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shares, bonds, and other securities, namely some £3S4, 000,000,
as well as its approximate revenue, which in round figures
is about £18,000,000, plus £1,600,000 as the general sinking

* In the course of the year 1908 there left BuenoB Ayres, in the veBsols of
▼arious lines, 10,805 first-class passengers for Europe, of whom 2750 left by the
German Company of Hamburg ; 2041 by the Hoyal Mail Steam Packet Co. ;
1103 by the Messuf/eries Maritimes ; 791 by the Trunaportit ,\fnritimrxd mpevr .
711 oy the Gnuidl Italian JSuviijutio:, CV/. ; i.h« by La Vcime; ofi.^ by
the Italia; 656 by the Lloyd Sabando ; 377 by the Lloyd Jtaltano; 340 by tbo
Upaniih Tramatluntic ; and the rest by vesselB of yarious less important Uumb.



364 THE ARGENTINE IN THE 20th CENTURY

fund charge, or in all about £19,600,000, we may draw t
following conclusions : —

We know that the revenue of the bonds held by t
English capitalists, including the sinking fund, amour
to £14,158,337. Again, the amount necessary to pay t
interest on the bonds of the National Debt, cedulas, c
bentures, and shares held by French, German, and Belgii
investors, may be estimated at £3,698,779 ; so that of t]
total revenue of £18,493,896 produced by the Republic, the
remains in the country a balance of £4,287,820.

The Balance-sheet

Nothing is more difficult than to bring together the co
stituent elements of a national balance-sheet, on account
the complexity of the necessary facts which often esca]
the net of the statistician. Beginning with the mo
important elements of this balance, and, so it seems, tl
most plainly visible — those formed by the movement of e:
ports and imports through the customs — and ending with tl
most insignificant facts, there are still a large number
factors for which it is impossible to allow.

Taking a broad view of the matter, we must first of a
observe that the estimates by which we finally decide th;
that which leaves a country, whether in merchandise or
specie, is of greater value than that which enters it, a
extremely arbitrary. The principal means of appreciatic
is the table drawn up by the Customs Administration upc
cargoes leaving and entering the country, but the resul
drawn from this table are inevitably approximate. On tl
one hand the declarations upon which the valuations ai
based are always untrustworthy, as they are made fc
individuals who are interested in diminishing the actu
values of their consignments. On the other hand, they ai
influenced by a thousand other circumstances which th
customs cannot take into account, such as shipwrecks an
unfortunate commercial transactions.

Moreover, merchandise exported is usually valued by th
customs at the moment of leaving the port of embarkatior
that is, when it has so far paid only very small sums fc



CONCLUSIONS

THIS volume does not call for a long summary ; for we
have, we believe, in the course of our enquiry, thrown
sufficient light upon the characteristic aspects of the situation
of the Argentine to enable the reader to judge of the place
it now holds in the world-market among the great producing
nations. But what does remain for us to do is to sum
up in broad touches the fundamental progress realised in
the last few years ; a degree of progress to which the country
is indebted for its modern prosperity, and which bears the
seeds of its future development.

Firstly, to deal with the matter of international politics, we
must remember the solution of the frontier dispute with Chili,
which for more than fifty years was a cause of alarm as well
as of expense, and which had threatened to become embittered
to the extent of arresting the stream of European immigration
and European capital so necessary for the improvement of the
Argentine soil. The example afforded by these two Republics
of South America, which of their own initiative had recourse
to arbitration, rather than finally settle their difference
by a resort to arms, and then pledged one another to delete
gradually from their budgets the unfruitful item of military
expenditure, surely indicates that a new spirit is awake
in the Argentine, and that she looks to pursue her future
destinies along the paths of peace and industry.

In the matter of economics the capital fact consists in
the enormous expansion of the two fundamental industries
of the country — agriculture and stock-raising. To measure
the ground covered, it is enough to mention that in 1900
the total value of the products of stock-raising was only
£12,200,000, while in 1904 this value had increased to
£21,000,000, and in 1908 to £22,200,000. It has been the
same with the products of agriculture ; in nine years their
export value has increased from £14,600,000 to £48,000,000.

