On the 8th of August 1899 the island was visited by the most destructive cyclone in its history, causing a loss of about 3500 lives and a property damage amounting to 36,000,000 pesos, the coffee industry suffering most.
Among other institutions are the new post office, begun in 1902 and finished in 1907; the Mineria, occupied by the schools of mining and engineering; the military school, occupying a part of the castle of Chapultepec; the Iturbide palace, now occupied as a hotel; the Iturbide theatre, occupied by the chamber of deputies, for which a new legislative palace to cost 2,500,000 pesos was under construction in 1909; the new palace of justice; the old mint, dating from 1537; the new penitentiary, completed in 190o; the Panteon, with its monuments to the most celebrated Mexicans; the new general hospital; the jockey club on Plaza Guardiola, a new university (1910) and new school edifices of modern design.
For the fiscal year1906-1907the revenue produced a total of 114,286,122 pesos (dollars), or, approximately, £11,428; 612, and the expenditure was 85,076,641 pesos, or £8,507,664.
2 4,5 1 9,9 26 pesos 23,557,968 pesos Municipalities..
The coins minted under this law are Gold: 10 pesos, .900 fine, weighing 8.3331 grammes.
5 pesos, „ „, , 4.1163 „ (the first called a " hidalgo " and the second a " medio hidalgo ").
Fractional silver coin is not legal tender above 20 pesos, and bronze and nickel coins not above 1 peso, but the government maintains conversion offices where such coins can be converted into silver pesos without loss.
The principal towns are connected by wagon roads, towards the construction and maintenance of which each male inhabitant is required to pay two pesos or give four days' work a year.
The estimated revenue for 1905-1906 was 23,000,000 pesos (about £328,500); the estimated expenditure was 27,317,659 pesos (£39 0, 200), of which £242,800 were allotted to the public debt, £42,000 to internal development and justice, £29,000 to the army and the remainder largely to education.
In the same year the gold and silver coinage of Paraguay were legally standardized as identical with those of Argentina (5 gold dollars or pesos = £ 1); but paper money is about the only circulating medium, and gold commands a high premium (1600% in December 1908).
A voter must be twenty-three years of age, must have been a resident of the municipality for six months, must not be a citizen or subject of any foreign country, and must possess at least one of the following qualifications: have been an office-holder under Spanish rule, own real estate worth Soo pesos, pay taxes amounting annually to 30 pesos, or be able to speak, read and write either Spanish or English.
By the terms of the capitulation the whole of the archipelago was surrendered to the British and an indemnity of 4,000,000 pesos was to be paid.
For the construction and upkeep of roads a tax varying from one to ten pesos is levied on all males over eighteen years old.
The exportation of silver pesos is prohibited.
In the four years1897-1900the sales of these warrants amounted to 1,028,990 gold pesos or (at 23d., the average rate for this period) £98,610.
The postal revenues for 1904 amounted to 2,775,730 pesos and the expenditures to 2,407,753 pesos.
The values of imports and exports (including bullion, specie and re-exports) in pesos of 18d.
The tariff is nominally ad valorem, but as the rates are imposed on fixed official valuations it is essentially specific. The duties on imports in 1905 amounted to 91,321,860 pesos, and in 1906 to 10 3,5 0 7,55 6 pesos.
The government has been trying to promote cattle-breeding by levying duties (as high as 16 pesos a head) on cattle imported from Argentina, but with no great success.
The cost of maintaining these schools was 4,146,574 pesos, or an average of £2: 17: 3 per pupil in attendance.
The Church also possesses much property of its own, and is therefore able to maintain itself on a comparatively small subsidy from the public treasury, which was 985,910 pesos (£73,943) in 1902.
During the decade 1831-1840 the annual revenues averaged about 2,100,000 pesos (of 48d.), which in the decade 1861-1870 had increased to an average of only 8,200,000 pesos - and this during a period of considerable agricultural activity on account of wheat exports to California and Australia.
After 1870 the revenues increased more rapidly owing to the development of new mining industries, the receipts in 1879 amounting to 15,300,000 pesos, and in 1882 to 28,900,000 pesos.
The revenues from the captured Peruvian nitrate fields then became an important part of the national income, which ten years later (1902) reached an aggregate of 138,507,178 pesos (of 18d.), of which 105,072,832 pesos were in gold.
In 1906 the receipts from all sources were estimated at 149,100,000 pesos, of which 62,200,000 pesos gold were credited to the tax on nitrate, 39,800,000 pesos gold to import duties, and 23,500,000 pesos currency to railway receipts.
