99       99       99       99       99  
,transcrib]'s ,note3 ,! orig9al         
publication has be5 replicat$  fai?fully
 except z %[n 9 ! ,,transcrib]',s       
,,am5dm5ts ne> ! end  ( ! text4 ,to     
pres]ve ! alignm5t ( tables & head]s1   
?is etext  presumes a mono-spac$ font on
 ! us]'s device1 su* z ,c\ri] ,new4     
,words 9 italics are indicat$ l ?is4    
99       99       99       99       99  
,! ,mod]n ,_w ,s]ies                    
#a4 ,,! ,,evolution ,,( ,,mod]n         
,,g]many4                     ,by ,w4   
,h>butt ,dawson4                    #b4 
,,mod]n ,,russia4 ,by ,gregor ,alex9sky4
                    #c4 ,,java1         
,,sumatra1 ,,& ,,! ,,o!r                
,,isl&s ,,( ,,! ,,dut* ,,ea/ ,,indies4  
,by ,a4 ,cabaton4                    #d4
 ,,! ,,arg5t9e ,,9 ,,! ,,tw5tie?        
,,c5tury4 ,by ,alb]t ,b4 ,m>t9ez &      
,maurice ,lew&[ski4                     
#e4 ,,! ,,japanese ,,empire ,,& ,,its   
,,economic ,,conditions4 ,by ,joseph    
,d',autrem]4                            

,,! ,,arg5t9e ,,9 ,,!                   
,,tw5tie? ,,c5tury                ,,by  
,,alb]t ,b4 ,,m>t9ez1 ,,"u-,,secret>y   
,,( ,,/ate                              
,,&                     ,,maurice       
,,lew&[ski1 ,,doctor ,,9 ,,law          
,) a ,,preface by ,m4 ,,mile            
,,levasseur1 ,membre             de     
l',in/itut1 & an ,,introduction by !    
late ,,*4            ,,pellegr9i1       
,ex-,presid5t ( ! ,arg5t9e ,republic4   
,translat$ by ,,b]n>d ,,miall f ! ,fr5* 
( ! ,?ird ,edition1 revis$ & br\ght up  
to date4                                
,,) ,a ,,map                            
,t4 ,,fi%] ,,unw9                       
,,london3 ,,adelphi ,,t]race            
#aiae                                   
,,cont5ts        ,,*ap                  
,,page      ,,au?or',s ,,note           
xiii      ,,au?or',s ,,preface ,,to ,,! 
,,?ird ,,edition                        
xv      ,,preface ,,to ,,! ,,fir/       
,,edition                               
xxv      ,,introduction                 

xli      ,,g5]al ,,plan ,,& ,,me?od ,,( 
,,?is ,,book                            
#ee      ,,! ,,arg5t9e ,,nationality    
#ei                                     
,,"p ,i4                  ,,! ,,arg5t9e 
,,f ,,! ,,economic ,,/&po9t4      ,i4   
,,! ,,geography ,,( ,,! ,,arg5t9e       
#ga                                     
,,climate----,,soil----,geographical    
situation ( ! ,arg5t9e2 its             
b\nd>ies1 its area4            ,climate 
( v>i\s di/ricts4 ,! prevail+ w9ds4     
,nature ( !              soil2 its      
f]tility2 adaptation to ! culture (     
c]eals              & ! rais+ (         
live-/ock----,trans=mation ( virg9 into 
f]tile l&----,! ,pampa----,! cultivable 
area----,conditions                     
fav\rable to production----,! plague (  
locu/s4            ,,riv]s----,_!       
exceptionally fav\rable influ5ce----,!  
hydrographic sy/em----,network (        
navigable riv]-ways3 !              ,rio
 de la ,plata1 ! ,rio                   
,p>ana----,conditions ( navigability----

              ,canals4                  
,,ports----,li/ ( ! pr9cipal ports1 ) a 
summ>y ( _!              trade----,bu5os
 ,ayres3 description ( ! port1 its area1
 its              capacity1 tonnage2 its
 docks----,! ,c5tral ,produce ,m>ket----
              ,importance ( ,bu5os      
,ayres 9 comp>ison ) ! great ports      
( ! _w----,! port ( ,la ,plata----,!    
port ( ,ros>io2              increase ( 
its traffic2 con/ruction ( ! new h>b\r  
conc$$ to a ,fr5* company----,bahia     
,blanca2 its developm5t----             
,! dec5tralisation ( traffic4      ,,ii4
 ,,railways                             
#ia            ,rapid developm5t ( !    
railway sy/em----,tabulation ( its      
ext5sion 9 ea* ,prov9ce----,table %[+ ! 
g5]al results              ( its        
op]ation----,li/ ( ! l9es actually      
runn+4            ,li/ ( railway        
companies1 ) ! l5g? ( _! roadways &     
_! returns----,! difficulty ( obta9+ ^! 
figures              exactly----,!      
t>iffs ( ! railway companies----,=m (   

concessions1 & suppression ( gu>antees4 
,comp>ison ( ! railway sy/em ( !        
,arg5t9e ) !              railway sy/ems
 ( o!r c\ntries----,proportion ( mileage
 to              area & population4     
,ext5sion ( ! sy/em 9 ! ne> future1 ow+ 
to ! num]\s              concessions    
grant$----,! mileage ( ^!               
concessions----                         
,insuffici5cy ( plans & previ\s         
exam9ation----,exam9ation              (
 ! mo/ important concessions = :i* !    
capital is              already         
gu>ante$----,! dim5sions :i* ! railway  
sy/em              w atta9 aft] !       
concessions are realis$----,programme ( 
n>r[-gauge con/ruction2 its value4      
,meet+ ( ! ,arg5t9e ) ! ,*ilian railways
 across !              range ( !        
,&es----,! a]ial m9+ railway 9 !        
,prov9ce              ( ,la ,rioja4     
,railways 9 relation to agricultural    
developm5t----,insuffici5cy             
( transport at ! mom5t ( h>ve/2 its     
causes &                                

rem$ies----,necessity ( a bett]         
organisation :i* %all                   
respond to ! /ress ( production4        
,,iii4 ,,immigration ,,& ,,colonisation 
#aac            ,immigration is a vital 
problem = ! ,arg5t9e----,table ( !      
population p] ,prov9ce & p] ,t]ritory4  
,its sp>sity----              ,!        
exceptional situation ( ! ,arg5t9e z !  
objective              ( ,european      
emigration----,! poor results hi!rto    
obta9$              ?r\gh default (     
colonisation----,! faulty division (    
! public l&s----,hi/ory ( immigration 9 
relation to                             
colonisation----,! nationality (        
immigrants4                             
,,"p ,,ii4                   ,,!        
,,arg5t9e ,,z ,,an ,,agricultural       
,,c\ntry4      ,i4 ,,agriculture        
#abe            ,,natural               
,,conditions----,,! ,,con/itution ,,(   
,,prop]ty----,! ?ree                    
pr9cipal agricultural di/ricts----,!    
nor!rn1 c5tral1 &              s\!rn    

di/ricts----,! division ( crops & _!    
v>ieties4            ,! con/itution (   
rural prop]ty----,! division (          
prop]ty----,!              great e/ates1
 call$ 8e/ancias10 & _! size4           
,! drawbacks ( l>ge prop]ties----,!     
necessity ( a bett]                     
subdivision ( ! public l&s----,!        
division into lots (              l>ge  
tracts ( l&1 9 ord] to enc\rage         
colonisation----,!              sy/em ( 
exploit+ prop]ty4                       
,,agricultural ,,production----,!       
progress realis$ 9 la/ sev5te5          
ye>s----,comp>ative yield ( ! *ief      
products1 :eat1 flax1              &    
maize----,luc]ne2 ! importance ( ! crop 
& !              excell5t results       
obta9$4            ,increase ( ! area "u
 se$----,! total area cultivat$ 9 !     
agricultural ye>s #aijh-aiji----,! great
 agricultural belts4            ,!      
,prov9ce ( ,bu5os ,ayres1 its           
agricultural developm5t &               
its crops----,! ,prov9ce ( ,santa       

,f----,! ,prov9ce ( ,crdoba----         
,! ,t]ritory ( ! ,c5tral ,pampa4        
,agricultural ma*9]y1 its importation f 
abroad1 &              especially f !   
,unit$ ,/ates4            ,,!           
,,agricultural ,,yield----,! yield ( !  
soil 9 ! diff]5t                        
,prov9ces----,exceptional results 9     
c]ta9 di/ricts----,detail$              
calculation ( ! yield ( a :eat          
f>m----,two in/ances (                  
great weal? realis$ by immigrants to !  
,arg5t9e4      ,,ii4 ,,! ,,production   
,,( ,,:eat ,,9 ,,! ,,arg5t9e    ,,comp>$
 ,,) ,,! ,,yield ,,( ,,o!r ,,export+    
,,c\ntries                              
#aed            ,! _w's                 
:eat-h>ve/----,comp>ison betwe5 !       
/ati/ics (                              
consumption----,! conditions (          
production 9 ,russia & 9              ! 
,arg5t9e----,comp>ison ) ! ,unit$       
,/ates1 ,india &                        
,canada----,! prospects ( ! ,arg5t9e    
export trade 9 :eat4      ,,iii4        

,,/ock-,,rais+                          
#afb            ,! trans=mation ( ! old 
8e/ancia0----,! pr9cipal                
/ock-rais+ e/abli%m5ts2 description1    
ext5t1 numb] (              heads (     
cattle & fav\rite bre$s----,! great     
8e/ancias0              ( ! ,s\? &      
,patagonia4            ,approximate area
 ( ! soil devot$ to cattle & %eep2 g5]al
              e/imate ( ! numb]s (      
cattle & %eep----,results (             
! c5sus ( #aijh4----,! capital repres5t$
 by ,arg5t9e              /ock-rais+4   
,,iv4 ,,! ,,value ,,( ,,! ,,soil        
#agd            ,difficulties 9 e/imat+ 
?is value----,pr9cipal factors (        
valuation----,examples tak5 f luc]ne    
fields & ! =e/s              (          
quebra*o----,despite adv]se             
circum/ances1 & ) a few                 
exceptions1 !re has always be5 a t5d5cy 
= ! price (              l& to          
rise----,ali5ation ( l&s acquir$ by     
conque/ f              ! ,indians2 _!   
enorm\s pres5t value----,! rise ( value 

dates f #aijb1 & has hi!rto cont9u$ )\t 
relapse----              ,! causes ( ?is
 rise1 & its rational pr9ciples1        
accord+ to an au?oritative op9ion4      
,examples ( valuation drawn f ! sales ( 
public l&s----,!              rise (    
prices 9 ! ,prov9ces ( ,bu5os ,ayres1   
,crdoba1              ,santa ,f1 & !    
,pampa1 ) figures indicat+ ! prices     
realis$ 9 "s l>ge rec5t transactions4   
,v4 ,,agricultural ,,indu/ries          
#ahg            ,,sug>-,,cane----,area (
 plantations----,/ati/ics (             
production----              ,legislation
 affect+ sug>----,consumption4          
,,v9es----,area ( v9ey>ds               
plant$----,production1 consumption----  
,imp]fect quality----,competition (     
=eign imports4                          
,,tobacco----,area (                    
plantations----,value ( !               
product----,defective                   
prep>ation4            ,,!              
,,mulb]ry----,! culture ( ! silk-worm   
might be e/abli%$              9 !      

,arg5t9e1 b at pres5t exi/s only 9 an   
exp]im5tal condition4                   
,,mat----,l>ge consumption ( ?is        
product4----,/ati/ics ( =eign           
importation----,di/ricts suitable = its 
gr[?4            ,,cotton----,physical  
conditions prop] to its gr[?----,! fir/ 
fav\rable results 9 ! ,arg5t9e----,its  
introduction into                       
,*aco----,lack ( manual lab\r = !       
developm5t ( ?is              indu/ry4  
,,rubb]----,exi/5ce ( rubb] plants 9 !  
,arg5t9e----,an              unexploit$ 
s\rce ( weal?4                          
,,arboriculture----,on acc\nt ( !       
div]sity ( ! climate1 all               
fruit-trees c be gr[n 9 ! ,arg5t9e----,!
 v>i\s              fruits cultivat$ 9  
diff]5t regions----,amelioration ( !    
products4 ,! trade 9 fruit----,its      
developm5t possible on                  
acc\nt ( ! inv]sion ( seasons z comp>$ )
 ,europe----              ,refrig]ation 
appli$ to ! transport (                 
fruit----,regions                       

p>ticul>ly suitable = fruit-gr[+4       
,,"p ,,iii4                ,,! ,,arg5t9e
 ,,f ,,! ,,comm]cial ,,& ,,indu/rial    
,,po9t ,,( ,,view4      ,i4 ,,=eign     
,,trade                                 
#baa            ,! important "p play$ by
 ! =eign trade ( ! ,arg5t9e----         
,table ( imports & exports dur+ rec5t   
ye>s----,explanation              ( _!  
respective movem5ts----,fav\rable       
condition ( !              comm]cial    
balance4            ,me?od ( asc]ta9+ ! 
/ati/ics ( exports & imports----        
,errors 9 evaluation----,notes on !     
import duties on v>i\s                  
articles----,v>iations ( ! cu/om        
duties----,export duties2               
_! transitory *>act]s----,! trade 9     
bullion4            ,,imports4----,_!   
classification accord+ to _! c\ntries ( 
orig9----,value ( imports f ea* c\ntry1 
) indications              ( ! pr9cipal 
articles import$----,! ,arg5t9e dep5d5t 
^u o!r c\ntries = a l>ge numb] (        
manufactur$                             

articles----,conc5tration ( imports at  
,bu5os ,ayres4                          
,,exports4----,_! classification accord+
 to orig9----,value (                   
exports f ea* di/rict1 ) indications ( !
 *ief              articles             
export$----,decad5ce ( ! ,fr5* trade ) !
              ,arg5t9e & its causes4    
,tabulation1 accord+ to importance ( !  
pr9cipal products              export$  
by ! ,arg5t9e----,rem>kable increase 9  
agricultural & pa/oral exports----,se>* 
= new outlets4            ,ev5tual      
d5unciation ( comm]cial                 
treaties----,project$ new               
treaty ) ,france----,causes ( !         
sup]iority ( ,engli%1                   
,g]man1 & ,nor? ,am]ican trade 9 !      
,arg5t9e ov] ,fr5*              trade4  
8,dump+0 9 ! ,arg5t9e----,a new cli5t = 
! ,arg5t9e----                          
,japan----,elem5ts :i* make = !         
developm5t ( comm]cial                  
activity 9 ! ,arg5t9e4            ,!    
comm]cial balance----,results ( !       

comm]cial balance----,its               
prime importance 9 respect ( ! prosp]ity
 ( ! c\ntry----              ,x is ?is  
balance :i* comp5sates ! issue ( capital
 =              ! b5efit ( ! =eign debt4
      ,,ii4 ,,! ,,great ,,arg5t9e       
,,indu/ries                             
#bce            ,! pr9cipal indu/ries ( 
! c\ntry are relat$ to                  
agriculture & cattle-bre$+4             
,,sug>-,,plant+1 ,,boil+1               
etc4----,capital engag$----,tucuman !   
*ief              c5tre----,production &
 exportation----,! sug> crisis----,!    
,ros>io ,ref9]y4            ,,fl\r      
,,export ,,trade----,capital            
inve/$----,equipm5t1 /eam               
fl\r-mills1                             
gra9-elevators----,production &         
exportation4                            
,,refrig]ation4----,at pres5t ! *ief    
indu/ry ( ! c\ntry----                  
,numb] ( e/abli%m5ts----,table ( exports
 ( froz5 &              *ill$           
meats----,capital inve/$----,developm5t 

( ! indu/ry4            ,,dairy         
,,indu/ries4----,! l>ge e/abli%m5ts     
devot+ !mselves              to ^!      
indu/ries----,butt]2 *eese----,exports (
 butt]2 !              developm5t ( :i* 
! dairy indu/ries are capable4          
,,brew]ies4----,*ief                    
e/abli%m5ts----,production & consumption
 (              be] dur+ ! ye>s         
#aijb-aijg----,suppression ( imports (  
=eign be]4                              
,,spirits----,decreas$ production (     
spirits4            ,,looms1            
,,tann]ies4----,weav+ & tann+ are       
indu/ries :i*              at pres5t    
exi/ 9 ! ,arg5t9e only 9 a rudim5t>y    
condition1 despite ! conditions :i* are 
fav\rable to              _! developm5t4
            ,,quebra*o ,,wood4----,!    
c5tre ( production----,applications---- 
,companies engag$ 9 ! indu/ry----,_!    
results----,value (              !      
products & ! l>ge pr(its to be expect$4 
,,timb] ,,trade4----,v>ieties ( timb] & 
h>d woods4                              

,,fi%]ies4----,fir/ results ( ?is       
indu/ry4      ,,iii4 ,,m9es1            
,,electrical ,,& ,,o!r ,,indu/ries      
#bej            ,! ,arg5t9e has n ent]$ 
! indu/rial age----,%e has no           
coal-m9es 9 op]ation1 no natural motive 
=ces ( any              importance4     
,,m9es4----,symptoms ( ! awak5+ ( ! m9+ 
indu/ry----              ,num]\s lodes 9
 ! ,&es----,! m9es ( ,la ,rioja &       
,catam>ca----,m9es 9 o!r prov9ces &     
t]ritories----,m9+                      
legislation4            ,,electric      
,,indu/ries4----,tramways2 _!           
developm5t1 _!              p]fect$     
equipm5t1 & _! pr(its----,progress (    
electric                                
light+----,telegraphs----,telephones4   
,,v>i\s ,,indu/ries4----,li/ ( v>i\s    
indu/ries e/abli%$ 9              ,bu5os
 ,ayres1 accord+ to ! la/ c5sus1 ) !    
value (              _! products4       
,comp>ison betwe5 ! /ati/ics ( #ahie &  
^? ( #aijd----              ,progress   
realis$ 9 #aijh----,work%ops &          

factories4      ,,iv4 ,,banks1 ,,!      
,,b\rse ,,or ,,/ock ,,ex*ange1 ,,&      
,,limit$ ,,companies                    
#bfa            ,,banks----,int]national
 "* ( ,arg5t9e bank+----,evolution      
( bank+ ma*9]y----,li/ ( ! pr9cipal     
banks1 )              am\nt ( capital & 
bus9ess done----,conditions peculi> to  
,arg5t9e bank+2 ! lack ( movable        
res]ves----,rates (              int]e/ 
on acc\nt1 on deposit1 & on             
advances----,/ati/ics              ( !  
deposit acc\nts ( ! pr9cipal            
banks----,ex*ange                       
op]ations3 _! decrease s9ce !           
det]m9ation ( a fix$                    
monet>y ratio----,! ,cle>+ ,h\se2 !     
importance ( its              op]ations4
            ,! ,bank ( !                
,nation4----,its hi/ory----,! =mation ( 
its              capital----,political  
int]f]5ce 9 ! nom9ation ( its           
,directors----,/ati/ics ( its           
acc\nts----,rapid increase (            
deposits----,difficulty ( realis+       

capital----,! resumption (              
paym5ts4            ,! ,bank ( !        
,prov9ce ( ,bu5os ,ayres----,its        
reorganisation----              ,its    
pres5t prosp]ity4            ,mortgage &
 ,loan-,banks4----,hi/ory ( ! ,banque   
,hypo?caire              ( ! ,prov9ce ( 
,bu5os                                  
,ayres----,bankruptcy----,arrangem5t    
betwe5 ! bank & its                     
cr$itors----,proposal (                 
reorganisation----,laws relat+ to       
mortgage 9 ! ,arg5t9e----               
,! ,national ,mortgage ,bank2 /ati/ics (
 bus9ess done----                       
,jo9t-/ock loan companies2 _! capital & 
am\nt (              bus9ess done4      
,,! ,,/ock ,,ex*ange                    
7,,b\rse74----,hi/ory ( ?is             
in/itution----              ,its        
importance2 its functions2 am\nt (      
bus9ess done----              ,!        
decrease 9 its transactions s9ce !      
cessation (              speculation 9  
curr5cy or ! monet>y ratio4             

,! ,b\rse is a private                  
e/abli%m5t----,its memb]%ip & its       
regulations----,/ati/ics ( bus9ess done 
dur+ ! la/              t5              
ye>s----,securities quot$ on ! ,bu5os   
,ayres              ,b\rse---- ,decrease
 9 ! total am\nt ( bus9ess done dur+    
! la/ five ye>s----,! monet>y re=m (    
#aija z a factory              ( ?is    
decrease----,! place occupi$ by ! ,/ock 
,ex*ange 9              ! life ( !      
nation4            ,jo9t-,/ock          
,companies4----,! developm5t ( jo9t-/ock
              companies----,legislation 
affect+ su* companies----,abuses        
committ$ 9 ! =mation ( su* companies1   
due to                                  
speculation----,/ati/ics ( capital      
inve/$ 9 jo9t-/ock                      
companies be=e & aft] ! speculative     
crises ( #ahij----              ,revival
 ( su* companies1 9 a s5se m consi/5t ) 
! developm5t ( ! c\ntry4                
,,"p ,,iv4                              
,,arg5t9e ,,f9ance4      ,i4 ,,!        

,,arg5t9e ,,budget                      
#bie            ,! f9ancial             
situation----,cont9ual increase (       
national                                
exp5diture----,great & rapid progress   
s9ce #ahia----                          
,insuffici5cy ( ! means adopt$ to       
mod]ate ?is increase----              ,!
 ,budget ,extraord9>y & ! ,special      
,legislation ,budget4            ,causes
 ( ?is increase ( national              
exp5diture----,! increase              (
 adm9i/rative requirem5ts caus$ by an   
increas+              population2 ?is is
 ! mo/ natural cause1 & t               
mo/ easily ju/ifi$----,increase ( !     
public debt----,!                       
int]v5tion ( ! ,/ate z ! promot] or     
gu>antor (              important public
 und]tak+s----,exagg]at$ milit>y        
exp5ses4            ,! total sum (      
national1 prov9cial1 & municipal        
exp5ses4              ,! proportion p]  
inhabitant----,comp>ison ) o!r =eign    
c\ntries 9 ! matt] ( adm9i/rative       

exp5ses4            ,! national         
rev5ue----,! rev5ue z organis$ by !     
,con/itution1 & its                     
analysis----,indirect taxation----,!    
cu/oms ! *ief s\rce ( rev5ue----,direct 
taxation2 its              orig9 9 !    
,arg5t9e2 its ju/ification2 its         
yield----              ,rev5ue ( !      
indu/rial und]tak+s belong+ to          
! ,/ate3 railways1 sew]s1 po/s &        
telegraphs----,!                        
exploitation ( ! ,/ate l&s4             
,ela/icity ( ! receipts1 :i* foll[ !    
developm5t &              progress ( !  
c\ntry----,! accel]at$ increase (       
exp5diture1 & ! result+ *ronic          
deficit----,necessity (                 
s]i\s re=ms4      ,,ii4 ,,! ,,public    
,,debt                                  
#cab            ,/ati/ics ( ! public    
debt on ! #a/ ,janu>y #aiji----;,hi/ory 
(              ! public debt----,! fir/ 
loans4            ,! f9ancial           
crisis----,consolidat$ loans----,!      
,rom]o arrangem5t----              ,loan

 = ! r$emption ( gu>antees----,! int]nal
 public              debt----,! total ( 
! ,arg5t9e public debt1 & its annual    
co/ 9 divid5ds & r$emption----,!        
proportion ( f9ancial              *>ges
 z comp>$ to o!r budget>y exp5ses4      
,! burd5 ( ! public debt is heavy1 b n  
unduly heavy              9 relation to 
! productive p[] ( ! c\ntry----,!       
necessity ( re/ra9+ fur!r issues & (    
conv]t+ old              debts----,!    
ef=ts ( ! ,arg5t9e to improve h] cr$it4 
,,iii4 ,,! ,,d\ble ,,curr5cy            
#ccj            ,! p]si/5ce ( ! d\ble   
curr5cy----,! hi/ory ( pap]             
money----,! orig9s ( ! premium on gold1 
& its almo/              cont9ual       
increase----,! ye> #ahij & !            
depreciation (              !           
curr5cy----,! causes ( ?is depreciation2
 abuses 9 !              issue ( pap]1  
caus$ by a bad f9ancial & adm9i/rative  
policy4            ,rem$ies             
sugge/$----,rosa's law fix+ ! value (   
pap] money              & e/abli%+ a    

,caisse de ,conv]sion----,opposition    
to ?is law----,its b5efic5t effect ^u   
agriculture &              /ock-rais+1  
:i* _h especial ne$ ( a /able m$ium     
( ex*ange----,res]ve fund creat$ ) a    
view to conv]t+              pap] money2
 its vicissitudes 9 ! pa/ & its pres5t  
con/itution----,! pres5t monet>y        
situation4      ,,iv4 ,,! ,,caisse ,,de 
,,conv]sion                             
#cdb            ,! pr9ciples on :i* !   
e/abli%m5t ( ?is in/itution             
is bas$----,! necessity ( a rapid       
r$emption ( fiduci>y                    
money----,! d\btful success ( ?is       
programme----,new issues (              
notes----,new attributes ( ! ,caisse    
dat+ f #ahii----,!              ex*ange 
( pap] = gold & vice v]sa----,!         
developm5t              ( ?is sy/em (   
ex*ange----,! au?ority atta*+ to !      
,caisse4      ,v4 ,,! ,,balance-,,%eet  
,,( ,,! ,,arg5t9e ,,accord+    ,,to ,,! 
,,inv5tory ,,( ,,securities             
#cdi            ,,! ,,inv5tory ,,(      

,,movable ,,prop]ty ,,or                
,,securities----,! capital              
repres5t$ by movable prop]ties1 /ocks1  
bonds1 %>es1              etc41 is !    
only k9d ( capital :i* l5ds itself      
to /ati/ics----,! great gr\ps ( movable 
prop]ties3              ,national       
,funds1 ,railway ,%>es1 ,insurance      
,companies1 ,=eign              ,banks1 
,mortgage ,companies1 & agricultural &  
indu/rial              und]tak+s4       
,! nom9al am\nt ( capital repres5t$ by  
movable values----              ,table (
 ! annual rev5ues ( ! same1 & ! s9k+    
fund----,division ( ?is rev5ue among !  
diff]5t c\ntries              hav+      
capital inve/$ 9 ! ,arg5t9e4            
,engli% capital----,! importance (      
,engli% inve/m5ts 9 all                 
bran*es ( ,arg5t9e activity----,!       
b5efits ( a reaction 9                  
fav\r ( ,arg5t9e capital----,fr5*       
capital2 its small value                
comp>$ to ,engli% capital----,g]man     
capital & its rapid                     

increase----,approximate valuation ( t  
portion ( rev5ue              rema9+ 9 !
 ,arg5t9e1 & ( t :i* goes to !          
v>i\s nations hav+ capital inve/$ 9 !   
c\ntry4            ,,!                  
,,balance-,,%eet----,! assets are       
pr9cipally compos$ (                    
exportation values2 ! liabilities1 by ! 
value ( imports----              ,!     
rev5ue ( inve/m5ts export$ to =eign     
c\ntries1              & ! total ( !    
sums exp5d$ by ! ,arg5t9es abroad----   
,table giv+ a summ>is$ ,balance-%eet & !
 balance              9 fav\r ( !       
,arg5t9e----,int]national ex*anges &    
! importation ( gold confirm ?is        
fav\rable situation----                 
,arg5t9e capital w pres5tly play a m    
important "p              9 ! c\ntry z  
comp>$ ) =eign capital4                 
,,conclusions                           
#cgj      ,,index                       
#cgc                                    
,,au?or',s ,,note      ,at ! outset (   
?is "w our ?anks are due to ,seor ,j4   

,rom]o1  ex-,m9i/] ( ,f9ance1 :o has    
giv5 u ! b5efit ( 8 exp]i5ce  = ?is /udy
 ( curr5t ,arg5t9e affairs4 ,seor ,rom]o
 is ! au?or  ( ! monet>y law ( #ahha1 & 
0 responsible = ! arrangem5t (  ! =eign 
,debt ( #ahib2 he is to be numb]$ among 
^? ,m9i/]s  :o h r5d]$1 9 ! c\rse ( _!  
f9ancial adm9i/ration1 !  greate/       
s]vices to _! c\ntry4    ,we mu/ also   
pay tribute to ! memory ( two em95t     
g5tlem51 no  long] liv+1 ^: dea? !      
,arg5t9e deplores2 :o _h desir$1 by     
aid+ u ) _! advice1 to be 9 "s sort     
collaborators 9 ?is  "w1 de/9$ z x is to
 make popul>ly kn[n to ,european read]s 
!  pres5t prosp]ity ( ! ,arg5t9e        
,republic4    ,we mu/ express our utmo/ 
gratitude fir/ ( all to ,signor         
,pellegr9i1  t em95t man :o assum$ !    
,presid5cy ( ! ,republic 9 a  difficult 
mom5t ( h] hi/ory4 ,we are greatly      
hon\r$ 9 t we  are able to associate 8  
"n ) ?is book1 by publi%+1 z an         
,introduction1 a mo/ int]e/+ /udy ( !   
=mation ( ! ,arg5t9e  ,republic1 :i* 0  

"o ( ! la/ writ+s ( ?is em95t citiz54   
,& we mu/ n =get ! fri5dly & consci5ti\s
 assi/ance r5d]$  u s will+ly by "o ( ! 
mo/ notable figures 9 ! f9ancial _w  ( !
 ,republic3 ,m4 ,erne/ ,tornqui/1 ^:    
dea? 0 also mo/ truly a  national       
b]eavem5t4 ,m4 ,tornqui/ ex]cis$ a      
consid]able influ5ce  ov] ! tr5d (      
affairs1 & he mo/ notably contribut$ to 
! "w (  economic expansion1 & f9ancial &
 monet>y reorganisation1 ( :i*  !       
,arg5t9e is to-day feel+ ! b5eficial    
effects4 ,we h pr(it$1  9 writ+ ?is     
book1 by 8 inconte/able compet5ce1 &    
respectfully  salute ! memory ( ?is     
will+ fri5d & collaborator4             
,,au?or',s ,,preface ,,to ,,! ,,?ird    
,,edition      ,?ree ye>s h elaps$ s9ce 
! appe>ance ( ! fir/ edition (  ?is     
book1 & we h to-day ! satisfaction ( be+
 able to /ate  t ! developm5t ( ! c\ntry
 has fully respond$ to our optimi/ic    
=eca/4 ,%ort z su* a p]iod is 9 ! life (
 a p1 x has be5  extraord9>ily full2 !  
gr\nd cov]$ is s consid]able t x is  ( a

 l>g] ,arg5t9e t we n[ h to revise !    
picture1 :ile  record+ its pacific      
victories 9 ! economic field4    ,no    
c\ntry 9 ! _w has ev] 9 s %ort a "t     
realis$ s rapid a  progress1 9 respect (
 ! produce ( ! soil4 ,9 #aijd-aije !    
area  "u culture 0 z yet no m ?an       
#bb-a_/b millions ( acres1 :ile  to-day1
 9 ! agricultural ye> ( #aijh-i1 x      
atta9s ! figure ( #ce  millions ( acres1
 repres5t+ an increase ( ne>ly #ge p]   
c5t4 ,9 !  same p]iod ! value ( c]eals1 
:i* 0 ab\t #a1fjj1jjj 9 #aijd-e1  has   
also increas$ 9 v l>ge proportion4      
,tak+ z basis ! figures furni%$ by !    
,division ( ,rural ,economy  & ,/ati/ics
 ( ! ,m9i/ry ( ,agriculture1 we may     
e/imate t !  h>ve/ ( #aijh-i w give a   
yield (1 #ac1haa1jjj 7metric7 tons1#a   
:i* may be divid$ z foll[s3 ,:eat       
#e1gfj1jjj tons1 flax #a1bbh1jjj1  oats 
#hbc1jjj1 & maize #f1jjj1jjj tons4 ,!   
value ( ! h>ve/1  accord+ to ! prices   
rul+ 9 #aijh1 w am\nt to #ajde millions 
(  pap] pia/res1 or #ib1jjj1jjj4        

