Nicaragua - Summary report on Nicaragua

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ~CONOMIC DEPARTMENT SUMMARY REPORT ON NICARAGUA R.A. Wight December 1948 n  Essential statistics I. r:;~ot1,ra¥hy 1 II. ;:orulation 2 III. foll Meal Organ1.zat! on .. J IV. turf: of be ::c,:mo:rtY ~J" 1\11:1'1 enl tnre V::. }'o!'~:stry Vr I ..T1 Rne!"1. e:3 VIII.. t-iinin/; TX. I::'l1ustry X. Trf:Hlsport }:!. Tl"d,f.>rrlOJ.'·lnanea XIT" i"orolgn 'tradr!3 :rTTi. l'v:t'''r:nal :~!n'.'ince '1,"!~rnphie and Clilf.atic '';nta, 1942 20 h)puln.tlon s:;d:'ensi ty o.~· op'llad, on, proll. 2J I'Oplll!-ttion by Classes 22 '~c?ncmic :.::;t:'ltUF! :~ln(l Ucctlpational)istri.hution at the Fopu1atl.on, 1920 and 1940 23 5. sti:oote,i :~~.t".:.mal lealt~1 an:~ Income, 19?8 ~nj 191.4 Pr'inclpnl Crop::;, {'nrs: ;;\.crel'!.!{E' l'im~ .t'r'v~uet1on 7. Livestcc'f fopul'lt,ion, lq31?,19'~O ,-"",,1 19LJ.. vestc::.':·:"J8.'.lght·errl~, FnF5, l?lJ.-U ~avC!tl11~1 In '_'pe~tion in iln.r'i:-:>ml "('partQ~nts, a.n::; atLated tJ,nual ;'ro0uetion, 191..4. In. Gol,~ l'ro:!';et.ion (~xports) 2'1 11. 1'1ining CO"1panies 8.ndEmp1oyment 30 12. !oj strial ir'(~('hct..io~ ,,:' '~electE'rl J'ro1uct3, 1939-44 31 13. Fl(·;'ctric rower Frc/b::tl.on 32 14. ;~urvGY of 118 :<Jioar2..fZ'Jsn In.J;;strla1 ~stab1i$h­ "l'?nts !'I. c'; . 'l'ploy1ng 10 Or' '1ore:orkers - 1943 15. "'r~::.n!"rortJ.>, ti nIl 16. E:xtent of Pri.ncipal Highw.lYS 17. 'lehiclns ?€portr:!'1 in t·~ (in -in 'ac-aragna l)uring 1945 Nicaragua 19. Govern1n"mt· eCRirts f',f" : ~~pen'Htl.r~s 20. ;Ucaragnan t1.1bl1e ;,ebt 21. Monetary C;upply 22. ftetaU Focr! Prices 23. R.ediscollrts 3nd l.oanl'!' of Centra.l garik 24. 43 25. l)eU1a~'~d _-){tposlts 0,;: "anlr.3 44 26. ut:',Uon~llr~.qnk or n!lnk1n~ Depart- Nic'ira~m - ment Consoli!ated '~131anee ;:l:.,?;,t,;ec. 31 L,5 27. Con1ems~d r~~ la.l"\e~ ~~set of Issue Dept. of F:ktOCO Mac: anal de 5'le.aragu4 28. Forei~n~rar1e 29. Value oj' I·rint!ipal lal~ ':<;:o:,ts 30. Value of:' Tl"lncipsl }licerag-:.m.l'l Imports 31. rercentage t)is' riblltlot1 0.;' ;:'orei{~n "' ,~~'~e by }-;:-incif'-Fll Cr'ltl'!"ltries 50 32. F,xchange i:;ate.;a of' C,n~;:Jo')a 51 • ~'or~l'~n':'~change '~S''?,!'VE)5 52 U.S.-Owned Asse:;e in NiGal"Cig'lla, :n,19!d '-<;:;tl '!.te~ T;lIil!\ne~ of rg.y~entB of Niea.:rag)a 54 Area 1948 square milo 57,915 Population 1947 1,149,066 Pari ty of CUrrency 1948 cordoba US$ 0.20 fiaUoru.l Income 1947 US $ $67 Exports 1947 IulliQn6 U:Jt,20.9 Imparts 1947 . US$21.1 Foreign Exohttnge ilc$ones Gct. 1948 If $ 4.9 Extemal Debt 1948 ~ ;~7.0 Internel Debt 1948 n $ 8.6 Government Revenues 1947 tt i,17.7 GovernmEmt Expenditure. 1947 tt $18.6 Ret&il Pricea June 1948 1937 = 100 813  NI(;ARAGUA (Foreign Commerce Yearbook Series) H o N o u ('» '\..... "_.,.............. ..,.- .... .'. .", , ~. SALVADOR i tat.li III C A III z PACIFIC o C E A N MAP OF NICARAGUA D. D. 41- 74  c A I 8 (J NICARAGUA PHYSICAL MAP $CAl.t 0' MII.£5 IF" ~-- ~:_c:~-_=- - ;15 -CC===r60 $CAl.«: _~ I<II.OW(T!1tS O~~~~S ---;{,o I c A IMPORTANT CITIES AND TOWNS_ • - RAILROADS ~ C' AU. wtATH(1I - - - IWI-AMERKNI HIGIIWI\Y { DII"f wt::ATH£A - - ~D ---- RIVERS ~ MARSHES "'41< ~ .: L o UrJl t-ed  l .... ,w: c A I 8 1" - C 0 S T A o NICARAGUA POll T ICAL MAP A 58 :;;~ .' ;y .R. + I C A ... SCALe: Of" K'I..QM[TtltS o A 58 ft ,60 o CAPITALS OF DEPARTMENTS .......... . OTHER IMPORTANT CITIES AND TOWNS .....0 INTERNATIONAL BOUNDARIES. . ___ _ N DEPARTMENTAL BOUNDARIES. . . _ _ _ __ .... RESOURCES OF NICARAGUA ~ CATTLE ~ , CEDAR ~ '-:SILVER~ t PINEAPPLE ~ • ~ TOBACCO ~ 8ANANA~ WGolo ~ CATTLE. ~ CEDAR ~ CATTLE I. Gi/OO'RAPHI 1. LogaU,oD Loe&ted In Central America, i'i:1cara~a is bounded on the north by Honduras, on the south by ('osta 'aca, on the vest by the Pacific end on the east by the Caribbean. t.Ji th an area of 57,915 square miles Hi care.gua :i.e the largest ot the Ce!ltral lmeri.t'aD{{epublies; it is about the size of' l~nrla.nd or the state ot \<Jisconsin. fl. mountain range cuts across the country from southeast to northweat t d1 viding it into tva sections havin t 1i ttle access to each other.. To the east Caribbean. On the racine side th.eri1l'i 7.S a narrOll plateau and 11'1ll1::n:ls rsp:J.on. R.ou~hly 4 of or tn,,'? mountains. 7bl,:re are geveral rivers wnichrlOW' 3nto th~ Atlantic but they ore generally not nn.'l1 gable due to sandbars at the mO<lths. vo large lakes, wh.leh serve as important transportat.ion madia, are loaat~rl n~l'!r ths [sci-ric ecast. Nicara~a t s climate is tropical, the average annual temperature being about gO'" in the l,I\''lstern and Mster.n lowlan4is, and somewha.t lower In the h-'i1!hlands. months andil'Oughts durin~: the rema5.nder of the yenr.  -2- On the Caribbean side N1n!'all oCC'.ll"S throughout the year 1!n~ avera~es 150". In some years more than ::00" })IiV~ been reeo1"d~. Because of this f.ly.cessive rainfall, the east coast is unsu1 ted tartest agricultural pursuits. 5.. Pr:!P£liPlJ: Ditia; (tl) 138M: Capitol, l)mula.tion 124,000, filtit\l.~e lQO nat lo~at~'~ on southern shore or. Lake !~Jln"1~.laJ about 87 milM southvest or the FacH'ic port town of Corinto. (b) &!m1: ;>~itua.ted about hali-way betveen Corinto and "lanagua , Leon (population 50,000) i~ the seat of tha Fniversi ty an1 t.he center of an 1mport-~nt agricultural area. (c) 2rnntMm: iOFuln.t1on 3,,000, located about 36 udles 30uttnJest of jfJlMglJ.Q on tbe rl.orth !lhore 0" lake fae~p"agu.a, 1:3 th~ center of tL~ oor!'ee and augar country~. un (orin~o: Fopulation 5,OOC, loe~"f:.od ,.,n the Faci!tc, is the prlnei- pal port of Nicaragu.a, even for cargoes from and to the cast coast of B.nd Europe. oity and port Ot1 th,,~ "ribbean. As e port it is secondsry to ~~or1nto, since cargoes for th~ por)'lL~tEld '.restern. part of: the courrt.r;r cannot be tranepo!'ted ov.