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science, a school of pharmacy, and a school of dentistry. Decrees were issued in the following year which established in that city a museum of natural history and an institute of fine arts. Besides the facilities furnished by various educational institutions in the capital city, there is the Universidad de los Andes at Merida.

Finances. The financial condition of Venezuela has improved in recent years. On Dec. 31 1913, the total indebtedness of the Vene- zuelan Government amounted to 176,460,251.14 bolivares. Of this 61,607,179.53 bolivares was domestic, while the balance was foreign debt. The domestic debt was thus classified:

Bolivares National domestic debt, consolidated at 6 %. . 54.699-59

Script at i % 38,165.62

National domestic debt, consolidated at 3%. . 59,960,572.36 National domestic debt, consolidated without interest 1,204,639.83 Current indebtedness 349,102.13

Total

The foreign debt was as follows :

National debt at 3 % by diplomatic conventions Provisional script (Spanish) .... Diplomatic debt at 3 %, issue of 1905

61,607,179.53

Bolivares 9,843,791.61 1 ,600.00 105,007,680.00

Total 114,853,071.61

In Aug. 1914 the Government of Venezuela issued a decree ordering a reduction in the number of offices and a decrease of 25 % in official salaries. This was followed by other economies. Claims of French citizens against Venezuela amounting to 13,000,000 bolfvares were adjusted by a protocol of Jan. 14 1915, at 3,000,000 bolivares. For the satisfaction of this obligation a non-interest bearing debt was provided, the arrangement .being that it was to be cancelled by the payment by Venezuela of 57,692.31 bollvares monthly. The national revenue for the fiscal year 1917-8 amounted to 53,253,- 686.06 bolivares; while the expenditures came to 52,948,924.48 bolfvares, leaving a surplus of 304,761.78. Revenues for that year were derived from the following sources:

Bolivares Customs duties, consular fees, etc. .. . . 24,544,127.42

Cigarette tax 6,317,345.85

Liquor tax 7.437>i83-9

Salt monopoly 6,725,814.75

Stamps 4,295.89i-95

Stamped paper 177,520.90

Inheritance taxes 179,965.92

Other sources 3,575,836.18

Total 53,253,686.06

On July 13 1919, the national domestic debt of Venezuela was as follows :

Bolivares National domestic debt, consolidated at 3 %. . 46,623,077.29

Script 2,098,652.50

Treasury bonds 349,102.13

Total

. * 49,070,831.92

Upon the same date the national foreign debt was as follows:

Bolivares

National debt at 3 % by diplomatic conventions. 9,208,291.61 Provisional script (Spanish). . . . . . 1,600.00

Diplomatic debt at 3 %, issue of 1905. . . . 84,511,750.00

Non-interest bearing diplomatic debt as arranged in

1915 230,769.12

Total 93.952.410.73

The total indebtedness of the Venezuelan Government on July 13 1919 thus amounted to 143,023,242.65 bolivares. The bolivar was relatively stable during the World War. The exchange value of the U.S. dollar measured in bolivares at different dates was as follows: July 1914, 5.30; April 1917, 5.14; April 1918, 4.32; Jan. 1919, 4.25; and Dec. 1919, 5.16. An official estimate in 1919 stated that there were in circulation some 25,000,000 bolivares of bank-notes; 49,000,000 in silver coin ; while the gold in circulation and in reserve came to 62,000,000 bolfvares. In July 1920 eight companies had banks in Caracas. Two indigenous institutions were the Banco de Venezuela with a capital of 24,000,000 bolivares and with more than a score of agencies, and the Banco Caracas with a capital of 6,000,000. The Royal Bank of Canada had a bank in Caracas and four branches in other cities. The National City Bank of New York had a bank in Caracas and four branches in other cities and towns. The Hollandische Bank voorWest-Indiahadabunkinthecaphai city. The Mercantile Bank of the Americas of New York City had established a central bank in Caracas with branches at La Guaira, Puerto Cabello, and Maracaibo. The Commercial Bank of Spanish America Limited affiliated with the Anglo-South American Bank Limited with a capital and reserves of 200,000,000 bolivares, had banks in Caracas and Puerto Cabello. The Deschanel International Corporation of Venezuela, affiliated with a corporation of that name

in New York City, with a capital of some 1,260,000 bolivares, had established banks in Caracas and La Guaira. Another important institution of Venezuela was the Banco de Maracaibo, with a capital of 937,5oo bollvares.

