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late years, the greater part of the world's goods is still carried by vessels of average tonnage. The number of ships of over 10,000 tons is only 89. Of vessels over 5,000 tons the following table gives the number and the flag floated:

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The tonnage of the principal countries is as follows: England, 16,006,374; America, 3,671,956; Germany, 3,283,247; Norway, 1,653,740; France, 1,622,016; Italy, 1,180,335; Russia, 809,648; Spain, 714,447; Japan, 726,818; Sweden, 721,116; Netherlands, 658,845; Denmark, 581,247; Austria-Hungary, 578,697; Greece, 378,199; Belgium, 157,047; Brazil, 155,086; Turkey, 154,494; Chile, 103,758; Portugal, 101,404; Argentine Republic, 95,780.

THE WORLD'S GOLD AND SILVER OUTPUT IN 1903.

The Director of the Mint of the United States Treasury Department, Mr. GEORGE E. ROBERTS, has completed his calculation of the production of gold and silver in the United States and in the world for the calendar year 1903. The figures show a decrease in the production of both gold and silver in the United States, but increases in the output of these metals in the world. The gold produced in the United States amounted to $73,591,700, against $80,000,000 in 1902.

The production of silver in the United States amounted to 54,300,000 fine ounces, with a commercial value of $29,322,000, against 55,500,000 fine ounces, valued at $29,415,000 in 1902. The decline in the production of gold in the United States was very largely due to the falling off in the output of Colorado, which produced $22,540,100 in 1903, against $28,468,700 in 1902.

The production of gold in the world amounted to $325,527,200, against $295,889,600 in 1902. The world's production of silver amounted to 170,443,670 fine ounces, valued at $92,039,600, against 166,955,639 fine ounces, valued at $88,486,500 in 1902. The increase in production for the world was almost equaled by the increase of

$28,974,400 in Africa and the increase of $7,631,300 in Australia more than made up for the falling off in the United States. The most important change in the production of silver was the increase of 10,323,338 fine ounces in the output of Mexico.

The figures for the United States by States and Territories follow:

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The following table shows the world's production of gold and silver for the calendar year 1903:

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The total number of ounces produced is given as 170,443,670.

TRADE OPPORTUNITIES IN LATIN AMERICA.

A United States syndicate has acquired a 500,000-acre tract of white pine located toward the midwest of the State of Chihuahua, Mexico, and contracts are about to be awarded for railroad material, large

lumber mills, etc. The syndicate is called the American-Mexican Lumber Company. The Chihuahua property is 25 by 35 miles. Within the boundaries are two settlements of people from the United States, mostly Mormons. One township near the north line covers about 12,000 acres, and is known as the "Colonia Garcia." The other is in the southern part and covers a somewhat similar area. The property formerly belonged to TELESFORO GARCIA. The station of Casas Grandes, on the Rio Grande, Sierra Madre and Pacific line, is 75 miles to the north of the timber. Minaca, on the Chihuahua and Pacific, is about a similar distance to the south by east of the property. Surveys for a branch road have already been made for some 50 miles to the northwest of Minaca. The projects for the building of the railroad lines through the property have not, however, yet reached a point where any definite announcement would be justifiable.

The expenditure of some $12,000,000 has been authorized by the Argentine Republic Congress for the construction of railroads in the Argentine Republic. The building of 1,743 kilometers has already been decided upon. The railroads to be constructed are as follows: (1) From Dean Funes to Rosario, with branches to Villa Maria and Sarmiento, the total length of which will be about 597 kilometers; (2) from Villa Mercedes to Puerto Militar-about 781 kilometers; (3) from the station of Algarrobal on the Northern Argentine Railway to the province of Mendoza-about 237 kilometers; (4) from the station of Clodomira or Aurora on the Central Northern Railway to La Banda - about 28 kilometers; (5) from the station of Cejas to Burruyaco-about 50 kilometers. The Government is also authorized to reduce to 1 meter the gauge of the Andine Railway on the section from Villa de Mercedes to Dorlores, and to fix a third rail on the section from Villa Mercedes to Villa Maria.

According to advices recently received, certain German interests have obtained a concession from the Nicaraguan Government to build a railroad from Lake Nicaragua to the Atlantic Ocean. The line will extend from San Miguelilo in a northeasterly direction through the province of Chontales to the River Tule, which has an altitude of 633 feet; thence to the Rio Punta Gorda, or Rama, and along this to Monkey Point, where a harbor will be built. This place has great natural advantages as a harbor. Formerly most of the shipping has gone by Corinto. The road, which will be about 92 miles in length, will pass through very fertile regions specially suitable for farming and cattle raising. The Mosquito Reservation and the land on both sides of the River San Juan are open for settlement.

