1200 PORTUGAL
Total trade between Portugal and the United Kingdom in thousands of pounds for five years (Board of Trade Returns) : —
-
1916
1917
1918
£ 9,747
3,744
1919
1920
Imports from Portugal into U. Kingdom Exports to Portugal from U. Kingdom
£ 5,250 4,098
£
3,856 3,132
£
10,797 0,434
£ 7,060 10,549
Shipping, Navigation, and Internal Communications.
The commercial navy of Portugal on January 1, 1911, contained 66 steamers of 70,193 tons in the aggregate, and 259 sailing vessels of 43,844 tons.
In 1916, 7,284 vessels of 9,778,211 tons entered the ports of Portugal.
Portugal has two State-owned railways, 733 miles in length, and live privately owned lines, 1,314 miles in length ; total railway mileage on December 31, 1918, 2,047 ; and on December 31, 1920, 2,128 miles.' Tlie railways have a gauge of 5ft. 5fin., except two lines, one of which has a 3ft. 3£in. gauge, and the other a 2ft. lliin. gauge.
The number of post-offices at the end" of 1913 was 4,266 ; the number of letters, newspapers, &c, carried in the same year was : letters, 54,623,000 ; post-cards, 23,667,000 ; printed matter, circulars, &c, 47,549,000. The number of telegraph offices at the end of 1915 was 628. There were at the same date 5,945 miles of line and 13,415 miles of wire. The number of telegrams in 1915 was : internal, 1,412,040 ; international, 706,569 ; transit, 2,146,629 ; service, 184,731 ; total, 4,449,969.
Money, Weights, and Measures.
The Government financial institution is the Bank of Portugal. The cash on hand of the bank on March 6, 1921, was : gold, 8,576,696 escudos ; silver, 19,022,631 escudos. The notes in circulation amounted on March 6, 1921, to 632,161,233 escudos.
There are 18 other banks registered in the Republic with a nominal capital of 47,000,000 escudos, and total deposits on December 31, 1919, of 331,465,000 escudos.
The gold coinage of Portugal issued since 1854 amounts to the nominal value of 7,967,002, and the silvei coinage to 37,934,523 escudos.
The Decree of the Provisional Government of May :!2, 1911, established a new monetary system. The unit is the gold rxcudo, of 100 centavos, which is i univalent to tho 1-milreis gold piece, and is worth normally about 4.i. &£&. (but the rate varies ; average for 1918, 2s. Id.); 1,000 escudos are called a conto. Gold coins are 2, 5, and 10-escudo pieces ; silver coins are 1-escudo (0'835 fine) and 50, 20, and 10-centavos pieces; there are bronze and nickel coins of 4, 2, 1, and ^-centavo. Tho gold coins and the silver escudos are "900 fine ; the other silver coins are "835 fine. The English soveroign and half sovereign are legal tender for 4.J and 2} escudos respec- tively.
Owing to the disappearance of practically all gold and silver in Portugal, the country is on a paper basis. New notes of 5, 10, and 50 centavos have been issued by the Bank of Portugal. Small coins of 1 and 4 centavos have been placed in circulatiou to relieve the scarcity of small change.
On January 1st, 1912, the legal time for Portugal was placed in ac- cordance with the Greenwich meridian.
