This bureau is maintained by proportionate contributions from the nations represented in the congress, and is intended to be the medium for collecting and disseminating information on commercial, industrial, and cognate subjects. If we consider the different characteristics of the people of the two continents--their manners, customs and methods of business--we can readily conceive the bureau has before it a labor of no little magnitude, but one that, fairly accomplished, cannot fail to be beneficial and of lasting value. Further evidence of the work of the congress is apparent in the organization of a commission of experts to project the long-contemplated inter-continental railway--a scheme that, dependent upon individual effort, would doubtless require many years for accomplishment, but undertaken under international auspices we may hope will be pressed to a speedy conclusion. The assembly of delegates to consider a monetary unit for the republics of the two continents is also the result of the congress. The progress of this conference will doubtless be watched with peculiar interest, coming as it does when our own people are in the midst of a reactionary effort to habilitate silver as a standard coin. The revolution a year ago that gave birth to the United States of Brazil, it was feared by many would lead to a state of anarchy that would end disastrously to the new nation and perhaps involve neighboring states. Fortunately these forebodings have {37} not been realized, and the recent general election in Brazil, which seems to have been conducted without violence, has caused a feeling of confidence that we may well believe will continue and permit this great state to enter heartily into the new era of material development that seems opening to our sister republics. * * * * * Work on the construction of the Nicaragua canal has steadily progressed during the year. A harbor for light-draft vessels has been constructed at San Juan del Norte, and satisfactory progress has been made in constructing the railway designed to facilitate the work of excavation. It has been hoped by the friends of this project that the canal would be constructed with funds raised by private subscription. The admirable management of the preliminary work of surveying and organization were good grounds for their belief; but the bill recently introduced in Congress asking a guarantee for one hundred millions of bonds to be issued, indicates that expectations of friends were too sanguine, and that the financial backing that had been believed to be assured has for some reason not been developed. This may be only a temporary alarm, due to the general financial stringency that has prevailed during the past few months, and on the recurrence of an easier money market the necessity for the relief asked from Congress will disappear. * * * * *