TO in
less refers to the proposal increases
in the import tariff. the bill authoriz-
ing which is still under consideration
by the Congress, and the reference
to the encouragement of river trans
pcrtation, TO a bill. now under con-
sderation by the Senate. by which ii
is proposed to revise existing freight
tariffs and TO otherwise ameliorate the
conditions Of Colombian traffic.
This lack Of adequate transportation
facilities in Colombia is apparent when
it is considered that the entire coun-
try has only ,449 miles Of railway in
operation and that the Germanman-
aged aerial mail service does a thirty
ing business at rates ranging from
three to ten times those of the govern
ment postal service. but with a saving
Of week between Barranquilla, on the
Atlantic coast, and the capital, Bogota,
a distance of something like 500 miles.
In connection with these proposed
improvements in Colomba's financial
system, the recent authoritative report
that General Pedro Mel Ospina, the
President-elect of the republic, is plan
ming to visit the United States and
Europe before taking Office. in order to
study foreign systems of financial ad-
ministration. possesses considerable in