Minister Bowen to the Secretary of State.

No. 270, Confidential.]

Sir: I have the honor to inclose herewith a statement showing the amounts that were paid monthly to the representative of the Bank of England here during the year ended February 29, 1904, and also a statement showing what the total income of Venezuela was during the year 1903.

Comparing the statements, we find that Venezuela is paying about one-eighth of her entire income to the said representative. That in itself is not a heavy burden, but by the terms of the protocols she is bound “to make a new satisfactory arrangement to settle simultaneously the 5 per cent Venezuelan loan of 1896 and the entire exterior debt,” which together amount to very much more than the claims do which have been presented to the commissions. It is likely, therefore, that when the promised arrangement is made Venezuela will have all the financial burdens she can carry.

Although the 30 per cent of the amount collected in the customhouses at La Guaira and Puerto Cabello falls short by about 315,000 bolivars of the 5,400,000 which it was estimated the 30 per cent would yield, it seems to me, in view of all the circumstances, that if the allied powers can afford to accept the situation we can, also.

Some time ago I informed you that I thought the allied powers would be paid off by the end of this year, but I believe now that I should have added nearly another year to that calculation. * * *

I am, etc.,

Herbert W. Bowen.
[Inclosure 1.]

Payments of 30 per cent of revenues of custom-houses at Puerto Cabello and La Guaira made to the representative of the Bank of England at Caracas.

Month. Amount. Month. Amount.
1903. Bolivars. 1904. Bolivars.
April 16 March 403,227.75 January 15 December 522,747.35
May 7 April 312,973.90 February 17 January 461,367.55
June 5 May 312,535.00 March 16 February 439,405.10
July 10 June 290,195.45
August 6 July 436,339.00 Total 5,084,577.50
September 11 August 400,007.30 Exchange, $1=5 bolivars and 20 centimos $977,803.36
October 15 September 444,004.60
November 13 October 527,109.95
December 10 November 534,664.55
[Page 1008]

Income of Venezuela during the year 1903.

Source of income. Amount. Source of income. Amount.
Bolivars. Bolivars.
Customs duties 21,102,827.53 Loan of 1903 344,203.36
Transit duties 5,731,292.66 Patents 7,637.50
26,834,120.19 Registrations 44,187.67
War tax 9,760,172.50 Mortgage 2,000.81
Salt 1,738,068.51 Cattle tax 168,276.00
Coining silver 1,616,783.94 Buoy tax 62,726.00
Consular returns 232,232.53 Telegraphs 293,497.65
Stamped paper 99,026.49 Creeks 41,331.84
Pearl industry 68,370.00 Special rents 6,926.73
Postal packages 27,150.55 Wharf tax 171,438.95
Unappropriated lands 42,140.05 Aqueduct Miranda 14,249.97
Mines 43,347.07 Schools 1,745,590.83
Waterworks of Caracas 45,429.50 Total 43,426,908.64
Municipal rents 18,000.00 Exchange, $1=5.20 bolivars $8,351,328.58

These two statements might very properly be published.—H. W. B.