,footnote #a3 ,r$uc+ ! above quantities 
to bu%els ( #ef lbs4 weight1  ! c]eal   
h>ve/ is e/imat$ at3 :eat1 #bcj1jjj1jjj 
bu%els2 oats1  #cc1jjj1jjj2 maize1      
#bdj1jjj1jjj4 ,! metric ton is #cde lbs4
 light] ?an  ! ,engli%4    ,to          
appreciate ^! figures at _! true value1 
"o mu/ rememb] t  tw5ty-five ye>s ago ! 
,arg5t9e 0 /ill import+ =eign fl\r to   
make h] bread1 :ile to-day ! production 
( gra9 repres5ts ne>ly a  ton p] head p]
 inhabitant4    ,x is ! same ) maize3   
tw5ty ye>s ago x 0 h>dly gr[n1 &  to-day
 ! h>ve/ am\nts to #f millions ( tons2  
furni%$ almo/  entirely by two          
prov9ces----^? ( ,bu5os ,ayres & ,santa 
,f4    ,z = /ock-rais+1 we _c make a    
comp>ison ) any v rec5t                 
/ati/ics----s9ce ! la/ available date   
back to #ahie----;b we may  say t !     
g5]al c5sus :i* has j be5 und]tak51 "u  
! direction ( ,seor ,alb]to ,b4 ,m>t9ez1
 has reveal$ a weal?  ^: magnitude      
surpasses all conception4 ,to-day !     
,arg5t9e c\nts  #bi1aaf1fbe horn$       

cattle1 #fg1baa1ged %eep1 #g1eca1cgf    
horses1 #gej1abe  mules & asses1 &      
#c1ide1jhf goats2 :i* is equival5t1 at !
 pres5t  "t1 to a capital ( #adha       
millions ( pap] pia/res1 or             
#acj1jjj1jjj4  ,by ref]r+ to ! figures =
 #ahie1 :i* give u #ba1gja1ebf horn$    
cattle & #d1ddf1hei horses1 we may judge
 ( ! imm5se progress :i*  ! ,arg5t9e has
 realis$ 9 a few ye>s1 ?anks to !       
trans=mation  ( #c-c_/d millions ( acres
 ( soil into magnific5t pa/ures (       
luc]ne4    ,on ! o!r h& we mu/1 x is    
true1 note a decrease ( #g1afg1hjh  head
 ( %eep1 :i* are gradually fall+ back   
be=e ! advance (  agriculture & !       
increas+ numb]s ( cattle4 ,?is h>mless  
animal  cont5ts itself ) a poor] soil1 &
 does n fe> ! intemp]ance  ( ! seasons2 
also %eep-rais+ is n[ giv+ place1 9 our 
c5tral  prov9ces1 to o!r m remun]ative  
indu/ries1 & ! %eep are  tak+ refuge 9  
great quantities 9 ! s\!rn regions4#b   
,footnote #b3 ,patagonia1 & ev5 ,ti]ra  
del ,fuego1 ) its t]rible  w9ds & dr5*+ 

ra91 is n[ be+ occupi$ by ! %eep-ran*]1 
to  ! de/ruction ( ! guanaco & !        
natives2 fro/ be+ r>e save on  ! ranges1
 & ! pa/ure luxuri\s4----,,trans4    ,if
 we consid] ^! facts ) a view to not+ ! 
precise direction  9 :i* ! ,arg5t9e is  
to-day evolv+1 we %all obs]ve a m>k$    
t5d5cy t[>ds ! ext5sion ( agriculture   
prop]1 & a *eck 9 !  progress (         
/ock-rais+1 :i* appe>s----at lea/ = !   
mom5t----to be  develop+ m sl[ly ?an (  
old4    ,?is *>act]i/ic *ange is        
p]ceptible ea* ye> 9 ! /ati/ics  ( =eign
 trade4 ,! exportation ( agricultural   
products am\nt$1  = ! ye> #aijg1 to !   
value ( #afd millions ( pia/res 7gold71 
or  #cb1hjj1jjj z aga9/ #cb1djj1jjj &   
#cd1jjj1jjj = ! two prec$+  ye>s4 ,z = !
 products ( /ock-rais+1 ! value 9 #aijg 
am\nt$  only to #bd1hjj1jjj1 :ile 9 !   
two prec$+ ye>s x 0 #bd1hjj1jjj  &      
#bh1bjj1jjj2 & t5 ye>s ago x exce$$ by m
 ?an #aj1jjj1jjj  ! value ( !           
agricultural exports4    ,_m causes are 
contribut+ to ?is trans=mation ( a      

pa/oral into  an agricultural c\ntry2 _!
 action is progressive1 & !y are        
pr(\ndly modify+ ! aspect ( ! l&1 by    
gradually sub/itut+1  = ! monoton\s     
horizons ( ! ran*]o's prairies1 ! v>iety
 (  cultur$ fields4    ,:ile ! prices ( 
c]eals h always atta9$ a remun]ative    
figure1  ^? ( ! be/ial1 on ! contr>y1 h 
n[ & !n suff]$  s5sible depression2 &1  
:at is /ill m s]i\s1 ! ran*+  indu/ries 
h also suff]$1 z !y did 9 #aijh1 by a   
lack ( dem&  = hides & wool1 &          
simultane\sly = an insuffici5t outlet = 
meats4    ,! dri$-meat 7salad]os7       
indu/ry1 :i* us$ to absorb annually     
ne>ly two million bea/s1 has by n[ be5  
almo/ entirely remov$ 9  ! direction (  
,uruguay1 or ! ,brazilian prov9ce ( ,rio
 ,gr&e d  ,sul1 & is little m ?an a     
memory2 z ?is primitive & rudim5t>y     
me?od ( prep>ation _h p]=ce to give way 
be=e ! m hygi5ic  & progressive *ill$ & 
froz5 meat trade4 ,! *ill$ beef indu/ry1
  h[ev]1 ^u :i* su* hopes 7 f\nd$1 has n
 ( late ye>s made  any conque/ ( new    

m>kets1 ,engl& be+ almo/ ! ,republic's  
only  cu/om]4    ,z = ! exportation (   
cattle on ! ho(1 x is greatly imp$$ 9   
,europe by prohibitive measures1 :i*    
diplomacy1 by means ( comm]cial         
treaties1 is endeav\r+ to remove4 ,yet 7
 ! desir$ advantages  obta9$1 ! result  
w\ld be d\btful on acc\nt ( !           
consid]able  rise 9 ! price ( cattle & !
 high freights :i* are *>g$ =  !        
transport ( liv+ /ock4 ,x !re=e results 
t ?is p>ticul>  species ( exploitation  
is at an obvi\s disadvantage 9 ! face ( 
!  refrig]at+ trade4    ,if ! rais+ (   
/ock & its dep5d5t indu/ries h n1 9 ^!  
la/ few ye>s1 realis$ a progress        
comp>able to t ( agriculture1 we  mu/ by
 no means conclude t ?is dep>tm5t (     
production has ceas$  to be an elem5t ( 
national prosp]ity4 ,q on ! contr>y3    
?anks to  ! ef=ts made to bett] affairs 
by happy selections 9 ! bre$ (  animals1
 ! value ( live /ock has increas$ 9     
surpris+ proportions1  & ! ,arg5t9e /ill
 reta9s its rank z second to ! ,unit$   

,/ates  z a /ock-rais+ c\ntry4    ,:at  
we h endeav\r$ to emphasise1 z a new    
manife/ation ( !  national activity dur+
 ! la/ few ye>s1 is t ! developm5t  ( ! 
c\ntry has be5 9 especial along         
agricultural l9es2 an  inconte/able pro(
 ( progress1 & an index ( a high] degree
 (  civilisation4    ,agriculture1 z    
comp>$ to /ock-rais+1 is1 f ! economical
 po9t  ( view1 a s\rce ( weal? hav+ q a 
diff]5t be>+ ^u !  g5]al prosp]ity &    
welf>e ( a nation4 ,x is ! fairy :i*    
little  by little trans=ms ! va/ pla9s (
 ! ,arg5t9e pampas into a m  animat$    
l&scape1 peopl$ by num]\s home/eads1    
foci ( colonisation1  :i* !n develop    
into villages1 :i* 9 a score ( ye>s may 
p]haps  be important cities4            
,agriculture summons ! railroad1        
/imulates  emigration1 promotes !       
division ( ! soil1 creates ! small      
proprietor2 x influ5ces ev5 ! mann]s &  
morals ( ! inhabitants1  = x dem&s m    
lab\r1 m intellig5ce ?an ran*+2 nimbl]  
wits1 m me?od1 great] =esight4    ,!    

comp>ison betwe5 ! two great indu/ries (
 ! ,arg5t9e is  summ$ up 9 ! foll[+     
fact3 a prop]ty compris+ #be1jjj acres (
  pa/ure c be put into work+ ord] &     
manag$ by a /aff ( t5 to  twelve m54 ,= 
an e/ate ( #aejj acres "u culture1 "o   
may e/imate  t =ty to fifty p]sons1     
gr\p$ 9 families1 may easily live ^u  ! 
soil & prosp]4 ,we may p]ceive by ?is ! 
great sup]iority  ( agriculture f ! po9t
 ( view ( ! g5]al int]e/ ( !  c\ntry4 ,x
 dem&s & supports a d5s] population2 x  
p]mits !  gr\p+ ( ?is population 9      
villages & cities1 x creates1 9         
proportion1 ) a small] capital1 a great 
weal? ( produce2 9 %ort1  x contributes 
on ! "o h& t[>ds increas+ ! weal? ( !   
c\ntry by p>ticipat+ l>gely 9 its       
exports1 & on ! o!r x  increases its p[]
 ( consumption1 by absorb+ a great]     
numb] (  import$ products4    ,?us !    
evolution ( ! ,arg5t9e t[>ds agriculture
 con/itutes a  real progress1 & if !    
c\ntry cont9ues to foll[ ! same pa?1    
its developm5t w assur$ly n be arre/$ by

 lack ( soil4 ,!  #ce to #cg millions ( 
acres already reclaim$1 & at pres5t "u  
culture1 repres5t at ! mo/ a t5? ( !    
total area ( cultivable  l&1 :i* is     
e/imat$ r\ghly at #cge millions ( acres1
 ( :i* at  lea/ #abe millions are       
p]fectly adapt$ to ! culture ( c]eals4  
,!  f\r ,prov9ces ( ,bu5os ,ayres1      
,santa ,f1 ,crdoba1 ,entre ,rios1 & !   
,t]ritory ( ,pampa ,c5tral alone conta9 
"s #cb-a_/b millions ( l&  "u ! pl\gh1  
:ile !re rema9s ab\t #agj millions (    
acres ( l&  :i* is j z f]tile1 & :i* )\t
 manur+ or prep>ation w\ld  yield a     
spl5did crop f ! fir/ ye> ( til?4       
,?is trans=mation into an agricultural  
c\ntry has already borne  fruit4 ,!     
figures relat+ to ext]nal comm]ce1      
comp>$ ) !  _w's /ati/ics ( c]eal       
production1 %[ ! pres5t position ( !    
,arg5t9e among ! great export+ nations4 
,x is ! ,arg5t9e :i* to-day1 aft] !     
,unit$ ,/ates1 occupies !  second rank 9
 ! matt] ( c]eal exports2 & ?is is a    
significant  ev5t 9 ! economic hi/ory ( 

! nations1 to :i* ! att5tion (  ,europe 
%\ld be direct$4 ,at ! pres5t mom5t !   
,arg5t9e1 )  h] #d million tons ( corn  
available = exportation1 is n z yet     
mi/ress ( ! gra9 m>kets1 b %e repres5ts1
 to ^? c\ntries  ^: production is       
insuffici5t1 a notable res]ve1 :i* has  
become  indisp5sable s9ce ! ,unit$      
,/ates1 ,canada1 & ,russia seem to h    
rea*$ _! limit ( exportation4    ,! ye> 
#aijg-h 0 = ! ,arg5t9e1 ?anks to !      
results ( a good  h>ve/1 a p]iod (      
exceptional prosp]ity4 ,! av]age yield (
 :eat  0 #ahg cwt4 p] hect>e----#ad     
bu%els p] acre----& 9 ! ,prov9ce (      
,bu5os ,ayres x am\nt$ to ov] a ton p]  
hect>e----or #ae bu%els p]              
acre----al?\gh ! av]age 0 only #aa p]   
acre 9 #aijf-aijg1 & #ac 9  #aije-aijf4 
,z = ! prices1 !y rul$ high] ?an any !  
c\ntry _h s f>  kn[n1 ev5 dur+ its mo/  
prosp]\s p]iods4 ,:eat _h be5 sell+ at  
#f or #g pia/res ! #ajj kilos----t is1  
approximately1 at #cs4 to #cs4 #f;d4  p]
 bu%el----& at t price agriculture /ill 

yield$ a fair pr(it4 ,9  #aijh1 z a     
result ( ! bad h>ve/s 9 sev]al ,european
 c\ntries1 !  sales rose to #fs42 at :i*
 price ! pr(its on ! co/ ( production   
am\nt$ to #be or #cj4    ,aft] ?is      
cursory glance at ! pres5t situation 9 !
 ,arg5t9e1  we mu/ also express our     
views ( ! future4 ,optimism is c]ta9ly  
p]missible 9 ! case ( a c\ntry :i* has  
advanc$ s f> 9 s  %ort a "t1 & :]e      
prosp]ity is f\nd$ on a div]sity (      
products  :i* c nev] be affect$ by a    
univ]sal crisis4    ,h[ev]1 "o well     
might wond] :e!r ! ,arg5t9e might n1 9 !
  ,biblical phrase1 "k lean ye>s foll[+ 
! fat2 :e!r %e is n  de/9$ to suff] !   
onset ( plagues1 su* z dr\ght & ! locu/1
  :i* latt] is to h]1 z to ,egypt 9 ! "t
 ( ! ,israelites1 a  v]itable sc\rge4   
,c]ta9ly "h we h "o ( ! great risks to  
:i* ! c\ntry is expos$3 a c\ntry :]e9   
all dep5ds ^u !  h>ve/1 ! e>? be+ !     
pr9cipal s\rce ( weal?1 & ! "m  ( all   
indu/ry4 ,yet ?is dang]1 s real a few   
ye>s ago1 is greatly  less5$ to-day by !

 fact ( ! di/ribution ( cultivat$ l&s & 
pa/ures ov] a f> great] area4 ,a bad    
h>ve/ c\ld n compromise bo?  agriculture
 & /ock-rais+ ov] a /ret* ( m ?an #ae ( 
latitude4    ,yet ! c\ntry is subject to
 a v real dang]1 b "o ( ano!r  k9d4 ,f !
 v exub]ance ( developm5t may arise a   
crisis (  gr[?2 = h] prosp]ity dep5ds n 
only on pl5tiful h>ve/s2 x  may be      
influ5c$ by o!r factors on :i* x is f> m
 difficult to  pron\nce4    ,! c\ntry   
mu/ cont9ue to require consid]able sums 
( capital =  h] agricultural            
necessities1 = h] /ock-rais+1 = comm]ce1
 &  = indu/ries2 & x may be ask$ :e!r ! 
,european m>kets1 f  :i*1 9 great       
measure1 h] capital d]ives1 c cont9ue to
 af=d h]  an ev]-increas+ am\nt (       
assi/ance :i* w keep pace ) h]          
developm5t 9 all directions4    ,!      
,arg5t9e is n s f> self-suffic+4 ,! soil
 is1 to be sure1 a  s\rce ( imm5se      
national weal?1 b ?is weal? is n 9 ! =m 
(  a res]ve to be drawn on2 x is1 z a   
rule1 conv]t$ into real e/ate  directly 

x is produc$2 unless1 inde$1 x goes     
abroad4 ,= a f>m]  :o makes a pr(it1    
say1 ( #hjjj or #aj1jjj1 w imm$iately   
employ  8 capital to acquire ano!r hold+
 or to />t a diff]5t k9d (  culture1    
in/ead ( cle>+ (f ! debts :i* already   
burd5 8  prop]ty4 ,he is cont5t$ ) 8    
position z a borr[]2 = if money1  ev5 on
 mortgage1 co/s him #h to #i p] c5t41 he
 c1 on ! o!r h&1  obta9 a f> high]      
int]e/ by s9k+ x 9 ! pur*ase ( l&4    ,f
 all ?is x results t 9 ! ,arg5t9e rural 
& ev5 urban  prop]ty is l>gely          
hypo!cat$4 ,x mu/ be und]/ood t ?is     
capital  is well gu>ante$1 z its        
security re/s n ^u pure speculations b  
on ! yield ( ! prop]ty1 :i* is f> 9     
excess ( ! *>ges2  h[ev]1 s9ce ! g5]al  
t5d5cy is n t[>ds r$emption1 "o may     
wond] if1 soon] or lat]1 !re may n be a 
lack ( equilibrium  betwe5 ! impulse    
giv5 to ! c\ntry & its f9ancial ne$s4 ,!
  crisis :i* arose 9 ! wool m>ket 9     
#aijh1 ! drop 9 ! prices (  quebra*o    
timb]1 & ! re/rict$ outlet = cattle on !

 ho(1 &  ev5 = refrig]at$ meat1----all  
^! p>tial mis=tunes are salut>y  w>n+s1 
& we mu/ n lose sight ( !m1 nor all[    
ourselves to be  hypnotis$ by ! high    
prices ( :eat1 maize1 or flax1 or !     
heavy  yield ( ! luc]ne pa/ures4    ,=  
our "p1 9 consid]+ ! future ( !         
,republic no less ?an  its pres5t       
int]e/s1 we hope to see x ent] ^u a     
p]iod (  consolidation1 r ?an cont9ue   
indef9itely ! discussion (  fur!r       
progress4 ,be=e ent]+ ^u ano!r /age (   
developm5t !  c\ntry mu/1 = a :ile1 m>k 
"t1 9 ord] to ga9 leisure to assume  its
 own liabilities1 r ?an cont9ue         
incessantly to absorb new  capital4     
,b !re is /ill a cl\d 9 ! s]5e skies ( !
 ,republic2 a cl\d  t might be !        
precursor ( a truly national cata/rophe1
 if !  measures necess>y to av]t x 7 n  
tak5 9 "t4 ,! p]il arises  nei!r f !    
economic situation1 :i* is excell5t1    
d5ot+ an  ev]-increas+ vitality1 nor !  
relations ( ! ,republic ) !  neighb\r+  
nations1 :i* are conceiv$ 9 a _s ( peace

 &  concord4 ,al?\gh a %ort-sight$      
diplomacy has attempt$ to envelop !     
relations betwe5 ! ,arg5t9e & ,brazil 9 
an atmosph]e ( jeal\s  di/ru/1 !re is no
 fundam5tal cause :i* might tr\ble !    
fri5dly  relations ( ^! two c\ntries1   
:i* =m]ly f\ght side by side on  ! field
 ( battle = ! r$emption ( a si/] nation4
 ,!y h no  conflict+ economic int]e/s   
:i* might divide !m1 & are de/9$  to    
af=d a great example ( progress & (     
civilisation to ! o!r  ,/ates ( ,s\?    
,am]ica4    ,! p]il to :i* we ref] is ( 
a totally diff]5t "*3 x  is caus$       
exclusively by ! exagg]at$ exp5diture ( 
! public  adm9i/rations1 & ! dang]\s    
pa?s ( arm$ peace ^u :i* !  c\ntry has  
ent]$2 ?us implant+1 9 "y & free        
,am]ica1 a  ru9\s sy/em1 :i* is ru9+ !  
nations ( ! ,old ,_w1 burd5s  !m )      
insuff]able taxes1 & div]ts f production
 & lab\r  too l>ge a proportion (       
citiz5s4 ,9 ord] to face imag9>y dang]s1
  ,congress & ! ,gov]nm5t h lately      
decre$ t a sum ( #dj1jjj1jjj  %all be   

exp5d$ ^u armam5ts4    ,z = home        
politics1 !y =m a doma9 :i* we d n      
desire to ent]1  & on :i* ! _w ( affairs
 be/[s little en\gh att5tion1 s  long z 
!y d n compromise ! public peace4 ,!    
,arg5t9e1 9  fact1 is /ill "u a sy/em ( 
p]sonal p[]2 ! ,presid5cy (  ! ,republic
 is ! focus ab\t :i* all ! political    
life ( !  c\ntry gravitates4 ,9 default 
( a p z consci\s ( its rights  z ( its  
duties1 & possess$ ( ! virtues necess>y 
to a c\rse (  p]sev]ance 9 democratic   
practices1 x is ! ,gov]nm5t t manages  !
 elections2 & x is difficult to say :e!r
 x does s because  !re is no public     
op9ion1 or :e!r !re is no public op9ion 
because  ! ,gov]nm5ts usurp ! functions 
( ! electorate4 ,f ?is po9t (  view !re 
has be5 no *ange 9 ! political morale ( 
! c\ntry2  ! only progress to be not$ is
 t ! p>ties resort less (t5 ?an  !y us$ 
to viol5ce z a solution ( _! qu>rels4   
,z = ! adm9i/rative exp5ses1 !y are     
increas+ ) a rapidity  only equall$ by !
 gr[? ( ! fiscal res\rces ( ?is =tunate 

c\ntry4 ,proposals = public works       
accumulate 9 ! v>i\s ,m9i/ries1  :ile   
wait+ = ! funds necess>y = _! execution2
 _! total  am\nts to-day to !           
respectable figure ( ne>ly #dj1jjj1jjj4 
,to sum up3 f our re-exam9ation ( !     
,arg5t9e situation = #aiji1  we obta9 an
 impression ( great progress & ( actual 
prosp]ity1  an impression confirm$ by ! 
/ati/ics ( =eign trade1 9 :i*  ! entire 
activity ( ! c\ntry is reflect$4 ,= !   
ye> #aijg !  total ( imports & exports  
am\nt$ to #aaf1jjj1jjj2 = #aijh !  total
 receipts & outgo+s repres5t$           
#acc1jjj1jjj3 ) a comm]cial  balance (  
ne>ly #bd1jjj1jjj 9 fav\r ( exports4    
,among ! o!r manife/ations ( national   
progress we h /ill to take  into acc\nt 
! developm5t ( ! network ( railroads1 ( 
:i* #ac1ffj  miles are 9 actual work+1  
repres5t+ a capital ( #aeh1jjj1jjj1     
:ile #cbei miles are project$ or 9      
process ( con/ruction1  repres5t+ a     
capital ( m ?an #be1jjj1jjj4 ,^! new    
l9es h  be5 conc$$ by ,congress ei!r to 

companies already exi/+1 or to  new     
companies :i* are able to (f] all       
desirable gu>antees1 s z to  assure !   
prompt realisation ( ! s*emes accept$4  
,! ,gov]nm5t1  on its own "p1 has       
solicit$ & obta9$ f ,congress ! necess>y
  sanction = ! execution ( a va/ plan = 
! colonisation ( !  ,s\!rn ,t]ritories1 
:i* is bas$ on ! con/ruction ( num]\s   
railroads4 ,?is cont9u\s ext5sion ( !   
railway sy/em has greatly  fav\r$ !     
valorisation ( ! new ,t]ritories1 & has 
contribut$  p[]fully to ! movem5t (     
colonisation & emigration :i* is !      
indisp5sable condition ( a wid] future4 
,to-day1 !n1 all is = ! be/ 9 ! be/1 or 
at lea/ ! ri*e/1  c\ntry 9 ! _w4 ,b if  
sci5ce tea*es u t ,nature takes no      
leaps----natura non facit               
saltus----hi/ory also tea*es u t nations
  9 _! progress mu/ n progress too      
rapidly4 ,= ?is reason !  ,arg5t9e      
,republic1 9 especial1 has ne$ to-day to
 consolidate h]  prosp]ity "u a rgime ( 
=eign & dome/ic peace1 ( prud5ce  &     

economy1 & to avoid speculation & !     
abuse ( cr$it1 :i* h  end$1 be=e n[1 9  
inevitable reaction4                    
,,preface ,,to ,,! ,,fir/ ,,edition     
,tw5ty ye>s ago ,m4 ,f4 ,latz9a1        
,director ( ,/ati/ics1 publi%$ 9  ,fr5* 
a v able "w on ! ,geographie de la      
,rpublique ,arg5t9e1  ( :i* he _h issu$ 
! fir/ edition 9 ,spani%1 & ,i cons5t$ )
  pleasure to write an ,introduction to 
a book ^: object----an object :i*  x    
fulfill$----0 to famili>ise ,european   
read]s ) a c\ntry ^:  rapid developm5t  
is "o ( ! mo/ rem>kable facts 9 !       
economic  hi/ory ( ! n9ete5? c5tury4    
8,^! results10 ,i wrote1 aft] hav+ quot$
 c]ta9 /ati/ics  ( agriculture &        
comm]ce1 8are assur$ly v satisfactory4  
,!  ,arg5t9es h ! "r to be pr\d ( !m2   
few c\ntries 9 ! _w  c\ld %[ a l example
 ( progress60    ,i h no less pleasure 9
 associat+ myself to-day ) ?is book1  by
 ,seor ,alb]t ,b4 ,m>t9ez 7sometime     
,"u-,secret>y ( ,/ate1 & at  pres5t     
,director-,g5]al ( ! ,/ati/ical         

,dep>tm5t ( ! city (  ,bu5os ,ayres71 & 
,m4 ,maurice ,lew&[ski1 ,sub-,director (
 ! ,comptoir  ,national d',escompte (   
,p>is4 ,_! compet5ce is inconte/able1 & 
_! "w requires no recomm5dation1 s9ce x 
has won ! sanction (  success1 be+ n[ 9 
its ?ird ,fr5* edition1 & hav+ be5      
8cr[n$0  by ! ,fr5* ,academy4 ,b !      
object :i* is aim$ at by ,! ,arg5t9e  9 
! ,n9ete5? ,c5tury is ! same z t ( !    
,geographie de la  ,rpublique ,arg5t9e1 
& ! int]e/ atta*+ to ! book is ! same4  
8,9 ! competition ( ! new nations1      
creat$ by emigration f  ,europe10 ,i    
said 9 #ahij1 8?is ,republic w be enjoy+
 a privileg$  situation1 because ( its  
p>ticul> advantages3 ! nature ( its     
climate----a climate ( ! temp]ate zone2 
! va/ ext5t ( its  t]ritory2 ! quality (
 its soil2 ! facility ) :i* railways  c 
be built2 its situation on ! ,atlantic  
coa/1 fac+ ,europe1 &  relatively ne> ! 
,indian ,ocean2 ! p[]ful tide (         
emigration  sett+ 9 t[>ds x1 & ! rapid  
peopl+ ( ! c\ntry1 toge!r  ) ! weal? t  

results !refrom2 ! suitable "* ( its    
population1 & ! lib]al _s ( its         
political in/itutions4444    8,!        
,arg5t9e ,republic1 :i* occupies 9 !    
temp]ate zone ( ,s\?  ,am]ica a position
 analog\s to t held by ! ,unit$ ,/ates 9
 !  correspond+ portion ( ,nor? ,am]ica1
 may well dream1 if n ( equal  p[]1 at  
lea/ ( a simil> future40    ,?is dream  
is 9 process ( realisation3 ( ?is ! pro(
 w be f\nd  9 ! *a9 ( evid5ce :i* our   
au?ors put =w>d4    ,x is ! pres5t      
condition ( affairs &1 above all1 !     
economic  situation1 :i* ! au?ors ( ,!  
,arg5t9e 9 ! ,tw5tie? ,c5tury  h set out
 to repres5t4 ,!y h n giv5 u a          
panegyric----8nihil  admir>i10 say      
!y----b a practical book3 "o writt5 by  
m5 (  bus9ess & affairs1 f\nd$ ^u direct
 obs]vation1 & h>d-&-fa/  figures1 :]e  
/ati/ics h provid$ !m4           99     
99       99       99       99    ,!     
,arg5t9e is a "y nation1 :i* hi!rto has 
busi$ itself r  9 "w & production = !   
amelioration ( its pres5t condition1  & 

9 ! prep>ation ( its morr[ by creat+    
capital1 ?an 9 giv+  itself to !        
hi/orical /udy ( its pa/4 ,nev]!less1   
hi/ory is !  web f :i* ! _s ( a nation  
is wov54 ,x is useful to recall  !      
pr9cipal hi/orical p]iods1 & p>ticul>ly 
! orig9s ( !  nation1 = ! bett] und]/&+ 
( ! pres5t p]iod4    ,x 0 9 #aejh t !   
,spani>d1 ,juan ,diaz de ,solis1        
discov]$ !  e/u>y ( ! ,plata1 ! ,m>     
dulce2 & 9 #aeaf he return$1 ?9k+1  aft]
 ! discov]y ( ! ,s\? ,sea1 by ,nuez de  
,balboa 9 #aeac1 t  ?is might be !      
/rait1 s s\ght by ! navigators ( ! "t1  
by :i* t sea might be rea*$1 b on l&+ he
 0 kill$ by  ! arr[s ( ! ,*>rua         
,indians4 ,he _h discov]$ no /rait1 b a 
spot assur$ly well suit$ = colonial     
settlem5t4 ,! fir/ attempts  7 abortive3
 t ( ,seba/ian ,cabot1 :o built ! =t ( !
  ,sancti-,spiritu 7#aebg71 & t ( ,diego
 ,g>cia4 ,x 0 !n t !  discov]y ( "s     
ornam5ts ( silv]1 worn by ! p ( !       
c\ntry1  gave ! riv] its "n2 kn[n fir/ z
 ! ,rio de ,solis1 x 0 n[  call$ ! ,rio 

de la ,plata4 ,! ,indians de/roy$ ! =t &
 kill$ !  coloni/s4    ,eight ye>s lat] 
a weal?y private g5tleman1 an (fic] (   
,*>les ,v41  ,don ,p$ro de ,m5doza1     
und]took to e/abli% a settlem5t at 8 own
  co/1 on ! condition ( be+ appo9t$     
gov]nor ( all t]ritories  t might be    
f\nd z f> z #bjj leagues f ! ocean2 & 9 
#aece  he sail$ ) f\rte5 vessels & two  
?\s& m54 ,he laid ! fir/  f\ndations ( !
 colony ( ,bu5os ,ayres1 & he rebuilt ! 
=t (  ! ,sancti-,spiritu1 :ile 8        
lieut5ant1 ,ayolas1 9 #aecf1 f\nd$ !    
/ation ( ,asuncion1 on ! ,rio ,p>aguay4 
,! po/ ( ,bu5os ,ayres  0 ab&on$4 ,aft] 
! dea? ( ,m5doza & ,ayolas ! new colony 
0 gov]n$ by ,m>t9ez de ,irala = a space 
( ne>ly tw5ty ye>s2  re9=c$ by fre%     
emigrants1 x b>ely held its own aga9/ ! 
losses  inflict$ ^u x by ! ,indians4    
,irala1 by a voyage ( ?ree ye>s'        
duration1 succe$$ 9 putt+ himself 9 t\* 
) ! ,spani>ds (  ,p]u4    ,conqu]ors    
com+ f ,*ili across ! ,&es1 ! ,spani>ds 
f\nd$  among o!rs1 despite ! ho/ility ( 

! ,indians1 ! foll[+  /ations3 ,santiago
 del ,e/]o 7#aeeb71 ,m5doza 7#aefj71    
,tucuman 7#aefe71  ,cordoba 7#aegc71    
,salta 7#aehb71 & ,jujuy 7#aeib74 ,^! at
 fir/ 7  little m ?an camps entr5*$4 ,b 
,santiago del ,e/]o 0 erect$  into a    
bi%opric1 & s rema9$ until #agjj1 9 :i* 
ye> ! episcopal  ?rone 0 transf]r$ to   
,crdoba4 ,9 ! ea/]n regions1 9 #aegc1   
,gov]nor ,juan de ,g>ay built ,santa ,f1
 re-occupi$ ,bu5os ,ayres1 :i*  0       
*ri/5$1 on ! #aa? ( ,june #aehj1 ,cuidad
 de la ,tr9idad y ,pu]to  de ,santa     
,m>ia de ,bu5os ,ayres 7! ,city ( !     
,tr9ity & ! ,hav5 (  ,holy ,m>y ( !     
,fair ,w9ds71 & f\nd$ ,corri5ts 9 #aehh4
    ,trade comm5c$4 ,a fir/ consignm5t (
 hides & sug> 0 dispat*$ to  ,spa9 9    
#aeea2 b ! m]*ants ( ,seville prote/$1 &
 z a result  _! privileges won ! day4 ,x
 is a fact t ! mon/r\s regulations  :i* 
,spa9 _h impos$ ^u h] colonies =c$ !    
,arg5t9es1 =  "s consid]able "t to c>ry 
_! exports across ! cont95t to  ,callao1
 :5ce !y 7 c>ri$ by sea to ,panama2 !re 

!y 7 aga9  transport$ by l& across !    
i/hmus1 & 7 %ipp$ anew at ,pu]to  ,bello
 = ,seville4 ,imports came by ! same    
road4    ,!re 71 h[ev]1 exceptions to   
?is rule3 ei!r by grace (  provisional  
p]mits giv5 by ! ,k+ ( ,spa91 or1 m     
frequ5tly1  ?r\gh ! contrab& trade4     
,9 #afag ! ,prov9ce ( ,p>aguay & ! %ores
 ( ! ,plata 7 divid$  into ?ree         
,prov9ces2 ,p>aguay1 ,bu5os ,ayres      
7erect$ into a bi%opric  9 #afcj71 &    
,tucuman1 :i* 7 dep5d5ts ( ! vic]oyalty 
( ,p]u4  ,! capta9cy ( ,*ili also ext5d$
 ov] bo? sides ( ! ,&es4 ,!  ,indians _h
 to a great ext5t be5 divid$ among !    
coloni/s en  encomi5das----t is to say1 
9 a species ( slav]y2 b o!r ,indians1   
:o 7 /ill free1 7 =midable enemies4     
,e>ly 9 ! sev5te5? c5tury ! ,jesuits    
in/itut$ _! fir/  8r$uctions0 9         
,p>aguay1 & organis$ 9 a community !    
,gu>ano  ,indians ( ! c\ntry4 ,^!       
8r$uctions10 ravag$ by ! ,mamelukes  (  
,brazil1 7 replac$ by missions e/abli%$ 
on ei!r bank ( !  ,p>aguay ,riv]1 & on !