~r- land from San Juan ,";el ';:o1"'te, at thg ~outh of the ;::~an .f:w.n river, ,,,hlch nove ~ntc Caribbean f"rom l.eke !Uo&ragua in the vest but is navigable o;~ly by sMll 1al~n~hes l.n a prim:1 n. tqJ1.F;l'\TrQ.~ ~}aBed or:~, 1940 census. l;lcaralif,m'a popul1Uon lIae offtoie.lly estima.ted at 1,149,066 in 191,.7.. 'ne sii'ni f'icant che.ra.oterlsties of' this popul:;1 tion !tr~H 1. ~pca+,iq,n: :\bout SO' 0" th,'? p"pulation li"r~e in tbe wostern 1/4 0:' is  -;- the other Gentral American countries, "here the people are concentrated in the temperate, central hi~hl~ndB. POf~l1ation19ns1 ty averages 17.2 per square mile, the lowest in Central America except Panama, and ranges t'rom 2.5 on the Atlantic coast to 300.5 in the province of Masay& juS"t south or ~1aMgtUl. 3. ~th Between 1880 and 1945 the poFul~tlon of Nlcaragua has increased some 30(}~, !UI shown by '!'able I. l~!1>O 350,000 1920 6;A,119 1940 983,160 1945 10,095,488 1+-0 i';acill Co!ltodtlgnz Like all the other Cf!nt~l Allel"ioan eourrtrill1)s, eXCI.3 T t Costa Eiea, ':lCl1\.!"fIgt.la has a p"t"a~iomi""",,:t1y :nestho population ('Table 2). ';",\51-" 2 - [<Ac1al Cq!mo,£f!1Cton ot'POt;wt;ioq : ereeny 71 White 17 9 Tndian 3 100 It is probable thAt the ltwhite tt population is lCNer than the orticial estimate of 17l(. 'I'he negros, yho talk an;'ngl1shUalect, having com~) 1"rom Jamaica t Rre l!Onoentrated along' the ~3ast coast. The In:lians are mninly loo"'lted  -4- Tn recent )!,ears tba:re has been a trend toward urbanimtion of the ~ ~ ~ 1940 365,264 617 - , Rtf,. i _ QS3 / , l"n rn~ 191,5 421,692 ;)-',., rT' '/"CI6 1,(\95,4~8 191.7 450,965 698,101 1,149,066 In cOl!'!t&on with most I.atin A.tnerioon countries, Niearagua h.as high birth and death 1."S.t~s, the latter being about .1/3 the fomer not including ,'nt"ant moJ:"tali ty. ',\l.I*ing the past decade t"':!ere hq,s bc!~n 6 slight increase in thn bIrth (per thousand inhabitants) n!tfchs )enths ... !n"ant M°:t;\!litx 1937 :n.04 12.14 93.91 .1q,~7 V u ?t3 10.93 101.74 a.s there i.8 undoubtedly a eonsl'i0:r3ble \1!":l.rgin or error in the Msic e~nsue data. The t~rlO principal C'luses of dea.th 1n Nicara.rrtm are !lla.lF.trla and intestin-  -5- adopted in 191..~,tr·ovl~as fo!" a House or n:epresentat1ves 0° 1.0 members, haB had 9. stormy political htl.!'tory, resulting in ~'('lre:i!J:!'l lntervention on various occasions. Presi"ent from 1')37 to 1947 and now I;f,inister of!,Js.r aDd chtef ot the Guardia Nl1cioMl.. ,::;ollo'Ja, head or the Natlonal 1,1bflJral Farty, hRIl! rulf:)d as a dictator • .~nn""l@ l'!. '" ...tion"··l'. _'" ~ " _ "n .,« 8 h,"li! ~ 1947 , nit.,. 8i e.. "'h .,. was an t~ .. , ",,9 ?rL~l< le.' .LC.tpll 4 t e, d 1:' ............ I "~-''''''''O",a. e c~niI" .l.- jate, Leonardo Arguello was declared Fresldent. !trguello marie the mistake of attempting to aet independently, wh(!t"EI HI)on he WIlS oueteli inf'av<)r 0 f' e. more ,. Mill tan ?orcea rossl.ble except:1on 01" 'tuateMla. It waa through control 0" tbf9 vicissituiie 0:' one-cJ"Op economiss. han-ia. r'oreign interests control the mines and some or 'thE' small industries. Agri<mltut'al lands a.re, in th~ main, ald in Itu"$;e tN!.cts by !!l relatively stDAll group or ;Uca.l"8.guans, Fres1dent :~omoza l;.hself has extensive :interests in t.he 1945 and ~,67 in 1947. tUcaragua ranks with Honriuras as the poorest ot tha central it!fllerioon Eepubl1es, but in terms of development p<:'ltentia18, the outlook abundanee 0 lJ.ntapped resources, - - mineral, forest, l!\nd Il:~ricultural, than do its neighbors. v. Over 3/4 of the people of Nicaragua are dependent on Agdeul ture, as TA"~L~' ; - Occupational (liSltributinn of IqWlation (1940 ~ensus) ler Cent Agricultu.re Ml iinhlal HusMn4'J1'7 '17.9 In1ustry 7.0 'trade and ~!'ransportation 4.9 y..tning 1.5 Other Professions and Services 8,7 100.0  -7-· ~.ecurate data on rSi caratr\l'~' s lQ,nd distribution arl"l not available .. prerared at irregular intervals, btlt they di.liI~lo8f!1} nott clIable vsriat1ons. I'1ttr1 ... buted principnlly to riif'f'erences in $cope or t~chrdqu'3S, or?oth. .'\.n app.t"oxi- mate lu~reem;;>nt in these estimc<;.tes il"dic~te6 the.t un 1er favorahle con1itions two-thirds of ":,h~ land area, or 34,J47,520 acree, Is fertile A~():Jfth to sustain fairly diversified :"orms of" plant lire. Of' tho22,~~,OOO aere'B'\'oC cultivable lan'l, m£''rcnantehh titnber torests covt']" 50 percent" e~op fams 5 pero,ent, fln;i pastures ) percent. The apPl"oxil'llate distributid,n of'acreage in 1943 is .sb"\VJ'l as follows Total area :'orest 11;449 farm 1,145 Fasture 68'" other cultivable but uncultivated '~, 1',17 {d'lS 1- 'I "e 11,449 Aasuming a fair d:!'1g:ree of accuracy in the above f'i~n'es, i t is claar t at agricultural proflact:l nn could be greatly expanded, if transport facilitiee, capital, s.nd tachniool services verB available. "'l1ca1"8.;':1la'S hest hope ror untouehed agr1c'~ltural wealth. exported in sign! t'io~mt quanti ties. cortee 12 the ~ln eX70rt crop of' Niearngua. F:'I/~n sfter 1939, tithen gold took first place among exports, cofree contimled to be the principal source offoreig-n exohang~ !'1$ 40~, or the foreign or-change proceeds of gol:! 