The Maker of Modern Portugal
If there is any country in the world today which enjoys the advantages of being ruled by a philosopher-king it is s-crely Portugal, where for twelve years Dr. Antonio de Oli eita Salazar, Prime Minister and Foreign Minister, has exercised an enlightened and wholly benevolent despotism. With the c ing of the lists for the new Portuguese Conversion Loan, v will wipe out the last of the country's external debt and sub- stitute for it an internal loan, a new stage is reached in The country's finances, which have been put in order so soundly and brilliantly by the Prime Minister. When he, a Professer ig Economics, was invited to take over the portfolio of financ. 1926, the finances of the country were in chaos. Budget:- ..„1 for years remained unbalanced, taxes were capricious, corrup- tion rife, and the currency deteriorating. Dr. Salazar asked for a free hand, and got it. He successfully balanced his first Budget, accepting all the obligations of national debt, and by orderly taxation and expenditure completely redeemed the public credit and enabled the escudo to look the dollar as well as the pound in the face. His rule, exercised jointly with General Carmona, has been accompanied by reforms in the constitution. in education, in the social services, and in every branch of the administration. Dr. Salazar has set an example of what can be done in a. time of transition when the public service is in the hands of a man wise, firm, and without any ambition except to serve the State.
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