 ,uruguay to ! s\? ( ,yguassu4 ,! ord] (
  ,jesuits 0 suppress$ 9 #agff4    ,!   
pr9cipal t[ns ( ! ,arg5t9e ( to-day 7   
already e/abli%$  by ! middle ( !       
eighte5? c5tury4 ,at t p]iod1 s ,sav>y  
in=ms u1 8,! city ( ,bu5os ,ayres       
conta9$ ab\t #djjj h\ses1 all  built (  
e>? 7adobe71 b cov]$ ) tiles1 ) !       
exception (  "s fifty h\ses ( brick4 ,! 
inhabitants are ri*1 & owe _!  ri*es to 
! ext5sive trade :i* !y c>ry on1 bo? at 
home &  abroad40 ,aft] ! adv5t to !     
,spani% ?rone ( ! son-9-law (  ,l\is    
,,xiv41 ,france _h ! great] %>e ( ?is   
trade2 ! ,k+ hav+  conc$$ to a ,fr5*    
company ! monopoly ( ! ,assi5te----t is 
to  say1 ( ! trade 9 negroes1 until by !
 ,treaty ( ,utre*t ,france 0  =c$ to c$e
 ?is monopoly to ,engl&4    ,! two      
pr9cipal articles ( export 7 at t "t    
gre5 hides =  ,europe & ! ,p>aguayan mat
 = ,p]u4    ,on ! nor!rn bank ( ! ,plata
 ! ,portuguese _h f\nd$ ! ,colonia  del 
,sacram5to 7#afhf71 ) a view to compet+ 
) ! ,spani% ports4  ,! ,spani>ds seiz$  

?is place once 9 #agbd & aga9 9 #agff2  
!y  f\nd$ ,montevideo 9 #agbf4 ,! qu>rel
 betwe5 ! two colonies 0 only  t]m9at$  
by ! ,treaty ( ,madrid 9 #agej4    ,9   
#agdh ,spa9 some:at abat$ ! sev]ity ( h]
 laws4 ,9 #aggf %e fre$  ! ,arg5t9e f ! 
ov]lord%ip ( ,p]u1 by creat+ !          
vic]oyalty  ( ,la ,plata1 ) ,bu5os      
,ayres z capital4 ,! population1 :i*    
be=e  ?is *ange 0 only #cg1jjj1 rose to 
ov] #djj1jjj 9 a qu>t] ( a  c5tury4 ,9  
#aghj 0 f\nd$ ! colony ( ,c>m51 ! fir/  
,patagonian  settlem5t1 ! %ores (       
,patagonia hav+ be5 fir/ explor$ by !   
,jesuit ,quiroga 9 #agdf4    ,dur+ ! w>s
 ( ! ,empire ! ,engli% seiz$ ,bu5os     
,ayres by  surprise1 b 7 expell$ by a   
,fr5*man1 ,jacques de ,l9i]s1 :om !     
inhabitants _h appo9t$ vic]oy4    ,!    
colonial p]iod end$ 9 #ahaj4    ,su* 7 !
 orig9s ( ! ,arg5t9e2 a "t (            
difficulties &  imp$im5ts2 b 9 t p]iod 7
 laid ! f\ndations on :i* !  ,arg5t9e   
civilisation reposes4    ,! second p]iod
 is t ( ! =mation ( ! ,republican ,/ate4

    ,! fir/ "p ( ?is p]iod1 t ( !       
deliv]ance f ,spa91  op5s ) ! memorable 
day ( ! #be? ( ,may #ahaj1 :5 lib]ty  0 
peacefully proclaim$ at ,bu5os ,ayres4  
,! revolution spread to  ,crdoba & to   
,tucuman2 x fail$ 9 ,upp] ,p]u1 ow+ to !
 rev]se (  ,goy5*e 9 #ahaa1 & 9         
,p>aguay1 :]e ! capitulation ( ,tacu>y  
took place 9 ! same ye>4 ,belgrano1 "o (
 ! h]oes ( ! ,w>  ( ,indep5d5ce1 r5ew$ !
 (f5sive & once m invad$ ,upp]          
,p]u----?is "t victori\sly2 b ! ,arg5t9e
 troops 7 def9itely  driv5 f ! c\ntry   
aft] ! battles ( ,vilcuapujio 7#ahac71 &
  ,sip-,sipe 7#ahaf74 ,on ! ea/ coa/ !  
capitulation ( ,montevideo 9  #ahad put 
an end to ! ,spani% dom9ation4 ,on ! we/
 ! brilliant  exp$ition ( ,g5]al ,san   
,m>t91 :o cross$ ! ,&es1 fre$ ,*ili1 &  
/ruck ! decisive bl[ by ! capture (     
,lima 7#ahag-ahba74 ,! victory  ( ,g5]al
 ,sucre at ,ayacu*o 7#ahbd7 t]m9at$ !   
/ruggle4 ,arg5t9e  t]ritory _h already  
be5 sev5 ye>s free f ! ,spani% troops4  
,! second "p ( ?is p]iod1 t ( political 

con/ruction1 0  long]1 f> m labori\s1 & 
/ill m bloody4 ,que/ions ( race  & p>ty 
divid$ ! inhabitants4 ,gua*os ( !       
,pampa1 ,creoles#c &  pure ,spani>ds1   
,f$]als & ,unit>ians1 disput$ ! p[]1    
:ile on  ! fronti]s ( ! ,republic !     
,indians cont9u$ to di/urb & al>m  ! new
 ,/ate4 ,prov9ces sec$$2 _m con/itutions
 7 draft$4 ,9  spite ( 8 tal5t z a      
/atesman1 ,rivadavia 0 unable to obta9 !
  univ]sal acceptance ( ! ,unioni/      
,con/itution ( #bd? ,decemb] #ahbf4     
,footnote #c3 ,?is ^w is "h us$ to d5ote
 mix$ blood2 9 its prop]  use x d5otes a
 p]son ( ,lat9 blood born 9 tropical or 
semi-tropical  ,am]ica4----,,trans4     
,a w> aga9/ ,brazil1 ( :i* ! notable    
fact 0 ! victory (  ,ituza+o 7#ahbg71   
result$ 9 ! recognition ( ,uruguay z a  
free /ate4    ,! civil w> broke out anew
 sev]al times4 ,! milit>y lead] ( !     
,bu5os ,ayres ,f$]als1 ,g5]al ,rosas1   
seiz$ ^u ! dictator%ip 9  a "t (        
disord]1 ex]cis+ x n )\t intellig5ce1 b 
) a  cruel despotism1 & he c>ri$ on a   

long w> aga9/ ,montevideo1 :i*  la/$    
until ,g5]al ,urquiza1 ( ! ,union p>ty  
7) ,brazil & ,uruguay  z allies7 deliv]$
 8 c\ntry by ! victory ( ,cas]os        
7#aheb74 ,!  ,con/itution ( ! ,arg5t9e  
,republic 0 vot$ on #be? ,may #ahec2 b  
! end ( ! civil w> & ! def9ite reunion (
 ,bu5os ,ayres to !  o!r ,prov9ces did n
 take place until #ahfj1 ! ye> ( !      
revision  ( ! ,con/itution4    ,w> &    
confusion are n usually propiti\s to    
progress4 ,h[ev]1 !  population 9 #ahfa 
0 e/imat$ approximately at #a1cge1jjj2 x
 _h  increas$ to almo/ five times :at x 
0 at ! beg9n+ ( !  c5tury4    ,bu5os    
,ayres became def9itely ! capital ( !   
,republic 9 #ahhb1 ^u  ceas+ to be !    
capital ( ! ,/ate ( ,bu5os ,ayres4    ,!
 ?ird p]iod is t ( economic developm5t4 
,?is is ! p]iod  ( :i* our au?ors write4
 ,we may m5tion x z beg9n+ ) !          
re-entrance ( ,bu5os ,ayres into !      
,arg5t9e ,conc]t1 & ! revision  ( !     
,con/itution ( ,octob] #ahfj4 ,if x has 
n be5 free f  political agitations &    

int]national misund]/&+s1 x has none  ! 
less be5 m pacific ?an ! prec$+ p]iods1 
& indu/ry has  enjoy$ a security :i* 9  
=m] ye>s 0 only too (t5 di/urb$ by  !   
regulations ( colonial trade1 ! attacks 
( ! ,indians1 ! civil  w>s1 & !         
,sep>ati/ policy4 ,b !re 7 /ill = twelve
 ye>s  inte/9e tr\bles & diss5sions4    
,x 0 only 9 #ahhb t ! political         
organisation 0 completely  con/itut$1 :5
 ,bu5os ,ayres became ! ,f$]al capital2 
= f #ahfe  to #ahgj ! ,arg5t9e 0 =c$ to 
wage w> aga9/ ,p>aguay1 :5  x /ruggl$1 9
 conc]t ) ,brazil1 aga9/ ! despotism (  
,lopez4  ,! ,treaty ( ! #crd ( ,febru>y 
#ahgf gave x ! great] ,*aco z  f> z     
,pilcomayo4 ,! ,*aco is pacifi$2 matt]s 
are n ! same n[  z :51 9 #ahha1 ,crevaux
 0 assass9at$ !re by ! ,tobas4 ,g5]al   
,riva effect$ ! ,arg5t9e conque/ (      
,patagonia 7#ahgi-ahhj71 & !  ,indians1 
fe>$ s long by ! plant]s1 7 driv5 across
 ! ,&es4    ,9 #ahie ! diff]5ce :i* _h  
aris5 betwe5 ! ,arg5t9e & ,brazil1  )   
ref]5ce to ! ,misions fronti]1 0 settl$ 

by arbitration4 ,by  ! ,treaty ( #bcrd  
,july #ahha 0 t]m9at$ a long qu>rel )   
,*ili 9  relation to ,patagonia2 !      
,arg5t9e obta9$ possession ( ! c\ntry  z
 f> z ! l9e made by ! ,cordill]as & a   
portion ( ,ti]ra del  ,fuego4           
,arbitration also1 9 ,novemb] #aijb1    
settl$ ! diff]5ce )  ,*ili1 no less     
irritat+ & ( equally long /&+1 conc]n+1 
!  fronti]s ( ! ,&es4 ,no m s]i\s causes
 ( qu>rel betwe5 !  ,arg5t9e & its      
neighb\rs rema94           99       99  
99       99       99    ,! p]iod (      
economic developm5t is z yet ( only     
fifty ye>s'  duration3 x is f> f hav+   
rea*$ ! limit ( its evolution2 b  we may
 judge ( ! amplitude :i* t evolution has
 already atta9$  by means ( /ati/ics1#d 
& by !m we may =etell :at ! future      
holds 9 promise4    ,footnote #d3 ,! m  
rec5t figures cit$ 9 ?is ,preface are   
tak51 =  ! mo/ "p1 f ,! ,/atesman's     
,ye>-,book4    ,! population1 e/imat$ 9 
#ahfa z be+ #a1cge1jjj1 _h by #aijg     
increas$ to #f1baj1jjj4 ,immigration1   

v>y+ f "o p]iod to ano!r  accord+ to !  
economic condition ( ! ,european nations
 & !  ,arg5t9e ,republic1 rea*$ an      
annual av]age ( #ac1djj f #ahfj to      
#ahfi3 betwe5 #aijc & #aijh x am\nt$ to 
#baa1jjj 7emigration n be+  d$uct$47#e  
,footnote #e3 ,?is emigration am\nt$ to 
an animal av]age ( #ic1jjj  betwe5      
#aijc-aijg2 b ! d$uction 0 n made 9 !   
ye>s #ahfj-ahfi4  ,9 #aijg !re 7        
#bji1jjj immigrants & #ij1jjj emigrants4
    ,! area cultivat$ 9 #ahie1 ! date ( 
! fir/ s]i\s e/imate1 0  #e1bef1afj     
acres1 ( :i* #b1jac1jjj acres 7 "u      
:eat2#f 9 #aiji  #cdf million acres 7   
cultivat$1 ( :i* #adh millions 7 9 :eat4
  ,^! #cdf millions are only a small    
fraction ( ! #bef million acres  :i* !  
,arg5t9e appe>s to conta94    ,footnote 
#f3 ,! cultivat$ area 0 e/imat$ at      
#hdi1jjj acres 9 #ahgb4    ,! gra9      
h>ve/1 e/imat$ 9 #ahgh-ahha at b>ely    
#djj1jjj tons1  exce$$ a million tons 9 
#ahie1 & 9 #aijg-aijh am\nt$ to         
#e1ebc1ijj  tons1 or #bjd1chd1jjj       

bu%els4    ,al?\gh ! bov9e & ov9e races 
h n greatly increas$ 9 numb]s  = ! la/  
tw5ty ye>s1 on acc\nt ( ! trans=mations 
effect$ by  agriculture1#g ! exportation
 ( wool1 :i* 0 #ffj1jjj qu9tals 9       
#ahfi-ahgj1 0 ne>ly #b1jjj1jjj 9 #aije1 
& x /ill am\nt$ to #a-a_/b  millions 9  
#aijg2 ! exportation ( beef1 reckon$ 9  
c>casses1 0  m ?an #fj1jjj head 9 #aijj 
& #dfc1jjj 9 #aijg4    ,footnote #g3 ,9 
#ahge an approximate e/imate gave       
#ac-a_/b millions (  horn$ cattle &     
#eg-a_/b millions ( %eep2 9 #aijg !     
figures am\nt$  to #be1hdd1jjj &        
#gg1ehj1jjj4    ,! fir/ section (       
railroad 0 con/ruct$ 9 #aheg4 ,9 #ahfe !
  ,republic possess$ only #aed miles (  
railroad2 9 #aijh !re 7 #ad1fdc  miles4 
,9 #ahfe1 ! fir/ ye> ( :i* we h         
comm]cial /ati/ics1 !  =eign trade      
am\nt$ to #aa1cjj1jjj2 9 #aijg1 x rea*$ 
#aac1jjj1jjj1  & 9 #aijh #abg1fjj1jjj4  
,= sev]al ye>s !re has be5 a v l>ge     
excess ( exports ov] imports2 9 #aijh x 
w\ld seem to h exce$$  #bj1jjj1jjj4     

,^! figures1 to :i* our au?ors h add$ _m
 o!rs1 are eloqu5t4  ,!y tell u t man1  
^: lab\r creates weal?1 is f\r & a half 
times m num]\s ^u ,arg5t9e soil ?an he 0
 =ty-six ye>s  ago2 t immigration ea*   
ye> increases ! numb] ( work]s2 t       
cultivat$ soil1 ! *ief in/rum5t ( weal? 
9 an agricultural  c\ntry1 has an area  
ne>ly sev5 times great] ?an t ( f\rte5  
ye>s ago2 t :eat1 ! pr9cipal vegetable  
product ( t soil1  n[ yields h>ve/s     
?irte5 times m abundant ?an ^? ( ?irty  
ye>s ago2 t ! products ( /ock-rais+ h1  
on ! :ole1  greatly increas$1 despite ! 
arre/$ developm5t ( c]ta9 =ms (         
production2 t ! railways----! means (   
transport ( man & 8  produce1 :i* did n 
exi/ half a c5tury s9ce----n[ cov] ! l& 
) a network ( increas+ f95ess1 & are    
plac+ ! ,arg5t9e 9  ! fir/ rank ( !     
nations 9 respect ( ! mileage ( railroad
 p]  inhabitant2 t =eign trade1 :i* is  
"o ( ! mo/ *>act]i/ic  =ms ( popul>     
activity1 & t commonly m5tion$ 9        
illu/rat+ a  /ate's p[] ( expansion1 has

 multipli$ itself t5 times s9ce #ahfe4  
,^! figures1 tak5 toge!r1 =m a picture  
:i* is n only  enc\rag+1 b extremely    
flatt]+ to ! pride ( ! ,arg5t9e  p4     
,b ! picture is n )\t %ad[s4 ,! ,indians
 to-day am\nt only  to ?irty ?\s& 9     
numb]s2 ! ,gua*os are gradually         
disappe>+  be=e ! agricultural settl]2 &
 ! political & moral unity ( !  c\ntry  
is n yet fully accompli%$4 ,! ,arg5t9e1 
l mo/ ( !  ,lat9-,am]ican republics1 has
 giv5 itself a ,con/itution bas$ ^u t  (
 ! ,unit$ ,/ates2 b ! populations ( its 
,prov9ces _h n !  spiritual cohesion    
exhibit$ by ! ,briti% ,colonies1 & above
 all by  ,new ,engl&1 :i* qualities set 
! seal on religi\s fai? & ! love  (     
lib]ty4 ,european immigration has br\ght
 u composite elem5ts :i*  are n yet     
amalgamat$4 ,ne>ly all immigrants h come
 to make money3  ! majority are         
indiff]5t to public affairs1 z we see on
 election  days4 ,o!rs are only too     
incl9$ to atta* !mselves to cot]ies1 to 
cliques4 ,9 ! relations betwe5 ! local  

gov]nm5ts & ! c5tral  ,gov]nm5t1 !      
subord9ation ( ! =m] is m rem>kable ?an 
!  h>mony ( _! mutual relations4 ,!     
plant]s1 intoxicat$ by _!  good =tune1  
are n always s prud5t z to regulate _!  
und]tak+s  by _! res\rces4    ,:5 9     
#ahij ,i wrote an ,introduction to ,m4  
,latz9a's book1 ! ,arg5t9e  0 9 ! full  
sw+ ( speculation1 & app>5tly saw no    
limits to  its developm5t4 8,!          
,arg5t9es10 ,i said1 8resemble an       
ent]pris+  m]*ant1 :o1 hav+ op5$ %op 9 a
 well-frequ5t$ /reet1 & hav+  borr[$    
money 9 ord] to />t ) a luxuri\s        
e/abli%m5t1 f9ds  himself greatly       
emb>rass$ = ye>s1 al?\gh 8 bus9ess      
prosp]s1  because 8 advances & 8        
engagem5ts are l>g] ?an 8 tak+s4  ,x is 
desirable t ?is _s ( ent]prise %\ld be  
f$1 s to  speak1 on diet1 or at lea/1   
accord+ to regim52 & on su* conditions  
equilibrium w\ld be re-e/abli%$40       
,inde$1 x !n seem$ t a  crisis mu/      
occur2 & x came1 a few mon?s lat]4 ,x 0 
v long &  v sev]e2 ! ,arg5t9e le>n$ :at 

x meant to lose its cr$it1 &  = twelve  
ye>s x suff]$ ! disadvantages ( a       
depreciat$ pap]  curr5cy4    ,! c\ntry  
recov]$1 & speculation rapidly receiv$  
fre% impetus4  ,?anks to ! excess (     
exports1 gold became pl5tiful2 x is no  
long]  at a premium2 if int]e/----:i*   
has decreas$----/ill ma9ta9s itself at  
ab\t #f p] c5t41 x is because !re is a  
great dem& = capital4 ,!  budgets /ill  
increase at a pace to al>m a prud5t     
f9anci]1 9 spite  ( increas$ receipts4  
8,if ! ,arg5t9e does n wi% to compromise
 its  l(ty de/9ies10 say ! au?ors ( !   
pres5t volume1 8x is ess5tial  t x %\ld 
ma9ta9 an economical adm9i/ration1      
c>eful ( !  public moneys1 yet op5 to   
all mat]ial progress4 ,by s do+1 x w    
inspire confid5ce 9 m5 & 9 capital3 !   
two elem5ts :i* x mu/  /ill increase 9  
ord] to become a great nation40         
99       99       99       99       99  
,to ! population born on ,arg5t9e soil 7
 add$1 betwe5 #aheg &  #aijh1 #c1cch1jjj
 immigrants ( v>i\s nationality2#h      

#a1gjf1jjj ,italians1  #fgj1jjj         
,spani>ds1 #bja1jjj ,fr5* & ,belgians1  
#ajj1jjj ,au/ro-,hung>ians  or ,g]mans1 
& #da1jjj ,engli%4 ,?us ! ,lat9 races   
are greatly 9 !  asc5dant3 a fact :i*   
facilitates assimilation4    ,footnote  
#h3 ,on ! o!r h&1 #a1cbb1jjj p]sons     
emigrat$4 ,! c5sus  ( #ahie gave        
#hhf1jjj =eign]s n naturalis$1 ( :om    
#dic1jjj 7  ,italians1 #aii1jjj         
,spani>ds1 #id1jjj ,fr5*1 etc4 ,to-day  
immigration  consi/s especially (       
,italians 7#abg1egh 9 #aijf71 ,spani>ds 
7#gi1bhg71  ,russians 7#ag1dcd71        
,syrians 7#gfgg71 ,au/rians 7#dbgg71    
,fr5* 7#cfih71 etc4    ,! ,gov]nm5t %\ld
 preoccupy itself l>gely ) ?is matt] (  
assimilation3 = ! process is n complete4
 ,!re are two effectual  means :i* x    
might employ1 among o!rs1 9 ord] to     
assimilate its new  recruits3 own]%ip ( 
! soil & education4    ,^! two means h  
produc$ m>vell\s effects 9 ! ,unit$     
,/ates4  ,! ,home/ead ,law ( ! #bj? (   
,may #ahfb gave to e ,am]ican ov]       

tw5ty-"o ye>s ( age1 & to e p]son hav+  
decl>$1 con=mably  ) ! law1 8 int5tion (
 becom+ a citiz51 ! "r to occupy        
gratuit\sly #afj acres ( survey$ l&s1 or
 #hj acres only 9 di/ricts  m           
advantage\sly situat$3 if ! hold]1 aft] 
five ye>s (  resid5ce1 has cultivat$ a  
portion ( 8 hold+1 ! full title is      
f9ally grant$4 ,= su* purpose ! public  
l&s h be5 survey$ &  divid$ into lots by
 ! ,gov]nm5t4 ,! ,gov]nm5t also sells   
public  l&s by auction or treaty4 ,up to
 ! mon? ( ,july #aije1 x _h ?us  ali5at$
 a total ( #hjh1jjj1jjj acres2 :i*      
expla9s h[ millions (                   
families----,iri%1 ,g]man1 ,sc&9avian & 
o!rs----h be5 m or less  def9itely      
settl$ on ! soil ( t :i* 0 already or   
:i* has  s9ce !n become _! native l&4   
,"h is an example ! ,arg5t9e  ,gov]nm5t 
w\ld d well to foll[4    ,education     
ex]cises an influ5ce ( ano!r k9d1 :i* is
 no less  efficaci\s4 ,! ,am]icans ( !  
,unit$ ,/ates are well aw>e ( ?is1  &   
?is is :y !y atta* su* importance to !  

upkeep ( ! 8common  s*ools0 & !         
att5dance ( ! pupils4 ,! *ildr5 ( =eign 
p>5ts become ,am]icanis$ 9 class & dur+ 
play by contact )  "y ,am]icans4 ,!     
,engli% tongue becomes _! own language2 
_!  mann]s ( ?\ght & _! habits are      
modell$ on ^? ( _!  comrades1 :om !y are
 unconsci\sly pr\d to imitate4 ,if !    
immigrant  family does n =get ! memories
 ( its old home1 at lea/ its  (fspr+1 f 
! second g5]ation1 are root$ 9 !        
,am]ican soil  & h ,am]ican m9ds4    ,! 
,arg5t9e ,gov]nm5t mu/ endeav\r to obta9
 a l result4 ,= a  long p]iod prim>y    
in/ruction 0 9 an extremely neglect$    
/ate 9  ! ,arg5t9e ,republic4 ,h[ev]1 ! 
,con/itution oblig$ ! ,prov9ces  to     
secure su* in/ruction1 ! ,f$]al         
,gov]nm5t to assi/ by f9d+  a ?ird ( !  
exp5se ( ! fir/ in/allation ( ! s*ools4 
,b 9  spite ( ! ,con/itution1 9 #ahgd   
!re 7 only #ahcj prim>y s*ools  &       
#aab1jjj pupils4 ,progress has be5      
accompli%$3 9 #aije !re 7  #ebej s*ools1
 #ad1aah tea*]s1 male & female1 &       

#edd1jjj pupils4 ,b  z ! population     
betwe5 ! ages ( six & f\rte5 _h increas$
 to  #hbg1jjj1 only #fe p] c5t4 ( !     
*ildr5 7 att5d+ s*ool1 &  only "o *ild 9
 ?ree 0 able to read & write4 ,?is is a 
/ate (  ?+s t mu/ be *ang$4    ,second>y
 education1 z f> z numb]s g1 is 9 no    
bett] case2 !re  are sixte5 8colleges10 
) #dajj pupils4 ,! ,/ate ,univ]sities ( 
,bu5os ,ayres & ,crdoba & ! ?ree        
prov9cial ,univ]sities ( ,la  ,plata1   
,santa ,f & ,p>ana1 ) #cjjj /ud5ts1 are 
relatively bett]4#i    ,footnote #i3 ,! 
writ] does n give ! /ati/ics ( ^? :o g  
abroad to /udy2 ! numb] is1 ( c\rse1 v  
consid]able1 especially  ( ^? :o g to   
,p>is4----,,trans4    ,! ?ree ord]s (   
in/ruction ought to "w toge!r to =m a   
national _s & a moral unity2 b !        
,gov]nm5t %\ld n =get  t prim>y         
in/ruction is ! basis1 & t x is ! only  
k9d (  in/ruction t c be be/[$ ^u ea*   
g5]ation 9 its entirety1  & t ! *ildr5 (
 ea* g5]ation %\ld be taught at an e>ly 
age  n only ! ideas necess>y to ! life (

 ! individual1 b also1 by  means ( !    
elem5ts ( national hi/ory1 e?ics1 &     
appli$ sci5ce1  ! k & love ( _! native  
c\ntry4    ,! ,arg5t9e ,republic z yet  
c\nts few m5 to :om ! exig5cies (  life 
leave leisure to consecrate !mselves    
entirely to lett]s or !  sci5ces4 ,x has
 "s di/+ui%$ writ]s1 b !y usually f9d a 
recomp5se = _! tal5t 9 ! public press2 =
 9 ,bu5os ,ayres m  ?an #bjj j\rnals are
 publi%$4 ,m5 write z hurri$ly z !y act4
 ,x  is to be hop$ t be=e long1 ) !     
increase ( weal?1 !re w  arise m5 (     
sci5ce1 :o w f9d no lack ( mat]ial 9 !  
c\ntry1  & m5 ( lett]s1 hi/orians1      
noveli/s1 sociologi/s1 etc41 :o w  also 
nev] lack = matt] 9 ?is busy1 humm+     
hive4 ,su* m5 are  necess>y1 because _! 
life-"w goes f> to make up !            
intellectual  capital ( a nation1 & ev5 
to =m nationality itself4           99  
99       99       99       99    ,9 my  
introduction to ,m4 ,latz9a's book1 ,i  
glanc$ at ! :ole cont95t  ( ,s\?        
,am]ica1 & ,i rem>k$ t civilisation _h  

sc>cely  p5etrat$ ! int]ior ( ?is va/   
cont95t2 t ! d5sity (  its population 0 
extremely l[2 t ! economic1 intellectual
 &  political life ( ! cont95t 0        
conc5trat$1 if ,i may s use !  ^w1 ^u   
its p]iph]y2 t is to say1 ^u ! %ores :i*
 are 9  t\*1 ?r\gh navigation1 ) ! re/ (
 ! _w2 t ! ,arg5t9e  ,republic =m$ !    
s\!rn portion ( ?is belt connect+       
,uruguay &  ,*ili2 t ?is belt is wid]   
:]e ! p5etration ( ! int]ior  is easi] &
 ! climate m fav\rable4 ,?is belt has   
also be5  wid5$ 9 ,s\!rn ,brazil by !   
con/ruction ( railroads4 ,x is /ill     
wid] 9 ! ,arg5t9e1 because ! network (  
railways is m widely  di/ribut$1 ! soil 
is ( ev5 quality & cultivable1 & !      
climate  temp]ate & fav\rable to        
expansion4    ,= ! purposes ( ?is pres5t
 ,introduction1 let u imag9e a va/]     
area----! :ole e>?1 or1 at lea/1 ! ?ree 
inhabit$ zones ( !  e>?4    ,! torrid   
zone conta9s ne>ly a ?ird ( ! l& surface
 ( ! e>?1  & only a qu>t] ( its         
population2 ! d5sity ( population is ?us

  bel[ ! av]age4 ,orig9al civilisations 
h exi/$ 9 ! torrid  zone----= example1  
,mexico & ,p]u be=e ! arrival (         
,europeans----b  ^! exi/$ on high]      
plateaus :]e ! climate 0 n tropical4    
,!re 7 civilisations 9 ,india & ! ,ea/  
,indies1 b ^! 7  import$ f ! valley ( ! 
,ganges4 ,!re are to-day int]tropical   
c\ntries :i* exhibit an active economic 
life3 ,india1 ,mexico1 !  ,antilles & ! 
seabo>d ( ,brazil4 ,nev]!less1 9 !      
great] "p  ( ! torrid zone x w\ld seem t
 ! cont9u\s high temp]ature  saps human 
en]gy1 & also r5d]s x to a great ext5t  
unnecess>y1 by  simplify+ life1 r$uc+ z 
x does ! numb] ( man's ess5tial ne$s  by
 facilitat+ ! satisfaction ( ^? :i* are1
 l alim5tation1  /rictly necess>y4    ,!
 temp]ate zone ( ! nor? is ! mo/ fav\r$ 
( all ^!4 ,x  conta9s ne>ly half ! l&   
surface ( ! globe4 ,x is also !  mo/    
populat$1 & ! av]age d5sity ( population
 is f> high]1  = x conta9s ab\t         
#a1bjg1jjj1jjj inhabitants1 or r\ghly   
speak+1  ?ree-qu>t]s ( ! population ( ! 

