152 SELLING LATIN AMERICA 
ments, soaps, perfumes, pharmaceuticals, sur 
gical instruments, boots and shoes, hats, 
hardware, oil, candles, electric supplies, glass 
ware, coffee sacks, socks, stockings, rubber 
goods, musical instruments and paints. In 
fact they are dependent upon the outside world 
for all the manufactured necessities of life. 
American money is accepted in preference 
to any other throughout this part of the world, 
although each country has its individual mone 
tary system. 
In the Canal Zone American and Pana 
manian money is interchangeable, that is either 
United States or Panama currency is equally 
well received. The Republic of Costa Rica 
as well as the English Colony of British Hon 
duras, are on a gold basis, while Spanish Hon 
duras and Salvador are on a silver basis, the 
national money in common circulation in 
Guatemala being inconvertible paper, subject 
to daily fluctuations, dependent upon market 
conditions and the law of supply and demand. 
Nicaragua and Panama are on a gold ex 
change standard basis.