0xports ('CCl'!UUI  -8- to fo.r-eign mining: eO$})ard.;;s. 'rhe bulk of the coffee crop hi ;:.,roduced u'der rath~r inef-'1,cl'3nt cJn:ilt:!,ors, vlells per acre b~1.ng s:'Dal1, and the quality corfee 10'.Jer':Jle.n 1.n o'!',her ;~entral !\!ier1t::an ;~epuhli~'!lh Frobnbly no more tl-t"in one: t,ound of clf>..an cOlfee is obtslneo f'r0n1. each tree. Tn 1944 there \tIere 116 coffee plant!i t ~ong, ,'md 621 cof'f'ee fa.rm .lners. O<• s1 nc<':1 the O"tltbreak of \~or1~ ;,1&1" 1T. ItnO'.t! oceup.ies 'third place amon('/' iUcal"'ag't;.an f~:liT.or'ts.~esam.g 89EII1 begant,o '>t' exported in 1939 'JhitD th<!,re was a shipmrmt 0:" 437, 726 kilo~ms valw!!d a tS,22, 61t.. 191+7 Er;q::ort of' sesame amounter! to ;\/;7,,185,,000.. ':'he & b1.li ty ot' this crop to..,1 thsta.nd prolonged dry lIea t.har n!5s been an tmportant factor in Hs prodnctlon in 't51e W0S ern lwlan~1s ol' the CO'Ilntryt vr.ere ra.inft!;ll. ia extr6!ll~- ly var:iabl~. Untn th(~ early 1930'8, banapaG were secan:! only to coffee as an !\.gri- cultural export product.r,8 in othsr Cl7ntral Ame!"tcan ~:epublies, banana diseases t Nicaraguan plantations to the point that 1n 1942 b,,'\nan9.8 dlsappeared entirely from e:!tport stati:ltics. In 1945 and 191+6 produ.ctl"n and exportation were renevsd, but exports amounted to onlT $10.0,01.'0 and ~200,OOO, respectivelY""orei~ eompan- l.AB Ilre curr~ntly contemplating the development of' UIY ar;3as in the \lest~rn part or the country, ""here large plantAti one h/!d bel'3f\ sts.rted ~y~Hcara.~.1,ans '!:!,!fore the war. nntil not,l, hQl;Jsver, foreign interests have not gone heyond the stage of purchasing lan\i and makinr,r, preliminary st.;'ldies. i,~orn,rlce, heat,s ~mct tubers I'!I.r~1 pl"o~ll)ced 1'J.I8inly ror dnmestic c)os\lmption. Corn is one of the most l~portant domestic food crops in N1 cn"a~Ha. Tnbrne.l con- sum.ption has b.,:'<:n esti~t~~d at around 75(1,000 bU:Jhols par :reel". Ntcara',;U1! Ul')ed t·') tH3 an impor·ter of r!Qj!. :'lll"in,;t the \la:r years pro- duction W!'lS l1l')courag~'\d and by 1940S r10e '.l'lS mq)ort}:ld :tn e<insi~ernble. ,plant1 ties.  -9- ;:illgnr ts en important crop tor dOl'!l~3$t1C eonsumr,f-.ion and constitutes the basis fot' a l-.tt.ding industry of w!lstet'J'l Nicaragua. An sstim.'3l ted 7, SOc) 'Workers ara ~ployod annually in thia:.'iel':l. rh~ ta,"Y,es lavif,d on the output o't' sagar, and alcohol1eriw:rl from :lnn.", pro·-;ucta, aocount f'or ~.bout. a tenth of t};e t8 tional hu:-!geta17 jncome each year. There are 22 principal su~r milIa, plus numerous s'!M.ller ones 1,,11.1 t~b 'Frod~.<,:e principally brO'W'n su'~ar and 'T!o1as~e8. Of' the 22 larger '1111.1e, tan are loeated in the Jepartment oJ: CMnan18~a, the remaln:,!t;r op\3'r/Iltlng in the Depart,m",nts 0.1" Leon, Granada, Managua and ·,i.lV1ts. Cotton and tobacco arG ftrown 'in 5Ml1 .,uantl ties, ror lo(!al consl1mp- tion .. The rais1ni~' of' livestock is a leariin'~ occ:upation. c~ttle are raised mainly In the l.Iestern lowlands and the central hifthlands, also :tn the ea. ,,:tern coastal ares.. Lf:;adlng oattl.,,; canters are t.he :Jepartm'?nt or Ghtnandaga and tvo Departments bordering on Costa 7dca, ~}hont.a.l~8 I.m:i c·;i'Vas. Tbe latest est.1 '1atad cattle pf.:r;:ub. t.l,on is in th~ neighborhood of a million hea,d. estimates for 1940 I3.n1 1944 plaMd tl"B l'lllmi)"'r of eattl~ at from 700,000 to SOO,OOO h~ad. Acoo!:'dinu. to 1940 est!m~.,tG8, t.he number or head of hogs ws 2;0,000; horsee, 150,OCO; sheep, 15,000; and goats, 5,000. Annual calf p~l'o1ut'lt1on is repol"t(Jd to be 150,00<., t'HllEVi. The slaughter of e~lve8 is prohihited legally, 50 fev are 801~ fo~ veal. Nearly all to'..ms hE\v~ slnsl1 g~'\ughterhO'u8eB. Tota.l cattle sl'dlghtl\rings rapor-tt1dly avel"fJf!~d over 70,000 bi'ad . ':!IT ~Dnllm during the 19J~'.4 ;:.erh,d. COil Bla.ugh t~r ',.as rarJ(),l"'ted 1n I3xceu of 71,000 head Annually, in 1942 B,nd 1943. The n'fij or-it,V 0 1" sal!ilable hides and skins are sold to ,10Ilt9atic buyers. the dairy product output is eonsum:7)d locally_ 9XfJOrts l\"Uourrt,,~r; to over $l,OOO~OOO AlthO'tld). arriculture is rel~, tlvely 1i ttle s producUon. 'r~i1lr~ is a MInistry";,,, ;:.gricultnre, but its functions .and f1nafic,ial VI. FORESTRI .:"orests are vHely disperee<i ov~~rthe Nienra.~lfu'l terrain, '.cov-erir::tg ak·i;:i!·oxi:'!lB.t~l:r ~c p-a!"cl!nt of the total area. 1  -11- root, balsam-,,,f-l'eru, and mispero gum, or chicle, are likt~i.se i'IJportant rarest rrol11cts. obstaelJs to pri:mary f\')reet in:lilstrl~s in ~Ucaragua.. rn f}1'!J eastern }:,aU' th~ coon try J ;"There ti',ryerlards are 1nO~t a ~unia.nt t niJ! th~r railva:;rs nor .. for mtnll'l(;+ cQ.~st. development 0;' ·.rh"teh c(nB. ne ~refitl,. anded if tnnsport facilities vere provideli. vn. etim.".ltes of th" Ur:1 t.ed tat~e ;"hh.~l"'Y ~isslon place tho comm~rl!'lal t'i,h os. '.en '!It e,")out 300,000 poun'''!s.,:on~~ dering\{ic~ragr-1a' s exten9tv~ coastal n'l inlarl'~ 'W6.,€'r ar\:.>!:u~, t!:1a la !'l ralBttve1y smRll ;.rield. -ling' ria"'; an!' marina spa~:l,{'!8''''~'1'1Ii in tbe wl'ite"~ oj" t.h~ CAribbean E.iea. and Paei fin :)ce,!'iln include mullet, tarpon, g~.lnt, anci1':lviAS, s"!'1ook, gro-.lpera, drum, snarpera, thread!"in, jacks, crook~r, gars, sar'iines, pomp!an,}, silversi"les, ah, "pa.n:1sh !