Page:Statesman's Year-Book 1921.djvu/1347

 /-gold Cash in hand < silver

^bronze Portfolio

Public Treasury. Advances to Treasury

MONEY AND CREDIT — MONET, WEIGHTS, ETC. 1295

ship and shore traffic. Two stations, one at Barcelona and another at Vigo, with two sets each : one of 600 miles range to carry out international com- mercial service with England, 1 tai y, and Austria, respectively, aud another of 250 miles range for ship and shore" traffic. One station at Soller (Majorca) with 500 miles range to carry out international service and ship and shore traffic. Finally, three stations with a ran«e of 400 miles to communicate with ships at sea and with the central station at Aranjuez, which are installed respectively at Santander, Cabo de Palos, aud Cabo Finisterre.

A royal decree ordains that all Spanish merchant vessels carrying passengers or mails, or subsidised by the Government, must be fitted with wireless telegraphy. Since February, 1917, wireless telegraphy has been made compulsory by Royal Order, for all vessels from 500 tons upwards, excepting those in the coasting trade. All Spanish men-of-war built in Spain since 1911 are also fitted up with Marconi wireless.

Money and Credit.

The note issue of the Bank of Spain is regulated by law of May 13, 1902. On February 19, 1921, the position of the Bank was as follows: —

1,000 Pesetas 1,000 Pesetas

. 2,469,803 Property V',314

. 5S2.491 Capital and reserve. . . 183,irf)0

1,MB Notes in circulation. . . 4,266,108

. 1,408,603 j Deposits and Accounts current. 1

. 161,866 Discounts ... . 1.049.S44

. 150,000 ;

Savings bank deposits in Spain, December 31, 1918, 756,993,675 pesetas, distributed over 1,236,073 accounts. Post Office Savings Banks, which were created under the law of June 4, 1909, were opened on March 12, 1916. In 1919 there were 844 offices in operation, covering a total of 305,239 current accounts, representing 65,327,443 pesetas.

The nominal value of the money coined in Spain from 1868 to 1907 was : gold, 920,613,935 pesetas; silver, 1,330,589,807 pesetas. In 1905-07 no gold was coined ; in 1906-07, no silver was coined. No coinage was struck during the years 1908 and 1909. In 1910, money coined to the value of 1,976,180 pesetas in 50 centime pieces (silver) to replace money retired from circulation. In 1911, 286,S43 pesetas of 50 centime pieces were coined, as well as 60,286 pesetas of bronze centime pieces. In 1913, 1,429,149 pieces of 1 centime and 1,639,500 pieces of 2 centimes were coined. No new coins have been struck since 1914.

Money, Weights, and Measures.

The Peseta of 100 CejUesimos is of the value of a franc, 9%d., or 27 to 28 pesetas to the pound sterling, but the actual value is about 9d.

Gold coins in use are 25, 20, 10, and 5-peseta pieces. Silver coins are 5- peseta, 2-peseta, 1-peseta, and 50-centime pieces.

Both gold and silver coins are of the same weight and fineness as the corre- sponding French coins. Under a law of July 29, 1908, the Government is withdrawing from circulation the spurious 5-peseta pieces which had become common. Gold coinage is not in general circulation.

Theoretically, there is a double standard of value, gold and silver, the ratio being 15^ to 1. But of silver coins only the 5-peseta piece is legal tender, and the coinage of this is restricted.

On January 1, 1859, the metric system of weights and measures was introduced in Spain. But, besides these, the old weights and measures art