Under the stimulus of this progress an intense vitality
has manifested itself in every department of national activity ;
370



CONCLUSIONS 371

the power of consurnption of the Arcrentiiie, as measured by
the statistics of importation, has largely increased ; property
has in many places attained ten times its former value;
commercial transactions of every kind have increased ; and
new industries, such, for instance, as the refrigerativo industry,
liave been created and are prospering. It is therefore evident
that the dominant characteristic of the present situation of the
Argentine from the economic point of view must be sougiit
in the remarkable expansion of all the forces of production.

The most eloquent proof of this economic prosperity has
iust been furnished by the late census of agricultural and
pastoral enterprises, effected in 1908 by Senor Martinez.
The total value of these undertakings, representing the
better part of the national wealth, attains, as the table on
the following page will show, the figure of £773,000,000.

Now, to speak of financial matters, there is a third
factor, which came very opportunely to consolidate the results
of the wonderful expansion we have spoken of — the law of
monetary conversion. While it was laying the foundations
of the future conversion of the fiduciary circulation, this
law created a reserve fund to make it presently prMcticable,
and so gave stability to the instrument of exchanges ;
suppressing the gold premium, so p'rejudicial to business,
aud supporting the prosperity of the country by a fixed and
common-sense currency ; a support which the country needed
in order that it might develop without checks and shocks,
but one it had hitherto lacked. No measure has contributed
more than this to the relief and improvement of Argentine
credit, and to the increased value of the public funds, which
will before long result in the work of financial reorganisation.

The results of this happy conjunction of political, economic,
and financial facts were not long to seek ; for in less than
five years the Argentine passed from a state of chronic crisis
to the fullest prosperity known since her existence as a nation.
But to preserve all the benefits of the progress accomplished
the young Republic has still one task to fulfil : to fortify
domestic peace, to perfect her political system, and to improve
her principles of administration ; conditions indispensable
to the assured and normal development of the country and
its future greatness.



372



THE ARGENTINE IN THE 20th CENTURY



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INDEX



Ac;iuoULTURE, peculiarity of production,
109 (125-153); principal regions,
125 ; chief crops, 126 ; size of hold-
ings, 127-9; land agencies, 130-1 ;
usual land tenure, 132 ; dependent
on railwa)'s, 132; produce (tables),
1:^5. 136, 137 (table); increase of
sown lands, 139 ; statistics of area
(table), 140-1 ; profits of (tables),
117-151 ; wheat, 154-161 ; agricul-
tural exports (table), 227 ; total value
of agricultural and pastoral holdings,

Agricultural census, see Census
Agricultural industries, sec Industries
Agricultural machinery, sec Machinery.
America, sec United States
Andes, climate of, 73
Area, of Argentine, 72 ; cultivable, 76
Argentine nationality, the, 59-68
Argentine Republic, the position of, 71 ;
boundaries 71 ; area, 72 ; cli-
mate, 72-4; soil, 74-6; scourge
of locusts, 77 ; rivers, 77 ; almost a
desert nation, 115 ; production of
v.heat in, 154-161; foreign trade,
•J 11-234
A >lria, trade with, 226

Hahia Blanca, port of, 89-90

3: lance-Sheet, the, of the Argentine,
(349-372); securities in circulation
(table), 352 ; revenue of same (table),
355-356 ; interest paid on foreign
capital, 357 ; table of English capital.
358 ; of French, 361 ; German, 363 ;
favourable balance, 367 ; total value
of farm.s and estates, 372

Banks. (261-278) ; balance-sheets of,
265-268 ; nature of business, 266-70 ;
clearing-house, 270 ; balance-sheet
of the Bank of the Province of Buenos
Ayres, 274 ; see Mortgage Banks

Bank of the Nation, the, 270 ; balance-
sheets, 272

Belgium, trade with the Argentine,
219-225

Boundaries of the Republic, 71

Bourse, the (278-286); extent of oper-
ations, 280-1 ; organisation of, 276;
regulations, 283 ; table of operations,
283-4 ; value of securities quoted,
284

Brazil, trade with the Argentine, 219,
225



Breweries, 242 (table), 243

Budget, the (295-309); amounts of,
296 ; cause of excessive budgets
299-304 ; composition of, 305

Buenos Ayres, 83 ; harbours of, 84 ;
market of, with statistics (tal)le), 84-
5 ; port, inward and outward trade of,
85 (table) ; importance as a port, »6.