globe4 ,"h x is t we f9d  mass$ ! f\r   
great s\rces ( ! anci5t & mod]n         
civilisation (  ! _w1 :i* also          
correspond to ! f\r great gr\ps (       
mank9d2  ,*9a ) ,japan2 ,india1 ) !     
,deccan runn+ d[n to ! torrid zone2     
,europe1 & ! ,unit$ ,/ates & ,ea/]n     
,canada4 ,9 ! ?ree fir/  c5tres ! d5sity
 ( population is f> great] ?an 9 any o!r
 l>ge  c\ntry4 ,9 ! f\r?1 ! numb] (     
human be+s 7"s #id millions7  & ! d5sity
 are f> less2 b ?is c5tre has become "o 
( ! mo/  important1 by means ( its      
activity ( production4    ,!re rema9s ! 
temp]ate zone ( ! s\?4 ,9 ?is zone1 !   
ocean  occupies relatively ! l>ge/      
space4 ,! l& em]ges f x only at  !      
t]m9ation ( ?ree cont95ts----,am]ica1   
,africa1 & ,au/ralia1  t]m9at$ by       
,tasmania & ,new ,zeal&4 ,be=e ! arrival
 ( ,europeans1  ea* ( ^! divisions 0    
absolutely isolat$1 )\t any relations  )
 ! o!rs1 & inhabit$ by races entirely   
savage4 ,! com+ (  ! ,europeans :o      
peopl$ !m1 & ! m>itime comm]ce :i*      

ensu$1  h awak5$ !m to civilisation4 ,9 
! case ( ,am]ica1 we h se5  t free      
colonisation 0 n comm5c$ until ! n9ete5?
 c5tury4 ,9  ,africa1 at ! op5+ ( !     
n9ete5? c5tury1 !re 7 only a few  ports 
occupi$1 & ,au/ralia 0 /ill practically 
unt\*$4 ,to-day1  9 ! temp]ate zone ( ! 
s\?1 :i* comprises only a twelf? "p  ( !
 l& surface ( ! globe1 !re are #bd      
millions ( inhabitants1  ne>ly all      
civilis$ & ( ,european desc5t4 ,?is     
population am\nts to  #ae p] c5t4 ( t ( 
! globe2 its d5sity1 !re=e1 is bel[ !   
av]age4    ,x is1 h[ev]1 ! zone 9 :i* ! 
population has relatively increas$  mo/ 
rapidly s9ce ! beg9n+ ( ! n9ete5?       
c5tury1 = at !  outset x c]ta9ly did n  
c\nt a million inhabitants4 ,!          
,au/ralian  & ,african divisions h ow$  
_! good =tune to gold1 & 9 a  less]     
degree to wool2 b gold m9es are a s\rce 
( weal? :i* is  exhau/$ by exploitation4
 ,9 ,au/ralia1 :]e ! ext5t ( arable l&s 
is limit$1 immigration has at pres5t    
practically ceas$4 ,9 ,africa !  soil is

 little suit$ to culture1 & immigration 
to ! ,transvaal has  be5 recruit$ r     
among ,asiatic coolies ?an among free   
work]s (  ,european race4    ,9 ?is     
s\!rn temp]ate zone1 ! ,arg5t9e         
,republic is ! ,/ate  :i* has ! mo/     
num]\s population3 t 9 :i* ! population 
has  kn[n ! greate/ increase1 & 9 :i*   
economic conditions promise !  wide/    
developm5t 9 ! ne> future4 ,! p]fect+ ( 
refrig]at+  processes w c]ta9ly         
facilitate ! exportation ( meats1 & x is
  to be hop$ t ! int]e/s ( trade1 "u !  
necessities ( !  food supply ( ! lab\r+ 
classes1 w f9ally ov]come ! ob/acles    
:i* ! ,european produc]s oppose 9 ! way 
( imports4 ,! dem& =  :eat1 l ! dem& =  
meat1 may v>y accord+ to ! ye> & !      
protective legislation ( ! nations2 b 9 
g5]al we may say t x  w increase r ?an  
decrease1 because ! population (        
,europe1  & especially ( ,c5tral &      
,we/]n ,europe1 is = ev] increas+ 9     
numb]s & 9 d5sity1 s t already x _c     
suffice to itself by  produc+ its       

alim5t>y ne$s f its own soil1 & 9       
proportion z  x becomes weal?i] x w     
consume m :ite bread & m but*]s'  meat4 
,! ,unit$ ,/ates & ,canada cont9ue to   
export :eat2 b !  rapid increase ( !    
urban & indu/rial population ( ! ,unit$ 
,/ates w assur$ly limit ?is exportation 
to a v great ext5t 9  ! tw5tie?         
c5tury4#aj    ,footnote #aj3 ,!         
consumption ( :eat 9 ! ,unit$ ,/ates    
av]ag$ #bjj  million bu%els betwe5 #ahga
 & #ahge1 & #eca million betwe5 #aijc & 
#aijg4 ,! exportation av]ag$ #fb million
 bu%els betwe5 #ahga & #ahge1  & #abb   
million betwe5 #aijc & #aijg4    ,!     
,arg5t9e ,republic1 :]e ! h>ve/ is due 9
 ,janu>y1 s t its  :eat arrives 9 !     
,european m>kets by ,m>*1 is ! c\ntry   
de/9$  to pr(it ! mo/ by ^! advantages4 
,x mu/ le>n h[ to make use (  !m wisely1
 practis+ a policy ( peace & concord1   
increas+ its  p[]s ( /ability by !      
developm5t ( ! s5tim5t ( nationality1  &
 by inspir+ confid5ce bo? 9 =eign       
capitali/s & 9 immigrants  by accumulat+

 capital ( its own1 & by le>n+ to reta91
 9 spite  ( success1 ! =esight :i* w>ns 
( p]ils & ! prud5ce :i*  avoids !m4     
,e4 ,,levasseur1                        
,memb] ( ! ,in/itute1                   
,adm9i/rator ( ! ,college ( ,france4    
,,introduction      ,?is book1 int5d$ to
 make kn[n 9 ,europe ! pres5t situation 
& !  economic future ( ! ,arg5t9e       
,republic1 comes at an opportune mom5t  
to fulfil its mission ( popul>isation4  
,dur+ ! la/ t5 ye>s ( ! n9ete5? c5tury !
 ,arg5t9e has  suff]$ all ! mis=tunes & 
kn[n all ! disa/]s t c affect  a rural &
 agricultural p4 ,! locu/1 com+ f !     
,tropics1  dev\r$ ! crops2 an?rax1      
import$ f ,europe1 decimat$ ! cattle2  !
 ?reats ( a w> ) ,*ili impos$ enorm\s   
exp5ses & exhau/$  ! national rev5ue2   
f9ally1 a comm]cial & indu/rial crisis1 
&  dome/ic di/urbances1 consequ5t ^u !  
g5]al mis=tune1 complet$  ! tale (      
calamities :i* put ! vitality ( ! nation
 to ! te/4    ,b z !re is no night s    
long t x has no dawn1 all ^! %ad[s  fl$ 

away4 ,our qu>rel ) ,*ili 0 submitt$ to 
arbitration1 & !  decision ( ,8 ,maje/y 
! ,k+ ( ,great ,brita9 n only t]m9at$  a
 cause ( diff]5ce ( fifte5 ye>s'        
duration1 b re-e/abli%$  frat]nal       
relations betwe5 ! two ,republics4 ,!   
rural plagues 7  attack$ & vanqui%$ by  
measures :i* exp]i5ce indicat$ z        
prev5tive ( recurr5ce2 comm]cial &      
indu/rial prosp]ity return$2  !         
tranquillity ( ! int]ior 0 assur$2 & !  
g5]al welf>e  increas$4 ,to acc5tuate   
/ill fur!r ?is b5efic5t reaction1 !     
imm5se & f]tile pla9s ( ! pampa1 op5 to 
! activities ( !  agriculturali/s1 began
 to produce abundant h>ve/s1 :i* /ruck !
  ,european m>kets ) amazem5t1 & div]t$ 
t[>ds ! ,arg5t9e a  curr5t ( gold :i* 0 
e/imat$ at m ?an #bj1jjj1jjj1 & a  /ream
 ( immigration1 :i*1 9 ! ye> #aijd1     
br\ght #abe1jjj work]s1  & :i* promises 
to be ev5 great] 9 ! pres5t ye>4    ,!  
,arg5t9e ,republic has issu$            
triumphantly f its l5g?y &  sev]e       
ordeal2 x has em]g$ ri*]1 /rong] & m    

confid5t ( its  own de/9y ?an at any o!r
 p]iod ( its hi/ory2 & ! increase  ( its
 rev5ues & ! rapid gr[? ( its prosp]ity 
h secur$ !  att5tion ( ! great f9ancial 
c5tres ( ,europe4    ,public curiosity  
be+ ?us awak5$1 _m p h inquir$3 ,:at  is
 ! ,arg5t9e8 ,h[ f> is ! developm5t (   
its weal? a s\nd &  durable process8    
,:at is ! probable future ( its p8 ,is x
 a  meteor t fla%es brilliantly ?r\gh   
space1 or a /> ris+ ^u !  economic &    
political horizon8    ,:ile "s cont5t   
!mselves ) ask+ su* que/ions & await+   
_! reply1 ,m4 ,lew&[ski1 ! repres5tative
 ( "o ( ! greate/  cr$it e/abli%m5ts 9  
,france1 wi%$ to ga9 "s practical       
exp]i5ce  ( ! ph5om5on4 ,he took ! mo/  
c]ta91 mo/ practical means2 took  /eam]1
 cross$ ! ocean1 & l&$ 9 ! ,arg5t9e4 ,) 
! le>n$  collaboration ( ,seor ,alb]to  
,m>t9ez1 "o ( ! mo/ compet5t (  m5 9    
matt]s ( /ati/ics & f9ance1 he made a   
pr(\nd /udy (  economic que/ions1 & !   
pres5t book is ! outcome ( _! common    
obs]vations4    ,?is book %\ld be read  

by all ^? :o are n conv9c$ t ! ^w       
,europe sums up all humanity2 b :o take 
! pa9s1 on ! contr>y1 to  foll[ !       
developm5t ( all o!r nations2 und]/&+ h[
 necess>y  x is = ! great nations to    
obs]ve ! progress & evolution (  ! y\ng]
 peoples4 ,?us !y avoid ! risk ( be+    
surpris$ by !  sudd5 app>ition ( great  
economic or political =ces :i* !y _h  n 
=ese51 or by :i* !y _h n kn[n h[ to     
pr(it4    ,s\? ,am]ica suff]s f a       
prejudice t we _c unhappily disclaim  z 
be+ unju/ifi$4 ,! direct+ classes 9     
,france1 z 9 all o!r  ,european nations1
 ) ! exception ( a small comm]cial &    
f9ancial  circle1 seem to h be5 kept 9  
int5tional ignorance ( all ?+s  relat+  
to ! nations ( ! new cont95t4 ,!        
,arg5t9e1 ,*ili1  ,brazil1 ,v5ezuela1   
,ecuador1----c\ntries sep>at$ "o f ano!r
 by  enorm\s di/ances----are none !     
less1 = ! g5]ality ( ,europeans1  m or  
less "o & ! same ?+2 t is1 !y =m a k9d (
  a geographical nebulosity1 :i* is kn[n
 z ,s\? ,am]ica4 ,!  po/-(fice employs (

 ,bu5os ,ayres h (t5 occasion to smile  
:5  !y read ! addresses inscrib$ on !   
envelopes ( lett]s dispat*$  by ! le>n$ 
& sci5tific bodies ( ,europe1 &         
,arg5t9es resid+  abroad cont9ually f9d 
food = reflection 9 ! que/ions ask$ !m  
by p]sons occupy+ ! highe/ positions4   
,yet = ! old _w !re is e inc5tive to    
/udy m closely  ! developm5t ( ^! new   
peoples4 ,x is en\gh to po9t out t  !   
,arg5t9e to-day occupies z significant a
 position z t held by  ! ,unit$ ,/ates  
at ! beg9n+ ( ! n9ete5? c5tury2 & t  its
 cont9u$ evolution w und\bt$ly1 be=e !  
end ( ! pres5t  c5tury1 give x an       
importance equal to t ( ! ,unit$ ,/ates 
at !  pres5t "t4    ,9 a conv]sation )  
,mr ,roosevelt & 8 ,secret>y ( ,/ate1   
,colonel  ,john ,hay1 ,i _h occasion to 
make ?is v rem>k1 & ! ,presid5t  repli$1
 ) ! rapidity ( judgm5t & ! affirmative 
tone :i* are  s *>act]i/ic ( 8 m9d3 8,9 
less "t ?an t2 y w f9d  fifty ye>s      
en\gh2 = y w pr(it by all our exp]i5ce &
 all !  human progress effect$ dur+ !   

n9ete5? c5tury40    ,! %ad[ ( discr$it  
:i* has hi!rto la9 ^u ,s\? ,am]ica is   
expla9$ by ! cont9ual an>*y to :i* !    
majority ( its peoples  h l5t !mselves  
s9ce ! imm5se colonial empire ( ,spa9   
?rew (f  its fett]s 9 ! fir/ qu>t] ( !  
la/ c5tury1 9 ord] to break  up into    
fifte5 sep>ate republics4 ,?is an>*y &  
disorganisation1  comp>$ ) ! ord]ly _s (
 progress :i* has reign$ 9 !  great     
republic ( ! ,nor?1 h giv5 rise to !    
belief1 to-day  g5]al1 t ! s diff]5t    
de/9y ( ^! ,/ates 0 due to !  special   
qualities & aptitudes ( ! ,anglo-,saxon 
race1 :i* ! ,lat9  races lack$4    ,?is 
belief results f a sup]ficial &         
incomplete exam9ation ( !  facts1 & has 
ga9$ easy acceptance1 ev5 9 works ( a m 
or less  sci5tific nature1 su* z ,!     
,psy*ological ,laws ( ! ,evolution (    
,peoples1 9 :i* ! au?or cites1 ) reg>d  
to ! ,lat9 races &  ! peoples ( ,s\?    
,am]ica1 a numb] ( inaccurate &         
prejudic$  facts1 :i* h be5 ga!r$ f !   
writ+s ( a dyspeptic &  ill-temp]$      

j\rnali/4 ,su* data h caus$ ,m4 ,gu/ave 
,lebon to d$uce  psy*ological laws :i*  
are h>dly fav\rable to ! ,s\? ,am]ican  
races4    ,if we wi% to ga9 "s idea ( ! 
true causes ( ?is div]sity (  de/9y     
betwe5 ! peoples ( ,nor? & ,s\? ,am]ica1
 we mu/ /udy !  orig9 ( ea* & ! p>ticul>
 =m :i* colonisation has assum$ 9  ea*  
case2 =ms impos$ by ! =ce ( hi/oric     
facts r ?an by  ! w ( man4    ,!        
,anglo-,saxons arriv$ 9 ! ,am]ican coa/s
 & f\nd$1 9 ! fir/  half ( ! sev5te5?   
c5tury1 su* cities z ,bo/on1 ,*>le/on1  
,philadelphia1 etc41 :5 ,am]ica _h      
already be5 discov]$ & explor$  by !    
,spani>ds a c5tury & a half be=e4 ,^!   
colonies 7 =m$  ( gr\ps ( families :o _h
 ab&on$ _! "m-c\ntry to seek a  new "o1 
:]e !y c\ld live & lab\r free f !       
p]secutions (  religi\s & political     
intol]ance4    ,:5 ^! colonies atta9$ a 
c]ta9 fame1 ! surplus ( !  ov]fl[+      
populations ( ,europe 0 naturally       
attract$ by ^! virg9  & f]tile l&s1     
relatively ne> at h& ?\gh across !      

ocean4 ,?us  !re =m$ a curr5t (         
immigration :i* rapidly peopl$ ,am]ica &
  utilis$ ! great natural res\rces ( its
 enorm\s t]ritory4 ,9 ?is  way 0        
gradually =m$ a new p1 :i* 0 to a c]ta9 
ext5t a  developm5t ( ! v>i\s nations f 
:i* x orig9at$1 & :i*  pres]v$ _! cu/oms
 & _! political & social habits4    ,^! 
coloni/s began by buy+ l& ( ! native    
tribes2 b1  increas+ 9 numb]s & 9 /r5g?1
 !y f\nd x m conv5i5t  to rob !m1 ?us   
=c+ ! ,r$ ,indians to retreat t[>ds !   
nor?  & we/2 & = reasons ( self-respect1
 or on acc\nt ( religi\s  pr9ciples1 no 
delib]ate attempt 0 made to m+le ) !    
indig5\s  population4    ,?is =m (      
colonisation1 ^: prime cause 0 to be    
f\nd 9  p]secution1 n 9 ! execution ( a 
preconceiv$ plan1 result$ 9 !  exi/5ce1 
at ! end ( ! eighte5? c5tury1 ( ?irte5  
colonies  peopl$ exclusively by m5 ( !  
:ite races1 orig9ally natives (  !      
c\ntries ( ,nor!rn ,europe1 :o _h       
transport$ to ?is new soil  _! mann]s & 
cu/oms1 _! social & political laws1 _!  

lib]al traditions & _! economic sy/em1 s
 t f ! mom5t  !y decl>$ !mselves        
indep5d5t1 !y 7 able imm$iately to =m  a
 s+le nation1 unit$ by all ! ties :i*   
make = ! cohesion ( a  p4#aa            
,footnote #aa3 ,! late ,signor          
,pellegr9i1 9 8 anxiety to def5d !      
,lat9 races1 is n /rictly imp>tial4 ,at 
! "t ( ! ,decl>ation  ( ,indep5d5ce !   
population ( ! ,/ates 0 v l>gely ,engli%
  7) a sub/ratum ( ,dut* 9 ,new ,york7 b
 ( diff]5t p]iods2 &  ^! diff]5t p]iods 
pres]v$ _! own traditions4 ,! diff]5ce  
betwe5 ! ,new ,engl& ,quak] & ! ,k5tucky
 trapp]1 or ! ,virg9ian  fox-hunt+      
squire1 & ! ,dut* patroon or ,highl&    
cr(t]1 0 z  great z any to be f\nd among
 ! ,lat9 races1 if n great]1 & 0  l>gely
 a diff]5ce ( arre/$ p]iods z well z a  
racial & a social  diff]5ce4 ,! result 0
 t ,f$]alism 0 accompli%$ peacefully    
only by ! g5ius ( ,hamilton4----,,trans4
    ,to atta9 su* progress1 to rea* !   
summit on :i* !y re/ to-day1  ! ,unit$  
,/ates _h only to p]si/ 9 ! same pa?1 to

 foll[ !  same groove1 & ! inconte/able 
m]it ( ?is p & ( its great  /atesm5 is t
 !y h be5 fai?ful to ! pr9ciples (      
lib]ty  & equality :i* !y inh]it$ f _!  
ance/ors1 ! v5]able  8conscript fa!rs02 
pr9ciples :i* !y ratifi$ 9 ! admirable  
,con/itution :5ce ?is va/ political     
organism has d]iv$ its  cohesion1 its   
vitality1 & its /r5g?4    ,h[ diff]5t 7 
! orig9s ( ! peoples ( ,lat9 ,am]ica6 ,!
  ,spani% sailors did n cross ! ocean l 
! pass5g]s ( !  ,mayfl[]1 or !          
companions ( ,p5n1 seek+ solit>y %ores1 
kn[n  ?\gh di/ant1 :]e !y might e/abli% 
a home1 !re to live &  lab\r 9 peace &  
lib]ty4    ,! ,spani% navigators1 z     
brave z !y 7 audaci\s1 laun*$  !mselves 
into ! unkn[n1 guid$ only by _! own     
g5ius1 9 ord] to  discov] a _w1 to      
conqu] new l&s1 new subjects1 = _!      
c\ntry  & _! k+2 & 9 ! pursuit ( t h]oic
 dream !y p]=m$  exploits :i* to ?is day
 amaze u by _! audacity4    ,^! 7 !     
fam\s conqui/adores1 :om "o ( _!        
desc5dants1  ,jos ,m>ia ,hrdia1 has     

celebrat$ 9 ! admirable l9es3----       
8,z f ! natal *>nel-heap a flight       
,( falcons3 sick ( purseless pride at   
home            ,by ,murcian ,palos     
pilots & capta9s come        ,) brutal &
 h]oic dreams alight3          ,!y seek 
! fabul\s ore t comes to bir?           
,& rip5s 9 ,cipango's di/ant m9es1      
,& ! trade-w9d _! long late5s incl9es   
,t[>d ! dim limits ( ! ,we/]n e>?40     
,^! fir/ colonis]s ( ,spani%            
,am]ica----soldi]s1 mission>ies1        
(ficials1 adv5tur]s1 m5 )\t             
family----seiz$ ^u a :ole  cont95t1 :i* 
!y discov]$ & conqu]$ at ! price (      
unhe>d-(  ex]tions4 ,!y p>cell$ out !   
l&1 subjugat$ ! native tribes1  r$uc+ !m
 to s]vitude 9 _! fam\s encomi5das1 or  
putt+  into exp]im5tal practice1 z 9 !  
,jesuit missions1 !ories (              
collectivism1 :i* is to-day reg>d$ z a  
mod]n inv5tion4 ,x 0 a  true feudal     
sy/em t arose 9 ! new _w4#ab            
,footnote #ab3 ,x mu/ be rememb]$1 9    
comp>+ ,nor? ) ,s\?  ,am]ica1 t ! =m]   

also _h its p]iod ( ext5sive slav]y1 its
  plantations work$ by convict lab\r1 & 
= a p]iod an almo/ feudal               
sy/em4----,,trans4    ,if1 on ! "o h&1 !
 native races 7 initiat$ into ! doctr9es
  ( ,ca?olicism 9 ex*ange = _! lib]ty & 
indep5d5ce1 !y  did n1 on ! o!r h&1     
receive f _! ma/]s any political        
in/ruction1 b pres]v$ _! habits (       
submission & passive  ob$i5ce to _!     
*ief1 :i* con/itut$ _! sole political   
tradition4    ,:51 !re=e1 ! day (       
emancipation arriv$1 & ?is enorm\s      
colony1 9 arms aga9/ its oppressors1    
decl>$ itself indep5d5t1 &  divid$      
itself into sev]al ,republics1 ! great  
mass ( ! population  consi/$ ( ,indians 
conv]t$ to ,*ri/ianity1 & half-bre$s1 :o
  pres]v$ _! habits un*ang$ & _h no     
ideas1 no traditions1 o!r  ?an t (      
gov]nm5t by individual might4    ,only 9
 ! urban c5tres did ! :ite race1 ) its  
conception (  political in/itutions1    
pr$om9ate4 ,& :5 ! new ,gov]nm5t wi%$   
to organise itself 9 an indep5d5t mann]1

 ! two t5d5cies &  traditions1 :i*      
correspond to two di/9ct m5talities1    
viol5tly  cla%$1 & began t long /ruggle1
 n :olly t]m9at$ ev5 to-day1  ( :i* !   
hi/ory is ! hi/ory ( an>*ism 9 ,am]ica4 
,ano!r factor t also procur$ ?is        
conflict 0 ! colonial  political economy
 ( ,spa91 :i* 0 n only a mi/ake1 b a    
mi/ake  ( ! p]iod2 an error :i* clos$ ! 
:ole cont95t to comm]ce1  %ut x away f !
 out] _w1 & ma9ta9$ ^! masses (         
humanity 9 ignorance & isolation1 9 ord]
 to exploit !m simply z a  ma*9e1 or z  
an elem5t ( weal? = ! s]vice ( _! ma/]s4
    ,! problem :i* confront$ !          
politicians ( ,s\? ,am]ica :5 !y  f\nd  
!mselves face to face ) ?is new p1 :om  
!y mu/ (  necessity organise1 0 ?us v   
diff]5t f1 & f> m difficult  ?an !      
problem :i* ! f\nd]s ( ! ,nor? ,am]ican 
,union _h to  resolve4    ,^! native    
masses obey$ ) all _! might & ) ! utmo/ 
en?usiasm s long z x 0 a "q ( fight+    
aga9/ ! =eign  troops & ( w9n+ _!       
indep5d5ce2 b1 victory once assur$1     

guid$ by _! lead]s1 ! caudillos1 mo/ (  
:om 7 :ite1 !y  revolt$ aga9/ ! t5d5cies
 :i* began to %[ !mselves among  !      
,europeans ( ! cities1 & 9 _m places    
succe$$ 9 dom9at+  ov] !m by =ce (      
numb]s1 ?us prev5t+ all political &     
adm9i/rative progress1 & ma9ta9+1 z _!  
=m ( gov]nm5t1  ! p]sonal1 arbitr>y1 &  
irresponsible p[] ( a lead]1 t is1 (  ! 
caudillo4    ,! writt5 ,con/itutions :i*
 ^! p _h e/abli%$ ^u  decl>+ _!         
indep5d5ce1 & :i* 7 inspir$ by !        
,con/itutions ( ! ,unit$ ,/ates or !    
,swiss ,republic1 7 ?us  r$uc$ to a dead
 lett]1 z !y 7 9 complete contradiction 
to !  political habits ( ! mass ( !     
populace1 & requir$1 = _!  application1 
a political education :i* ! peoples (   
,s\? ,am]ica did  n possess4 ,a :ole    
c5tury _h to elapse be=e immigration1   
mat]ial  int]e/1 & ! influ5ce (         
civilisation1 7 able sl[ly to modify  ! 
political m5tality ( ^! peoples1 by     
re9=c+ & popul>is+  ! pr9ciples (       
gov]nm5t1 extirpat+ ! elem5ts &         

suppress+  ! causes ( ! an>*y :i* _h s  
long di/urb$ !m4    ,among ! nations :i*
 exp]i5c$ ^! b5efic5t influ5ces1 !      
,spani% colony kn[n z ! ,vic]oyalty ( ! 
,rio de la ,plata1 to-day  ! ,arg5t9e   
,republic1 0 q specially fav\r$4 ,its   
t]ritory1  compos$ ( imm5se prairies1 ! 
celebrat$ ,arg5t9e 8pampas10  /ret*+ f !
 sea-coa/ & ! riv] littoral1 (f]$ !     
unique  weal? ( _! f]tility & _!        
climate4 ,!re 7 no m9es ( gold  or silv]
 to ar\se ! gre$ ( adv5tur]s2 !y came to
 ^! regions  only to trav]se !m1 & s to 
proce$ imm$iately to ! gold-be>+        
regions ( ! di/ant ,cordill]as4         
,moreov]1 ! fir/ coloni/s :o e/abli%$   
!mselves on ! banks (  ! ,plata1 repuls$
 & expell$ by ! natives1 7 =c$ to ab&on 
a c]ta9 numb] ( cattle & horses1 :i*    
f\nd 9 ^! prairies an  admirable        
opportunity to live & multiply 9 fre$om1
 until f9ally !y  =m$ ! imm5se h]ds (   
wild cattle & horses1 ^: hides became  !
 pr9cipal weal? & ! *ief article (      
comm]ce ( ^! regions4    ,al?\gh ! ,rio 

de la ,plata _h no comm]cial relations )
 ! outside  _w1 & 0 only able to trade )
 ,cadiz1 ! imm5sity & !  solitude ( its 
%ores fav\r$ a contrab& trade2 to su* a 
degree t  ,engli%1 ,dut*1 & ,portuguese 
smuggl]s came f all p>ts to ex*ange  _! 
manufactur$ articles = ! hides ( ^! wild
 h]ds4----,?is x  is t expla9s h[ ,bu5os
 ,ayres 0 able f ! outset to become a   
great comm]cial c5tre1 9 :i* ! trades   
dep5d5t ^u /ock-rais+  quickly occupi$ !
 fir/ place4    ,comm]cial activity1 !  
developm5t ( communication by sea1 !    
f]tility ( ! soil1 ! climate----all     
contribut$ f ! e>ly days  ( emancipation
 to attract ,european immigration4 ,?is 
immigration1 l  t :i* peopl$ ! ,am]ica (
 ! nor?1 0 compos$ ( families :o  came  
to settle1 to =m new homes1 to lab\r4   
,^! families1 foll[+  ! example ( _!    
pr$ecessors 9 ! ,unit$ ,/ates & = ! same
  causes1 did n m+le ) ! native tribes1 
b /ruggl$ aga9/  !m1 & =c$ !m to ab&on  
_! l&s & fly to ! s\?1  until at la/1   
aft] a long & cruel /ruggle1 !y almo/   

completely  disappe>$4    ,?is          
immigration increas$ ye> by ye>1 &      
to-day ! great majority (  ! population 
( ! ,arg5t9e ,republic----a population  
n[ exce$+ #e  millions----is ( ,european
 orig94    ,t ?is immigration1 :i* fl[s 
f all ! nations ( ,europe1 has  be5 !   
*ief ag5t ( ! pres5t prosp]ity ( !      
,arg5t9e1 &  is ! condition ( its future
 greatness1 is an inconte/able fact4    
,"o ( our lead+ /atesm5 has decl>$1 (   
,am]ica1 t 8to gov]n  is to p02 & ?is   
aphorism has rema9$ a fundam5tal        
pr9ciple  ( gov]nm5t4 ,to recognise !   
full =ce ( ?is ass]tion1 we mu/  reflect
 t ^! unusually f]tile prairies1 situat$
 9 a privileg$  climate1 ne> ! sea-coa/ 
or on ! banks ( enorm\s riv]s1 navigable
  ev5 by transatlantic /eam]s1 ne$ no?+ 
b human lab\r to  trans=m !m1 ) less    
ef=t & at less exp5se ?an any:]e else  9
 ! _w1 into imm5se fields ( :eat or     
maize1 or pa/ures (  luc]ne1 cov]$ )    
h]ds1 able to produce bread & meat en\gh
 to  fe$ all ,europe4    ,accord+ly !   