The ordinary and extraordinary receipts and expenditures for the five years 1899-1903, in gold and currency, in pesos of 18d., were as follows: - For 1906 the expenditures were fixed at 149,000,000 pesos, and the revenues were estimated to produce 149,100,000 pesos, which included 62,200,000 pesos gold from nitrate taxes, 39,800,000 pesos gold and 200,000 pesos paper from import duties, 23,500,000 pesos paper from the state railways, 2,500,000 pesos paper from postal and telegraph receipts, and 15,000,000 pesos gold from loans.
How the revenues are expended is shown in the estimates for 1907, in which the total expenditures were estimated at 134,830,532 pesos paper and 58,796,780 pesos gold, the principal appropriations being 16,192,780 pesos paper and 99,733 gold for the war department, 10,460,781 paper and 6,315,731 gold for the marine department, 4 0, 934, 2 73 paper and 16,984,671 gold for railways, and 6,324,817 paper for public works.
In addition to these the budget of 1906 provided for gold expenditures in 1907 of 7,000,000 pesos on sanitary works and 8,000,000 pesos on the Arica-La Paz railway.
At the same time the internal debt was 107,000,000 pesos (0,025,000), which increases the funded indebtedness to £29,725,000.
According to official returns, the real-estate valuations in 1903-1904 aggregated 1, 777, 21 7,7 0 4 pesos, of which 1,020,609,215 pesos were in urban and 754,608,489 pesos in rural property.
Of the total returned, 1, 775, 21 7,7 0 4 is described as taxable, and 262,626,576 pesos as nontaxable.
The large and steadily increasing receipts from import duties, amounting to 91,321,860 pesos in 1905, and 103,507,556 pesos in 1906, appears to indicate an encouraging state of prosperity in the country, although an average of 34z pesos a year (nearly £2: 12s.), in addition to the increased prices paid for home manufactures, seems to be a very heavy indirect tax upon so poor a people.
The monetary circulation in Chile consists almost wholly of paper currency, nominally based on a gold standard of 1 The expenditures of 1902 are also given as 25,882,702 pesos gold, and 108,844,693 pesos currency.
On the 1st of January 1890 the national issues stood at 22,487,916 pesos, and the bank issues at 16,679,790 pesos, making a total of 39,167,706 pesos currency in circulation.
On the 31st of July 1898 the conversion of paper notes, under the law of 1st June 1895, was suspended, and the government issued 2 7,9 8 9,9 2 9 pesos to the banks of issue, which was described as a loan at 2%, and raised their outstanding circulation to 40,723,089 pesos, and at the same time issued on its own account 17,693,890 pesos and assumed responsibility for 1,193,641 pesos which had been illegally put into circulation before 1896.
This gave an aggregate registered circulation of 86,045,166 pesos in 1898.
In 1904 another issue of 30,000,000 pesos was authorized and the date of conversion was still further postponed, and in 1907 a more general act provided that the maximum paper circulation should not exceed 150,000,000 pesos of the value of 18d.
The redemption of this issue was guaranteed by a conversion fund of 100,000,000 pesos, and by an authorization to issue a loan of 50,000,000 pesos to redeem the balance, if necessary.
The conversion fund under the act of 1895 stood at 77,282,257 pesos (£5,796,170) on the 31st of May 1907.
There are 23 joint-stock banks of issue, with an aggregate registered capital of 40,689,665 pesos (£3,051,724).
There is no state bank, though the Bank of Chile, with its numerous agencies and its paid-up capital of 20,000,000 pesos, may be said to fill the place of such an institution.
The gold coins authorized by this law are the condor of 20 pesos, the 7nedio condor, or doblon, of to pesos, and the escudo of 5 pesos.
According to a statistical summary issued in 1906 by the U.S. Bureau of Statistics, entitled "Commercial America in 1905," the latest official return to the foreign trade of Colombia was said to be that of 1898, which was: imports 11,083,000 pesos, exports 19,158,000 pesos.
On October 16, 1899 - the outstanding circulation then amounting to 46,000,000 pesos, - the government decreed an unlimited issue to meet its expenditures in suppressing the revolution, and later on the departments of Antioquia, Bolivar, Cauca, and Santander were authorized to issue paper money for themselves.
International commercial transactions were based on the American gold dollar, which was usually worth loo pesos of this depreciated currency.
The estimates for [[[Religion: Finance]]1908-1909show a marked decline owing to the commercial depression, the revenue being computed at 103,385,000 pesos, and the expenditure at 103,203,830 pesos.
Of the former 46,500,000 pesos are credited to import duties, 31,930,000 pesos to stamps, excise taxes, &c., 10,930,000 pesos to direct taxes, and the balance to various sources.