CHAPTER VII

FINANCE AND COMMERCE

Susceptibility of South America to conditions of the European money markets; early fear of Balkan complications—Relatively bad times—Transient “crises”—August, 1914—Protective measures—“It’s an ill wind that blows no one any good”—Still further insistence on the need of agricultural population—Currencies—The Argentine “Conversion” Law—Former gold speculation and banks of issue—Golden opportunity for British trade—A South American view of the Monroe doctrine—The “Hustler”—British manufacturers and the South American trade—How to lose it—How to keep it—Uruguay’s creditable reputation—General commercial conditions in Argentina and Uruguay—The Buenos Aires Stock Exchange—Gambling—Sound securities: the Argentine Hypothecary Bank, and National, Provincial, and Municipal Debenture Bonds—The new and the old Buenos Aires corn exchanges—More about the “Bolza”—Fictitious booms—A great bear—The death of public speculation—Cedulas _and_ Cedulas—Credito Argentino 93