agricultural production ( ! ,arg5t9e    
,republic  is limit$ only by ! numb] (  
h&s :i* l5d !mselves to its             
exploitation2 9 :i* we h a repetition ( 
! v ph5om5on :i*  has s]v$ z ! f\ndation
 ( ! developm5t ( ! ,unit$ ,/ates4      
,"u ^! conditions ! progress ( !        
,arg5t9e ,republic is a  necess>y &     
inevitable fact1 :i* extraord9>y        
circum/ances might  = a "t ret>d1 b :i* 
no?+ c\ld f9ally arre/2 except1  inde$1 
"o c\ld re/ra9 ! daily exodus ( fre%    
sw>ms f !  human hive1 :i* ab&on ! old  
soils1 exhau/$ by production1 to seek   
out ! f]tile1 virg91 & unpeopl$ areas ( 
! globe4    ,hi!rto ?is exodus has be5  
direct$ pr9cipally to ! ,unit$ ,/ates2  
attract$ ?i!r by a ho/ ( special &      
fav\r+ circum/ances4 ,b  ! "t is rapidly
 approa*+ :5 ,nor? ,am]ica 9 turn w f9d 
h]self populat$ to ! saturation po9t1 & 
w no long] be able to  receive ! ho/s   
:i* b5efit$ h] =m]ly4 ,! laws ( ! ,unit$
  ,/ates are already beg9n+ to impose   
conditions ^u immigration :i*  are      

con/antly becom+ m sev]e2 & ^! laws are 
impos$ by !  two great political        
=ces----! sup]ior social classes & ! l[]
  classes ( ! p4    ,! upp] classes1    
,anglo-,saxon 9 orig91 fe> t contempor>y
  immigration1 com+ z x does f peoples (
 ali5 race1 f !  s\? or ea/ ( ,europe1  
may modify or enfeeble ^? great moral & 
political qualities to :i* !y attribute 
! greatness & prosp]ity  ( _! nation4   
,on ! o!r h&1 ! f$]at$ work]s see 9 ^!  
new arrivals1 heal?y & vigor\s1 b hav+  
few] ne$s1 a s\rce  ( dang]\s           
competition1 :i* may h a disa/r\s       
influ5ce on  conditions ( lab\r &       
paym5t4    ,! /ream ( irrigation :i* is 
n[ sett+ 9 t[>ds ! ,unit$  ,/ates1 & :i*
 am\nt$ 9 numb]s to #hjj1jjj 9 ! ye>    
#aijd1 mu/  necess>ily !re=e1 z "t goes 
on1 turn aside 9 o!r directions1  & z x 
w n[h]e meet ) m advantage\s            
circum/ances ?an 9  ! ,arg5t9e1 x w fl[ 
?i!r z x fl[s already1 b 9 great]  &    
great] numb]s1 result+ 9 a developm5t ( 
weal? & p[]  sup]ior to any hi!rto kn[n4

    ,"s p]sons1 h[ev]1 =mulate c]ta9    
res]vations z to !  consi/5cy & !       
political & social value ( nations =m$  
by ^!  human inundations1 compos$ z !y  
are ( m5 ( diff]5t races1 hav+  nei!r ! 
same language1 nor ! same religion1 nor 
! same cu/oms2  !y d\bt :e!r ?is new    
,babel c give bir? to a national _s     
suffici5tly vigor\s to impress a "* (   
political & moral unity  ^u ^! new      
recruits4    ,9 ord] to prove t ^! fe>s 
are ill-f\nd$1 we h only to take  !     
practical example furni%$ by ! ,unit$   
,/ates4 ,into ?is va/  national crucible
 !re p\r$1 f ! outset1 ! /ream (        
emigration  f ,great ,brita91 ,holl&1   
,france1 & ,spa92 lat] came ,sc&9avians1
  ,g]mans1 ,li?uanians1 ,poles1         
,hung>ians1 ,italians1 ,syrians &       
,arabs4  ,f ! fusion ( all ^! elem5ts   
has issu$ a new race1 homog5e\s  &      
p[]ful1 ) a /rong national _s :i* is    
kn[n z 8!  ,am]ican _s10 & "u t "n has  
won ! respect ( ! _w4  ,?is result is   
nei!r accid5tal nor due to special      

antec$5ts2 x is  ! consequ5ce ( a       
natural evolution1 ably & intellig5tly  
direct$4    ,! ,european law1 :i*       
attributes to ! son ! nationality ( 8   
fa!r1 may h _h its ju/ification 9 ! pa/2
 to-day x is  ma9ta9$ only by =ce (     
tradition4    ,nationality & love (     
c\ntry are only an ext5sion ( ! love ( !
  family & ! home2 & ^! s5tim5ts _c1 any
 m ?an o!rs1  be =c$ ^u "o by law4 ,!re 
c exi/ = a man only ! home &  ! family 9
 :i* he 0 born & br$4 ,d\btless he w    
feel himself  atta*$ to ! home ( 8 =be>s
 by ties ( s5tim5t & respect2  b all !  
roots ( 8 intimate feel+s b9d him to !  
home & !  family into :i* he 0 born2 !y 
are 9 8 blood1 & !nce he has  receiv$ ! 
fir/ impressions :i* m\ld 8 "* & impr9t 
^? *>act]i/ics :i* =m 8 p]sonality4     
,x is ! same ) nationality & !          
"m-c\ntry4 ,x is useless to  attempt to 
p]suade ei!r *ild or man t 8 c\ntry is n
 t 9  :i* he 0 born1 9 :i* he has gr[n  
up1 b ano!r di/ant c\ntry  :i* he has   
nei!r kn[n nor se54    ,! diff]5ce (    

orig9 among ! *ildr5 ( immigrants (     
diff]5t  nationalities disappe>s 9      
*ildhood1 ?r\gh ! community ( life 9    
s*ool & work%op2 ?r\gh %>+ alike 9 "w & 
play2 & x is 9  ! e>li] ye>s ( life t ! 
m9d is m\ld$ by its surr\nd+s2  9 ^!    
ye>s develops t feel+ ( atta*m5t to !   
soil1 ( union1  solid>ity1 & common     
memories1 t %[s itself lat] 9 an ard5t  
patriotism4 ,unity ( language necess>ily
 fav\rs ! process ( fusion1  & expla9s !
 fact t ! desc5dants ( immigrants (     
diff]5t  race1 religion1 language1      
habits & traditions1 are able to fuse s 
completely z to =m a p]fectly homog5e\s 
population1 "o 9 m9d &  9 s5tim5t1 ?us  
con/itut+ a new nationality1 "y1 vigor\s
 &  /rongly individual4    ,we h ?us "u 
our eyes a practical example ( ! unity (
 ! human  race4 ,! haz>ds ( life1 9 !   
c\rse ( c5turies1 hav+ disp]s$  !       
primitive race ?r\gh\t ! e>?1 x has =m$1
 "u !  influ5ce ( circum/ances1 new     
types1 :i* 9 ! c\rse ( "t h  met & m+l$1
 to =m new crosses 9 _! turn1 :i* z a   

matt] (  fact are only ! modalities ( a 
common primitive race4    ,! same       
ph5om5on is be+ repeat$ 9 ! ,arg5t9e1 z 
9 all  ! ,am]ican republics1 & !        
spontane\s & vital s5tim5t (            
nationality cont9ually /rikes ! obs]v]1 
:o notes ! pride )  :i* a *ild born 9   
,arg5t9a1 :e!r he be ! son ( a ,spani>d1
  ,fr5*man1 ,italian1 or ,g]man1        
affirms1 :5 que/ion$1 t 8  c\ntry is !  
,arg5t9e4    ,?us ?is ,republic         
possesses all ! requisite conditions (  
becom+1  ) ! passage ( "t1 "o ( !       
greate/ nations ( ! e>?4 ,its  t]ritory 
is imm5se & f]tile1 its surface be+     
equal to t ( all  ,europe1 except+      
,russia2 x is capable ( support+ ) c>e  
at lea/  #ajj millions ( human be+s2    
almo/ e climate is to be f\nd )9  its   
limits1 &1 consequ5tly1 x c yield all   
products1 f ^? (  ! tropics to ^? ( !   
pol> regions4 ,its riv]s & its m\nta9s  
are among ! greate/ ( ! globe4 ,z its   
m>itime fronti] x has !  ,atlantic1 :i* 
br+s x into contact ) ! :ole _w4    ,x  

is gov]n$ by in/itutions m lib]al ?an ^?
 ( any o!r  nation1 especially 9 all t  
affects ! =eign]2 x reg>ds !  influx (  
immigration ) approval1 & seeks to      
promote x4 ,9  proportion z its va/     
vacant spaces become peopl$ _! value is 
increas$ t5fold1 & production gr[s at an
 enorm\s pace2 = a  s+le family1 by !   
aid ( mod]n ma*9]y1 c exploit a l>g]    
area ( soil1 yield+ a produce f> great] 
?an is requir$ = its  own consumption2 a
 fact :i* expla9s ! surpris+ rate at :i*
 !  export trade has increas$4    ,su*  
are ! true causes ( ! prosp]ity ( ?is   
c\ntry1 z is prov$1  ) abundant detail1 
by ,,mm4 ,m>t9ez & ,lew&[ski2 & z ^!    
causes are n accid5tal1 b fundam5tal &  
p]man5t1 !y %\ld  produce 9 ,s\? ,am]ica
 ! same results z 9 ! ,nor?4    ,grant$ 
t weal? & prosp]ity are ess5tially      
cons]vative elem5ts1  we h "h a s]i\s   
gu>antee ( political /ability2 ! m s z  
! c\ntry has already pass$ ! difficult  
age & is cur$ ( !  malady endemic to    
,s\? ,am]ica----an>*y4    ,x is also to 

be hop$ t our ,arg5t9e politicians1     
taught by  exp]i5ce1 & compreh5d+ all ! 
responsibilities impos$ ^u  !m by _!    
noble mission----! "w ( racial          
reg5]ation & !  bett]m5t ( ,s\?         
,am]ica----w succe$ 9 mak+ con/itutional
  gov]nm5t an actual fact1 by re/ra9+ & 
uproot+ ! t5d5cy to  p]sonal p[]1 :i* is
 ! lam5table h]itage ( indig5\s         
tradition4    ,x is a great nation t is 
ris+ on ! br9k ( ! tw5tie?  c5tury2 !   
mi/ress ( an enorm\s inh]itance4        
,immigration & !  increase ( ! bir?-rate
 are furni%+ x ) ! arms x requires2  x  
lacks only ^? res]ves ( capital :i*1 l  
all new peoples1 x  has n z yet _h "t to
 create4    ,9 no c\ntry c ,european    
capital f9d a m f]tile or advantage\s   
field = its op]ations3 a fact already   
well kn[n 9 ,engl&2 & "o  ! au?ors ( ?is
 book h wi%$ to emphasise = ! great]    
b5efit  ( ,fr5* capital4 ,9 ?is !y s]ve 
! int]e/s ( ,france &1 /ill  m          
p>ticul>ly1 ^? ( ! ,arg5t9e ,republic2 &
 9 ! "n (  my own compatriots1 z well z 

= myself1 ,i take ?is opportunity (     
express+ my s9c]e gratitude4            
,c4 ,,pellegr9i4                        
,,! ,,arg5t9e ,,9 ,,!                   
#bj,,? ,,c5tury                         
,,g5]al ,,plan ,,& ,,me?od ,,( ,,?is    
,,book      ,be=e comm5c+ a /udy ( !    
f9ancial & economic situation 9 !       
,arg5t9e ,republic1 x is important to   
decide at ! outset z to !  _s 9 :i* ?is 
exam9ation %\ld be pursu$1 & ! me?od mo/
  prop] to su* an inquiry4 ,we tread ^u 
a novel & peculi> field1 &  any too     
rigid comp>ison ) ! ev5ts ( o!r c\ntries
 might easily  lead u to errors (       
appreciation4    ,above all we mu/      
practise ! philosophical pr9ciple nil   
admir>i2  we mu/ be a/oni%$ at no?+1 &  
ab/a9 f all too absolute  judgm5ts4     
,al?\gh1 z ! figures ( =eign trade w %[1
 !  progress ( ! c\ntry has surpass$ all
 expectation1 x is1 on !  o!r h&1 almo/ 
impossible to =etell h[ f> ! results (  
"o ye>  w be ratifi$ by ! ye> foll[+4   
,l all "y nations1 ! ,arg5t9e progresses

 on its pa? to !  unkn[n by leaps &     
b\nds2 x is z yet 9 an un/able          
condition1 9  :i* ! oscillations (      
prosp]ity are /ill ( great amplitude &  
exce$+ly sudd54    ,x is easy to disc]n 
! cause ( ?is ess5tially un/able        
condition4    ,! ,arg5t9e1 9 its pres5t 
phase1 is an agricultural c\ntry1 ^:    
pr9cipal s\rces ( weal? are c]eals &    
/ock-rais+2 ! result  is t ea* ye> !    
:ole life ( ! c\ntry is affect$ by !    
h>ve/4#ac ,on ! h>ve/ dep5ds1 9 a great 
degree1 ! movem5ts (  ext]nal comm]ce2 x
 produces ^? sudd5 *anges :i* occur f   
ye> to ye>1 & :i* result occasionally 9 
a v>iation ( #h1jjj1jjj  to #ab1jjj1jjj 
above or bel[ ! av]age4    ,footnote    
#ac3 ,we use ! ^w h>ve/ "h 9 its wide/  
s5se1 b we  mu/ ultimately di/+ui% !    
results ( /ock-rais+ f ^? (             
agriculture1 s9ce !y d n necess>ily v>y 
9 ! same direction4    ,! h>ve/         
influ5ces n only ! exports1 m ?an half (
 :i*  consi/ ( agricultural products1 b 
has no less an influ5ce on !  value (   

importations4#ad    ,footnote #ad3 ,!   
value ( ! exports 9 #aijg 0 #ei1bdj1hgd1
 &  accord+ to ! (ficial figures !      
products ( agriculture am\nt$ to        
#cb1hah1cbd4    ,! national p[]s (      
consumption are1 9 fact1 v intimately   
connect$ ) ! measure ( ! agricultural   
output2 z ! latt]  is bad or good1 !    
home consumption absorbs m or few]      
import$  products4 ,?us ! poor h>ve/s ( 
#aija & #aijb1 :i* result$ 9 a  fall (  
ne>ly #a1hjj1jjj 9 ! c]eal exports1     
produc$ 9 #aijb a fall  ( #hjj1jjj 9 !  
imports ( iron & mat]ials us$ =         
con/ruction4  ,! same depression 0      
visible 9 ! imports ( textiles &        
bev]ages1  & /ill m s 9 ^? ( articles de
 luxe4 ,! sp5d+ p[]s  ( ! c\ntry be+    
closely dep5d5t on ! facility ( realis+ 
!  products ( ! soil1 x is easy to      
und]/& t 9 ! case ( a bad  h>ve/ or a   
poor m>ket ! consum]s h no long] ! same 
p[]s (  pur*ase4    ,we f9d ! same ups &
 d[ns 9 ! figures ( ! ,budget1 !        
contributive p[]s ( ! c\ntry be+        

influ5c$ by ! same causes  z its        
consumption4 ,if ! crops are poor1 !    
,budget ( ! foll[+  ye> %[s imm$iate    
traces ( ! fact4 ,?us 9 #aijb1 ! ye> ( !
  bad h>ve/1 ! total receipts 7 e/imat$ 
at #e1ecd1jjj 9 pap]1  & #i1dhf1ffi 9   
gold2 b ! actual receipts 7 only        
#e1bba1jjj 9  pap]1 & #h1jdg1gee 9 gold2
 a deficit ( #a1dch1iac 9 gold4    ,at !
 same "t ! ,cu/oms receipts1 :i* are !  
mo/ v>iable item  ( ! rev5ue1 on acc\nt 
( _! direct relation to consumption1 h  
fall5 f "o ye> to ano!r 7z 9 #aijc      
comp>$ ) #aijb71 z mu*  z #a1bjj1jjj 9  
consequ5ce ( ! agricultural crisis4     
,!re is an equally direct relation      
betwe5 ! f9ancial situation &  ! results
 ( ! h>ve/4 ,if ! comm]cial balance is  
fav\rable1 !  ,arg5t9e becomes a cr$itor
 ( =eign c\ntries by ! excess ( its     
exportations1 & ! result+ paym5ts 9     
gold1 aft] ! d$uctions  ( ! int]e/ on ! 
=eign debt1 increase ! proportion betwe5
 !  metallic curr5cy & ! monet>y        
circulation 9 g5]al4    ,z ^! few       

examples prove1 ! prosp]ity ( ! c\ntry  
is  subord9at$ to ! result ( ! h>ve/2 ! 
latt] gives ! measure  ( all improvem5t1
 all progress ( a f9ancial & economic   
ord]4  ,unlike ! anci5t ,european       
nations1 ! ,arg5t9e ,republic has no    
res]ves ( accumulat$ capital beh9d x1 s 
t x c live on its own  sav+s 9 times (  
crisis4 ,its comm]ce & its indu/ries    
dep5d almo/  exclusively ^u its         
agricultural yield1 & %>e all ! latt]'s 
vicissitudes4    ,all dep5ds on ! value 
( ! soil1 ! basis ( public & private    
weal?4 ,! p[] ( exp5diture :i* foll[s a 
good h>ve/ may  contribute t[>ds prov+  
p]sonal prop]ty1 b ! latt] rema9s       
always /rictly relat$ to ! agricultural 
yield & g5]al produce (  ! soil1 & does 
n con/itute an easily-realis$ res]ve4   
,= ! re/1 we mu/ recognise t1 z a rule1 
?is capital does n  rema9 inactive1 & is
 z little z possible /]ilis$ by inve/m5t
  9 ! public funds4 ,^? :o possess      
available ca%1 9 ! %ape  ( rev5ue f a   
l>ge e/ate1 usually employ x by increas+

 _!  /ock ( cattle1 or 9 reclaim+ m l&1 
or by inve/+ x 9 o!r  e/ates2 s t all t 
comes f ! e>? returns to ! e>?1 &  goes 
to increase its yield4    ,! peculi>    
situation ( ?is great agricultural      
c\ntry1 :i*  con/itutes at once ! /r5g? 
& ! in/ability ( ! ,republic1  %[s u 9  
:at _s & by :at me?od x %\ld be /udi$4  
,all  dep5ds ^u ! yield ( ! soil1 = ?is 
is ! great disp5s] (  ! national weal?2 
x is !re=e ! agricultural sy/em t we mu/
  exam9e fir/ ( all1 if we wi% to arrive
 at a solution ( ! problems  aris+ f !  
pres5t condition ( ! ,arg5t9e or pr$ict 
its future4    ,to foll[ out ?is g5]al  
plan1 we mu/ consid] ! c\ntry fir/  (   
all f two /&po9ts3 we mu/ exam9e into   
its production &  its m>kets or outlets1
 9 ord] to le>n ! true conditions ( its 
exi/5ce1 ! value ( its soil1 & its      
s\rces ( rev5ue4    ,we %all !n proce$  
to exam9e its adm9i/rative ma*9]y1 %[+  
h[ ! ,arg5t9e lives & progresses z a    
nation1 & to analyse its  f9ancial &    
monet>y organisation ) ref]5ce to !     

economic  situation4    ,! two portions 
( ?is s*eme are closely connect$1 & _!  
/udy  mu/ lead u to ! same conclusion1 t
 ! ,arg5t9e is a nation 9  a /ate (     
gr[?1 &1 l all "y nations1 /ill unc]ta9 
( its  fir/ /eps2 b x is animat$ by a _s
 ( initiative1 & urg$ by  ! brea? (     
progress1 :i* may lead x to a high de/9y
 among !  great productive c\ntries ( ! 
e>?4                               ,,!  
,,arg5t9e ,,nationality#ae    ,is !re an
 ,arg5t9e nationality1 & :at is its     
significance 9      respect ( ! t]ritory
 x occupies8----,! =mation ( ?is        
nationality4    ,an exam9ation ( !      
qualities ( ! ,arg5t9e p4----,s5se      
( progress2 rem>kable faculty (         
assimilation3 "*      ess5tially        
practical4----,! fusion ( ! ,lat9 g5ius 
)      ,anglo-,saxon en]gy4    ,!       
contra/ betwe5 ! political _w1 ) its    
in/ability &      lack ( organisation1 &
 ! economic _w1 :i* manife/s      int5se
 vitality & national progress4----,!    
necessity (      develop+ ! national    

idea1 & ( rais+ x above mat]ial         
que/ions4----,! sl[ elaboration ( a new 
race born ( !      v>i\s elem5ts (      
immigration4      ,footnote #ae3 ,we mu/
 "h expla9 t ! ,arg5t9e possesses two   
curr5cies3 ! pia/re or doll>1 ^: value  
is #e francs1 & ! pap]  pia/re1 :i* by !
 law ( conv]sion is equival5t to #b     
francs #bj1 or  #as4 #gb;d4    ,z =     
weights & measures1 ! decimal metric    
sy/em has be5 adopt$4  ,9 survey+ l>ge  
areas1 ! squ>e league is occasionally   
employ$ z  unit1 :i* conta9s #bejj      
hect>es1 or #efbh acres  ab\t #i-a_/b   
squ>e  miles4    ,we %\ld also expla9 t 
! ,arg5t9e ,republic1 ( :i* ! ,f$]al    
capital is ,bu5os ,ayres1 is divid$ into
 f\rte5 autonom\s ,prov9ces  & t5       
national ,t]ritories4 ,! ,prov9ces1 9 ! 
ord] ( population1  are z foll[s3 ,bu5os
 ,ayres1 ,santa ,f1 ,crdoba1 ,entre     
,rios1 ,corri5ts1  ,tucuman1 ,santiago  
de l',e/]o1 ,m5doza1 ,salta1 ,catam>ca1 
,san ,juan1 ,san  ,luis1 ,la ,rioja1 &  
,jujuy4    ,! national ,t]ritories are3 

,la ,pampa1 ,misions1 ,nequ51 ,rio      
,negro1  ,*aco1 ,=mosa1 ,*ubut1 ,santa  
,cruz1 ! ,&es1 & ,ti]ra del ,fuego4     
,to pres5t a complete picture ( !       
,arg5t9e1 x is n en\gh  to describe its 
configuration1 its great riv]s1 its     
climate1 its  population1 its =ms (     
agriculture1 & ! value ( its soil2 all  
?is is a dead lett]1 & w by no means    
yield u ! secret ( !  c\ntry's future1  
unless we fir/ resolve "o "q ( a        
sociological  "*3 ,is !re an ,arg5t9e   
nationality1 & :at does x signify  9    
respect ( ! t]ritory :i* x occupies8    
,c\ld "o1 = in/ance1  e/imate !         
importance ( ! ,unit$ ,/ates m]ely f !  
po9t (  view ( _! agricultural & m9]al  
weal?1 )\t tak+ into  acc\nt ! "w & ! "*
 ( ! admirable ,anglo-,saxon race1  :i* 
has adapt$ itself to ,am]ican soil1 &   
has succe$$ 9 obta9+  f x its full      
value8    ,& c\ld we expla9 ! fact t    
c]ta9 c\ntries ( ,s\? ,am]ica1  :i*     
also1 ?anks to _! natural weal?1 h all !
 elem5ts (  rapid developm5t1 h rema9$  

/ation>y1 & h>dly c\nt z nations1  if ! 
"q ( race did n ?r[ light on ! my/]y1   
%[+ u  t ) ! mo/ fav\rable factors ( !  
soil1 a f]m5t is ess5tial  to />t ! gr[?
 ( ! se$8    ,conc]n+ ! ,arg5t9e1 ?is !n
 is ! problem :i* we h to  consid]1 if  
we wi% to see fur!r ?an ! pres5t mom5t1 
& to judge  9 :at measure its progress  
may be consolidat$ & ev5 accel]at$4 ,9  
o!r t]ms1 we mu/ und]/& :e!r ! ,arg5t9e 
mu/ dep5d ^u  a =tuit\s gr\p+ (         
individuals br\ght toge!r by ! v>i\s    
/reams ( immigration1 & hav+ no common  
tie b ! desire to enri*  !mselves1 or   
:e!r ^! v>i\s elem5ts are de/9$ to      
become  fus$1 & 9 "t to =m a true       
nationality1 ) its own traditions1  its 
own ideal4    ,?is latt] is naturally ! 
end to be pursu$ by ! ,arg5t9e          
,gov]nm5t1 if x wi%es to prep>e = !     
future by mak+ moral &  mat]ial progress
 g h& 9 h&4 ,its role is n to manage !  
c\ntry l a direct+ syndicate1 b to      
direct all individual ef=ts1  all       
initiative1 & all o!r available =ces1 to

 ! same national &  patriotic end4    ,x
 0 ?is idea t a ,presid5t ( ! ,republic1
 ,seor ,qu9tana1 felt  x 8 duty to      
enunciate1 :51 ^u assum+ ! ,presid5tial 
au?ority1  he /at$1 9 8 inaugural       
message3 8,i am ! head ( a nation :i*   
has  9 ,am]ica an ideal02 & he add$3    
8,!re is "o common *>act]i/ic  among u t
 0 discov]$ z e>ly z ! colonial p]iod1 9
 !  magnitude ( plans ( campaign1 9 !   
clam\r ( inte/9e conflict1 9  ! gov]nm5t
 ( ! con/itutional p]iod2 x is1 t we all
 be> 9  our he>ts ! s5se ( our future   
greatness40    ,h[ f> c ^! aspirations  
be translat$ into facts8 ,t is a  "q we 
mu/ exam9e s]i\sly & ) an absolutely    
unbiass$  judgm5t4    ,we _c /udy ?is "q
 ( ! ,arg5t9e nationality 9 books2  = a 
c\ntry :i* has be5 s rapidly c>ri$ away 
on ! tide (  mat]ial progress has b     
little "t to exam9e itself4 ,nei!r has x
  be5 able to =m a lit]ature or a       
sociology :i* might reflect !  dom9ant  
*>act]i/ics ( ! g5]ation2 x is only by  
an inquiry &  an analysis ( ! facts t we

 c isolate ?is elem5t ( nationality  f !
 v>i\s =eign elem5ts :i* h contribut$ to
 its =mation4    ,"o factor t           
facilitates our task is !               
cle>-sight$ness ( !  ,arg5t9es !mselves1
 :o are ! fir/ to recognise1 ) abundant 
good-temp]1 _! own %ortcom+s4 ,!y are   
almo/ exagg]at$ 9 _!  self-criticisms :5
 depict+ !mselves2 & our "w has be5 cut 
out  = u 9 avoid+ too ha/y g5]alisations
 & 9 s(t5+ c]ta9 too  rigor\s judgm5ts1 
al?\gh ^! emanat$ f m5 :o 7 c]ta9ly  9 a
 position to und]/& ! t5d5cies ( _!     
g5]ation4    ,"o pr9ciple dom9ates !    
:ole "q3 x is t :i* a  contempor>y      
hi/orian expresses 9 ^! t]ms3 8,:5      
peoples come into  contact !y beg9 by an
 ex*ange ( _! faults40 ,su* an          
obs]vation  might well apply to a p l ! 
,arg5t9es1 :o are n yet settl$  on _!   
own f\ndations1 & are con/antly increas$
 by immigration4    ,all ! v>ieties ( ! 
,lat9 race h contribut$ to =m ?is p3    
,spa9 & ,italy h made ! l>ge/           
contributions1 & ,france has also  9 h] 

"t contribut$ h] %>e4 ,! ,arg5t9e has   
ev5 assimilat$ a  ,basque population1 ( 
especial int]e/ on acc\nt ( its aptitude
 =  agricultural "w1 & its adaptability 
to its new surr\nd+s4    ,f9ally1 !     
,anglo-,saxons h also ent]$ ! ,arg5t9e1 
to m+le  ) ! ,lat9 elem5t1 & h giv5     
great assi/ance 9 op5+ up  ! c\ntry1 by 
sett+ an influ5tial example (           
initiative1 progress1  & en]gy4 ,?is    
p5etration ( ! ,lat9 race1 a little     
indol5t &  inactive z x is1 by !        
en]getic & progressive ,anglo-,saxons1  
enables  u ! bett] to und]/& ! good &   
bad qualities ( ! ,arg5t9e  nationality4
    ,9 %ort1 if we are to obta9 an      
unbiass$ view ( ! national  physiognomy 
( ?is adolesc5t p1 we mu/ rememb] t its 
good  qualities1 l its faults1 are !    
result ( ! comm+l+ ( !  v>i$ elem5ts :i*
 h ent]$ ! c\ntry by immigration2       
elem5ts  t h mix$ & react$ ^u ea* o!r1 s
 t _! dom9ant  *>act]i/ics h f9ally     
appe>$ 9 ! ,arg5t9e "*4    ,!re is "o   
gift :i* we _c d5y ?is p3 intellig5ce1  

jo9$ to a rem>kable p[] ( assimilation4 
,x also has t gift (  ent]prise1 t s5se 
( progress1 :i* are f\nd 9 !            
,anglo-,saxon  races1 & :i* h f\nd su*  
magnific5t scope 9 ! ,unit$ ,/ates4     
,a "y nation1 )\t a pa/1 ! ,arg5t9e is n
 imp$$1 l mo/  ( ! ,lat9 nations1 by a  
load ( cu/om1 prejudice1 & r\t9e1       
hamp]+ its motions & imp$+ its progress4
 ,pr(it+ by !  exp]i5ce ( o!rs1 x kn[s  
h[ to adapt itself to ! be/2 tak+  its  
good :]ev] x f9ds x4 ,x creates no?+1   
inv5ts no?+1 b  appropriates all new    
ideas1 :i* f9d ^u its soil ! conditions 
fav\rable to a rapid expansion4 ,x is1  
inde$1 =m$ aft] ! lik5ess  ( its own    
soil1 :i* produces )\t ef=t & l5ds      
itself admirably  to e k9d ( culture4   
,?is s5se ( progress is c]ta9ly ! mo/   
*>act]i/ic trait ( !  ,arg5t9e1 & ! "o  
by :i* x is di/+ui%$ among ! o!r ,lat9  
nations ( ,s\? ,am]ica4 ,uruguay1 =     
example1 :i* possesses a soil z  ri*1 & 
(f]s ! same facility ( transport1 has   
giv5 no pro(s (  initiative & vitality  

to lead "o to hope t %e has really ent]$
  ^u ! pa? ( progress4 ,x is ! same )   
,p>aguay & _m o!r  ,/ates1 :i* h n      
succe$$ 9 accompli%+ any ( ! *anges     
dem&$ by mod]n civilisation4    ,!      
,arg5t9e1 on ! contr>y1 has always kn[n 
h[ to d]ive b5efit  f :atev] s\rce 0    
available1 ?anks to ! curr5t (          
immigration  :i* keeps x 9 p]man5t t\* )
 =eign c\ntries4 ,x has also  assimilat$
 ! inv5tions & ! me?ods ( m civilis$    
nations1  & has attract$ m5 capable (   
apply+ !m4 ,at ! head ( ! great         
adm9i/rations ( ! ,/ate1 "o (t5 f9ds    
speciali/s f ,europe  or ! ,unit$       
,/ates1 :o br+ ! fruits ( _! exp]i5ce1 &
  increase ! intellectual possessions ( 
! nation4 ,! dep>tm5ts (  railroads1    
navigation1 public works1 & hygi5e1     
?anks to ^! happy  selections1 (f] e    
security ( effici5cy 9 op]ation4    ,"o 
may say1 x is true1 t ?is is ! result ( 
=eign influ5ce2  b :at does ! orig9 (   
all ^! improvem5ts signify 9 respect  ( 
! future1 s long z !y become incorporat$

