The oldest and smallest independent republic in Europe, San Marino is situated in the Apennines, 14 miles southwest of the town of Rimini, and entirely surrounded by Italian territory. It has an area of 38 sq. mi., and in 1938 was estimated to have a population of 14,000 inhabitants. Its chief exports are building stone from Mount Titano, cattle, and wine. The legislative power of the Republic is in the hands of a Grand Council of 60 members, of whom two are chosen every six months as Regents. Governmental revenues and expenditures in 1938-39 balanced at 5,474,673 lire (the lire averaging $.05).
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