The population being composed of 1,460,017 inhabitants, the proportion of the public debt is about $11.41 per capita. Guatemala in this respect can be favorably compared with other countries of Europe and America. The principal financial establishment in Guatemala is the Banco International, organized on the 15th of September, 1877, by Mr. J. Francisco Medina. The capital subscribed is $1,120,000, and the reserve funds, $278,265. Conducted intelligently, it has always given very profitable dividends, as shown by the actual price of its shares, which are double their par value; and it fully deserves the credit it has both in Guatemala and abroad. There is at the capital another bank, called the Banco Columbiano. It is less important than the former, both on account of its capital and the extent of its business; yet it is well managed, and has always given good profits. A third bank, the Banco de Occidente, established in Quezaltenango, has made some profitable transactions since it was organized, and promises large profits, as its principal operations extend over the richest and most prosperous section of Guatemala. Other establishments of credit at the capital, as well as in other parts of the Republic, could be opened profitably.

But what is specially needed to meet the requirements of the country is the formation of a Crédit Foncier. There is a project of that kind which may be successfully established in the near future, on the same plan as the Crédit Foncier de France, and would render great services to Guatemala, and at the same time prove a good investment to the stockholders. The establishment of a national bank is also discussed, with the direct support and guaranty of the Government. Loan offices could also be opened

with profit.

The regular rate of interest is between 10 to 12 per cent a year. Lately the abundance of money, owing to the good crops and the rise in the price of coffee, have lowered it considerably; but that situation can not last long, as new and very remunerative enterprises,

which are absolutely needed by the country, shall soon absorb that surplus of capital.

Statement showing the customs receipts of Guatemala in 1889.

Guatemala is a healthy country, abundant in vacant and fertile lands, almost two-thirds of which are not cultivated for want of labor, and the country offers to immigrants great advantages.

The soil needs no fertilizers, and the industrious immigrant, even without capital, will simply have to till the land slightly and sow the grain to obtain a sufficient crop after six months for the ample support of a family, and until the cuttings and seeds to be transplanted, requiring some time for their development—as is the case among others with coffee and cacao which reach high prices-are in a condition to secure for him in the near future an assured independence. Another industry that could not fail to become very profitable, is the raising of poultry, which thus far is much neglected, though it brings extremely good prices.

A few years ago it happened that for some reasons a vessel with Italian immigrants bound for the Argentine Republic arrived in Guatemala, and though nothing was prepared for their reception, everyone found employment without difficulty. Some had no capital whatever, and without any other tool than a scythe, made a living by cutting grass in the fields and selling it in the city, until they could improve their condition, which they soon succeeded in doing, for they earned good wages, some in cultivating garden truck, others in raising pigs, taking care of cattle, etc.

What precedes relates particularly to immigrants without means. Those who possess a little money can make a fortune within a few years in establishing coffee or cacao plantations. Others who have a profession or trade find unlimited fields to exercise them profitably. No person ever left the country on account of a want of an opportunity to invest his capital or for lack of lucrative employment when he cared to work.

The Government protects and encourages immigration in a very liberal and efficacious manner. By a decree dated the 20th of January, 1877, it established a society of immigration with funds for its support derived from the product of the public lands and other sources.

The following are the principal articles of the law of its organi

zation:

ART. 4. The society is empowered to dispose of the public lands (terrenos baldios) that may be required to carry out the important purposes of its founda

tion.

ART. 5. A central bureau shall represent the society before any tribunal, departmental, and local authorities whenever any questions shall arise connected with immigration or contracts relating to it.

ART. 9. This bureau is empowered to attend to petitions for the ingress of immigrants, based on contracts with private parties.

ART. 10. It shall also give its attention to petitions for situations on favorable terms, from immigrants arrived without a previous engagement.

ART. 11. Private parties desiring to bring immigrants to work for them must previously obtain a special permission from the Government who shall refer the application to the society.

ART. 12. The bureau may, in case of need, give the parties interested all the assistance within its power, provided they refund to the treasury of the society the amount disbursed in their behalf.

ART. 14. In the capital or other localities where there are no commissioners of immigration, the bureau shall provide board and lodging for all immigrants coming on its account, for a period not exceeding fifteen days; that period may be extended according to circumstances.

ART. 22. Besides the home agents, the society shall have the power to appoint others to reside abroad at the places deemed most convenient.

ART. 30. These agents in foreign countries shall pay the passage money totally or in part, when authorized to do so, and shall enter into contracts for the transportation of immigrants, according to the instructions received from the central bureau.

ART. 34. Every foreigner being a laborer, artizan, factory hand, agriculturist, or servant, who is less than fifty years of age, coming on his own account, or at the expense of the society, or of private parties, shall be considered as immigrant.

ART. 36. Every immigrant having obtained a certificate of immigration shall be entitled to the following privileges:

First. To be embarked in the ships chartered for the purpose.
Second. To land free of charge at the ports of the Republic.

Third. To introduce free of duties the jewels for personal use, wearing apparel, necessary household furniture, machines, agricultural implements, seeds, portable houses for their own dwellings, tools, domestic animals, carts for their own use, and provisions for six months; but for once only. ART. 38. Immigrants shall be divided into three classes:

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First. Those coming voluntarily and at their own expense, attracted by the advantages of this law and by the country itself.

Second. Those ordered by private parties, either directly or through the society.

Those of the first class shall have the right to ask the assistance of the society in the acquisition by them, on easy terms, of the best situated lands, materials, seeds, and domestic animals.

Those of the second class, when ordered by the society, shall be entitled to the assistance and support of the society in exacting the fulfillment of the promises made to them by the private parties who brought them.

They shall also be entitled to free transportation inland; to be lodged by the agents of the society or by the central bureau during the first fifteen days after their arrival, before starting for their destination, and to free medical attendance from the physician appointed by the central bureau or the agents, and to be carried to the hospital should their sickness require it, and where they shall receieve careful attention.

The immigrants of the third class shall have the right to claim one or more lots on the lands appropriated by the society free of cost, if they are public lands, or payable on the terms agreed in the contracts if the lands belong to the society by any other title.

They shall also have the right to be supplied with the necessary implements for their labors, with oxen and other cattle, seeds, dwelling houses, and in some cases with money and provisions for a time fixed by contracts.

Finally, they shall, during ten years, be exempted from export duties on their crops, provided the latter belong to them exclusively, and shall enjoy all the privileges granted by Articles 50, 51, and 52.

ART. 41. Hamlets or agricultural settlements may be established on public lands given gratuitously, or on private lands acquired by the society through purchase or otherwise.

ART. 43. Forests, timber lands, lands covered with pines, firs, mahogany, cedar, and other large trees shall not be included in the above grants.

ART. 47. The free concessions of the public lands to the companies or the immigrants shall be provisional; but they shall obtain final ownership on their fulfillment of the conditions of the concession, then they shall receive the legalized titles for the same.

ART. 48. If the stipulated conditions are not complied with within four years, the concessions shall be null and void, and all works and buildings erected, or in course of erection, shall definitely become the property of the State.

ART. 50. During ten years, counting from the date of the provisional concession, the immigrants settled on the public lands shall not pay any direct tax