History. When in Nov. 1908, President Castro left Venezuela to visit Europe, the first vice-president, Juan Vicente Gomez, a wealthy land-owner and an efficient military leader, was given the presidential power. In decrees of Nov. 23 1908, Gomez appointed a general secretary and confirmed the existing Cabinet appointments. On May 3 1900 he issued a decree announcing that he was exercising the powers of President of Venezuela, and after suppressing opposition to his rule in certain quarters, he was acclaimed President Dec. 19 1909. Under the constitution of 1909, on Aug. 27 1910, Congress elected G6mez constitutional President for four years. In June and July 1911, Venezuela celebrated with appropriate ceremonies the centenary of her declaration of independence. During the rule of G6mez diplo- matic relations with foreign nations that had been ruptured were resumed, and Venezuela undertook to pay her obligations to foreign nations upon which payments had lapsed. Upon an attempt of ex-President Castro to regain his power, President G6mez issued a proclamation on Aug. 3 1913, announcing that as the peace of the republic had been disturbed by Castro, he (G6mez) was leaving the capital to undertake a campaign for the restoration of public order. Upon the following day he entrusted his authority to Jose Gil Fortoul, president of the council of government. On Jan. i 1914, he rcentered Caracas at the head of his army and at once reassumed the powers of President.

According to the constitution the term of office of President G6mez ended on April 19 1914. Upon that day a Congress of Deputies from the Venezuelan states adopted a provisional constitutional statute for the Union. That statute declared that all laws not inconsistent therewith should remain in force. It further provided that this Congress should elect a commander- in-chief of the national army at the same time that it elected a provisional president of republic. Congress was also to frame a new pact of union for Venezuela, which should be submitted to the assemblies of the states for approval. The period of pro- visional rule should last until the new constitution had been ratified by the states and until the constitutional functionaries had taken their posts. On the same day Congress elected Vic- torino Marquez Bustillos, who had been Minister of War and the Navy, provisional president. By a decree of the same day Pro- visional President Marquez Bustillos appointed his ministers of state, making Cesar Zumeta Minister of the Interior. Congress elected General Gomez commander-in-chief of the national army. On May 3 1915, the Congress chosen under the constitution of 1914 unanimously elected Gen. Gomez President of the republic for the term ending April 19 1922. However, the President-elect did not assume the presidency. The provisional president con- tinued to exercise the president's authority while Gen. G6mez remained commander-in-chief of the army with the title Presi- dent-elect of the republic. Among the members of the first Cabinet of Provisional President Marquez Bustillos were C. Zumeta, Minister of the Interior; M. Diaz Dodriguez, Minister of Foreign Affairs; Roman Cardenas, Minister of Finance, and Felipe Guevara Rojas, Minister of Public Instruction.

Boundary Disputes. Protocols signed in Caracas in 1905 between Brazil and Venezuela acknowledged those portions of the Brazilian- Venezuelan boundary which had been surveyed by their com- missioners as the true boundary line. In Feb. 1912, these nations agreed to select commissioners to determine their boundary between Cucuy and the Salto de Hua. In 1914 those commissioners pro- ceeded to mark that part of the boundary line exactly. By a treaty signed in 1881 Venezuela and Colombia agreed to submit their long- standing boundary dispute to the arbitration of the King of Spain, who was to fix the line which in 1810 separated the captaincy-general of Venezuela from the viceroyalty of New Granada (Colombia). The award of the Spanish monarch was given on March 16 1891. Subsequently, however, a heated correspondence took place between Colombia and Venezuela about this line, mixed commissions de- limited a part of it, and Colombia proceeded to take possession of regions which clearly belonged to her. Venezuela objected to this action and at times war seemed imminent. By a treaty signed at Bogota on Nov. 3 1916, the contending nations agreed to submit to an arbiter the question whether or not Colombia had the right to