Buenos Ayres, province of, 142

Bullion, imports and exports of (table),
218

Butter, exports of (table), 241-2

Canada, wheat production, 160-1 ; im-
migration policy, 161

Capiial, foreign, invested in the Argen-
tine, 351 ; English, 358 ; French,
301 ; German, 303

Cattle. numV)ers of (table). 241

Census, agricultural, of 1905, 127 ; of
1908, 128 ; of 1888, 134 ; of stock of
years 1888, 1895 and 1908, 169: of
1908, 171 : of cattle, 1895 and 1908,
172 : 1895 and 1908, 241-2; of land,
1908, 372

Cereals, cimgestion of, on railways, 109 ;
shipping of, 110; warehoused at
railway stations, 112; where grown.
126 ; area under, 142-4

Colonisation, commencement of, 116;
comparative failure of policy, 117,
121

Colonising agencies, 131

Commerce, see Foreign Trade ; com-
mercial balance (table), 212. 232-4 ;

Companies, sec Limited Companies

Concessions, liarbour, 88 ; railway, 99

Conversion, Vnissc de (342-348); con-
version fund, 343; failure at first,
343-5 ; operation under new laws.
347 : metallic reserve of, 347 ; present
functions of, 348

Cordoba, 142-4

Cotton, 199-201 ; profits, 200

Currency, the double (330-341) ; origin
of, 330-1 ; depreciation of paper, 331-
2; bimetallic .standard established
and suppressed, 332 ; gold premium,
332-3 : excessive issues of paper,
334 ; law of conversion, 337 ; specu-
lation in exchange killed by, 339 ;
monetary situation of the country,
341. SeeCa isse de Con vers inn

Daiky industry, 240 (table), 241, 242



373



374



INDEX



Electric lighting, 257
Electrical industry, the, 256 ; tram-
ways, 256 ; (table), 257
England, wheat imported by, from

Canada, 161
Estancias, model, 163-167
Exchange, see Double Currency
Exports, see Trade. Tables of, 160 ;
of wheat, 159 ; of general, 213, 221 ;
of meat, 239 ; of butter, 241

Finance, see Balance-Sheet of the Ar-
gentine.

Financial crisis, the, 289-291

Fisheries, 248

Flour exports, 237

Foreign trade (211-234)

France, trade with the Argentine, 219,
224 ; French tariffs highly unfavour-
able to the Argentine, 223; decad-
ence of trade, 223-4, 229

Fruit-farming, 202, 207

Germany, trade with the Argentine,
219, 222

Great Britain, trade with the Argen-
tine, 219, 222

Harbours, set also Ports, develop-
ment of, S3

Immigration, (113 - 121) ; supremely
needed, 114 ; paradise of, 115 ;
statistics of, 118-9 ; statistics of
(table), 120 ; difl5culty experienced
by immigrants who wish to buy land,
121 ; mistaken policy, 121 ; in
Canada, 161

Imports, sec Trade and Tables of, 219,
226

Industries, Agricultural (187-207) ;
sugar-planting and making, 187-192 ;
profits (table), 189 ; yine-growing
and wine-making (table), 192-195 ;
tobacco-planting, 195 ; acres planted
(table), 196 ; cultivation of the
mulberry and sericulture, 196-7 ; the
mate industry, 197-8; imports (table),
198 ; cotton - planting, 199 - 201 ;
where grown, 199 ; profits, 200 ;
oil, 201 ; rubber, 201 ; fruit-growing,
202-207

Industries (235-249) ; dependent on
agriculture and stock-raising, 235 ;
sugar factories, 236-7 ; flour-milling,
237 ; refrigerating industry, 238 ;
(table), 239 ; dairy industry, 240 ;
(table), 241-2 ; brewerie3,242 ; (table),
243 ; weaving, 244 ; tanning, 244 ;
the quebracht) industry, 244-248 ,
timber, 248 ; fisheries, 248 ; mining;



