Chapter III: 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.