~"leker'l, h<.nl1 to, sh~rk, dolpr,:ln. I ':lystfl!'S, ~mhs, frin,.. lobsters, and tt~rtleg. (',omrn''!!'cial t":tahCl'l1ltHl !'(,*~,11ar11 amploY9d number an astima tl!!d leO, and a.pproxim.~tely 75 boatslH""~ in service. fheir opera'ions are confine<1 ~!r1ncipsl17 to the western co~st. eur'H! only small quanti ties. Its Cent~Al ,~.:narl r:an country. VIne .in and silvar are only minerals produced in commercial qtl<'lntl ties. to coestlll shtS;:.ping ports. "'his factor a.ccounts in no r~rrUlll ;;:)(!!&8\;re tor t.he concurrent .expansion in p:old output.  ..lJ- IX. dlst:r.icts. :::Jther in:hmtrles i.nelude shoe faotories, electric power p1t1.nts, soap factories, e cigarette r~ctory, a textile t"aetn!'y, alcohol1 c bevera.ge plnnts, of' varioue types .. and by 1 In vi~)l.f of' th<'>. amil dOffll')stie lrlF.l.rkat 8.nd other limiting fnetors, cultural ~nd r()r~"t prooduct.':I l'(ould probably be ee,)Tlomically ~oU'id !lnr'! contribute to the national velfare.  -14- x. 'fFANSPOlj1 1. Aviation In some cOllntrl~s, !tuch as .!l~ caragti8, lacking Sll'[' 'ace transport f'acilltiss, a1r tra.nsT;ort rlA:rs 8. relat1vely 'nora vItal role 'th(i.n in thJ) '(J.S. or :i'll!"Ope. n,,9.S R1r trf't,nspol"'t that 'rm,depossible ~he exploito.t.1·"}n ot' ~'iearagua's arg'l!st. Gold !!lin'iJs. All tnJ~ nf';c~ssnry tF'BVY "!lining €lq1lipm;mt vas carri.;;d to the mine sites by plan'~s, vhlc'r: provide the only' me,ns O.r acc'3SS to these areall :tn the nr;rth-eQ.stern part of the {~·}untry. Air trerlsport Blso pr-ov1 t~es only link between the Iaoifie and fl +.lant1c 1"e.giona or rar-lons h!ld pr'vlously almo~t c two 10c',,1 airlines, both l.:~.-own@,d, proT! all' $orvto!!t to tbe remote towns and 1'\';1 ning c~mp$ t!lrou~hout the cCl1ntry. 2. Hlghwys The tota. 1 ler.gth of NlooJ"a,;nUln highvaye and secondary roads is les8 t!'an 1,000 miles, e.c~ordlng t" an ~sti nte ~l~,~e tn 19.44. of this total "my b\'9 cflD.sidere 1 t·o c r,)pr~tHmt all-veath~l" roa:is. The leading overlfmd artery 1.11 the ("n ,Ii,'TI1!rlean lttl','hway, 240 miles in len!!th ..,1 thin li:te~INlgua, Illxtenf!in!1 90 miles oetveen tL~ Costa. l~i~'m border snd ).fana.gua 8n~ 150 m1 L1S bet..,e\lln t',e ('..epi tal ei ty and tbs '!on~ran boun'{ary. ;.lighwsy is now pav~df'ol" :i'!Ost ot its 240 !!'liles, a.nd passa!.11e i,r~ all loIeathel". This E1 g;n\,fay a rfords aeeesa to many~'ormerly bola te' regions Iin1 set"ves a valW1lble eomll~l"cial P'lt"pOg~, th(" ()v,'tdQn:i t~ln:!porta.tion of' coffee and grains, in arHition to its lJ~e ;:!.s the outl!lt1'l.n11.n~ route for tour'ism rmd other t.ravel. 9,'~u!'der rotids comp18tcd by 1945 totaled 1'1:';1 k1.1ometers (117 1l.:Bas;. Anoth'3r i<:!P01"'t8.11t hip;My .il'! the Atlantic H1gh~m.Yt ,>.,,::!~nt1y rt.'H~t,rlstened  -15- 1945, th~~ ~lIlin toL."!l of' 1,.392 '!loto!' earrH k:1 TaeH"leo Cor~nto '1 buy :'rom :31::u  -16- The 'WS,rehotlf!!e C8pRCi ty provijed by the 'lficaraguan Cl1Stoms t as of 1944, was reported at m~arly 2,500,0;)0 cuMc feet. aFprodm<'~~ly 1, ,000 by being accounted for It-he Corinto storage; facUi ti"'-'s. The east coast has sev€l!'<:l de~:r: r1 v'Srs" whid'i 'foul e1 be opeD. to fair- teem the ::10 Grande, t!;e ;'scondido HiveI' has a channel rieep enouph to p'''rmlt 1)1' twelve-foot :1nl f't t.o' pass at Blueflelds. Government. '81q,)t;ndi tures have ria n from appro:r.l '!'a tely $2 ml1li on in 193~ tc "over $18 million in 1947, belt the remain rel~tively 10'.1er than in 1 n ternal in fln, t ion, P!l~ li c 'Works, H':1'] mi 11 tary expansion. ('rom tmpol't duttes, excise taxes and p',lblic corporations. 1'1,e1"e 1S no income tax. ;',evenues 'have !lenera11y ~)Slanced expendi tu::-e:o;, n"t lncluding !lspeoial" tures. projects, ~nd ihte.rntxl crodit expansion. ':'heC'e ';!~S '~le:o a sharp prior. to 1941, due to t;he devallUlt:iol'l r:1" the cor'loba f'rom 1 to ;~1.00 to 5 to ~l.CO in 1938. Tn com~eqn.enee of these fact0rs prices wet's 9 times h1 in 194..5 than :in 19.37. Sines 194:5 tlges never increesed ,<)s much as prices, ;";0 income prob,:.bly .!ee11ned. l'he ;Ucaragulln bankins; system, set 1941, 1s 81 to tl'.at of central btmkin~ rllnetJ ans "n3 a 'T?nnJ'Jni! )ept. II for eommc'rcial b9.nking functions.  -inr the past two y"'ars the f(oV'ernment- 194; 'j'h e nnu s':11I.1ly 1· HighrNay) and t~e pre~li(1)s sharp d~valuation of the cordoba, ha~le brought ahout &n inrlrtU.onary' si t'W'tt50n mor~ acute tho.n in some or t.h~" other C'lribbeaf'l c'JUntrias, pos:!. Uoa. XI!.  -18- 1J1111k~ly. Consequently, in vi~~ 0'" t:h~ t.Q l1I::dntain a strlct eontrol OV91" iP.lports. ani! 1:)1,,7 ,us a 1"'.!lmlt ol',;h:7: 811sp!'Jnsion of "--,_.-- met by 8 loan of 5 million from the (jank OJ'' Am.erica (~3. 5 mUlton of' this goM and f01"'.ltign axc!:!antte d9clined to a 1011 paint of only ~:O _6 m:i 11i "n In 191...7. This d tuu t ien ennsed the govern11lent to tighten import a.nd exchanf!'e controls in August, 1947, an:::! virtually prohibi t. ~11 i..mpor-ts for a fer.! months. p08:l.t·~ on,  -19- alternative solution, :1f"£:l'lf)ly. a. con,:ractlon ~f imports, ,;QuId further ~il1ion, ""S f'ollry,4s: l'·111li()os of :.'ollB,r~.. :,i'x-Im Bp.nK~2.0 million 1939 loan :!.nCl $2.00 rr,i1licm 1942 loan 1.9 Bank of' h'U~riea loan (;U... 5 million) 1947-56 3.7 .0  ~)(jRA.HlIC ~;'~D 1'1 .. / j IM"~'Ig • '+ A Dfil'A. ... 1942 City Rnd Der;artment LJ.titu<1~ LOl1fi!.itude Tl,ean I'emEerlltnre _"__Pr~~!.ni ~ tion X~ .:r.