 9 ! life ( !  ,arg5t9e & contribute to 
its evolution8 ,"o ?+ :i* proves t  !   
in/9ct = progress is at ! he>t ( !      
national temp]am5t is  t x is f\nd 9 !  
l[] /rata ( c]ta9 public s]vices 9 :i*  
! =eign elem5t plays no "p4 ,!          
adm9i/ration ( ! police1  = in/ance1 & t
 ( ! po/s & telegraphs1 to cite no o!r  
examples1 are conduct$ ) z great a      
regul>ity z 9 any ,european  c\ntry4    
,?us1 :ile all[+ t ! initiative ( all   
improvem5ts comes f  abroad1 we mu/ n   
ov]look ! fact t ! ,arg5t9e has         
assimilat$  !m ) ! utmo/ facility1 & t  
?is gift ( assimilation =ms  to-day a   
valuable portion ( ! national patrimony4
    ,despite its em95tly cosmopolitan   
"*1 :i* is a peculi>ity (  its          
developm5t1 ! ,arg5t9e ,republic has    
succe$$ 9 reta9+ its  own p]sonality    
among s _m div]se elem5ts4 ,x is ! type 
( !  mod]n nation1 ^: ideal is t ( !    
,unit$ ,/ates----bus9ess4 ,a  man is    
zonzo or vivo----a fool or m ?an        
capable----!re is no m$ium4    ,f ?is   

po9t ( view ! ,arg5t9e is at ! apex (   
its p]iod2 x  has no use = ab/ract ideas
 or immortal pr9ciples2 its ambition be+
  above all to sell its corn & cattle & 
to enri* itself4 ,beh9d !  agitation ( !
 political p>ties !re is no o!r object  
?an ?is3  to %>e 9 ! exploitation ( !   
c\ntry & to enjoy its weal?4  ,! h]oic  
p]iod is ov] = ! ,arg5t9e2 its          
indep5d5ce is to-day  def9itely assur$2 
x pursues no dreams ( conque/ n[1 b     
seeks only  pacific victories = its     
products 9 ! great int]national m>kets4 
,prosaic z ! pres5t g5]ation is1 x is n1
 f our po9t ( view1  completely )\t     
nobility2 x loves its native soil &     
glorifies x2  n1 assur$ly1 aft] ! fa%ion
 ( ,virgil salut+ ! ,lat9 soil1  f]tile 
( h]oes1 b z a l& productive ( ri*      
h>ve/s1 & !  s\rce ( mat]ial prosp]ity4 
,?is x is t expla9s ! p[]ful  attraction
 :i* ! ,arg5t9e ex]cises ^u all ^? :o h 
trodd5  its soil4 ,! c\ntry progresses )
 su* rapidity1 ! value ( !  soil        
increases 9 su* proportions1 t ! mo/    

indiff]5t end by  be+ drawn into !      
/ream4 ,^? :o come to live "h )\t any   
idea  ( f9al resid5ce make up _! m9ds to
 settle z soon z !y hold !  smalle/     
p>cel ( prop]ty4 ,:5 a man has liv$ "s  
little "t 9 !  ,arg5t9e1 & has wat*$ !  
spectacle ( its rapid developm5t1 he is 
quickly seiz$ by ! bus9ess vitality :i* 
=ces him to take "p 9  ! great movem5t4 
,?is love ( ! ,arg5t9e = 8 l& may       
c]ta9ly h its noble  side1 b he kn[s    
no?+ ( ! mov+ _s ( poetry :i* clo!s  t  
love 9 ! old c\ntries ( ,europe1 :]e man
 becomes atta*$  n only to ! cultivable 
l&1 b to all ! memories ( ! native      
village2 ! famili> hills & mead[s1 ! old
 *ur*1 & all t  puts u into             
communication ) ! s\l ( places4 ,x w\ld 
seem z  ?\gh "o holds m closely to ! e>?
 t dem&s ! mo/ lab\r1  ! greate/ ef=ts1 
ev5 ! greate/ disappo9tm5ts4    ,no "o 0
 ev] m atta*$ to ! l& ?an ! ,bo]1 :o    
liv$ at  peace 9 an ungrateful soil1    
indiff]5t to ! m9]al weal? :i* x  might 
conceal4 ,x 0 ?is l&1 :]e he liv$ an    

indep5d5t life1 t  he def5d$ s          
/ubbornly2 n ! gold1 :i* 0 yet ! true   
weal? (  ! c\ntry4    ,! ,arg5t9e also  
has se5 pass ov] its soil ! same rude   
g5]ation1  hav+ no o!r dream ?an        
indep5d5ce4 ,! 8gua*o0 ( old1 a mix$    
type ( ! ,indian & ,spani% races1 ! true
 son ( ! pampa1 0  truly atta*$ to !    
imm5se pla9 ^u :i* he liv$ at ! call (  
caprice1 a wild rid] 9 e s5se4 ,to-day !
 type t5ds to disappe>1  z civilisation1
 & m especially adm9i/ration1 ev]y:]e   
make  _! influ5ce felt2 z ! anci5t virg9
 pampa is trans=m$ into  cultivable     
soil1 bri/l+ on all h&s ) b>b$ wire4 ,z 
he 0 n  easy to dome/icate1 nor break 9 
to any cont9u\s lab\r1 ! 8gua*o0  has   
be5 supplant$ little by little by !     
=eign f>m]1 ! coloni/2  & to-day he is  
almo/ subm]g$ by ! wave ( immigration   
:i* has  invad$ ! c\ntry1 & :i* =ms n[ !
 major "p ( ! population4    ,f ! m5 (  
?is new g5]ation "o mu/ ask no o!r love 
= !  soil ?an t :i* is born ( ! pr(its  
!y draw f x4 ,!y c  move indiff]5tly f  

nor? to s\?1 f ea/ to we/2 ! soil =  !m 
is ev]y:]e ! same1 provid$ ! h>ve/ be   
good4 ,b1 ap>t  f t1 !y nev]!less love  
?is l& ( promise1 & int]e/  makes !m its
 *ildr54    ,f ?is g5]ation1 ^: pr9cipal
 traits we h not$1 x seems t  we may 9 !
 future expect great ?+s4    ,to be     
sure1 if ! _w 7 to return to its old    
ideal1 t ( glory  or imp]ialism1 we     
h>dly "k :at place ! ,arg5t9e w\ld f9d 9
 !  s*eme ( ?+s4 ,x is unsuit$ to a     
milit>y policy2 x has no ambition  to   
measure itself ) neighb\r+ nations1 :i* 
are f> m eag] =  adv5ture4    ,b if we  
/& on ! economic plane1 ! only "o :i*   
int]e/s u1  we mu/ all[ t ?is g5]ation  
is well arm$ = self-def5ce 9  e field ( 
! comm]cial /ruggle4 ,f ! fusion ( !    
,lat9  g5ius ) ! ,anglo-,saxon en]gy has
 issu$ a new product1 extremely  capable
 9 bus9ess1 full ( practical s5se1 & v  
op5 to progress1  :i* w be fully able to
 hold its own 9 a c5tury 9 :i* money  is
 ! great in/rum5t ( dom9ation4 ,?is     
race1 =m$ haphaz>d (  immigration1 is   

yet ! v race = ,arg5t9e soil2 betwe5 !  
two  !re is a correspond5ce1 an         
adaptation1 z p]fect z if x 7 !  result 
( long-cont9u$ design4    ,to sum up3 ! 
,arg5t9e nationality appe>s to a =eign] 
"u  two di/9ct aspects2 !re is its      
political side1 *>act]is$ by  in/ability
 & lack ( organisation1 & ! economic    
side1 9 :i*  an int5se national life &  
progress are manife/$4 ,w ?is truly     
abnormal situation1 conta9+ bo? v bad & 
v good elem5ts1  p]haps1 t]m9ate        
fav\rably1 mak+ ( ! ,arg5t9e p n m]ely  
a ri*1 b also a great nation8 ,w !      
developm5t ( public affairs1  left s f> 
to ! haz>d ( politics1 ev5 rea* ! pla9 (
 our  economic developm5t8 ,w ! ,arg5t9e
 nation elim9ate1 "u !  pressure (      
mat]ial progress1 ! leav5 ( an>*y left  
beh9d by  a c5tury ( civil diss5sion8   
,?is is ! secret ( ! future2 ?is  is !  
great a*ievem5t :i* rema9s to be        
accompli%$ 9 ord] to  consolidate !     
pres5t prosp]ity ( ! c\ntry4    ,9 %ort1
 we mu/ n lose sight ( ! fact t ?is     

prosp]ity has  hi!rto be5 less ! "w (   
man ?an ( nature1 :i* has be5  prodigal 
( h] gifts to ?is =tunate l&4 ,?is is a 
?\ght :i*  has be5 express$ 9 a spee* 9 
! ,arg5t9e ,s5ate1 9 :i* ,s5ator        
,uriburu %[s t ,provid5ce is always com+
 to ! rescue by repair+  ! fault ( !    
,/ate4    8,x is ,provid5ce10 he says1  
8:i* s opportunely s5ds u ! ra9s  to    
wat] our l&s & to raise our m>vell\s    
crops2 x is ,provid5ce  t has giv5 u !  
greate/ ,m9i/] ( ,f9ance we h ev] kn[n1 
our f]tile soil & our cle> sky2 !       
supreme ,m9i/] :o looks aft]  all our   
ne$s1 :o saves u f all difficulties1 &  
:o1 despite  our errors1 cont9ues to    
ensure ! greatness ( ! ,republic4 ,let  
man appropriate 8 "w1 b let him r5d]    
unto ,cs> t :i* is  ,cs>'s40    ,& n[ if
 by "s impossibility ! situation 7 to   
*ange3 if 9  spite ( ! enorm\s ext5sion 
( cultivat$ l&s a p]iod ( bad  h>ve/s 7 
to foll[ ! pres5t p]iod ( fat cattle3   
w\ld !re n  be reason to fe> t ! :ole   
national edifice1 f\nd$ z x is on       

prosp]ity1 might become dis9tegrat$1 &  
crumble "u ! /roke (  adv]sity8 ,?is is 
! p]il we mu/ inde$ seek to avoid2 x is 
= ?is  reason t ! int]v5tion ( a /rong  
p[] seems necess>y1 9 ord]  to re/ra9 ! 
g]ms ( evil br\ght by s _m races1 & to  
prev5t  ! ,arg5t9e f fall+ back into !  
/ate ( an>*y & revolution  :i* = h] is  
only a di/ant memory4    ,tak+ ev5 a m  
elevat$ /&po9t1 we may add t 9 ord] to  
amalgamate all ! elem5ts ( immigration &
 to atta* !m to !  c\ntry1 ?r\gh good & 
evil =tune1 we ne$ ano!r solv5t ?an     
p]sonal int]e/ or pr(it4 ,to create a p 
x may suffice to give x  a body1 b to   
make x live x mu/ also be giv5 a s\l1 at
 ^: brea?  ! collectivity ( individuals 
w be trans=m$ into t moral unity  :i* we
 call ! nation4 ,?is is a "q ( prime    
importance 9  a c\ntry su* z ! ,arg5t9e1
 :]e ! /ruggle = exi/5ce has  tak5 a    
p>ticul>ly ke5 =m1 :i* sc>cely fav\rs ! 
developm5t (  dis9t]e/$ s5tim5ts4    ,x 
is = ! ,/ate to develop among its p ?is 
national idea1 &  to turn all individual

 ef=ts to its pr(it4 ,its duty is to    
raise its  au?ority above ! m$ley (     
int]e/1 to re/ra9 ambition )9 a  j limit
 by ! influ5ce ( moral & patriotic      
ideas1 & s to  ensure ! reign ( ju/ice &
 social peace1 )\t :i* national         
prosp]ity w nev] be m ?an ephem]al4     
,9 imag9+1 f ?is aspect1 ! =mation ( a  
nationality1 we h  no int5tion (        
criticis+ ! c\ntry2 /ill less d we d5y !
  process ( evolution :i* has gradually 
trans=m$ its organisation4  ,a nation is
 n creat$ 9 a day1 especially :5 x is a 
"q (  a c\ntry s "y z ! ,arg5t9e1 :i* 9 
less ?an a c5tury has  issu$ f ! /ruggle
 = indep5d5ce1 & ev5 to-day has h>dly   
rid  itself ( ! revolution>y _s4    ,= a
 nation to become self-consci\s1        
c5turies mu/ pass2 traditions  mu/ be   
=m$1 & ! great moral or intellectual    
=ces (  humanity----religion1 sci5ce1   
lit]ature1 ev5 poetry----mu/ develop !  
s5se ( a collective life o!r ?an ! life 
( bus9ess4 ,& hi!rto  ! ,arg5t9e has _h 
no "t to produce g5]ations ( ?9k]s1     

philosoph]s1 & hi/orians2 /ill less     
poets4 ,! mo/ x has are  /ati/icians1 :o
 give x ! precise figures ( h] comm]cial
 balance4    ,we d n d\bt1 h[ev]1 t1    
?anks to mat]ial progress1 ?is sl[      
elaboration ( a new race w ev5tually be 
complet$4 ,9 ! fir/  phase ( h] exi/5ce 
z a nation ,arg5t9a1 accord+ to ! _s  ( 
h] ,con/itution1 frat]nally op5$ h]     
doors to all :o wi%$  to inhabit h]     
soil4 ,no re/riction 0 plac$ ^u ! entry 
nor on  ! p]man5t immigration ( =eign]s2
 on ! contr>y1 legislation  & social    
cu/oms comb9$ to fav\r immigration4 ,!  
result is1 t  ! new arrivals h reg>d$   
!mselves z ali51 9 matt]s (  economics &
 politics1 to ! nationality ) :i* !y h  
become  incorporat$2 believ+ t _!       
mission consi/$ solely 9 creat+  &      
circulat+ weal?1 :ile reg>d+ ! solution 
( ! great  national problems )          
indiff]5ce4    ,b to-day ! ,arg5t9e has 
ent]$ ^u a new phase2 x mu/ no  long]   
m]ely receive1 x mu/ also incorporate   
all ^! elem5ts (  immigration1 &1 )\t   

awak5+ antagonism t[>ds ! =eign]1 x  mu/
 set to "w to absorb him into ! s\l ( ! 
nation4    ,?is faculty ( assimilation  
is a virtue ( ! ,am]ican soil4 ,!       
,unit$ ,/ates h prov$ z mu* = ,nor?     
,am]ica1 & x n[ rema9s  = ! ,arg5t9e to 
d ! same = ,s\? ,am]ica4 ,! new g5]ation
  ( immigrants1 hav+ /ruck root into its
 hospitable soil1 mu/ live  completely 9
 ! national life1 absorb+ ^? feel+s (   
patriotism  :i* animate ! new citiz5 ( !
 ,unit$ ,/ates4    ,to give expression  
to ^! loyali/ t5d5cies1 we w conf9e     
ourselves to quot+ ! memorable words :i*
 7 spok5 9 !  ,congress ( ,wiscons91 by 
an ,am]ican congressman1 born 9 ,g]many1
 !  ,hon4 ,ri*>d ,gn!r2 words :i* 7     
equally applaud$ & approv$  9 ,lat9     
,am]ica4 ,we %all p]ceive1 ?r\gh ! v    
exaltation ( 8  phrases1 :at unres]v$   
devotion a naturalis$ =eign] may br+ to 
8 new c\ntry3    8,we "k z well z any   
o!r class ( ,am]ican citiz5s :]e our    
duty  lies4 ,we lab\r = our c\ntry 9    
times ( peace1 & we %all fight =  h] 9  

"t ( w>1 if ev] su* "t arrive4 ,:5 ,i   
say our c\ntry1 ,i  naturally mean our  
c\ntry ( adoption1 ! ,unit$ ,/ates (    
,am]ica4  ,aft] pass+ ?r\gh ! alembic ( 
naturalisation we are no long]  ,g]mans2
 we are ,am]icans4 ,our atta*m5t to     
,am]ica _c be measur$  by ! l5g? ( our  
resid5ce "h4 ,we are ,am]icans f ! mom5t
  :5 we rea* ! ,am]ican %ore1 until !   
day :5 we are laid to re/  9 an ,am]ican
 grave40                                
,,"p ,i                        ,,!      
,,arg5t9e ,,f ,,! ,,economic            
,,/&po9t                                
,,*apt] ,i                         ,,!  
,,geography ,,( ,,! ,,arg5t9e           
,,climate----,,soil----,geographical    
situation ( ! ,arg5t9e2 its             
b\nd>ies1 its area4    ,climate ( v>i\s 
di/ricts4 ,! prevail+ w9ds4 ,nature ( ! 
soil2 its f]tility2 adaptation to !     
culture ( c]eals      & ! rais+ (       
live-/ock----,trans=mation ( virg9 into 
f]tile l&----,! ,pampa----,! cultivable 
area----,conditions      fav\rable to   

production----,! plagues ( locu/s4      
,,riv]s----,_! exceptionally fav\rable  
influ5ce----,! hydrographic             
sy/em----,network ( navigable riv]-ways3
 ! ,rio de la ,plata1      ! ,rio       
,p>ana----,conditions (                 
navigability----,canals4                
,,ports----,li/ ( ! pr9cipal ports1 ) a 
summ>y ( _! trade----      ,bu5os       
,ayres3 description ( ! port1 its area1 
its capacity1      tonnage2 its         
docks----,! ,c5tral ,produce            
,m>ket----,importance (      ,bu5os     
,ayres 9 comp>ison ) ! great ports ( !  
_w----      ,! port ( ,la ,plata----,!  
port ( ,ros>io2 increase ( its          
traffic2 con/ruction ( ! new h>b\r      
conc$$ to a ,fr5*      company----,bahia
 ,blanca2 its developm5t----,!          
dec5tralisation (      traffic4      ,! 
,arg5t9e ,republic occupies ! s\!rn     
extremity ( ,s\? ,am]ica  & runs f nor? 
to s\? f #ba #cj to #ed #eb ( s\?       
latitude2  or #cc 9 a m]idian l9e4 ,f   
ea/ to we/ x occupies a wid? ( #bj1     

betwe5 #ed & #gd ( longitude4    ,its   
t]ritory is b\nd$ to ! nor? by ,bolivia 
& ,p>aguay2 to !  ea/ by ,brazil &      
,uruguay2 to ! we/ by ,*ili4 ,its       
b\nd>ies by l&  are #bihj miles 9 ext5t 
on ! we/2 #iic miles on ! nor?2 ! riv]  
b\nd>ies on ! ea/ are #gde miles 9 l5g?4
 ,f9ally1 ! %ores (  ! e/u>y ( ! ,rio de
 la ,plata & ! ,atlantic =m a /ret* (   
#afad miles2 all ( :i* repres5ts a total
 b\nd>y-l9e ( ab\t #fccd  miles4    ,!  
sup]ficial area ( ! ,republic has n     
hi!rto be5 calculat$  on ! basis ( a    
geodesical survey2 x has be5 arriv$ at  
only by  calculation f *>ts :i* are m or
 less approximate4 ,accord+  to !       
e/imates mo/ wor?y ( cr$5ce1 & all[+ = !
 late/  rectifications ( ! fronti]1 its 
pres5t area is equival5t to  #aa1cbh1cba
 squ>e miles4 ,?is is ab\t six times !  
area ( ,france1  :i* conta9s only       
#bjc1ije squ>e miles4 ,! ,prov9ce (     
,bu5os ,ayres  alone is m ?an half z    
l>ge z ,france4    ,! seasons 9 !       
,arg5t9e1 comp>$ to ^? ( ! nor!rn       

hemisph]e1 are ( c\rse rev]s$4 ,! summ] 
corresponds to ,decemb]1  ,janu>y1 &    
,febru>y2 ! autumn to ,m>*1 ,april1 &   
,may2 ! w9t] to  ,june1 ,july & ,augu/2 
& ! spr+ to ,septemb]1 ,octob]1 &       
,novemb]4    ,9 ! matt] ( climate1 !    
,arg5t9e may be divid$ into ?ree        
regions2 ^? ( ! coa/1 ! c5tre1 & ! ,&es4
    ,! coa/al region comprises !        
,prov9ces ( ,bu5os ,ayres1 ,santa ,f1   
,entre ,rios1 & ,corri5ts4 ,! av]age    
annual temp]ature is ab\t #ffb  ,fahr42 
at ,bu5os ,ayres x is only #fbf4 ,!     
av]age summ] temp]ature  is ab\t #gg1 t 
( ! autumn #fdd2 ( ! w9t]1 #ecf1 & ( !  
spr+1 #fbf4 ,! hotte/ mon? is ,janu>y1  
:5 ! av]age is #gg2 !  colde/ is ,july1 
) an av]age ( #eah4    ,9 ?is coa/al    
region ! extremes ( temp]ature are #ajgf
 9 summ]  & #da 9 ! w9t]2 b ^!          
temp]atures are bo? exceptional4        
,h[ev]1 a temp]ature ( #ie is v usual on
 summ] aft]noons4 ,x is a  v unusual ?+ 
= ! m]cury to fall bel[ freez+-po9t 9   
w9t]  or to rema9 !re4 ,sn[ is also a v 

r>e ph5om5on1 only to be se5  p]haps    
once 9 five ye>s4    ,a peculi>ity ( !  
,arg5t9e climate 9 g5]al is t !         
temp]ature  w *ange v rapidly dur+ !    
day1 or ev5 dur+ a few h\rs2 !  *ange   
repres5t+ sometimes a diff]5ce ( m ?an  
#cf1 especially  9 ! spr+1 :i* is ! mo/ 
usual season = ^! rapid v>iations4    ,!
 climate ( ! coa/ region----t is1 ( a   
c\ntry consi/+ almo/  entirely (        
pla9s----is1 9 g5]al1 influ5c$ by !     
w9ds1 :i* bl[  9 gales at all seasons4  
,nor!rly & s\!rly gales are ! mo/       
common2 ! fir/ especially are v frequ5t4
 ,9 ,bu5os ,ayres "o  f9ds1 dur+ !      
summ]1 an alt]nation ( sea & l& breezes2
 ! "o  dur+ ! day1 ! o!r dur+ ! night4  
,! nor!rly w9ds are always hot & ev5    
suffocat+2 !y influ5ce  ! n]v\s sy/em1  
afflict+ "s p ) neuralgic tr\bles4  ,:5 
^! w9ds bl[1 ! air is *>g$ )            
electricity1 until1 !  t5sion ( !       
atmosph]e hav+ gr[n insupportable1 a    
tempe/ comes to  re/ore ! equilibrium1  
to give place to ano!r w9d1 com+ f !    

s\?-we/1 & kn[n z ! pamp]o4 ,?is w9d    
does n (t5 la/  long1 b x atta9s a      
velocity equal to t ( a full hurricane4 
,!  pamp]o1 s call$ because x is =m$ 9 !
 region ( ! pampas1  is a w9d full (    
ozone1 & z su* plays its "p 9 dis9fect+ 
!  vitiat$ air ( ! urban c5tres4 ,b !   
effects ( ! pamp]o1 &  especially ( !   
s\?-we/]ly w9ds1 on ! ,rio de la ,plata1
 :]e  !y produce a viol5t swell1 are    
sometimes t]rible4    ,z = ! ra91 !re is
 no regul>ity 9 its fall2 :i* naturally 
t5ds to r5d] ! results ( culture & (    
cattle-bre$+ v>iable4  ,ra9s are m      
frequ5t 9 summ] & autumn ?an at o!r     
times2 :ile  ! lea/ ra9fall is t ( w9t]4
 ,at ,bu5os ,ayres x is r>e = a  mon? to
 pass )\t ra91 :i* is (t5 torr5tial1 &  
accompani$ by  hail4    ,! climate ( !  
c5tral region1 if we except ! m\nta9\s  
portions  ( ! ,prov9ces ( ,san ,luis &  
,crdoba1 is di/+ui%$ f !  seabo>d region
 by its great] dryness & its sudd5      
v>iations (  temp]ature4 ,9 ! pla9 !    
summ]s are v hot1 & x is n  uncommon to 

see ! !rmomet] at #ajd2 :ile dur+ ! w9t]
 !re  are v h>d fro/s4 ,z on ! coa/1    
nor!rly & s\!rly w9ds are  ! mo/        
frequ5t4 ,ra9 is r>] ?an on ! coa/1 &   
falls almo/  exclusively 9 summ] & 9    
autumn3 ) r>e exceptions ! w9t] is      
p]fectly dry4    ,9 ! ,&ean region !    
climate v>ies accord+ to ! height above 
sea-level1 b is always *>act]is$ by     
sudd5 v>iations 9 ! daily  temp]ature1 &
 by excessive dryness4 ,on ! ea/]n slope
 ( !  ,&es & ! plateaux ( ! nor? x nev] 
ra9s4 ,^! regions are  cont9ually swept 
by furi\s w9ds1 :i* make agriculture    
impossible4  ,to ! int5se heat ( ! day  
succe$s ! cold ( ! night1 )  diff]5ces (
 temp]ature t sometimes am\nt to #fh 9  
tw5ty-f\r  h\rs4    ,! climate ( !      
,arg5t9e1 ) a few exceptions1 has !     
reputation  ( be+ extremely heal?y1 on  
acc\nt ( ! sudd5 *anges (  temp]ature & 
! dryness ( ! air pr$om9ant ov] ! great]
  "p ( ! c\ntry4 ,^! atmosph]ic         
conditions are1 to be sure1  n fav\rable
 to affections ( ! lungs2 b1 on ! o!r   

h&1  !y contribute to prev5t epidemics4 
,we f9d t among adults &  adolesc5ts !  
figures ( mortality are no high] ?an !  
av]age  figures = ! heal?ie/ c\ntries 9 
! _w4 ,! /ati/ics drawn  up by ! ,city (
 ,bu5os ,ayres ev5 %[ t =eign]s h a     
long]  expectation ( life ?an ! indig5\s
 population4    ,9 matt]s ( climate "o  
mu/ be c>eful n to become confus$1 z s  
_m ,europeans d1 betwe5 our ,arg5t9e    
,republic & ! neighb\r+  c\ntry (       
,brazil1 :i* is ne>] ! equatorial zone4 
,fav\rable  to human heal?1 ! ,arg5t9e  
climate is also1 z we %all see1         
p>ticul>ly fav\rable to mo/ k9ds (      
agriculture & to ! bre$+  ( cattle2 f   
?is po9t ( view x is a privileg$ l&1 :i*
 calls  only = lab\r to become          
productive4    ,= a great] "p ( its area
 ! ,arg5t9e soil unites ! geological  & 
climatic conditions fav\rable to !      
production ( c]eals & =  /ock-rais+4 ,x 
is 9 ! f]tility ( ! cultivat$ l&s & !   
ri*ness ( ! pa/ures t ! :ole economic   
value ( ! c\ntry  resides4    ,accord+  

to rec5t inve/igations by compet5t      
p]sons1 ! surface (  ! ,arg5t9e is      
l>gely compos$ ( s&y soil2 b a s&y loam 
is  (t5 f\nd1 also1 m r>ely1 a gravelly 
clay2 b !re is v little  actual clay4   
,o!r soils1 su* z absorb5t calc>e\s e>?1
 are n  (t5 f\nd4 ,9 ! subsoil a s&y    
clay ab\nds1 ! occurr5ce ( clay  &      
calc>e\s e>?s be+ great] 9 ! subsoil ?an
 9 ! soil4    ,f ! *emical po9t ( view1 
! high p]c5tage ( pota%----:i*  rema9s  
practically undim9i%$----long ago       
attract$ ! att5tion ( !  agronomi/4     
,phosphoric acid is also f\nd1 ?\gh 9   
less proportions4  ,lime is (t5 f\nd 9  
small quantities 9 ! be/ soils 9 ^?     
di/ricts mo/ devot$ to agriculture2 &   
nitrog5 is (t5 abundant1  except 9 !    
s\!rn region ( ! ,republic1 & 9 "s p>ts 
( !  we/]n region1 :]e ! ra9s are less  
frequ5t1 ! w9ds viol5t1  & ! vegetation 
poor & /unt$4    ,salti% soils are (    
frequ5t occurr5ce 9 ! we/ & s\?1 b 9    
g5]al ! salt is n 9 suffici5t           
proportions to h9d] agriculture1        

especially :5 suitable means ( culture  
are employ$4    ,soils ( great f]tility 
are f\nd 9 ! c5tral & s\!rn regions1  & 
occupy va/ areas 9 ! ,prov9ces ( ,bu5os 
,ayres & ,santa ,f1 &  9 p>ts ( ,crdoba 
& ,entre ,rios4 8,!re are areas :i* are 
app>5tly  ( poor f]tility10 says ,m4    
,*>les ,girola1 f :om we d]ive ^!  data1
 8:i* yield magnific5t crops1 ?anks to  
irrigation or a bett]  di/ribution ( !  
wat] supply2 especially 9 ! we/ & !     
s\?40#af    ,footnote #af3 ,inve/igacin 
agricola en la ,repblica ,arg5t9a1 by   
,*>les ,girola1 ,agronomic ,eng9e]1     
,head ( ! ,agronomic ,bureau 9 !        
,m9i/ry ( ,agriculture4 7#aijd74    ,b 9
 ! ,arg5t9e ,republic exp]i5ce has %[n t
 !re is sc>cely  any soil :i* is n      
capable ( pr(itable use1 ei!r =         
agriculture  or /ock-rais+4 ,x is v     
frequ5tly rem>k$ t l&s :i* =  a long "t 
_h be5 reg>d$ z poor & almo/ /]ile1     
unfit =  exploitation1 are to-day       
conv]t$ into admirable natural or       
artificial  prairies1 fe$+ num]\s h]ds (

