Page:Bolivia (1893; Bureau of the American Republics).djvu/82

60 This shows an apparent increase of production over 1888 and 1889 of $1,442,691; but, as the reported production for those years, viz, $9,578,000, does not embrace silver used in the industrial arts of the country and clandestinely exported, which is fully the same ratio of the total production for those years as has been included in the estimate for 1890, viz, one-tenth, the real increase must be determined by adding one-tenth to the returns of the Minister of the Treasury for those years and substracting this sum from the total product of 1890, which shows an actual gain in production for 1890 over the two preceding years of $485,691.

It is interesting to note in passing that, as the average commercial value of silver (.985 fine) in the country for 1890 was but 10.40 bolivianos per marc, or 45.21 bolivianos per kilogram, and the value of a Bolivian dollar at the average exchange for the year (30d.) was but 63 cents in United States currency, the difference between the commercial value of the total silver product of Bolivia for 1890 in this country and New York was over $2,600,000, a handsome margin even after paying the export duty of 80 cents per marc and the expense of shipment to the United States.