~nuarl .rulZ lP&J.: ~ar;y; ~ulI iegrees ~iegrees s ? r~ ;'··.,...l., '""-~ T! r-7~~? ':S Gra.nada, Granada. 12N 86\1 82 ~1 82 50.7 .03 4.51 Julgalpa, Chonta1es 12N 85W ')/;-./+ .13 5.42 M'anaf,UR, ;~anagua 12M 86H (t. ",'4 g) 81 55.2 .,00 .3.16 Rivas, _1 va.s lIN 861-1 71.5 .0(; 3.56 San Carlos, Chontalas llN 85'w 84 Rl 71.0 o9~.:j 10.0; San Jorge, .:ivas 86H 78 '77 78 f)7.5 .ao 3.53 San Jus.n :leI Norte, Zela.ya llil 84W 175 0 6 10.,13 34.1/~ San Ubaldo, Chontales 12N 8/JrJ 73 72 75 75.1 .05 6.12 Source: Pireecion General de T;st8diatico. Anua:rl0 "~St8distico de 1& r:epublic!l d~ !<Ii caragt.l.a, 191+2. Publicacion del Ministerio de Hacienda y Credtto Publica. Managua.  -21- Provinee iopulation TnheiJi tents 1240 , Ret §flt _Ili .l .. Bas. co 40,)20 19 • .3 CartAzo 5r~,J~1 ehinsndega 7~,5:?9 (,hontal~3 61,027 51,954 Grenada 51,5-61 .T.inotega Leon 3R.1 133,745 100.6 S9,107 116,766 17.5 51,255 (IJ.J Zelaya 2.5  -22- ~PEUDU .l PQFULATION BY C4SS';;S 1920 and 19~q Population Cfass 1'120 ~ National population (total) 638,119 9S3,160 Rural (l) 617,896 Urban (1) 365,264 !'1a.le 311,613 476.996 F'9male 326,506 506,164 Less th.8.n 20 years old 352,707 52),()66 Ages 20 to 40 190,722 290,431 Ages 40 and older 94,690 169,063 ·)ensity per square mile 11.9 18.. , 32,g60 Births Deaths M.,le7 Marriap,'Gs 1,905 ;)ivorces 41 (I) - Not 8.v6.:11able Sources: Ministerio de Gobernacion, Direccion General de ~~staiU.stioo, Oficina de los Cenaos. Gensoie 1920; Canso de 1940  -23- ~f p~:tiD1A " ',:CONOMTC Cl,TA'!'HS :\lJ OC :m'ATtoNI\L JISTH1.H1J'l'I0f1 0' TE:·' r:}r-1Jl,ATIf.)N, ______ 1920 ___________ a~n~·_').I~?~1~~~Q 11 1920.:!;l 1.,91*0 Total population 638.1:1.2 <ml.l60 Aetlve 3V.ttus, total 202,700 J31.1'S1 Af~ri cuI tur-e 170,047 257,963 Manuf"aeturil'l{; t t.otal 17 ,(j/~O 2.3,119 i1oodvork 6,135 6,M~6 Clothing 3,021 5,)32 Leather ),'365 1.,063 ~J!eu.l'\"H 1'~ ~,2~1 2,61~ '''ood 473 1,901 CO~"'Ior'::e it ,51)). 12,953 Or?iee vork ;,' 8~ 11,619 :')omaetie an"1 oth",r s~1"Vic8a 1,0 j '~.125 l·1ining 937 4,~n (ons trllo t 1. ,:m ~ ~,1.n ,..;' , 1;,..,1\ j r;,522 . dueation ?6'l 1,7'66 l~rofessi()ns, li")~l"'al 747 J ,2'7(' 'i'T'3napor-ta'l<:.:tnn ,3) I,C47 '~'i shin~~, 1,n(!l;1·Unl.~ rr;'lt"in\;'> operations 534 ~96 ,tine arts 758 1,IS) 1.584 Inactive status, to'al 435,419 651,9(jlj ChiBren lese tr..sn 10 ;)11 '/~rs (~ .)) , 29~,~O'" HOl,sekee-p"3:rs, including' houaevives 244,872 254,.;)17 Stndents more thon 10 years ol(~ 1:1,77:, ,~7 ,810 :c;nem.ployables 0) 20,4$8 Investors, nttrea (',) 458 .ellf;i1.cm,s-o:der members 173 155 'j:,st~ec'i.rlod 176.597 4n,664 II Group~d accor(Un~~ to 0.<:'f"1 cini elassH'lert t1 '';is at 1940. y IncluJes o"f'::'ce!;o11ini; 'J/ Not av~!.Utible :lrec·~j on amI le !;t;l,ll <,tlc:B. '16 N.icar'€l,:;;;a. 'si.adlsttca. ;?oleti n ~'lensual, hpril 1945.  -24- ·,:.:"r.!}Ltl") :·\'~T.:·"iNAL ?)';:,·A_Ll'r: ;,,::' TN':',)Cr;.i}t", ~928 .and 12M ._ 'Jo118.1's) Gross ",~~a1 th : Cultivat('td land end improvements 22,000 32,500 J/ ~ Tineu1tivat;:"ld land 15,000 fasture lfind ~J,OOC 10, fl'!stelan1 10,000 16,0('\0 §j .,; ~or9st ~nn lumbering equipment :Q.nera1s and mining~evelopment8 :J 15,COO 25,COO 11 5,000 1.0,000 Urban lan4 8 snd improve!1lents 20,COC 40,000 l..!. vestock 8.n:j annual crape 25,000 ,~O,OC)O if : '1 yerroearr:U :le1 Ps.cit'ieo 'e ~:i<:ara~ l~, S~C~ ?,OOO ranoo llaolonal de Ntea1"8gus 500 1,000 Other banks ~lrl:1 l1!overn~ental in:~u8trles 1,000 Curroncy reserves 2,300 '1,500 Investments abroad and aBvinr,s 10,('00 O't.har ~o're'!"'nl!i€mul prop:'!rty , J.., 5, rndustr1.al inl"lre"'lent 5,0.00 Total wealth 108,350 250,0(:0 A.3sa L, :;et , total 100,000 245,~OO ?oreign inv~$t"'lents, dir(ilct, deducted 10,000 2(,000 :' I."ft. ,.,001 t!1 of Ni cs.l"atrJan pl"!ople 90,0l"'C 225. h!r CAp! tA nAt wealth, total 0,157 r / ':") • or p~ople .141 • 226 l\nnu!ll ~ ncom~~ 25, C;;C ,)75 1Q/ .040 .061 ~~t3E\ t 0(:':0 1,000,000 11 Cumbsrlnnd est1f1\1!tt~s y froeed'Jr~ £'.,1' al"rivtl1,'Z H t 1{)44 estl:;,,,t'3ls Indicated in footnotes t<) injjvid'llal items jf 1,.300,000 acres at $2; V 6,(100,000 acres fit ;~2.50 21 1,OOD,OOO acral!! ~t ~10 f2I 16.000,000 acr~s at ~l 1./10,000,000 a.eres !il.t ~!2.50. Y TnVI3straent about $12,000,('00 21 1,000,000 l1ead cattle At. ;~20 J.2I 25 percent of n-at 'Wealth SOIJ £ij~erland, W. 14., \lflcaNguA - A~ Economic tpld Financial Survey, l4ashington, • InS 1133" U.5. ~)e'Pt. o( OOtr.me-r-ee. 1946.  -25- 1941 Corn 125,000 32,536 15L"CCO 12:3.200 Coffee 33,122 43,148 2::":',101 2(',455 Sugar .n,2~O 13,626 ;>l,/~OO ,5'.U' ana Rice .. '2. , 1 'JC,OOO Beans !. 5,0('(\ 11' ~", , :;n,C'IJO Si':H!l1ffle seed 15,OCO "',')75 9,O()O Cott.on 4,1,,'27 1,951 -::,32'3 .2,1(,(" 1,25/+ Tob1leco 1,300 I,MB l'eal'luts 1 r>(') ~, .J,.. ". . 1.5 30  -26- .,An!.l lcr'lQ t21' ?J ~940 l.944 ," t ~le '97,128 7OC,(ir)C 800,OCO l::~ogs 706 25C,OOO (3) Hora~s 164,0/j1·;) 150,000 0) Sheep 14,558 15,0(''(') (3) vOllts 5,332 5 D) J/'st:lm£ tes ,,',) !)t aveUa':Jle Source: n. Bureau of' 'oreign and ';o:nel'ltie Gom:merce.~r1de And Skin Developments andCrends. Tnbstrlel i~e:'erence 3ervice, vol. 3, pt. 7, i'iO. 2, July 1945.  -27- - Ard.mel, .. - ...1'l3.S. 19td... ..194?-_ l24~ d,;1'. Cattle, total (h,733 '~,5, '::;37 71.,2")4 79,7;5 7C,1'm .~:taara, hull:s, and gtags 41,759 J~5, 210 5(,570 52, L5,616 (;0'..(3 !'In."'! he1f'ers '?/~,974 ,727 t f)94 27,474 24 1 562 Hogs (J) tI) 71,O~4 71,~35 ( \ --------~.,-.