The Bank of Costa Rica has had from the Government the privilege of issuing paper money to the extent of four times its cash on hand. The average circulation of these bank notes since 1882 has been as follows:
| Pesos. | Pesos. | ||
| 1882-83 | 35,000 | 1889-90 | 2,911,479 |
| 1883-84 | 56,400 | 1890-91 | 3,249,914 |
| 1884-85 | 168,890 | 1891-92 | 3,037,167 |
| 1885-86 | 210,170 | 1892-93 | 2,820,892 |
| 1886-87 | 1,004,010 | 1893-94 | 3,079,067 |
| 1887-88 | 1,518,290 | 1894-95 | 3,565,041 |
| 1888-89 | 2,191,930 | 1895-96 | 3,820,404 |
This issue privilege was withdrawn in 1897 on the introduction of the ‘colon de oro,’ and a special arrangement was made with the bank to uphold the contemplated change from a silver to a gold standard.
The Banco de Costa Rica, on July 15, 1897, had a reserve fund of 745,000 pesos and a dividend account of 50,000. It has branches in Heredia, Cartago and Alajuela. The situation of this bank at the same date was in pesos as follows:
| Assets. | Liabilities. | ||||
| Cash on hand: | |||||
| Coin | 1,268,682.33 | Capital paid up | 2,000,000.00 | ||
| Checks against the Anglo-C. R. Bank | 10,075.43 | Reserve fund | 745,000.00 | ||
| 1,278,757.76 | Dividend account | 50,000.00 | |||
| Discounts | 120,984.70 | ||||
| Foreign correspondents | 191,073.64 | 2,915,984.70 | |||
| Accounts current | 335,324.39 | Notes in circulation | 3,929,972.50 | ||
| 1,805,155.79 | Deposits, on time or demand | 1,108,424.82 | |||
| Bills receivable | 5,273,304.39 | 5,038,397.32 | |||
| Branch Banks | 373,595.05 | Securities in commission for collection | 394,420.74 | ||
| Bonds of School-loan | 40,607.50 | Government on account ‘Colones de Oro’ | 600,000.00 | ||
| Various obligations to collect | 254,101.99 | ||||
| Immovable property | 167,052.54 | ||||
| Furniture | 10,000.00 | ||||
| Stamps | 1,433.00 | ||||
| Sundry accounts | 29,131.76 | ||||
| 6,149,226.23 | |||||
| 7,954,382.02 | |||||
| Securities in commission for collection | 394,420.74 | ||||
| Deposit of ‘Colones de Oro’ | 600,000.00 | ||||
| 8,948,802.76 | 8,948,802.76 | ||||
The bank is ready to retire 540,000 pesos of its own notes in correspondence with the first gold deposit of 600,000 pesos. In view of the satisfactory transactions of the Bank 20 per cent. was distributed in dividends for the fiscal year ending in 1897. Its manager is Mr. José Andrés Coronado. Its Board of Directors include Messrs. Francisco Peralta, Aniceto Esquivel, Fabian Esquivel, Daniel Nuñez and Manuel Sandoval.
The manager of the Banco Anglo-Costaricense is Mr. Percy G. Harrison, and its Board of Directors is composed of Messrs. Adrian Collado, Simeon Guzmán, Telésforo Alfaro, Gerardo Jager and Mariano Montealegre.
The situation of the Banco Anglo-Costaricense on June 30, 1897, was in pesos as follows:
| Assets. | Liabilities. | |||||
| Cash on hand | 281,869.25 | Capital | 1,200,000.00 | |||
| Reserve Fund | 210,000.00 | |||||
| Securities for collection in San José | 1,208,192.54 | 1,410,000.00 | ||||
| Mortgages | 530,729.51 | |||||
| Securities for collection in San Mateo | 739.83 | Deposits account current | 371,443.60 | |||
| 1,739,661.88 | Deposits on sight | 10,778.00 | ||||
| Deposits on credit | 380,601.23 | |||||
| 762,822.83 | ||||||
| Credits current | 185,698.55 | Outside creditors | 436,403.84 | |||
| Credits in £ sterling | 485,545.34 | Various debts | 22,202.38 | |||
| Shares of the Mercado de San José (165) | 8,250.00 | 458,606.22 | ||||
| Securities in commission | 188,014.10 | |||||
| Bonds of the Guatemalan Central Railway | 15,000.00 | Government of Costa Rica, Treasury funds | 1,500,649.79 | |||
| 2,434.155.77 | Government of Costa Rica, exportation notes | 93,275.00 | ||||
| Immovable property | 20,000.00 | 1,781,938.89 | ||||
| Furniture | 1,500.00 | |||||
| 21,500.00 | Dividends not collected from 1895-96 | 700.00 | ||||
| Debtors abroad | 82,778.37 | Dividends from 1896-97 (15 per cent) | 180,000.00 | |||
| Remittances due | 25,969.48 | |||||
| 108,747.85 | 180,700.00 | |||||
| Securities in commission for collection | 188,014.10 | Discounts on bills payable | 39,779.55 | |||
| Money for expenditure | 1,500,649.79 | Profits for 1897-98 | 17,450.96 | |||
| Exportation notes | 93,275.00 | 57,230.51 | ||||
| 1,781,938.89 | ||||||
| Interest on deposits not due | 8,484.45 | |||||
| Various debtors | 14,602.24 | |||||
| 4,651,298.45 | 4,651,298.45 | |||||
Foreign commercial obligations were settled through these banks on the following terms: Drafts at three days’ sight on Paris cost one per cent. less than on London on same time; those at ninety days’ sight on Paris or London cost one per cent. less than at three days’ sight; those at sixty days’ sight, on New York, cost two per cent. less than on three days’ sight. Submarine cable transfers of money cost two per cent. more than by three days’ sight drafts with the cost of telegraphing added.