MONEY, WEIGHTS, AND MEASURES 1359
coasting trade, except by special concessions or by contract with the Govern- ment.
Venezuela had in 1911, 8 steamers of 2,046 tons, and 15 sailing vessels of 2,432 tons.
The roads of the country are primitive and (away from the rivers and railways) traflBc is carried on by means of pack animals and small mule-carts.
In Venezuela there are 12 lines of railway (5 national and 7 foreign— the latter including 4 British and 1 German) with a total length of about 538 miles. In 1911 the railway receipts amounted to 10,790,199 bolivars (2,005,427 from passengers, and 8,784,772 from other traffic). In Caracas electric tramways are worked by an English Company.
There are about 11,160 miles of navigable waier in Venezuela. The Orinoco Steamboat Company has a virtual monopoly of the navigation of the river and its tributaries.
The telegraph system has (1911) a network of 4,902 miles; 179 telegraph offices. An English company supplies telephonic communication in most parts of the settled country. Length of line (December, 1911) 10,687 miles. There are 282 post-offices (1911).
Money, Weights, and Measures.
The Bank of Venezuela (capital 12,000,000 bolivars), had on December 31, 1911, a guarantee fund of 718,187 bolivars, and reserve fund of 1,200,000 bolivars; its note circulation amounted to 5,027,200 bolivars. The bank of Caracas has a capital of 6,000,000 bolivars, with reserve and guarantee funds amounting (December 31, 1911), to 1,065,009 bolivars ; note circulation, 2,077,600 bolivars; the bank of Maracaibo has a capital of 1,250,000 bolivars ; note circulation, 1,754,250 bolivars ; there are many small banking establishments.
The new Venezuelan banking law (1911) provides for a National Bank ot Venezuela, which shall have power to emit notes to bearer convertible on presentation. This bank must possess a minimum capital of 30,000,000 bolivars gold, wholly subscribed and deposited in the treasury. In its current accounts with private individuals it may charge interest up to the rate of 8 per cent, per annum as a maximum, but in its credit operations with the Government the maximum rate of interest is to be 5 per cent. The emission of notes of this bank shall not be greater than the amount of the capital.
The law also provides for the establishment of a Bank of Territorial Credit that shall perform operaiions of loan at interest with security of mortgage on real property and industrial enterprises. Neither this nor the National Bank have yet been founded (March, 1913).
In July, 1896, it was enacted that the issue of paper money by the State should cease, and that no more silver or nickel money should be coined with- out legislative enactment. The intention was to issue in future only gold coin and certificates representing gold in hand. The currency in 1896 was stated to consist of 12,000,000 bolivars in gold, and 8,000,000 bolivars in silver. In 1904, 100,000 20 -bolivar gold pieces were coined in Paris for Venezuela. From 1843 to 1905, coins to the value of 56,761,717 bolivars have been coined. In 1911 Congress sanctioned the coinage of 7 million bolivars of silver, and 3 million bolivars of gold.
The Bolivar is approximately equal to 1 fr. Fractional coins are the real = about hd. and the medio = about 2^d. The Venezuelan silver dollar contains 5 bolivars, and at par is about equivalent to 48 '25 pence ; the Vene- zuelan peso is not in circulation, but is used in accounts as equal to 4 bolivars.
A decree of May 18, 1912, provides that the official system of weights and measm'es shall be the metric system.