-*--------.-.~ Source: Ii .5. ¥1uraau ot' ;,'orI21gn and 'JODli~StiC CommHrce. H1.r;~ 9n'~ Skin )@velopment3 an:: ~'l"'enls. In'ius rial;ci"l')rance 3'l.r.rtcc, "01. J, pt. 7 f l';":"l. 2, ,J .. 1y 1945. Ji'l"l:)cc.don General de 7ate.- :iist1co de 1:\ ',.epl1!')lic~t de ::iCAr"I'I.gll.,'l, 1·J~2. PqhHe'lc1l)n 4 el Ministerio de ;,ac1.l!Inda. y Gran:i to I ibl1cQ. 1'1anagua. ff  -28- I~; Of ~:-~:~ <"I-,':iN 1ft <V~n.IOfjD ·:(-~et~~li ... ~. -,,,!., .~ '0-' ;l, ~~NT ~ f\.J. ~ __________ ~.~~2~~=_~ ______________ Mills Produ. g;li ton _ . • I 50 t 700 f-laoog'J.a 12,'nl Leon 2,722 h.1vas 2,525 ...' . l. ,;l:rl.Ovega , Gl'an~'!>'l 1,"'(K: r"~~ t!.1fr~l7~l,~'fl j,930 Chi nil u1e;-,;ftl 5 Ift~J2 ;~·.G.ra "'0 J 1,13g 2 1,OB9- ~st,~H 1 594 ;.i!assnya 1 446 Nuevll .~€tQ\"i~ 2 19B 12 ( 1) S (1) ]uc't"to 2 \1) CJth~r8 5 (1) -------------------- : A Jrreator volum!'l' of ti1:libt;:r :u~ cut ?n the Atlnntic cQast than on !;llel ftc COA.Elt, b'Jt HI·),st 0; the litlanttc production l.S exported. as lo~s. Source: IRS # 33, u.S. Department of Commerce  -29- P~!"cent of tot.n.l e1XROtt."!. .4 19)4 13.0 1936 :P.L 1 1,550, ;.20 19:39 1940 191.2 '1 , 7,131,25.4 l.C' •.. 7, :":J..l t  -)0- . l'·Yumber of Nu.'Dbe~ n1 !e:tt;!l . COWM1e1 ?:!1rf? lSI!!'. e , lql.;.h 9 5.157 lQi~S 9 ;;,?l? 19h6 9 5.??l 1.',11'7 '',I 5.3{)?  L!:oduct 1(il! 1';140 ..xMtl.. 19(;2. 194J ,...l2.4L :;llga:r , reflneG !],hort tons 12,7:35 >!,200 lOtOfC' I? ) cOO ) , i 13,50C lS,OOC SeSfltlle 011 pouwls (1) (l) (1) (1 (1) :2 ,OOO,C{)(, Cotton te~',Ul:,s: Ji:ni tte<:! es « 17 ,700 15, ~~ J.' , tOC,O Y ta,.ooo2,/ ( 1) ~. .joven t"a."rlcs n 1'.B"n6 309,92) 4l':t~,Sr;·n y 574,400 ?J (1) Cigarett-e"J '!-),o!J88.njs 219,14 7 217,416 308,111 300,654 :U~8, 752 ,IOC t~atche~ l,GClO b:,l ..~er.: 2,;;:1'51 ,"2~ 7,/;0 7,162 '5.,. 71/ ' Hum iz,llons 1,. 7S~s,1;;;i 1 J ~)41 ,079 1,57 7, 111.• 900 3,C67,253 I Be~!' ~o1a ~"att?r ,~-y- 'n )""'-3. ; 1l i:"'-si 'Ze 2C'? t 907 30 1',,691 ::t r) 5 '(~. 3~/7, 595 L~59 ,33? , \..J ..... hot,t1~)s 1) {1} (1 ) (1) (1) 51'1,,300 Aleolnl, i ,~~ <~1:.~{t!"l gn110ns '17, , ..... ;:('8, ?:~9 1-)36, 921,l I.~'j ,251 751,6"7 1 ,537 I..eath€lr pm:tnde (1) (1) (1) (1) ( 1) 1, 50C, 000 Cement haITs 14,541 ,l}'~ 215,4 26  -32- o~u: fin t?l.aP~1 194;.~ 4,2"10 9,615 194 3 6.154 5,139 1944 7.0J~ ~;ou.rc",,: C9!lfrl~rgl~l Pan Am2r!2P t ~an Aa~rlean union. l"ovOOl'ber. 1946  -33- ~10rlt l!!!il!E Mine. . . II ~ .•• il .. <I ... 1< ,. $; ... ., ..... a ...... 10 8.S '.743 :;B.6 Colfee cleAn1!l.i;': plaah ..•.•..•. 18 15.3 4.112 I 21.6 SUgar mllls •..............•..•. 25 21.2 4.00011 26.9 Browa-~ mills ............. . 28 23.8 '51 2 .. 4 Shoe tactorles •.....•.....••.•. 10 a.s 158 1 .. 1 nec'~1c lte',ht !\M 'PowElr 'Plants. .5 4., 81 0.6 '1:3011.,. Iho,p I. ...... ., ... ".,. ............... -. J 2.5 87 0.6 Ci~ret'e factory .• , .......... . 1 {)~8 69 0.5 Soap factories ..•....•.••.•.... '1 ,J 2.; 59 0.4 fextile faa'orT ., •....•.•.•.... 1 0.8 45 0.3 AlcOholic beT~r~e ~lant8 e.· ' •. 4 ).4 4) 0.3 '.WIIlill. . ......•........•..•..• J Z., 39 0., Rloe milla ......•.•...••......• :;;: 1.7 2) 0.1 Sott-drink p18ntg .••.•.••..••.• 1.1 0.1 Oth.er,tJ ...... " ...... *' ........ " •• ~ •• lB o,.~ Totnl 118 100.0 14,876 lOO.'J !J t'.t~t1mate of workors em'Oloyed durin.t-: the gr:lndiu;,,~ S1et:t~0!1. sO\U"c.: O'.!Ul~l. ~i\me:riCf!}., Pan !~rlc~ Unto~. ~ovemb~r. 1946.  -34- Interrm t 1. q~,l trarlli fassengcr arri'vals 1,0/,:) 1,119 1,71..,8 :2,459 2,357 1,.843 .Pas3cmger riepartures 1,'43 l,2f19 .. L "')2 1 J ~-::~~- 2,544 2,J6~ 1,760 :'?l~Lt 0::" mail recei''t~d (kllos) 1, -)7f>, .-:. , " "-, 3,1.01 ~ '''-, ) , :> ~. 'lltdl dispatched ..., (kilos) 2,417 2.,174 .t:_ 1 2,:~Lf9 2,0:25 4?1 ;','umb<::r of air ':.:q,ress }!ackages rec~iv~1d 1, If;l.~ ) t t:',>O 4,H35 {,J31 (1) ~~u!l"ioer of a.i.r ' ,...~ 1-.:acks ~~{~S :1 '\ ~t,!.>. tc:ed i 1+4') 1,57) :3 ,1.91 1,977 (1) Value of i r;'p'J rts eXf·resE (i.' •. ~Jiillup 0" ' ~ ~ryort::J . (1 ) ( ,1. . (1) 22 7 , :172 11.5,7{.)3 1 951. ~Ypress I ~ \Ij.~ ,.';. ;k'11 rs)(2 ) r~ ) .- I' (1) (1) '( , :~",7 ,l. '7 , , '~ 7. 2;-:4, ':~25 Gross weip<ht of gold and othe~' ~",F, t ..,"1 ls e'il:'i"l)rted (ki lCl$) (1) (1 (1 !tJt;'Pm"ll tr!!ffic .. raeS~~f\.gt'!l'·a trsnsported ,4-19 6,94Q 6,775 7,7(''17 8,030 10,059 Mail earr'led (11hra8)(3) 75t~'~i~ 57/:?,77 53,601 50,171 (1) (1) iJ(ceS8 bap:!~ag-e (11brtlf1) $1,130 79,91S 77/1B6 99,OCJ7 \1) (1) ~ir e~:reS3 (ltbrss) 69,]18 ee,9J9 1)),135 (1) (1) (1) ldr f'l"1!<i&ht (libMn) 15,322,342 17,613,lU ,471,195 1/t, (1) (1) (2) Includes gold <:1hlpmE'nts vr,lu!'":d Ilt ~~'J,1l7,l55 :11"1. 1945.  -35- 'hin rout,es 58!; '?!.c iJranches 'Total ---- J~q 575 ..ll1... 357 'S"I,in rOlltJ~ 1~'4 3ranches 11 Tot!il --:;;;;- <II" ,J c;, i P it: opa _ :"'<,) S!l~Ta 24 15 Gran.!;vh-Nan 1aimt' 22 11.. L€:l)n - i'ol1lJ.loya 1'· J? J\Ji~lpa - I, ei1&.z 15 9 ;':," nagua - Ta:nagas 10 :S ~:111na.tlt'~eJ.{~. -> 1 V~ ejo 5 .., ,J -'~8n ':t :\,/;,18 JQJ"Re- --2- rI Tctfl.l 100 f}2  -36- Automob!lE'S vy tl"1lcl{s Lii/,ht tI"'1ICks B'tn'HH~S ~lotoreycles "'ire enf~'n~St all typ!C:'s t1o toJ;le ss ,man-EropeUed 'Xeli 2lf!s, !HeyclmJ 1,::>17 S~~11 carts, all types 1,913 Carts and wagons, '!l] 1, ~rl7 'JJ.:r·ri3{~{!;S ~\in (;k~ .31)] Sourcet Comlnercial }'an ll.merioa, Pan Amer:1cs.l'l ".'.