PART III.

THE ARGENTINE FROM THE COMMERCIAL AND INDUSTRIAL POINT OF VIEW.

I. FOREIGN TRADE 211

The important part played by the foreign trade of the Argentine—— Table of imports and exports during recent years——Explanation of their respective movements——Favourable condition of the commercial balance.

Method of ascertaining the statistics of exports and imports—— Errors in evaluation——Notes on the import duties on various articles——Variations of the custom duties——Export duties; their transitory characters——The trade in bullion.

IMPORTS.——Their classification according to their countries of origin——Value of imports from each country, with indications of the principal articles imported——The Argentine dependent upon other countries for a large number of manufactured articles——Concentration of imports at Buenos Ayres.

EXPORTS.——Their classification according to origin——Value of exports from each district, with indications of the chief articles exported——Decadence of the French trade with the Argentine and its causes.

Tabulation, according to importance of the principal products exported by the Argentine——Remarkable increase in agricultural and pastoral exports——Search for new outlets.

Eventual denunciation of commercial treaties——Projected new treaty with France——Causes of the superiority of English, German, and North American trade in the Argentine over French trade.

“Dumping” in the Argentine——A new client for the Argentine—— Japan——Elements which make for the development of commercial activity in the Argentine.

The commercial balance——Results of the commercial balance——Its prime importance in respect of the prosperity of the country—— It is this balance which compensates the issue of capital for the benefit of the foreign debt.

II. THE GREAT ARGENTINE INDUSTRIES 235

The principal industries of the country are related to agriculture and cattle-breeding.

SUGAR-PLANTING, BOILING, etc.——Capital engaged——Tucuman the chief centre——Production and exportation——The sugar crisis——The Rosario Refinery.

FLOUR EXPORT TRADE——Capital invested——Equipment, steam flour-mills, grain-elevators——Production and exportation.

REFRIGERATION.——At present the chief industry of the country—— Number of establishments——Table of exports of frozen and chilled meats——Capital invested——Development of the industry.

DAIRY INDUSTRIES.——The large establishments devoting themselves to these industries——Butter; cheese——Exports of butter; the development of which the dairy industries are capable.

BREWERIES.——Chief establishments——Production and consumption of beer during the years 1902-1907——Suppression of imports of foreign beer.

SPIRITS——Decreased production of spirits.

LOOMS, TANNERIES.——Weaving and tanning are industries which at present exist in the Argentine only in a rudimentary condition, despite the conditions which are favourable to their development.

QUEBRACHO WOOD.——The centre of production——Applications—— Companies engaged in the industry——Their results——Value of the products and the large profits to be expected.

TIMBER TRADE.——Varieties of timber and hard woods.

FISHERIES.——First results of this industry.

III. MINES, ELECTRICAL AND OTHER INDUSTRIES 250

The Argentine has not entered the industrial age——She has no coal-mines in operation, no natural motive forces of any importance.

MINES.——Symptoms of the awakening of the mining industry—— Numerous lodes in the Andes——The mines of La Rioja and Catamarca——Mines in other provinces and territories——Mining legislation.

ELECTRIC INDUSTRIES.——Tramways; their development, their perfected equipment, and their profits——Progress of electric lighting——Telegraphs——Telephones.

VARIOUS INDUSTRIES.——List of various industries established in Buenos Ayres, according to the last census, with the value of their products.

Comparison between the statistics of 1895 and those of 1904—— Progress realised in 1908——Workshops and factories.

IV. BANKS, THE BOURSE OR STOCK EXCHANGE, AND LIMITED COMPANIES 261

BANKS——International character of Argentine banking——Evolution of banking machinery——List of the principal banks, with amount of capital and business done——Conditions peculiar to Argentine banking; the lack of movable reserves——Rates of interest on account, on deposit, and on advances——Statistics of the deposit accounts of the principal banks——Exchange operations: their decrease since the determination of a fixed monetary ratio——The Clearing House; the importance of its operations.

_The Bank of the Nation._——Its history——The formation of its capital——Political interference in the nomination of its Directors——Statistics of its accounts——Rapid increase of deposits——Difficulty of realising capital——The resumption of payments.

_The Bank of the Province of Buenos Ayres_——Its reorganisation—— Its present prosperity.

_Mortgage and Loan-Banks._——History of the _Banque Hypothécaire_ of the Province of Buenos Ayres——Bankruptcy——Arrangement between the bank and its creditors——Proposal of reorganisation——Laws relating to mortgage in the Argentine—— The National Mortgage Bank; statistics of business done—— Joint-stock loan companies; their capital and amount of business done.

THE STOCK EXCHANGE (BOURSE).——History of this institution—— Its importance; its functions; amount of business done—— The decrease in its transactions since the cessation of speculation in currency or the monetary ratio.

The Bourse is a private establishment——Its membership and its regulations——Statistics of business done during the last ten years——Securities quoted on the Buenos Ayres Bourse—— Decrease in the total amount of business done during the last five years——The monetary reform of 1901 as a factory of this decrease——The place occupied by the Stock Exchange in the life of the nation.

_Joint-Stock Companies._——The development of joint-stock companies——Legislation affecting such companies——Abuses committed in the formation of such companies, due to speculation——Statistics of capital invested in joint-stock companies before and after the speculative crises of 1890—— Revival of such companies, in a sense more consistent with the development of the country.