The seventh article provided that bountied sugars (sucres primes) must be excluded from import into the territories of the signatory powers, by absolute prohibition of entry or by levying thereon a special duty in excess of the amount of the bounties, from which duty sugars coming from the contracting countries, and not bountyfed, must be free.
The total trade of the republic in 1905, according to returns published by the Guayaquil Chamber of Commerce, amounted to only £3,429,955, of which £ 1, 573,3 8 9 (1 5,733, 8 9 1 sucres) were credited to imports, and £1,856,566 (18,565,668 sucres) to exports.
The president, whose salary is 12,000 sucres per annum, has a limited veto power, and may convene extraordinary sessions of Congress for a specified purpose, but he has no further authority ovwr that body.
The principal exports are cacao, rubber, coffee, tobacco, hides, cotton, Panama hats, cinchona bark and ivory nuts, the value of all exports for the year 1905 being 14,148,877 sucres, in a total of 18,565,668 sucres for the whole republic. In 1908 the exports were: cacao, about 64,000,000 lb, valued at $6,400,000; hides, valued at $135,000; rubber, valued at $235,000; coffee, valued at $273,000; and vegetable ivory, valued at $102,000.