~ '1:1, ""'N ...m:'c~!", 1945  -37- '~1J.an t:l ty f?lseal ;(!II!lll"S ending June JO units lliL l2!d ~ Track, lC"lgth of' miles 240 2)7 258 ~'(rllprnent Loc01'llnU Vf~g 29 30 fa:1sen,~((~r ':urs nun:':er F'rei,l1''1t cars 255 294 ~':re19:ht ,o~ ionnar:::e 1,OCO tons 144 IT' Ton-fdlE;B thousQn1s 6,771 ::;,2"4 9,653 Ffl~~s~"!n("ers cnrrt,,~1 '!lful";ber t hOtlSiind. e 1 , 2':' 3 1,~12 2,371 :F~saj;,~~irftr~:"-mtlr,s thcms,<;.nda (1) .3'~,L~13 51,9;'?2 0Pt)rtl:1. on:!l I''''0191 pta i"reight i,ene C'ordohaa 954 3,129 I.. , 7~?6 ra5s·~t:!:rt;'!, 1,.::00 ~.)rdoba$ 1,5 4 rJ 2,737 Other 1,OO( corrl(')oo.s 82 soc 717 1,eoo corrloba3 1,635 5,223 ~,240 Operational exn~nJi tures 1,000 cordob..:.e 1,C24 2 (1) UnavaDable.  ~ ..... ;,1;, ! :'~ ~~e~ :!, .- (I-) (JU!i~ 3f.Jtll:t 1) 0". ___0 _ _ __ ~~'l ol.t '-l 1931) 5.3('2 5,451 149 1937 7.1/'1", " q16 l'HS 1''\.41~ ! 11:>,7/.4 14,JS6 :?'~ ,1L~ 23,Jf19 1941 31,<:)73 2:e,06'7 I- 1...,906 19.4? "0,695 OA,I":. ., _I,'J.) ,t. "/;12 19/•.) 41,141 41,22:' 81 1944 111,140 tl}~2 ,ill"' /':57t 1'"1/;.5 , ctl'. 66. 2,5 1).8 1~1!;6 .J. 'c,437 1\:~,~7 4,~J'S? 19/..1'. -------,-------------  APFr.~n:p: 20 . Internal 1~n8 B:>nds 7B0 M!7 3i,? 'I'reasury"er:, i.j'i em t.es \'-, , so., r;on~~ .. J9"7} .;; 3,144 2,544 1,944 1 t3/~l 744 44L :;loatin~ 469 .46) 439 I~J:3 I.Y;::' n.a. Nat1.<.·mI1J.:et~ense Bonrls 2,29B n .. ~. ~'reasury 'i'r)ta.l ..:e ·t~,r:tcab:s --- 4,3')3 -- J·.2(,:':- '75 nlla, 7,260 .... _4,2,200» -- 3,1/)J~ 2,730 • 1,7'!7 J .' h , '}' . ~ L.J,20() ;-xternal Conaolichi te(l, Bona s 10,407 9, 9~ ,l.37 9,437 ..1 5 , '7,000 Frozen 5,095 "':I .-It r.m01"t'i zw~ Fxport-Tmpo1"t ;;',175 000 1'! ~ 11,,{) 14, " 500 Bank or eta -~- . . r<'p ,,'-"- , "eotal --- _- F' ,-07 -', ......... 17.162 2/-,.577 20, If) 35,000 ________________ •• ._.__N__ __ .~_~. -- lJ.,800 • ____.______ ?-O III""! 656 I' : ~(..)! 256 ==== 2~} 354 ,: !Ii:!:: ::= 217 _i", ~r:: , ~~ r=!-~OO 1I .T'.11y, 194~ Y,m~ 8~\nka  Depodt ClHA,nar J.jOM7 . '1e t al 1940 13.3 10.3 2).6 1941 15.9 10·7 26.6 1942 21.9 1'1.1 4).0 3:3.3 '31.5 64..8 '" 5 ~\.,. 39.7 30.2 45.3 35.8 Bl.1 42.6 28.8 71.' 1947 47.7 33.1 81.4 I.!q.1 J3.9 ~,.O ........  -41- (1937 ,: 100) . Q,IW .• 1937 100 19)8 151 19J9 2?4 1940 274 1941 269 1942 36:3 194) 478 1944 81.3 1945 954 1946 ??2 If'}llll 8,4 1948 (AprU) 819 Source: llUS£IItlARAi 11aalsj'll Sj&Ji1I t1 S!S!  -42- P.ed1~counh 1,oano 'rotal 1941 2,403 :».40, 1942 4,628 4,628 194 ) 1,835 1,835 194.!~ 3.593 3.593 191,;.5 16,;68 16.568 1946 29,200 89~ )0.092 1947 23.6:34 1'4<0.990 64.62~ 1948 (Jun.) 8,816 44.380 !f) ,196 ;30urC4t: '~ua.rt.rly Review, Banoo ~ra,cloD.a.l de Hlearagua, &:pI"U-Ju.n.e. 1946  -43- u.N. de Banoo ,J •. ,.• ~'. Caley Banco Caja Nic. ~iip(')tec. Tefal ')~gnall LOr.j,l'AS r~ac .. de ~ ,pto. 1e i;;, CO. ,~ Gol J ;, WI. del t.:r."dito Bancario ..J;ii..c!.t-- • :I ........ I,M, - ,I. 1,\,do, F·!)~.;, 1941 ,I'M 5, lf~6 "1~ " 22;;> '-, " S37 191~2 2. 4f tfa l 5, 1 5;1 ~ ~·VY / , ....... I 757 1943 34,"40 .:;,271 ?J5 (;11.,0 L.",123 842 1944 1.5,691 n$ t67? 3,960 962 1945 1.9,930 7,S72 /.'52 5,$;2 1,161 1. 5C,46{) ry, :',72 ()5\t 2~O12 ?, ' r.; 1,356 1947 1/2,1;21, 518 580 1,.415 5,26/. 1,199 191..8 Jan. l.7,J.,72 2~' 789. },CJ2 II: /1,) "'42 ~ 1,202 :t;lt,. 5C ,SCI. 28.258 (.{/7 ?,196 5, 4,~O 1,199 tIe t: .. ,337 28,352 63S 9r :'i.. 1\, ~'.j.l 1,213 Aftr. 4 2 ,725 2,:1,292 620 Q52 /+f 656 1,221 Hay , 14° ," . ,234 &22 699 .. ,541 1 1,201 June J6,107 ,165 556 1,113 l.,991 1,1';'6  -44.... (in thou5e.n~16 0": co:r<-'lobas) "~$l':)y Banco Gaja Nee. ~H.c. fif'(>ptO. '::agnaIl de Londres 1E! Credito ~~" ~~c~ri 0 St Co. Ltd. y Am. iel Popular ~'J. I:tdo. 16,859 116 1,256 369 1942 22,906 1~9 4,236 '~68 ,. 1943 334 ;:01 ), 775 1904L 556 ~,492 603 311 7, 729 1946 '7,1.13 597 1947 22, .341 B60 502 7,~39 4g~ "I , I:fI, 19!+~ J~n. 77,01:'.2 J..,.J.)'j 1(',744 458 ;ilah. 2(t,~05 1,042 ,671 460 <"ar. 29,727 1,149 12, 5(~~~ 462 Ap]:'". 29,727 1,130 10,966 459 "'~ay ,~lO 9.30 10,398 441 ,June ;'.': ,4:21 2·14 'I, A4J  . {U'EKlm IX 26 - BAJ!KING 194B Y - 1942 - Avnlla')le (,'unds (total) 4,3.38 ,842 iJ,CCfl 7, 5, f}1.J. ,51:? ,4Q) Legal .t~serv~3 2,393 3,3:";9 l,n60 (),M~6 5,020 3,706 5,499 Other CflSh 161 24 74 5 340 ;"or-".d ~ ':xch~ nge 1,7R5 ;Z ,1.. ,'5 1., JJ?> ')0 5, 3,544 To t,B.l Loans 22,194 ,1.,02 31.,640 11 5, )91 1.9, (}31 5(J,46'7 36,108 S0Il111crcin1 () , ,. ?,7Q . '7,4 Q /'J 12,(:56 14, 11~ " I5,15~3 13,21.3 kgricul ture :mn ?,tockratsi.l'lg 12,045 13,37<1 I91,62n 2),1(,) , ~)n5 1'1,273 10,917 ., 4,!)26 Inr!ustrtr:~l ~n:~ Hining 1,759 1 c_ , c"" , A,9J5 1:,385 J,498 ::urvtr·y 1,711 1,71/+ 1,632 4,226 9Jl/~7 lC,95f) ~,A79 -', t; 5 ft'1 , , .... .J i~, 72'3 ~) , ,317 3,912 otber tissets 1.084._ "(', 1. tli 51 -.b.21B -- _ .. 7, ~~l~a _312~\(; 131C~ Total tssots J ,301 '" ' , t,O,RZ;S3 ,34 2 rO., 62,587 LIABILITIES Cap! toP,l B:nd eserv"lS 5,261) 29(j 7.J3; '7, (~72 ,510 10.2;0 Totel )af(",s1 tR L~,05( ,49P ,641 J7,1:24 )),(:16 2'7,~O ]t',827 :JEP:a.nd ':eposi ts JJ 1';'897 2J,OO'~ ,1:'1 35,37$ ,5S1 "" ..... , ')' 27,859 iJeposits 222 247 339 J''19 624 429 257 In r'orelf1'n ''I!;cr..ange 931 1 ,241 451 1,3/,7 1 " , 5,309 2,710 Hed1scotUlt \lith the Issue '.1ept. '1; .61~5 '),021 SOi l'),·;U~ 2),292 32,52x :' ,~17 Other Lla.b1l1ties 2,150 -::,40C 2,275 ;')06 Jt4~4 ~7a 12,693 Total L1abi11t1,~s and Gapi tal 33,301 37,lSJ~ - 46,715 6O,aSJ S8,342 !)9 .. 556 62,5g7 I ~- VNot strictly eOl'lSplirahlo to data in APpAndix 21.. V' be~uee of sligbt ~lfrol"el'lces in t·H'~ definitions y June, 1948. Sources Quarterly i~eviev. Haneo Nac1.onal de Nlcsa ArJr11 u  -46- g~lU.i&lt ~Jlt'(' sq",! 