Mr. Francis to Mr. Frelinghuysen.
Lisbon , January 8, 1883. (Received January 27.)
Sir: I have the honor to transmit herewith a summary of the Portuguese budget for the fiscal year 1883–1884, as presented to the Cortes by Señor Fontes, minister of finance, on the 5th instant. The items embrace estimates for the year and indicate a deficit in the receipts to cover expenditures of a comparatively small amount, greatly less than in any former year for a long time back.
Another report by the minister of finance not yet submitted to the Cortes will show the present condition of the treasury and the amount of the floating debt.
The present debt of Portugal is about $435,000,000, upon which annual interest of about $14,000,000 is paid. I do not give the precise sums for the reason that no official statements of them have been made, but the amounts named very nearly approximate to the fact.
I have, &c.,