251-5 ; electrical, 256 ; (table), 257 ;
electric lighting, 257 ; (tables), 258-&

Italy, trade with the Argentine, 219,.
226

Japan, trade with, 230-1

Labour, great opportunities of, 115

Land, vicious system of ownership,
118 ; prevents colonisation, 121 ;
average size of holdings, 127-9 ;
national possessions and enormous
private holdings, 129 ; land law of
1907, 130 ; system of tenure, 132 ;
agencies, 131 ; auctions, 131-3 ; areas
in cultivation, 134 ; rise in value,
139; values of, and sales, 174-185

Limited Companies (286-292) ; consti-
tution of, 286-8 ; the crisis of 1890,
289-291 ; tableof capital invested in,
291

Linseed, profits of, 150

Locusts, 77

Lucerne, 137-8 ; use of in stock-raising,
162 ; affects value of soil, 174

Machinery, agricultural (table), 144-
5 ; tables, 146, 148

Markets, Buenos Ayres (table), 84

Mate, 197-8 ; where gathered, 197 j
imports, 198

Mitayage, 133, 138

Mines (250-5) ; gold, silver, copper,
coal, antimony, sulphur, etc. , 253-4 ;
mining laws, 255

Mortgage Banks, 275-278

Mulberry, cultivation and use of , 196-7

National debt, the (312-329); tabu-
lated amount of, 312 ; first loans,
314 ; further loans, 315-321 ; table
of internal debt, 322 ; total debt,
323 ; interest on, 324

Nationality, the Argentine, 59-68

Pampa, the, 75, 144 ; production of
wheat per acre, 157

Pampero, the, 73

Parana, Rio, the, 79 ; navigable value
and dredging of, 80-1 ; ports on the,
82, 88-9

Plata, La, port of, 86

Plata, Rio de la, 79

Plate, river, see Plata

Population, density of (table), 113-4 ^
117

Ports, 82 ; statistics of (table), 83 ; on
the Parana, 82 ; Buenos Ayres,
trade of (table), 85 ; see Plata, 86 •,
Bahia Blanca, 89

Property, large private, 129

Provinces, population of, 113-4 ; pro-
duce of, 137



INDEX



375



Quebracho wood, effect on value of
land, 74-5; the quebracho industry,
244-248

Bailwats (91-112) ; mileage of (table),
93 ; general statistics (table), 94 ;
comfort and equipment, 95 ; statistics
(table), 96-7 ; revenues of, 98 ;
administration and tariffs (table).
98-9 ; cost of, 99 ; concessions.
99 ; guarantees, 99 ; mileage, 100-1 ;
comparative mileage (table), 102 ;
projected lines, 103-4 ; Government
policy, 104 ; future development,
106 ; celebrated aerial railway, 107 ;
indispensable auxiliary of produc-
tion. IDS ; congestion of traffic, 109 :
milea!,'e and capacity of cars (table),
111 ; warehousing by, 112

■Rainfall, 73

Refrigerating industry, 238 ; (table\ 239

Revenue, 305-310

Rivers, 77 82

Bosario, capacity as port. 80-81 ; second
port of Argentine, 87-8

Eubber, 201^2

Santa Fe, 142-3
Seasons, 72
Sericulture, 196-7
Shipping, 110

South Africa, trade with, 225
Spain, trade with the Argentine, 219
Stock Exchange, the, see Bourse
Stock-raising, (162-173), 125; where
fallowed, 127 ; probable de(.-ay of old
large estancias, 130 ; industry under-
going modification, 162 ; use of
lucerne in, 162 ; account of model
establishments, 163-167 ; breeds of
horses, 163 ; cattle, 163 ; sheep, 164,
etc.. seq. ; importation of pedigree
animals, 168 ; statistics (tables), 169,

171, 172, 173 ; value of stock (tables),

172, 173

|8ngar (187-192) ; where grown, 187-8 ;
profits (table), 189 ; size of harvests.
191 : bounties, 195, 236-7