0: li;!U~ lin . .Ol BJ,liCO Jf}J.u:OJ~ uli) 1'10 ~ibqUA (In thO"tllillllin d.'$ of oOl"llobq~) ,ACC!et 1241 1942 l2!U .l.2~ lCJ.4fi?:.1 Ai!letIJ. totf,\l :;',)76 ,JB4 43,:147 5).958 107,07) Biablli~~t1on lund J 9~6136 .618 J'll ?fJJ JJ.37~ ,06) !.oa.nr; and ('U.acQunh1 J lJ.4!J9 9 ,li<~~8 5,258 20, :tl,t 5,?,?6l Mheel] 1'!;IleOUfA 281 278 5'2.5 194 18,S.Q9 LlabiUtte!!l, total ,)16 ,)84 4).047 .5J.95H 107.073 liotes 1.'1 etreu.l&ttonl! 17.718 24,682 36,:;62 42.6;') sn.?98 t>epodts ,,363 ,,6l<·J Sill? :)14-,219 Mi$cellRU10G1l~ 84 ~ 21 1.999 ,056 llessryen 201 L~&J t:nl~ ,~";;'::~"", 1,192 :~. 000 AI Include. ill all "lure 4.149.000 corioka in. fid:u.elal'Y currena;r aUUlIls<i 'hl the hliJ'J.!!l J)ep,lrtl'4at in uooor;i'11lec with the be-de 1~1,; of October 26. 1940. ~I June, 1948. 3). A~;ust 19h6, SO\U'(IfHl.l. ;;. Dt;)J"lnrtI:lcnt of COIllmsrce, IHS *:nil ':~l"ter17 Review of BMeo Nacional de. Cosh H1C&.  -47- :3rpOl"b tl,lporh • I 19)8 5.9 ,.1 193' 8.3 6.4 19lJ(} 9.5 7.1 19Atl 11.9 10.4 I'll..? ll·.1 6.8 1943 15. 4 1'3.5 19b1" 15.4 10.l 194 ,5 Va.• 0 12 •. 0 lql46 18.1 1.S.0 1941 20.9 ?1.1 i'v _ _ , • :Ol.lrC@1 '~:rteJ"1:f RlW'lev. ilMoo Jii'!!t81()1'~,t.l de iaO'~"I~t 1i.p.!"11-.rtml)~ 1948  -48- 1.550 7.131 J~. )16 ')71 1,678 70 117 758 '771 Gorn ?97 129 8:n l8, 3ou.reflH ti. '). '~])t. of OOWJ)iU'ce, :s Vol. V. "{Io. 32,  -49- b.0.11 1, 591 :~our~~n U.:). T~t. o~ Commerce, Vel. V,no. :32.  -so- .. '" • ;I iili" :~~t~ l~ l§~ : :: :mi~~: :ti4z (1'. s~ A. 68.1~ 9O.fJ;t 78 ~• ..I. 0'; - }/ S9.7i: 7C.6;~ S6.0:1- Ger~ 14.8 0.0 D.O 10.0 C.O C.o COt'!.tl?<, rica n.6 J.S n.a. 0.3 ? .. 4 n .!i;". .1-';];.!lP.dlh:" 0.4 1.9 n~ a,. 1.9 J.8 n. ;ji,. ('eru. 2.0 lJl- n.u" 2.6 1.2 !1"'1"~" IJtMr~ 14.1 , '.2- ??o I ,2~,,' 22.0 .... 14.0 'Iotdl 100.0 100.0 100.0 It'){1.0 100.0 10().O .,... ... I ..""',.._. ...-...- - _ ... _ ! Souroe$!; U. i;. Tleflartmtn~t of O"~re~. lJ~S '£)l~e 3,1$0. '). ~!\onC "olum~ '. ;;0. 12; COfl3Ml·cift.l Pa,n Ame1"lof\. "foyell!b~l" lq46  -51- 1.11 1.11 1.49 1.60 4.59 5.0S 1939 .5.04 ,.5 4 5.)5 5.04 5.5 4 6.)6 S.ot. 5.5'~ 5.04 5.54 ,.Oll. 5.5 4 5.01t 5. 5.04 5.41 5.0/+ 5.?9 5.014 5. 5.04 5.".9 6.08  -52- tt'01"tllign :~xglAADa .)) .8) .1) 1.12 ?OO 1.lCl .86 1.80 5.19 71.()O 7.81 6.95 1.80 67 4.39 2.06 ?nn .,.lJ.tJJ l~. 9LJf 1./ uf thh tot:,l, $3.5 rdllion h plad.~<j!il ","I et')l1r~tfl!"al for a. 10&") f'r1..'H'll tM Bank of IIJdrielt.  (dlVons of' '1011ars) E,ourcel u('.ensus of f"m(-'riean-~}woj ji$:H::t{~ inCor(d?:"l - :,1,l71t1"ies" , iJ. t : . ':'reasury ;,epa.rtlf\~nt, 191.7  -54- (,! .. ~~S~,':U(Al'AO :aAl./~1iJ~ !!" '. ,,~ ,ilA~V.Jltt s ....;,- 0'" r.ilCA1Utf}\t& (aill ion!!! of ItGlb.r~) ~ 19!~f. 1~41 12Y1t ~ l.2!!2 .u!±Z 1. QMiIt!I ~ }'-e.!'!!I!6 t -.1 +:.~.9 42.7 • ~j - ...... - .2 ) .. :3 • .5 <. !i!U!ii'! ~. It:xpo1''h 11.9 1'-'·., 15.4 15.4 .1 ~?l.O b. Cunel1t rSe"ice~ 1.) 1 r; ? \ ••• i'r-- :;:;.( 5.:3 ,~.S :'..0 O. l"l"ep~"')"lHl'l h on r:X3)orh 1.5 d. 1lxpend i tur,-,& on I'M ~Am~r1(lP~n !~iehwtl;Y 6.1 .1 1.,'i .1 .. ') • .f, .• e. t:red1t~ " J.. J .5 l.~ " .5 J.S ."'''' f. Unaocounted rot' 1.5 ....L.! ....It..1 --t.Z .....1.J. ...L.Z ~ 'i.'C'!'AL l;'i;.{) le.2 28.0 19.5 • 1. '1 .7 )1.0 J. P!l!!sls a. tftl.!>orh 1J.4- (:; .. B 13.$ 1~1 •.? 17..7 1S.;"'; i!C.O b. f;.t1afited tre1i')tt, iJ:ur~t'~ce . etc. ~ ~ ~ Z.O 2.~ ~ .. ~j ~t",.o !~ c. Cane\ HeJ"11.oQt\ of t:. • b 12.5 l',j. ~~ 16.~ l;~~. ;: 15 .. 2 18.0 ~4.0 (1) Gtlv~r~ent:<tl (U) C!the.r 1. '7 41 ,c.• t~ 1) « \." .? - .' 1. ti 1'.0 " .8 h t:: .. ~ ·tl ::.0 , 'I --":. c) " .... f \,) 1.Z 2.6 .~ Gold P~:r-rit to lnt1- ~\1.nrl ~if> • •.5 e. prepaid EX'porh 1.5 i. Debt santee ,. Profit ,,In. F~tm& :f.ixrens t'H} 01' .J ./f 1.1 ." • !} .5 l.~ l:j. ~ 1"in1J\f~ Cohlt,'an itH~ ...It!t ,1'~.:s!3 ~ lJ· I", ~ ....l:J.. ~ ....It.Q. 1: (iT ~.,.L lt~.l 1,5., £"} rt .j",;; • .,J .., ',~" .5 t) )' .. 5  NICARAGUA: SUMMARY STATISTICS 10 30 EXTERNAL TRADE IGOLD AND COFFEE EXPORTS In Millions of U.S. Dollars n. ,Millions of U.S. Dollars 1.I.. 1.-- ...... 8 1 I . 20r-----------------------~~ I I r-----~--------------------~6 , ,, I IMPORTS i~ ,.. , ,1 ~-.~----------------~~/----~4 "'v' / 10r---------~~_+---=--_f--~ COFFEE 0 1 <0 rt) * f,o,b rt) I I co en 0 ~ (\J rt) ~ It) IS) I'-- co co I'-- rt) rt) ~ ~ ~ I ~ ~ ~ ~ en en en en en en en en en en en en en en ~ rt) en rt) en 0 ~ en ~ en (\J ~ en rt) ~ en I ~ ~ en It) ~ en IS) ~ en I'-- ~ I en I: co ~ en - - - SOURCE: I.M,F, SOURCES: Vario.us 1000 , - - - - - - - - - - - - - - , ~"'. TOTAL MONEY SUPPLY.-----,IOO i RETAIL PRICES 900'"1937 =100 ----~.---1 In Millions of Cordobas ,'\ :~~; r---- -----::;~---..1 j-------j 80 'I"" : f - - - - + - - - - - - - - - 1 f-----___j 60 500 • ! 400 r-----------_f---------1 r---___j 300i---j--------~--------__1---j---1 200f----F-------~ I 00 '---"--"--"--"--"---'--------.......... :g::;~~~~;;;~:~~~ MJSD ~ en en en en en en en en en en en ~ 1948 en SOURCE: I.MF, SOURCE: I.M,F. I I CONFIDENTIAL 10 ,--------~ GOLD AND FOREIGN 5 • EXTERNAl:: DEBT I2 ,-----=======:::; U.S. DIRECT EXCHANGE HOLDINGS OUTSTANDING INVESTMENTS In Millions of U,S, Dollars In Millions of U,S. Do.llors lOin Millions of U.S, Dalla,s 4 ~----------~ 8 6 r-------¥//,f/J 2 AUG. AUG. 1938 1946 1940 1947 1947 1948 END OF YEAR END OF YEAR SOURCE.I.M.F, SOURCES: Various SOURCE: Dept, of Commerce LBRD, - Economic Dept, No,271