 %eep or cattle2 or h m (t5  be5 cle>$  
by ! coloni/1 & are n[ yield+ excell5t  
crops4  ,?is wond]ful trans=mation is   
*iefly due to ! pa/ur+ ( flocks  & h]ds1
 :i* break up & enri* ! soil2 also to ! 
f]tilis+  organic matt] conta9$ 9 !     
turf2 & f9ally to ! addition (          
innum]able dead insects1 :i* are br\ght 
by ! w9d & =m a  deposit on ! soil1 :i* 
acts z a k9d ( natural manure4    ,^!   
fav\rable conditions ( f]tility are all 
unit$ 9 ! region  kn[n z ! ,pampa1 :i*  
occupies ! great] "p ( ! temp]ate  zone 
( ! c\ntry4 ,x consi/s ( imm5se & virg9 
pla9s1 :i*  /ret* to ! horizon almo/ )\t
 l&m>ks or *anges ( level1 &  (f]       
admirable opportunities bo? =           
agriculture & /ock-rais+4    ,ne>ly all 
^? ,arg5t9e l&s :i* to-day br+ fabul\s  
prices 7  ref]r$ to1 at an e>li] p]iod1 
z 8l&s good = no?+40 ,= ?is  reason a   
consid]able premium %\ld be put on !    
!oretical e/imate1  made a priori1 ( !  
areas suitable = advantage\s            
cultivation1 9  proportion z human lab\r

 works its trans=mation4    ,x is       
difficult to e/imate1 except 9 ! mo/    
approximate mann]1 !  cultivable area ( 
! ,arg5t9e4 ,x %\ld be n less ?an half !
  total area1 or1 9 r\nd figures1 #cgj  
millions ( acres4 ,( ?is e/imate  at    
lea/ two-?irds repres5ts l& suitable =  
/ock-rais+1 leav+  available = !        
production ( c]eals ab\t #abb millions (
 acres2 (  :i*1 at ! pres5t "t1 only a  
fif? "p is "u cultivation4 ,we  may see1
 by ?is simple comp>ison betwe5 ! future
 & ! pres5t1  t agriculture has /ill a  
great future be=e x & a l>ge m>g9 (     
developm5t4    ,to give a true idea (   
?is p[] ( production1 x is en\gh to     
recall1  ) ,m4 ,emile ,daireaux1 :o has 
describ$ ! great f>ms ( !  ,arg5t9e     
pampa1 t ! pl\gh1 "u ! mo/ fav\rable (  
climates1  meets no ob/acles 9 ! way (  
hills or =e/s2 n a tree1 n a  rock1 n   
ev5 a pebble 9 ! soil4 ,all ,european   
crops give !re an  abundant h>ve/1 )\t  
exp5diture ^u manure1 )\t %elt] =  !    
/ock2 ! coloni/ may ev5 cont5t himself )

 a mode/ wattl$  hut1 protect+ him f !  
mid-day sun or ! cold breeze ( ! night4 
,! soil is ev]y:]e friable2 no pa9ful   
/ruggles ret>d ! spe$ (  ! pl\gh1 :i*   
traces at "o /ret* a furr[ miles 9 l5g? 
)\t  turn+ ! pl\gh%>e4 ,! pl\gh is drawn
 by f\r horses1 re>$ at  haz>d 9 ! op5  
air1 kn[+ no groom+1 no complicat$      
tra9+2 &  sometimes a s+le h& is able to
 manage two teams & pl\ghs4    ,?anks to
 ! frequ5tation ( ^! l&s = c5turies by  
horses  & cattle1 ^! alluvial deposits1 
ri* 9 natural manures1 h an  app>5tly   
inexhau/ible f]tility4 ,awak5$ by lab\r 
f its et]nal  sleep1 ! soil is s vigor\s
 t "o f9ds num]\s in/ances :]e  ! same  
gra91 s[n = tw5ty successive ye>s 9 !   
same place1  yields always ! same       
abundant h>ve/4    ,! only s]i\s sc\rge 
:i* c m5ace ! creative p[] ( !  e>?1    
indep5d5tly ( ! always to be dread$     
dr\ght1 is ! invasion  ( locu/s4    ,^! 
invasions take ! =m ( fly+ armies (     
locu/s pass+ betwe5  e>? & sky1 &       
reveal+ _! passage by ! semi-d>kness !y 

produce 9 ! regions ov] :i* !y travel4  
,leav+ ! hot des]ts (  ! tropical       
regions1 ! locu/s advance 9 _!          
phalanxes1 sometimes  #ej or #fj miles  
across2 sw>m succe$s sw>m un9t]rupt$ly =
 sev]al  days1 leav+ beh9d !m no trace (
 vegetation4 ,!y till ! wells1  /op !   
tra9s1 by oppos+ v]itable b>ri]s ( _!   
bodies1 ob/ruct  ! riv]s 9 :i* !y dr[n1 
& sometimes ev51 by ! accumulation  ( _!
 bodies1 =m a bridge ov] :i* ! re>-gu>d 
c pass4    ,s]i\s ?\gh ?is dang] may be1
 especially 9 ! m expos$  prov9ces1 su* 
z ,santa ,f1 we mu/ say1 9 hon\r to !   
,arg5t9e  ,republic1 t x has nev]       
p>alys$ initiative2 z is prov$ by !     
cont9u\s increase 9 ! area ( s[n soil4  
,v =tunately1 too1 ?is  plague1 l t (   
,egypt's 9 ,ph>aoh's dream1 is          
int]mitt5t1 & an  int]val ( sev5 ye>s   
(t5 passes be=e its return4 ,moreov]1   
v>i\s  means are be+ put into practice =
 def5ce aga9/ ?is =midable  evil2 means 
= prev5t+ ! reproduction ( ! insect1 or 
( *eck+  its developm5t be=e ! p]iod (  

flight4    ,a special organisation has  
be5 =m$ "u ! "n ( ! 8,commission  (     
,agricultural ,def5ce10 9 ord] to       
coord9ate & direct ! "w (  protection f 
! deva/ations ( ! locu/1 & consid]able  
sums are  devot$ to ?is object e ye>4   
,regim5ts1 mobilis$ along ! l9e  (      
passage1 sweep ! agglom]at$ masses (    
insects1 9 d5se ridges1  t[>ds ! dit*es 
full ( quicklime 9 :i* !y are buri$4    
,hundr$s  ( tons ( locu/s p]i% ?us1 b   
unhappily ! plague seems nei!r  cur$ nor
 dim9i%$4#ag    ,footnote #ag3 ,see ,le 
,correspond5t ( ! #aj? ( ,febru>y1      
#aije1  conta9+ an article by ,m4 ,emile
 ,daireaux4                             
,,riv]s    ,! economic progress ( !     
,arg5t9e ,republic is intimately        
connect$  ) ! developm5t ( its means (  
communication1 its traffic-ways4  ,!    
railways & ! ports h be5 ! *ief factors 
( ! c\ntry's  prosp]ity1 z by facilitat+
 ! outlet ( agricultural products1 !y  h
 all[$ ! soil to atta9 its :ole         
value4#ah ,x is !re=e  p]t95t to /ate1 9

 "s detail1 h[ ! ,arg5t9e is equipp$  f 
?is po9t ( view1 & ! "p play$ by su*    
equipm5t 9 !  comm]cial developm5t ( !  
c\ntry4    ,footnote #ah3 ,p]haps x ne$ 
h>dly be expla9$ t ! mean+ (  ?is       
/atem5t is t ! r5t ( agricultural l&    
rea*es its p>  value :5 x is absolutely 
accessible----say1 beside a port4 ,)    
high  ocean freights & l[ railway       
freights any l& ^u a railroad w\ld be   
almo/ equally accessible                
economically----t is1 x w\ld rea* almo/ 
its :ole value4----,,trans4    ,by !    
truly provid5tial nature ( its soil1 !  
,arg5t9e is n  only m>vell\sly f]tile1 b
 is also a c\ntry l>gely op5$ up by     
wat]ways1 & (f]+ exceptional facilities 
f ! po9t ( view (  int]national ex*ange4
    ,"o ( ! mo/ notable peculi>ities (  
?is c\ntry is t its riv]s1  :i* are1 z x
 71 inl& seas1 accessible to vessels ( !
 highe/  tonnage1 &1 p5etrat+ ! v he>t (
 ! mo/ f]tile regions1  place x directly
 9 communication ) ! ext]ior4 ,:at is   
/ill m  notable is t ^! riv]s fl[ ) an  

almo/ con/ant curr5t ov]  level b$s1    
betwe5 p]p5dicul> banks1 s t !          
riv]-banks =m a  s]ies ( natural ports1 
) :>ves ( indef9ite l5g?4 ,nature has   
well prep>$ ! way = ! h&iwork ( man4    
,! hydrographic sy/em ( ! ,arg5t9e      
,republic falls into ?ree ma9  gr\ps3   
7#a7 ! riv]s tribut>y to ! bas9 ( ! ,rio
 de la ,plata2  7#b7 ! riv]s :i* t]m9ate
 _! c\rse 9 lakes or pools1 or lose     
!mselves 9 =m+ m>%es or salt swamps1 &  
are f9ally absorb$ by  ! por\s soil ( ! 
,pampa2 7#c7 ! riv]s :i* empty !mselves 
into  ! ocean4    ,to ! fir/ gr\p belong
 all ! riv]s :i* wat] ! ,prov9ces (     
,corri5ts1 ,entre ,rios1 ,*aco1 ,jujuy1 
& ,salta1 a portion ( ^?  ( ,santa ,f1  
,crdoba1 & ,bu5os ,ayres1 & !           
,t]ritories ( ,*aco  & ,misions4 ,to !  
second gr\p belong all ! wat]-c\rses ( !
  ,prov9ces ( ,tucuman1 ,catam>ca1      
,santiago de l',e/]o1 ,la ,rioja1 ,san  
,juan1 ,m5doza1 ,san ,luis1 ! great] "p 
( ^? ( ,crdoba1 & "p  ( ^? ( ,bu5os     
,ayres4 ,to ! ?ird gr\p belong also a   

portion (  ! riv]s ( ,bu5os ,ayres1 &   
all ! riv]s ( ,patagonia4 ,z we h  se51 
! wat]ways ( ! ,prov9ce ( ,bu5os ,ayres 
come "u all ?ree  head+s4    ,! be/-kn[n
 riv] ( ! ,republic1 & t :i* gives !    
,arg5t9e  its "n1 is ! ,rio de la       
,plata1 =m$ by ! junction ( two riv]s no
  less important1 ! ,p>ana & ! ,uruguay4
 ,x =ms an imm5se e/u>y1  :i* p\rs into 
! ocean ! wat]s ( a :ole hydrographic   
sy/em1 a  va/ bas9 occupy+ ne>ly        
#a1edj1jjj squ>e miles1 or a f\r? "p (  
,s\? ,am]ica4 ,?is e/u>y is #be miles   
wide at its head1 & :]e its  wat]s rea* 
! ocean atta9s a wid? ( no less ?an #bag
 miles1 its  av]age wid? be+ #aaa miles2
 & its sup]ficial area cov]s #ac1dge    
squ>e miles4    ,ap>t f c]ta9 h9drances 
( ! nature ( isl&s or s&banks1 !  ,rio  
de la ,plata (f]s relatively easy access
 to vessels ( ! highe/  tonnage mak+ =  
,bu5os ,ayres or t[>ds ! int]ior4 ,its  
level is  influ5c$ by ! tides ( ! ocean1
 & also suff]s v viol5t  *anges :5 !    
ea/]ly or s\?-ea/]ly w9ds pile up !     

wat]s (  ! sea 9 ! e/u>y4    ,! riv] :i*
 is ! cont9uation ( ! ,rio de la ,plata 
t[>ds !  nor?1 & ) x =ms ! vital art]y (
 ! ,arg5t9e1 is !  ,p>ana2 its l5g? is  
#bihj miles1 ( :i* ab\t "o-half fl[s    
?r\gh  ,arg5t9e t]ritory4 ,its wid?     
v>ies f #bb to #ca miles1 & its  av]age 
annual fl[ is e/imat$ at ne>ly #ci1jjj  
cubic y>ds p] second1  :i* repres5ts "o 
& a half times t ( ! ,mississippi1 twice
 t  ( ! ,ganges1 f\r times t ( !        
,danube1 five times t ( !  ,nile1 &     
ne>ly a hundr$ times t ( ! ,se9e4 ,x    
receives1 9 its  turn1 z an afflu5t1 !  
,p>aguay1 a riv] :i* trav]ses ! c\ntry  
( ! same "n1 & ?us places x 9           
communication ) ! sea1 by  way ( !      
,p>ana & ! ,rio de la ,plata4    ,?is   
network ( riv]s =ms a magnific5t s]ies (
 wat]ways4 ,ris+  f ! c5tral prov9ces ( 
,brazil1 ! ,p>ana passes ?r\gh !  ri*   
af=e/$ regions ( ,*aco1 communicates by 
means ( its afflu5t  ) ,p>aguay & ,s\?  
,brazil1 & !n fl[s ?r\gh ! ,prov9ces (  
,corri5ts1 ,entre ,rios1 & ,santa ,f2 t 

is1 ?r\gh ! regions (  great =e/s & wide
 hold+s1 & !n empties itself into ! inl&
  sea ( ! ,rio de la ,plata1 :]e x m+les
 ) ! ,uruguay1 ano!r  means (           
communication betwe5 ! ,prov9ces ( !    
,ea/ & ! ,atlantic  ,ocean4    ,conc]n+ 
its navigability1 "h are "s data tak5 f 
an int]e/+  little book by ,m4 ,georges 
,h]s5t on ! port ( ,ros>io3----         
8,dur+ n9e mon?s ( ! ye> ! navigation f 
! sea to ! port  ( ,ros>io pres5ts no   
difficulties to ! great transatlantic   
/eam]s2  inde$1 x may be said t _!      
maximum draught is limit$ only by  !    
dep? ( ! #8,canal ,nuevo1' ! new *annel 
( ,m>t9 ,g>cia4 ,%ips  draw+ #bb to #bc 
feet c load at ,ros>io & leave directly 
= ! op5  sea1 or come to dis*>ge _! c>go
 at ! port4    8,dur+ ! p]iod ( l[ wat]1
 :i* la/s = b>ely ?ree mon?s  9 !       
ye>----f ,septemb] to ! end (           
,decemb]----!re are only two  *annels ) 
a less dep? ?an #ba feet1 t ( ,las      
,h]manas & t  ( ,p>aguayo4 ,9 ! =m]1 !  
isl& ( ,las ,h]manas sep>ates !  b$ ( ! 

riv] into two *annels1 ( :i* ! "o mo/ 9 
g5]al use  hi!rto has a dep? ( only #bj 
feet2 b vessels may avoid x to-day1 z  !
 we/]n *annel has be5 dr$g$ & deep5$1 & 
is ( m ?an  suffici5t dep?4    8,!      
second *annel1 :i* us$ to pres5t "s     
difficulty1 is t  ( ! ,p>aguayo1 :]e !re
 0 only #ag feet ( wat]4 ,?is /ate  (   
?+s 0 happily n p]man5t1 z ! ,national  
,gov]nm5t has  und]tak51 at ?is spot1 ! 
"w ( deep5+ & levell+ ! ,p>ana1  :i* 0  
complet$ 9 ! c\rse ( ! ye> #aijd4       
8,we may add t ! ,/ate is engag$ 9      
ma9ta9+1 ov] a m9imum  wid? ( #ajh y>ds1
 a dep? ( #ai feet bel[ ! level ( l[    
wat]  9 ! *annel ( ,m>t9 ,g>cia1 & ( #ba
 feet #a-a_/b in*es ov] !  :ole c\rse ( 
! ,p>ana1 z f> z ,ros>io4 ,?is ma9t5ance
 w be  necess>y only at c]ta9 po9ts 9 ! 
riv]1 z ! dep? ( ! latt]  is 9 g5]al    
consid]ably above ^? figures40    ,z we 
h already said1 ! real comm]cial value (
 ! ,p>ana lies  9 ! peculi>ity ( its    
banks1 :i* make x along its :ole c\rse a
  s]ies ( natural quays4 ,^! banks =m 9 

_m places almo/ v]tical  walls1 & z ! b$
 ( ! riv] is almo/ ev]y:]e #be feet bel[
  ! surface1 x foll[s t %ips ( l>ge     
tonnage c n only asc5d  ! riv] z f> z ! 
city ( ,ros>io1 or ev5 to ,cola/91 b c  
moor !mselves alongside ! banks z to a  
quay1 )\t any lab\r or  prep>ation be+  
necess>y4    ,at "s places----z at      
,ros>io = example----! bank prop]ly     
s-call$  is ov]hung by l[ cliffs1 =m+ a 
k9d ( promontory rais$ _m feet  above ! 
wat]-level1 s t x is possible to utilise
 ?is diff]5ce  ( level 9 load+ c>goes4  
,by means ( incl9$ planes or gangways1  
call$ canaletas1 ! goods collect$ 9     
w>eh\ses built ^u !  banks are quickly1 
?anks to ! slope ( ! gangways1 run into 
!  holds ( ! vessels moor$ to ! banks4  
,x w be admitt$ t ^!  conditions are    
unusually fav\rable to navigation1 &    
expla9 !  extraord9>y developm5t ( a    
c\ntry 9 :i* nature has ?us surpass$    
h]self4    ,reg>d$ z traffic-ways1 ^!   
riv]s play a "p ( ! highe/  importance1 
by giv+ easy access to ! sea1 )\t       

re-%ipm5t1 to  prov9ces m ?an #fjj miles
 inl&1 su* z ^?1 = in/ance1 (  ,*aco &  
,corri5ts4    ,! ,rio de la ,plata af=ds
 a natural traffic-way1 accessible to   
all  vessels1 betwe5 ,bu5os ,ayres &    
,montevideo1 :i* are m ?an #abj  miles  
ap>t4 ,all ! l>ge transatlantic /eam]s  
:i* us$ "s "t  ago to put 9 at ,la      
,plata n[ come up to ,bu5os ,ayres1 :i* 
has ?us  become ! headqu>t]s ( a doz5   
weal?y /eam]-l9es engag$ 9 !  ,european 
s]vice4    ,?anks to ! works e/abli%$ = 
! deep5+ ( ! ,p>ana & !  regul>is+ ( its
 c\rse ?r\gh ! s&y di/ricts1 great      
/eam]s (  #aj1jjj tons c to-day g up to 
,ros>io3 /eam]s ( #fjjj tons c easily   
rea* ,p>ana or ,cola/92 & special boats 
built = ! riv] s]vice  c asc5d z f> z   
,corri5ts1 & f !re t[>ds ,brazil1       
,p>aguay1  or ,uruguay3 a di/ance ( m   
?an #abjj miles4    ,besides ^! 8fl[+   
roads10 we mu/ m5tion o!rs1 :i*1 al?\gh 
( less importance1 are none ! less de/9$
 to ex]cise a b5efic5t  influ5ce ov] !  
economic life ( ! premi] prov9ce1 & !   

developm5t ( its agriculture1 ?anks to !
 *eap transit :i* !y  w (f] 9 "t to     
come4 ,we ref] to ! network ( canals :i*
 !  ,gov]nm5t ( ! ,prov9ce ( ,bu5os     
,ayres has project$ or put 9 h&4    ,9 !
 fir/ edition ( ?is book we ann\nc$ !   
con/ruction ( a  canal #aee miles 9     
l5g?1 :i* w\ld unite ! ,m> ,*iquita1 its
  po9t ( orig91 & ,b>ad]o1 its t]m9us2  
embrac+ 9 its c\rse  ! foll[+ c5tres (  
rural produce2 ,la=cade1 ,jun91         
,o',higg9s1  ,*acabuco1 ,salto1         
,arrecifes1 & ,b>ad]o4 ,?is ent]prise1  
:i* 0 put  9 h& at ! exp5se ( ! ,prov9ce
 ( ,bu5os ,ayres1 fail$ ) a  cra%4 ,aft]
 ! "w _h be5 en?usia/ically comm5c$1    
aft] sev]al  millions ( doll>s _h       
already be5 sp5t1 x 0 discov]$ t !  "w  
c\ld nev] be complet$ 9 a successful    
mann]1 nor c\ld x ev]  yield a return = 
! sums rais$1 :i* 7 ?us swall[$ up 9 ?is
  disa/r\s ent]prise4    ,m5 ^: te*nical
 compet5ce all[$ !m to speak )          
au?ority----=  in/ance1 ! eng9e]1 ,luis 
,a4 ,hu]go----bas+ _! /atem5ts on       

sci5tific pr9ciples1 _h e/imat$ t !     
und]tak+ c\ld nev] be  practically      
realis$2 &1 z we h se51 ! result ju/ifi$
 _!  pr$ictions4                        
,,ports ,,& ,,h>b\rs    ,! nature ( !   
riv]-banks be+ su* z we h describ$1 !   
ports  utilis$ by trade along ! c\rse ( 
! great ,arg5t9e riv]s are v  num]\s4   
,aft] ,la ,plata & ,bu5os ,ayres1 :i*   
%>e ! traffic ( ! nor!rn  "p ( !        
,prov9ce ( ,bu5os ,ayres1 we mu/ m5tion 
,campana &  ,z>ate1 = at ^! two ports   
also ! exports ( froz5 meat are v       
consid]able2 ,san ,nicolas1 a great     
c5tre = c]eals1 ^: h>b\r is  to be      
trans=m$ & equipp$ by ! new             
concessionnaire1 ! 8,socit  ,anonyme du 
,port et ,entrept de ,san ,nicolas02 &  
,villa ,con/itucin1  :5ce ! produce ( ! 
s\? ( ,santa ,f & ,crdoba is export$1 & 
^: capacity is #gjjj to #hjjj sacks a   
day4    ,aft] ,ros>io1 :i* is ! second  
c5tre ( ! ,republic1 ! *ief  ports      
asc5d+ ! ,p>ana are z foll[s3 ,san      
,lor5zo1 ,diamante1 ,santa  ,f1 ,cola/91

 ,p>ana1 ,esqu9a1 ,goya1 ,bella ,vi/a1 &
 ,emp$rado4  ,corri5ts is ! la/         
important comm]cial c5tre on ! banks ( !
  ,p>ana4    ,all ^! ports _h an annual 
tonnage am\nt+ to #b1ahh1jjj tons 9     
#aijf1 #b1cff1jjj 9 #aijg1 & #e1cif1jjj 
9 #aijh1 s t ! /ati/ics  = ^! ?ree ye>s 
( ! traffic = ! ,p>ana1 includ+ ,ros>io1
  am\nts 9 r\nd figures to #i1hia1jjj   
tons1 = ! di/ance ( #hjd miles4    ,at  
,santa ,f "w has be5 comm5c$ on !       
in/allation o a m mod]n  h>b\r2 !       
,prov9ce1 by cons5t ( ! ,/ate1 has      
devot$ a sum (  #f1jjj1jjj to ?is       
und]tak+4 ,!re has also at times be5 a  
"q  ( equipp+ ! port ( ,cola/91 :i* is  
"o ( ! pr9cipal c5tres  ( export =      
c]eals & ! timb] br\ght by ! ,fr5*      
railway sy/em  ( ,santa ,f4 ,! av]age   
trade pass+ ?r\gh ?is port am\nts to  m 
?an #ejj1jjj tons1 &1 s f>1 !re has be5 
no ne$ to add any  improvem5ts to !     
natural advantages ( ! riv]-banks4 ,we  
see by ?is  t !re is no ne$ to create   
ports on ! ,p>ana1 only to utilise or   

develop exi/+ conditions4    ,we give   
bel[ a table ( ! trade /ati/ics ( !     
pr9cipal ports (  ! ,arg5t9e ,republic1 
rememb]+ t ) ! exception ( ,bu5os       
,ayres _! trade consi/s l>gely ( !      
exports ( produce3----                  
,traffic 9 ,regi/]$ ,tons at ! foll[+   
ports 9 ! ye>s #aijg & #aijh4           
#aijg            #aijh      ,rio        
,gallegos#ai           #fc1ejj          
#da1jjj    ,madryn#ai                   
#aah1jjj          #ai1ijj    ,commodore 
,rivadavia#ai    #ei1jjj                
#a1iij    ,u%uaia#ai                    
#be1jjj          #aa1hjj    ,diamante   
#aca1jjj         #cge1jjj    ,santa ,f  
#abg1jjj         #ddj1jjj    ,p>ana     
#bec1jjj         #fcf1jjj    ,esqu9a    
#aag1jjj         #cgd1jjj    ,goya      
#afc1jjj         #djd1jjj    ,bella     
,vi/a               #acf1jjj            
#cii1jjj    ,emp$rado                   
#aaf1jjj         #cjf1acf    ,corri5ts  
#bcj1jjj         #ejd1dcc    ,ros>io    
#a1jhi1jjj       #a1ibd1jjj    ,bu5os   

,ayres            #f1dga1jjj            
#g1eee1jjj    ,footnote #ai3 ,! tonnage 
( ^! ports is = ! ye>s #aijd & #aijf1   
no correspond+ figures be+ obta9able =  
#aijg & #aijh4    ,! premi] port ( !    
,arg5t9e1 & we might add ( ,s\? ,am]ica1
 is  ,bu5os ,ayres1 :i* 9 ext5t &       
connections rivals ! f9e/ ports (       
,europe4    ,x consi/s ( two h>b\rs1 (  
:i* "o1 situat$ at ! m\? ( a  little    
riv] call$ ,ria*elo1 is frequ5t$        
pr9cipally by /eam]s (  light draught & 
sail+-%ips2 ! o!r is kn[n z ! ,port ( ! 
,capital1 or m commonly ,port ,mad]o1 f 
! "n ( ! contractor  responsible = !    
h>b\r works4 ,! port conta9s1 altoge!r1 
f\r  bas9s & #f-a_/c miles ( quays1 f\r 
( :i* are situat$ on ! flank  ( ! city4 
,along ^! quays are dispos$ imm5se      
w>eh\ses1 able to  conta9 #bi millions (
 tons ( m]*&ise1 z well z great         
fl\r-mills  & gra9-elevators1 ) a       
capacity ( m ?an #bjj1jjj tons1 :i*  co/
 m ?an #a1jjj1jjj /]l+4#bj    ,footnote 
#bj3 ,! net capacity ( ! cu/oms w>eh\ses

 is ov] #djj1jjj  tons2 z products rema9
 !re on an av]age = two mon?s1 we h an  
annual figure ( #f  #djj1jjj  #b1djj1jjj
 tons4 ,?is is ! maximum (  goods p]    
annum :i* ! cu/oms depts c at pres5t    
receive4    ,?is h>b\r has co/ 9 all "s 
#g1jjj1jjj1 & e ye> a sum (  ne>ly #c   
millions ( pap] pia/res1 or #bjj1jjj1 is
 sp5t ^u ! "w  ( ma9ta9+ ! *annel (     
approa* at a prop] dep?4 ,at ! season   
:5 ! traffic is d5se/1 ! port holds z _m
 z #adjj /eam]s  & sail+-vessels1 load+ 
& unload+4 ,x is evid5t t1 )  ! con/ant 
increase ( comm]cial activity1 fur!r    
enl>gem5ts w  soon be necess>y4 ,!      
,gov]nm5t is at ! pres5t mom5t consid]+ 
a  gigantic s*eme ( improvem5t1 ) a view
 to :i* sev]al gr\ps (  ,european       
contractors h already submitt$ e/imates4
    ,9 ord] to give "s idea ( !         
importance ( ! plant at ! disposal  (   
export]s at ,bu5os ,ayres1 we ne$ only  
speak ( ! great m>ket or  emb>c>d]o =   
live-/ock4 ,x cov]s an area ( #cej1jjj  
squ>e y>ds1  ( :i* #aag1jjj are occupi$ 

by build+s2 its capacity is #dj1jjj %eep
  & m ?an #aejj cattle4    ,!re is also 
ano!r notable e/abli%m5t1 reput$ to be !
 l>ge/ 9  ! _w3 ! ,c5tral ,produce      
,m>ket4 ,! build+ is ( f\r /ories1      
cov]s an area ( #ahj1jjj squ>e y>ds1 &  
co/ #hcj1jjj4    ,! foll[+ table %[s !  
quantities1 9 metric tons1 ( products   
ent]+ ! m>ket betwe5 ,febru>y &         
,septemb] 9 #aije1 #aijf1 #aijg  &      
#aijh4                                  
,,tons ,,( #bbje lbs4                   
#aije     #aijf     #aijg     #aijh     
,maize               #gba    #f1hhb     
#i1fjj   #aj1gdb    ,:eat               
#cd1bdf   #ej1cgi   #gc1bde   #dg1eff   
,flax              #a1aae    #c1fcf     
#e1ehd   #aj1geg    ,b>ley              
#hc      #cfh    #a1cfa    #a1fie       
,oats              #a1fhh    #c1fbd     
#f1fhe   #ae1gcg    ,hides & sk9s       
#ag1gac   #ah1eda   #ag1aae   #bb1cga   
,o!r products    #a1ghf    #a1hch       
#a1hjd    #b1aee    ,besides ^!         
products1 9 #aijf !re 7 #hg1djj tons (  

wool ent]$  at ! m>ket2 9 #aijg1 #hd1fjj
 tons2 & dur+ ! fir/ n9e mon?s (  #aijh1
 ne>ly #dc1jjj tons4 ,if ! ye> #aijh    
seems to %[ a great decrease  9 ! entry 
( wools1 ! fact is really due to ! l>g] 
am\nts  ent]$ 9 ,octob]1 ,novemb]1 &    
,decemb]1 :i* are n includ$ 9 !  figures
 = #aijh4    ,^! figures %[ ! importance
 ( ?is e/abli%m5t to ,arg5t9e  trade4 ,x
 is n a m]e dept1 z "o might suppose1 b 
a v]itable  ,ex*ange1 :]e important     
transactions take place 9 all ! *ief    
products ( ! c\ntry4    ,! port ( ,bu5os
 ,ayres owes its rapid developm5t to ?is
 excell5t  equipm5t4 ,9 #ahhj1 be=e !   
s*eme ( works 0 comm5c$1 its trade      
am\nt$ sc>cely to #ffj1jjj tons2 s9ce !n
 x has ma9ta9$ a  con/ant increase1 & n[
 rea*es ! figure ( m ?an #ac1jjj1jjj    
tons4    ,bel[ is ! inw>d & outw>d trade
 ( ! port ( ,bu5os ,ayres3----          
,ye>s4    ,tonnage4       #ahig         
#g1cfe1jjj     #ahih     #h1aae1jjj     
#ahii     #h1gdb1jjj     #aijj          
#h1jdg1jjj     #aija     #h1ffa1jjj     