Tanning, 244

Tariffs, 215-217

Taxes, direct and indirect, 305-308

Telegraphs. 257

Telephones, 258

Temperature, 72

Territories, national, population of,
113-4 (table): private proptrtyin, 129

Textile industries, 244

Timber trade, 24S

Tobacco. 195-196

Trade, foreign (211-234); exports and
imports (table), 213 ; excess of ex-
ports (table), 214 ; metallic imports
(table), 218 ; imports with countrieB
of origin (table), 218 ; inijiorts (table),
220 ; exports (table), 221 ; commer-
cial balance, 232-4 ; sec industries
(234-249) ; in chilled or frozen meat
(table), 239 ; value of exports, 326

Tr.ade, see Industries

Traffic, through ports (table), 83 ; rail-
ways, 89-112 ; shipping, 110

Tramways, horse and electric, 256 ;
(table), 257

United States, wheat, production of
(table), 158 ; exportation of (table),
159 ; trade with the Argentine, 219,
229

Uruguay River, 79

Valuation of Soil (174-186), see Land
Vines, 127 (192-5) ; where grown, 192

Whaling, 248

Wheat (154-161); statistics of , 136, 137
(table) ; profits of growing (tables),
148-9 ; production of (tables), 154-5 ;
production per acre, 157 ; production
in U.S.A. (table), 158 ; yield yter
acre in, 158 ; exportation of (table),
159 ; exportation from Argentine and
India (table), \60 ; in Canada, 160-1

Wine, 193 ; imports of, 193 ; consump-
tion of, 193-4 ; production of (table),
194 ; capital, 195



LIST OF TABULAR STATISTICS

Traffic passing through Argentine ports, 1907-8
Produce entering Buenos Ayres market, 1905-8
Inward and outward trade of port of Buenos Ayres
Railways, mileage of

,, general statistics of

,, gauge, mileage and dividends

,, freight, cost of .

,, mileage of, comparative .

,, rolling stock and its capacity



PAGE

83

85

85

98

94

96-7

99

102

111



376



INDEX



Population of Provinces and Territories
Immigration and emigration, 1904-8

1897-1908
Progress of cereal production, 1888-1905
Production of cereals, per province .
Area of land under cultivation in five regions
Imports of agricultural machinery .
Agricultural machinery required by farmer cultivating 250 acres of wheat
Approximate expenses and profits of the same
Wheat, the world's production, 1894-1907 .

,, distribution of crops, 1894-1907

,, produced in the United States, 1877-1907 .

„ exported from the United States, 1879-1902

,, Argentine and Indian exportation compared
Census, cattle, etc., according to, 1888, 1895, 1908

. , number of different animals according to .
Cattle, analytical statistics of, 1908

,, horses, etc., values of. 1895, 1908 .

,, horses, etc., table of national and comparative possessions

,, ,, ,, values

Sugar-cane, outgoings and receipts on 12 acres
Wine, national and comparative production of
Tobacco, area planted with, 1895, 1907
Mate, importation of .... .

Trade: exports, imports, population and commercial balance, 1861-1908

,, exports, excess of .

,, exports and imports of bullion
Imports and countries of origin, 1906-1909

,, analysis of, 1906-1909
Exports, destination of, 1906-1909 .

,, increase of various branches, 1906-1909
,, of meat, chilled and frozen
, , of butter ....
Breweries, consumption and production, 1902-1907
Tramways, horse and electric, of Buenos Ayres, increase of takings, 1901

1908 ....
Factories, statistics of
Industries, various .
Banks, accounts of principal

,, statistics of .
Bank of the Nation, accounts of, 1904-1908

,, of the Province of Buenos Ayres, accounts of, 1906-1908
Banks, mortgage, capital of ....

Bourse, operations of, 1895-1908 ....

,, value of securities quoted on . . .

Companies, floated in 1905-8, capital of .
Debt, national or public, 1909 ....

,, internal, 1909

,, external and internal ....

,, interest on .
Securities, summary of Argentine and capital, re]^resented by

,, revenue of Argentine ....

Capital, English, invested in Argentine
. , French, invested in Argentine
Agricultural and pastoral property, total value of, 1908



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Online LibraryAlberto B MartínezThe Argentine in the twentieth century [microform] → online text (page 33 of 33)