The construction of several sand-lime brick plants is projected in Mexico. The first plant, which will have a capacity of 40,000 bricks a day, will be located in Mexico City, while two others are proposed

to be built around the capital of the southern republic. Plants will also be constructed in Chihuahua, Torreon, Tampico, and Veracruz. Considerable machinery will be purchased in the United States to equip the plants.

The construction of a large hydraulic plant is contemplated, and the persons interested have acquired an extensive ranch on the Rio del Valle, where a big waterfall is available. Power will be generated chiefly for the purpose of supplying the cities of Parral and Jiminez. Considerable irrigation will also be undertaken by the same people, who will shortly be in the market for the necessary machinery and equipment.

Mexican advices state that the Guanajuato Reduction and Mines Company are completing arrangements for the development of gold and silver bearing properties located in the vicinity of Guanajuato. The plans call for the expenditure of a very large quantity of equipment, etc., as it is intended to build a big mining plant and erect concentrating and reduction mills, etc.

Mexican advices state that confidential information has been received by a Mexico City firm of mining brokers of the discovery of anthracite coal within 25 miles of the capital of the southern republic. Whether the coal found in the Devonian state discovered will be clean enough to be valuable is the question to be settled. The utmost secrecy is being maintained regarding the discovery.

The manager of the Encillalas Mines, Limited, located in the Santa Rosalia district, Mexico, has returned from Europe, where he had conferences with the London directors, which resulted in sanction being given for considerable improvement on the property. The smelter will be increased in capacity from 100 tons to 300 tons, and the existing copper furnace will be changed to a lead furnace.

Mexican advices state that New York capitalists will soon complete arrangements in the City of Mexico for the building of a new railroad in the State of Tabasco, down the frontier of Guatemala. Engineers are now surveying the route. The line will start from San Juan Bautista, capital of the State, and will run to Pueblo, Nuevo, Jalapa, Ermita, Tacotalpa, Teapa, and other points. It will be about 75 miles in length.

Surveys have been ordered by the Government of the Province of Buenos Ayres, Argentine Republic, for a light railway to run from the port of La Plata to San Vicente, Monte, Saladillo, Veinte-Cinco de Mayo, Nuevo de Julio, Villegas, and Meridian 58. This will form the main line of the projected system, its total length being about 350 miles.

The Esperanza Mining Company, which operates one of the largest properties in the El Oro district, Mexico, is to abandon the use of

steam power for electricity, which will mean the placing of some substantial orders for motors, etc. The current will be transmitted from the Necaxa plant, now under construction.

The construction of a large artificial silk factory in Mexico is contemplated. The Société Lyonnaise of Chardonnet Silk in North America was recently organized in Paris for the purpose of building the Mexican plant, as well as others, on this continent. The capital of the company is $5,000,000. The location of the plant will be near the United States border.

Arrangements are completed, according to Mexican advices, for the construction of a railroad connecting San Marcos, Oiloqui, and Berrizabal, located in the State of Tamaulipas. The length of the road will be about 40 miles. The line will be built by the Compania Ferrocarril de Circunvalacion.

Mexican advices state that a good-sized power plant will be constructed at the Eldorado Station on the Parral branch of the Mexican Central Railway, State of Chihuahua, from which the electric current will be carried to the Central mining property at Almoyala.

A newly organized company will take charge of the electric-light plant of Mazatlan on September 1. The company will need a large amount of supplies, and quotations from manufacturers of electric supplies should be addressed at once to Señor José H. RICO, Mazatlan, Sinaloa, Mexico.

The Compania Campechana de Electricidad y Fuerza, of the city of Campeche, State of Campeche, Mexico, which was recently organized for the purpose of constructing and operating an electric lighting and power system in that part of the world, is about to let contracts for equipment, etc.

The National Metallurgical Company, of Matehuala, State of Nuevo Leon, will build a smelting plant to consist of a lead furnace with a daily capacity of 150 tons and a copper furnace of 250 tons capacity. A 500 horsepower gas power plant will also be built as well as a concentrator.

The Compania Explotado de Carbon de Michoacan has been organized for the purpose of developing coal mines at Agostitlan, State of Michoacan, Mexico. Considerable equipment, etc., will be purchased.

Contracts for the equipment, 3,000 horsepower capacity, to be installed by the Yaqui Copper Company for its water-power plant in the State of Sonora, Mexico, will be let next month.

The Mexican Coal and Coke Company, which operates extensive coal fields of Las Esperanzas, State of Coahuila, is about to install considerable additional equipment, including ventilating apparatus.

The Cerro Grande Lumber Company will build a railroad for the purpose of developing its Mexican property.

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