2,885,487 dollars; to United States of America, for various stocks, repayable in 1922, 5,000,000 dollars; to Norway, credit tor various goods, repayable with interest in 1926, 6,000,000 crowns; interior loan of 1918, repayable in 15 years, 4,000,000 Latvian roubles; interior loan of 1920, repayable in 59 years, for an amount of 50 millions of Latvian roubles, issue not yet completed; and paper-money issued up to June 30, 1920, on the 900 millions authorised, 517,162,361 Latvian roubles.
Production and Industry.—Latvia is mainly an agricultural country, but an increasing number of people are passing from agricultural to industrial life. At present Latvia can export in large quantities only flax and timber. Before the war the Latvian flax crop averaged about 35,000 tons per annum, but this season (1920–21) only 16,000 tons are estimated to be available for export. Latvian timber lands, State and private, produce annually about 172.5 million cubic feet of timber, mostly redwood, which can be exported to the extent of about 14 per cent. either as logs or sawn goods, or manufactured into furniture, or building material. On July 1, 1920, there were 1,212 industrial enterprises in Latvia, employing about 12,000 hands.
Latvia does not possess any mineral wealth, although brown coal has been found in the country. The extensive peat bogs of Latvia can be utilised for fuel. A scheme is under consideration to harness the waters of the Dvina for generating electricity at the expenditure of 7,000,000 £. When fully equipped the stations will be able to generate 360,000 horse power.
Commerce and Communication.—Latvia possesses about 340 miles of sea-coast; its 3 principal harbours are Riga, Libau, and Windau. Three Russian main lines converge on Latvian ports, viz. the Riga-Tsaritsin line, the Windau-Moscow line, and the Libau-Romni line.
On January 1, 1921, 10 steamboats of 9,003 tons, and 29 sailing vessels of 7,789 tons, making a total of 39 vessels of 16,892 sailing under the Latvian flag.
The Latvian railways in Courland have been altered during the German occupation to the German gauge, while those in Livonia an Latgale retain the Russian gauge. The total length of line is 1,715 miles, of which 516 miles are of Russian gauge, 595 miles of European gauge, and 426 miles of narrow gauge.
Money, Banking, and Currency.—The only legal tender in Latvia are the Latvian roubles, of which up to July 1, 1920, 517,162,361 have been issued.
It is intended to issue a new currency on a gold basis. The unit will be 1 gold Lat, equal to a gold franc, or one twenty-fifth of a gold sovereign. It is also proposed to set up a central banking institution.
The metric system has been established by law, but the old Russian system of weights and measures may be used until January. 1, 1926.
Diplomatic Representatives.
1. Of Latvia in Great Britain.
Chargé d'Affaires ad interim.— G. W. Bisseneck.
There is also a Consulate in London.
2. Of Great Britain in Latvia.
Chief of the Diplomatic Mission.—E. C. Wilton, C.M.G.
Commercial Commissioner in the Baltic States (at Riga).—William Peters.
There are Consular representatives in Riga and Libau.