#aijb     #h1ijc1jjj     #aijc          
#aj1bfi1jjj     #aijd    #aj1djj1jjj    
#aije    #aa1ehi1jjj     #aijf          
#ab1ehb1jjj     #aijg    #ac1bie1jjj    
#aijh    #ae1aaa1jjj    ,to appreciate !
 value ( ^! figures1 we mu/ comp>e !m ) 
^? relat+ to ! pr9cipal ports ( ! _w1   
:]e we %all see  t ,bu5os ,ayres        
occupies1 9 matt]s ( tonnage1 ! twelf?  
place  among ! ports ( ! _w4 ,! tonnage 
( ,hamburg & ,liv]pool1 :i*  occupy !   
fir/ two places1 is only ab\t #dj p]    
c5t1 great] ?an t  ( ,bu5os ,ayres4     
,! importance ( ! port ( ,bu5os ,ayres  
is *iefly due to ! fact  t x h&les ne>ly
 all ! imports ( ! ,republic----#hd p]  
c5t1 9  #aijh----:ile ( exports x h&les 
#ea p] c5t4 ,?is confirms :at we h      
already said ( ! absorption1 by ,bu5os  
,ayres1 ( a great portion (  ! vital    
=ces ( ! c\ntry1 :i* develops x         
disproportionately to  ! re/ ( ! c\ntry4
 ,! equipm5t ( ! new ports ( ,ros>io1   
,san  ,nicolas1 & ,santa ,f1 & !        
enl>gem5t ( ! port ( ,bahia ,blanca1  w 

con/itute a useful task (               
dec5tralisation1 fav\rable to !         
economic future ( ! c\ntry4    ,la      
,plata has ! advantage ov] ,bu5os ,ayres
 ( a deep] bas91 :i*  r5d]s its h>b\r   
accessible at all times to %ips ( !     
highe/  tonnage4 ,until #aijc x 0 ! po9t
 ( call = ! l>ge transatlantic  l9]s    
outw>d or inw>d b\nd1 :i* obs]v$ fix$   
h\rs ( arrival &  dep>ture4    ,! h>b\r 
( ,la ,plata1 #c miles f ! t[n1 conta9s 
ab\t #bgjj y>ds  ( quays & imm5se       
w>eh\ses1 capable ( /or+ #fjj1jjj sacks 
(  gra94 ,x is ! t]m9us ( ! l9es (      
railway s]v+ ! ri*e/  di/ricts ( !      
,prov9ce ( ,bu5os ,ayres1 & is de/9$ to 
und]go  fur!r developm5ts1 z ! prov9cial
 ,gov]nm5t int5ds to connect x  ) !     
agricultural c5tres by a network ( light
 railways4 ,?is is !  pr9cipal port     
to-day = ! exportation ( ! agricultural 
products (  ! c5tral ,pampa4    ,on     
acc\nt ( ! economic importance ( ?is    
port1 ! ,/ate has  tak5 x ov] f !       
prov9cial ,gov]nm5t1 9 consid]ation ( a 

price ( #b1cfj1jjj1 ) a view to         
nationalis+ x & exploit+  x = ! b5efit (
 ! ,arg5t9e ,/ate4 ,?is measure w all[ (
  ! organisation & ! improvem5ts :i* may
 be necessitat$ by !  increase ( its    
traffic4 ,on ! o!r h&1 !re is con/ant   
talk (  connect+ ! port ) t ( ,bu5os    
,ayres by a canal "s #bi miles  long1   
:i* w\ld =m an artificial ext5sion ( bo?
 h>b\rs4    ,ros>io holds second place 9
 ! ,arg5t9e1 bo? 9 ! matt] (  population
 & 9 ! ext5t ( its trade4 ,x is ! true  
agricultural  capital ( ! ,republic1 & !
 pr9cipal outlet ( eight ,prov9ces1  :i*
 use ! ,p>ana z _! wat]way4 ,9 8 little 
book on ! port (  ,ros>io1 ,m4 ,g4      
,h]s5t speaks ( ! advantages ( its      
situation 9 !  foll[+ t]ms3----         
8,situat$ 9 ! v c5tre ( an imm5se tract 
( c\ntry :i* is  extremely ri* & f]tile1
 :i* to-day furni%es m ?an half !       
c]eals export$ by ! :ole ,republic1     
,ros>io is ! necess>y outlet  ( ! h>ve/s
 ( ne>ly ! :ole ,prov9ce ( ,santa ,f ( !
 :ole  ( ,crdoba1 & ( a portion ( ,entre

 ,rios2 ?ree prov9ces1 ^: area  is almo/
 equal to t ( ,france4 ,x is ! m>ket = !
 sug>s &  alcohols ( ,tucuman1 ! timb] (
 ,catam>ca1 & ! m9]als ( ,rioja  &      
,*aco1 :i* are s f> exploit$ only 9 a   
rudim5t>y fa%ion4    8,9 ord] to fulfil 
?is economic ne$ ( vital importance to !
  c\ntry1 ,ros>io enjoys ! mo/ complete 
& efficaci\s means (  access &          
p5etration4 ,five great railroads       
conv]ge ^u x1 br++  to x all ! products 
( ! int]ior1 especially gra9 & cattle4  
,?is network ( l9es1 ^: rapid creation  
has be5 "o ( ! mo/  p[]ful factors ( !  
developm5t ( ,ros>io1 already conta9s m 
?an #bgjj miles ( p]man5t way2 9 #ahii !
 traffic 9 ! ,ros>io  di/rict already   
am\nt$ to #c1djj1jjj tons ( m]*&ise1    
consi/+  *iefly ( ! produce ( ! soil4 ,!
 ext5sion ( ?is railway sy/em  is       
proce$$ ) 9 a m or less cont9u\s mann]1 
s z to increase  ! value & ! op5+ up (  
new c\ntries4 ,v %ortly ! l9e to        
,bolivia w h its t]m9us 9 ,ros>io4      
8,b t :i* gives ?is port1 s well        

equipp$1 an incomp>able  value1 is !    
magnific5t ,p>ana1 :i*1 on ! "o h&1     
places x 9  direct communication ) !    
sea1 & on ! o!r unites x ) !  int]ior by
 a wat]way ( sev]al ?\s& miles 9 l5g?1  
con/itut+  a means ( transport z easy z 
x is economical1 :i* br+s x all !       
wat]-borne traffic ( ! upp] ,p>ana & ( !
 ,p>aguay40    ,! /ati/ics giv5 above %[
 ! important place :i* ?is port has     
tak5 9 ! la/ few ye>s1 & ! cont9u$      
increase ( its traffic1  :i* to-day     
am\nts to "s #c1jjj1jjj tons p] annum1  
:]eas 9 #ahii x  am\nt$ only to         
#a1fjj1jjj tons4    ,hi!rto ^! results h
 be5 obta9$ ) a rudim5t>y equipm5t1  &  
by utilis+ ! =tunate disposition ( !    
riv]-banks2 b !  int5se pressure (      
traffic occurr+ at ?is po9t proves !    
necessity  ( a l>ge h>b\r1 :i* w\ld all[
 ! products ( ! int]ior to  f9d _!      
outlet t[>ds ! ,p>ana & ! sea4 ,! ne$   
has giv5  bir? to ! means )\t wait+ =   
mod]n improvem5ts4    ,to-day ! port (  
,ros>io has ent]$ ^u a new phase1 :i*   

may cle>  ! way = a /ill great]         
developm5t4 ,its exploitation has be5   
made  ! object ( a concession :i*1 9    
#aijb1 0 grant$ to a ,fr5*  company1    
hav+ at its head ,messieurs ,h]s5t  ,son
 & ! ,creusot  works1 on condition t !  
latt] %\ld und]take ! equipm5t (  ! port
 on mod]n l9es4 ,! s*eme comprises1     
among o!r items1  ! con/ruction ( ov] #b
 miles ( quays & a dock :i* w1 )  !     
exi/+ quays1 give a total ( #b-c_/d     
miles2 ! con/ruction  ( w>eh\ses1 !     
me*anical equipm5t ( ! quays1 & also !  
in/allation ( a gra9-elevator ( l>ge    
capacity1 :i* w load a  c>go ( #ejjj    
cubic y>ds 9 f\r h\rs4    ,to-day ?is   
s*eme is ne>ly realis$1 & ,ros>io w be  
able to meet  all ! requirem5ts ( a     
p]petually increas+ trade4 ,! new       
railway  l9es1 :i* w soon rea* ! port1 w
 complete its organisation4    ,z       
recomp5se1 ! ,gov]nm5t has grant$ !     
concessionnaires1 =  =ty ye>s1 !        
monopoly ( ga!r+ all h>b\r dues ov] a   
radius  ( #gd miles ar\nd ! city (      

,ros>io1 & ov] a di/ance ( #abd  miles  
up-/ream & d[n-/ream4 ,! ,/ate %>es 9 ! 
tak+s ( !  concession to ! ext5t ( #ej  
p] c5t4 ( ! net pr(its aft] !  exp5ses (
 exploitation are d$uct$1 :i* are       
e/imat$ at #dj p]  c5t4 ( ! receipts1 & 
aft] ! subtraction ( ! sums necess>y  = 
pay+ ! int]e/ on & r$eem+ ! capital     
engag$4    ,f all ^! data conc]n+ !     
ports ( ! ,p>ana1 x w be  se5 t great   
ef=ts are n[ be+ made to increase !     
means (  communication 9 proportion to !
 economic expansion ( ! c\ntry1  & to   
multiply & facilitate outlets ^u ! po9ts
 ne>e/ to !  c5tres ( production4 ,^!   
ef=ts are also t5d+ to dec5tralise !    
traffic1 to ! pr(it ( a l>g] numb] (    
ports3 9 ord] to avoid  ! ov]-cr[d+ ( a 
few great c5tres to ! detrim5t ( o!r    
p>ts  ( ! c\ntry4 ,?is policy w h happy 
results3 fir/ly1 f !  po9t ( view ( !   
export trade1 s9ce x w decrease ! net   
co/ (  transport2 & secondly1 f ! /&po9t
 ( ! import trade1 z !  imports1 in/ead 
( conv]g+ ^u ,bu5os ,ayres & !nce       

proce$+ by  rail1 w rea* ! neighb\rhood 
( ! inl& c5tres ( consumption  m        
directly & at less exp5se4    ,= ^! same
 reasons s]i\s improvem5ts h be5 c>ri$  
out at !  port ( ,bahia ,blanca1 :i* is 
situat$ on ! sea-coa/ 9 ! s\?  ( !      
,prov9ce ( ,bu5os ,ayres1 ^: importance 
has increas$ m  especially s9ce ! op5+ (
 ! milit>y h>b\r to comm]ce4 ,bahia     
,blanca is "o ( ! t]m9i ( _m railways ( 
! s\?2 x is ?us  connect$ ) ! regions ( 
agriculture & /ock-rais+ on a l>ge      
scale1 :i* are able to s5d _! produce   
directly f ?is port to  ,europe4 ,! wool
 trade is p>ticul>ly brisk !re1 & !     
c]eal trade  also1 s9ce ! ,pampa has be5
 trans=m$ into a wond]ful agricultural  
c\ntry4    ,second+ ?is developm5t1     
already /imulat$ by ! ,s\!rn ,railway   
,company1 :i* built ! h>b\r kn[n z      
8,+5io ,:ite10 ! ,bu5os  ,ayres &       
,pacific ,railway ,company has also     
comm5c$ at ,bahia ,blanca a  magnific5t 
h>b\r1 call$ ,galvan ,h>b\r4 ,built (   
re9=c$ cem5t1  x is equipp$ ) p[]ful    

gra9-elevators1 built ( /one1 spl5did   
iron w>eh\ses1 %$s1 etc4 ,?is h>b\r1 :5 
complet$1 w h  co/ "s #aj1jjj1jjj2 x has
 already a consid]able trade1 :i* w     
increase 9 proportion to ! agricultural 
developm5t ( ! great belt  x is int5d$  
to s]ve1 :i* includes ! ,prov9ces ( ,san
 ,juan1 ,san  ,luis1 ,m5doza1 !         
,t]ritory ( ! ,c5tral ,pampa1 & a l>ge  
"p (  ! ,prov9ce ( ,bu5os ,ayres4 ,!    
importance ( ?is h>b\r w also  be       
increas$ by ! v>i\s railways :i* w unite
 ,bahia ,blanca to !  remote di/ricts ( 
! ,republic4 ,! ,fr5* company1 n[ build+
 a l9e  runn+ betwe5 ,ros>io & ,bahia   
,blanca1 w also h its own h>b\r1  !     
,pu]to ,belgrano1 & is actively c>ry+ on
 its con/ruction4    ,f9ally1 ! creation
 ( a h>b\r has be5 project$ at ,m> del  
,plata1  ! fa%ionable wat]+-place ( !   
,arg5t9e1 & ano!r 9 ! ,bay  (           
,samborombon1 two h\rs f ,bu5os ,ayres4 
,to sum up3 ! ,arg5t9e possesses at !   
pres5t "t1 9 ! matt]  ( ports1 an       
equipm5t capable ( keep+ pace ) ! gr[? (

 its  p[]s ( production4 ,its riv]s are 
truly arms ( ! sea1 collect+ on  _!     
banks1 ?anks to _! num]\s ports1 !      
products ( ! c5tral  ,prov9ces1 :i* are 
?us connect$ ) ! ,atlantic ov] a di/ance
  ( m ?an #fjj miles4 ,x is ! same on ! 
,atlantic sea-bo>d1 :]e  advantage has  
be5 tak5 ( ! lea/ natural facilities    
af=d$ by !  coa/-l9e to multiply !      
outlet to exportation1 9 proportion z ! 
progress ( agriculture has travell$     
s\?4#ba    ,footnote #ba3 ,among !      
pr9cipal ports ( ! s\? we may cite      
,madryn1  ,rio ,gallego1 ,commodoro     
,rivadavia1 & ,u%uaia1 9 ,ti]ra del     
,fuego4 ,^!  ports1 by a wise           
disposition ( ! ,gov]nm5t1 seek+ to     
increase  ! population & enc\rage       
progress 9 ! s\!rn regions ( !          
,republic1 h be5 made free ports2 t is  
all ! op]ations ( !  d\ane may be       
effect$ )\t ! paym5t ( fiscal dues4     
,x is true t ?is great organisation c   
only yield ! true measure  ( its value 9
 ye>s ( good h>ve/s1 s9ce ^u ! latt] all

  comm]cial activity dep5ds2 yet x mu/  
be recognis$ t1 h[ev]  l>gely ! future  
has be5 disc\nt$ 9 equipp+ ^! ports1 !  
e/imates ( future traffic h sc>cely ev] 
hi!rto be5 deceptive4                   
,,*apt] ,,ii                            
,,railways    ,rapid developm5t ( !     
railway sy/em----,tabulation ( its      
ext5sion 9 ea* ,prov9ce----,table %[+ ! 
g5]al results      ( its                
exploitation----,li/ ( ! l9es actually  
runn+4    ,li/ ( railway companies1 ) ! 
l5g? ( _! roadways &      _!            
returns----,! difficulty ( obta9+ exact 
figures----,!      t>iffs ( ! railway   
companies----,=m ( concessions1 &       
suppression ( gu>antees4    ,comp>ison (
 ! railway sy/em ( ! ,arg5t9e ) !       
railway      sy/ems ( o!r               
c\ntries----,proportion ( mileage to    
area &      population4    ,ext5sion ( !
 sy/em 9 ! ne> future1 ow+ to ! num]\s  
concessions grant$----,! mileage ( ^!   
concessions----      ,insuffici5cy (    
plans & previ\s                         

exam9ations----,exam9ation      ( ! mo/ 
important concessions = :i* ! capital is
      already gu>ante$----,! dim5sions  
:i* ! railway sy/em      w atta9 aft] ! 
concessions are realis$----,programme ( 
n>r[-gauge con/ruction2 its value4      
,meet+ ( ! ,arg5t9e ) ! ,*ilian railways
 cross+ !      range ( ! ,&es----,!     
a]ial m9+ railway 9 ! ,prov9ce      (   
,la ,rioja4    ,railways 9 relation to  
agricultural developm5t----,insuffici5cy
 (      transport at ! mom5t ( h>ve/2   
its causes & rem$ies----      ,necessity
 ( a bett] organisation :i* %all respond
 to !      /ress ( production4      ,!  
same progressive _s :i* ! ,arg5t9e has  
manife/$ 9  ! improvem5t ( inl& or      
m>itime wat]ways is to be se5 9 !       
e/abli%m5t ( its network ( railways4 ,"h
 aga9 developm5t has be5  rapid1 &      
results pla9ly effectual 9 mak+ ! weal? 
( ! c\ntry  available4 ,to cite "o      
example only1 x is ?anks to ! railways t
  agriculture & /ock-rais+ h be5 able to
 atta9 to su* l>ge  dim5sions 9 !       

,prov9ce ( ,bu5os ,ayres2 a ,prov9ce f> 
less fav\r$  ?an its nor!rn neighb\rs 9 
! matt] ( wat]ways4 ,all ! l9es  runn+  
s\? h greatly contribut$ to !           
trans=mation ( ! ,pampa  & ! increase ( 
! cultivat$ area ov] an imm5se radius   
:]e  be=e !re 0 no?+ b untill$ soil1 :i*
 0 h>dly suit$ ev5  = /ock-rais+4    ,! 
railway has ?us play$ a great "p 9      
civilis+ ! ,arg5t9e2  rais+ new weal? f 
soil z yet unexploit$1 jo9+ up ! *ief   
agricultural c5tres1 & af=d+ !m an      
outlet to ! riv]s  or ! sea4 ,! railway 
has also be5 auxili>y to ! colonis+     
movem5t1 /imulat+ ! creation ( new      
settlem5ts along its track by           
concessions ( soil4    ,?is latt] "w is 
n yet t]m9at$1 if we are to judge by !  
great  numb] ( concessions n[ "u        
consid]ation1 9 :i* ! initiative  is due
 to ! ,/ate or to private individuals4  
,on ! o!r h&1 !re  is a great t5d5cy to 
build *eap n>r[-gauge railways1 9 ord]  
to  save exp5se ei!r 9 build+ or 9      
work+1 s z to obta9 a f9al  r$uction ( !

 freight t>iff4 ,9 %ort1 we f9d1 9 !    
case (  railways z well z 9 ! case (    
wat]ways1 t :ile ! cont9uation  ( good  
h>ve/s is c\nt$ on1 !re is also an ef=t 
to keep up1 by  multiply+ ! means (     
transport1 ) ! economic expansion ( !   
c\ntry4    ,x 0 9 #ahed t ! ,gov]nm5t ( 
! ,prov9ce ( ,bu5os ,ayres  grant$ !    
fir/ railway concession1 = a l9e #bd1jjj
 v>es#bb 9  l5g?1 runn+ we/ f ,bu5os    
,ayres4 ,9 #aheg a fir/ section1 "s #f  
miles long1 0 op5$ = traffic4           
,footnote #bb3 ,! v>e is equival5t to   
#hhf millimetres1 s ! l5g?  ( ! l9e 0   
ab\t #ac miles4 ,at t p]iod1 9 ! region 
( !  concession1 ! v>e ( l& _h only a   
trifl+ value4    ,aft] ^! humble beg9n+s
 ! railway sy/em ( ! ,arg5t9e  develop$ 
) great rapidity2 on ! #a/ ( ,novemb]   
#aijh1 its total  l5g? 0 #ac1gjj miles1 
repres5t+ an av]age developm5t ( ne>ly  
#bgc miles p] annum4 ,all ! ,prov9ces   
are repres5t$ 9 ^! figures1  b ( c\rse 9
 v unequal proportions2 z !             
opportunities (  con/ruction h n be5    

ev]y:]e ! same4 ,_! in/allation has     
gone h& 9 h& ) agricultural developm5t2 
& ! ,prov9ces mo/  adapt$ to agriculture
 h also be5 fav\r$ ) ! mo/ pl5tiful     
means ( transit1 z ! foll[+ table w %[4 
,among ^! ,prov9ces we mu/ note ,bu5os  
,ayres1 ,santa ,f & ,crdoba  z ! ?ree   
:i* h made mo/ agricultural progress2 = 
!y  alone furni% m ?an #hj p] c5t4 ( !  
total exports4 ,among !  ,t]ritories ,la
 ,pampa has ! greate/ mileage (         
railways2 a mileage  :i* w v %ortly be  
d\bl$1 to judge by ! numb] ( new l9es   
project$1 :i* 9 ! ne> future w cross x 9
 e direction1  ?us facilitat+ ! outlet (
 its abundant produce4    ,x is 9 ! la/ 
t5 ye>s t ! network ( ,arg5t9e railways 
has  rea*$ its full expansion1 z is %[n 
by ! second table2 :i* also  gives !    
am\nts ( capital inve/$ 9 ^! und]tak+s4 
,mileage ( ,railways on ! #a/ ( ,novemb]
 #aijh4                                 
,column ,head+s3                        
,a3 ,prov9ces & ,t]ritories4            
,b3 ,mileage4                       ,c3 

,ratio ( ,mileage to ,area4             
,d3 ,9 kilometres p] #ajj sq4           
kilometres4                       ,e3 ,9
 miles p] #ajj sq4 miles4               
,f3 ,miles p] #ajjj inhabitants4        
,c            ,a                        
,b       ,d       ,e       ,f           
,prov9ce ( ,bu5os ,ayres          #dehcd
   #bdb    #chi    #cjf      ,prov9ce ( 
,santa ,f              #bbeda   #bge    
#ddb    #cjc      ,prov9ce ( ,crdoba    
#ahega   #ahf    #cjj    #cff           
,prov9ce ( ,santiago d l',e/]o   #haji  
#abg    #bjd    #dbd      ,prov9ce (    
,entre ,rios             #faje   #acb   
#bab    #aeh      ,t]ritory ( ,pampa    
,c5trale        #eefi    #fa     #ih    
#iae      ,prov9ce ( ,corri5ts          
#deai    #hf    #ach    #adb            
,prov9ce ( ,m5doza                #dajj 
#ed     #gb    #bbe      ,prov9ce (     
,tucuman                #chdc   #bfh    
#dca    #ada      ,prov9ce ( ,la ,rioja 
#caib    #eg     #ib    #cgg            
,prov9ce ( ,san ,luis                   

#cjch    #ff    #ajf    #big            
,t]ritory ( ,rio ,negro                 
#bcid    #bj     #cb   #aabe            
,prov9ce ( ,salta                  #bbhj
    #bc     #cg    #afc      ,prov9ce ( 
,catam>ca              #bbfc    #cj     
#dh    #bae      ,prov9ce ( ,jujuy      
#baha    #ga    #aad    #cha            
,t]ritory ( ,*aco                  #igb 
#aa     #ag    #ded      ,prov9ce ( ,san
 ,juan                #heg    #af       
#bf     #ha      ,f$]al ,capital        
#eec  #dgij   #ggab     #je             
,t]ritory ( ,*ubut                 #dce 
#jc     #je    #cif      ,t]ritory (    
,neuqu5                 #bf    #jjd     
#jjf    #aj                             
----------------  ------------          
------------   --------      ,total &   
,av]ages              #ac1gjhb    #gg   
#abd    #dig      ,g5]al ,/ati/ics ( !  
,arg5t9e ,railways up to #aijh          
inclusive4      ,column ,head+s3        
,a3 ,,ye>4      ,b3 ,total ,mileage (   
,l9es 9 ,op]ation4      ,c3 ,travell]s  

,c>ri$4      ,d3 ,m]*&ise ,c>ri$ 79     
tons74      ,e3 ,gross ,receipts4       
,f3 ,total ,exp5diture4      ,g3 ,net   
,pr(its4      ,h3 ,capital ,employ$4    
,i3 ,int]e/ on ,capital4                
----------------------------------------
----------------------------------------
---      ,a    ,b      ,c         ,d    
,e         ,f         ,g         ,h     
,i                                      
----------------------------------------
-----------------------------------     
#ahhf  #cfbc #f1deh1fgd                 
#b1idh1jjjc1bca1gica1hdb1ibha1chh1hfebi1
fgh1ahbdfh    #ahhg  #dach #h1aii1jea   
#c1hdd1jjj #c1ijc1cag #b1aic1hgd        
#a1gji1ddc #ce1eae1ebedha    #ahhh      
#dgjbaj1ajf1cdb #d1daj1jjj #d1dhe1eaa   
#b1eja1afj #a1ihd1cea #ci1dbi1gidejc    
#ahhi  #ejgaaa1ajc1ihf #f1edb1jjj       
#c1iaf1gff #b1gac1cdi #a1bjc1dag        
#ej1iia1aeibcf    #ahij  #ehegaj1jfi1fjf
 #e1dbj1jjj #e1bji1hjh #c1eag1jha       
#a1fib1gbg #fd1cfh1efcbfc    #ahia      
#hgdfaj1hbj1jjc #d1fbj1jjj #d1aib1cbj   

#b1hfe1gci #a1cbf1eha #gf1jfh1gijagd    
#ahib  #hejfaa1ghh1cih #f1jcg1jjj       
#c1ijg1gid #b1cda1ecb #a1eff1bfb        
#hh1chi1dffagg    #ahic  #hfjbab1hdc1djd
 #g1afi1jjj #d1cfd1bdc #b1efb1iba       
#a1hja1cbb #id1had1dgeaij    #ahid      
#hgabac1ibh1jfa #h1adc1jjj #d1ehj1hih   
#b1faf1chf #a1ifd1eab #if1ege1hhfbjc    
#ahie  #hgffad1egc1jcg #i1fej1jjj       
#e1bgh1hfa #b1gfi1bic #b1eji1efh        
#ig1jga1hffbei    #ahif                 
#hihaag1bdh1dheaj1iad1jjj #f1bcj1bgc    
#c1baf1aff #c1jcd1ajg #ii1efe1bfacje    
#ahig  #iafbaf1daj1ide #h1iha1jjj       
#e1feh1faf #c1caa1fhj                   
#b1cdf1icfaja1fdc1bfcbca    #ahih       
#ieieaf1dgh1jhe #i1dbi1aaj #f1fdh1cjb   
#c1hbj1fbd #b1hbg1fghajd1gjc1daibgj     
#ahiiaj1aidah1jad1ejcaa1hai1jjj         
#h1bfa1bia #d1dhf1dec                   
#c1ggd1hchaje1cbc1ccbceh                
#aijjaj1bhfah1bif1dbbab1fei1jjj         
#h1bhj1bfi #d1gdf1eea                   
#c1ecc1gahajh1cae1abecbf                
#aijaaj1diiai1fhi1aaeac1ihh1jjj         

#h1ggc1bag #d1hbe1gbj                   
#c1idg1digajg1ffg1gjjcfg                
#aijbaj1gijai1hae1dciad1jcj1jjj         
#h1fed1eag #e1iie1jhi                   
#b1fei1dbhaab1ahi1bdacfb                
#aijcaa1dbiba1jbe1defag1jbd1fagaj1bgi1gj
c #e1bdh1jde #e1jca1fchaad1fag1iagdej   
#aijdaa1eebbc1abj1jieai1gbg1jjjab1chj1dj
i #f1edb1bbb #e1hcd1ahgabc1hbb1cffdgj   
#aijeab1ehabf1fcf1baabb1daj1jjjad1cah1ih
b #g1hgi1bah #f1dci1gfdabe1dbf1abceac   
#aijfac1jgccd1aih1efebf1gaf1jjjaf1djc1ha
i #i1gdi1gci #f1fed1jhjacd1ccg1ggedie   
#aijgac1ihhda1ghd1bchbg1ibi1jjjag1eid1jf
iaj1hdc1jhg #f1gej1ihbaeg1hge1jhidbg    
#aijhad1iiddg1aej1chdcb1baa1jjjbj1bgi1ef
jab1djg1cbj #g1hgb1bdjafi1jjj1jjjdff    
----------------------------------------
----------------------------------------
---    ,! numb] ( railways at pres5t 9  
op]ation is ?irty1 ?is figure  includ+ !
 railways & cable tramways or me*anical 
traction l9es 9  ! c\ntry di/ricts1 bo? 
public & private1 z 9 ei!r case !y  s]ve
 = ! transport ( produce4 ,( ^! ?irty   

l9es tw5ty-sev5  are work$ by private   
companies & ?ree by ! ,/ate4 ,! latt]   
are  l9es ( no great value1 :i* !       
,gov]nm5t has itself con/ruct$1  or :i* 
x has _h to take ov]1 ei!r 9 ! g5]al    
int]e/ or to  r$eem _! heavy gu>antees4 
,9 ! matt] ( com=t ! great ,arg5t9e     
railways leave no?+ to  be desir$1 & _m 
,europeans1 out ( t\* ) ! rapid *anges (
  ?is progressive c\ntry1 w\ld c]ta9ly  
be mu* a/oni%$ to le>n  t "o may cross !
 ,pampa or rea* ! foot-hills ( ! ,&es 9 
tra9s equipp$ ) sleep+-c>s &            
re/aurant-c>s ( ! late/  type4 ,p]haps  
!re is r less ornam5t & few] c>pets ?an 
9 !  ,european sleep+-c>s1 b ! same     
cleanl9ess w be f\nd1 ! same  s]vice1 ! 
same conv5i5ces4    ,! roll+-/ock is    
also ! object ( incessant improvem5ts4  
,to give  only "o example1 ! ,s\!rn     
,railways ,company has plac$ 9 s]vice a 
new type ( locomotive1 ) two pairs (    
d\ble-expansion cyl9d]s4  ,^! eng9es h  
t5 :eels1 ( :i* six are c\pl$ & f\r     
m\nt$  9 ! front on bogies2 _! maximum  

p[] enables !m to draw an  effective    
load ( #bafj tons up an incl9e ( #a 9   
#ejj4 ,z = ! goods  wagons1 _! capacity 
is #dj tons 9 ! broad-gauge l9es & #be  
tons on  ! n>r[ gauge4    ,accord+ to   
/ati/ics1 on ! #a/ ,novemb] #aijh1 !    
v>i\s railways  _h 9 s]vice #biib       
locomotives1 #bjca pass5g]-c>s1 &       
#cc1hjj goods  wagons or trucks4    ,!  
companies are enabl$ to import free (   
t>iff1 dur+ ! fir/ t5  & sometimes !    
fir/ tw5ty ye>s ( _! t>iff1 all _! fix$ 
&  roll+ /ock2 x is ?us to _! advantage 
to obta9 f abroad !  mo/ effective      
equipm5t1 9 ord] to obta9 ! greate/     
possible pr(it  f ! gov]nm5tal fav\r4   
,! table giv5 bel[ conta9s v>i\s data z 
to ! v>i\s  concessions2 x gives ! gauge
 ( ! l9es1 _! mileage1 & !  pr(its ( !  
pr9cipal companies4                     
,railways & ,/eam ,tramways ( ! ,arg5t9e
 ,republic                        on !  
#a/ ( ,janu>y #aiji4                    
,,railways ,,9 ,,op]ation4     7,l5g?   
includes bran* l9es b n auxili>y l9es or

 loop l9es47                            
,i4 ,,/ate ,,railways4                  
,gauge4        ,mileage4   ,int]e/ on   
,capital4      ,&ean                    
#afgf metres        #bii        #edb    
7#e ft4 #f 947    ,c5tral ,nor?         
0            #ajff         #hj          
,nor!rn ,arg5t9e                        
0             #dgj         #df          
--------                                
#ahce                    ,,ii4 ,,private
 ,,companies 7,,concessionaires74       
,bu5os ,ayres1 ,s\!rn              #afgf
 metres       #begd        #dic         
7#e ft4 #f 947    ,bu5os ,ayres1 ,we/]n 
0            #aaha        #eic    ,bu5os
 ,ayres & ,ros>io                  0    
#abjb        #dgc    ,c5tral ,arg5t9e   
0            #aada        #hca    ,bu5os
 ,ayres & ,pacific                  0   
#ajac        #chc    ,arg5t9e1 ,great   
,we/]n                  0               
#dhc        #ddj    ,bahia ,blanca &    
,nor?-,we/]n            0               
#edc        #bdf    ,nor?-,ea/]n        

,arg5t9e             #adce metres       
#aid        #aai                        
7#d ft4 #h-a_/b 947    ,entre ,rios1    
,c5tral                       0         
#ecd        #bej    ,bu5os ,ayres1      
,c5tral                     0           
#ace        #ccc    ,prov9ce ( ,santa ,f
                      0            #ajed
        #cj    ,c5tral ,crdoba 7,nor!rn 
,section7        0             #ecc     
#bfb    ,c5tral ,crdoba 7,ea/]n         
,section7         0             #abf    
#gcg    ,crdoba & ,ros>io               
0             #agd        #cja          
,nor?-,we/]n ,arg5t9e                   
0             #aah        #dcb          
,crdoba & ,nor?-,we/]n                 0
              #ib         #ic           
,trans-,&ean ,arg5t9e                   
0             #aje  7loss7 #fc          
,*ubut1 ,c5tral                         
0              #db        #eie          
------------                            
#aa1bde       ,railways ( ! ,second     
,class1 ,/eam ,tramways1 ,cable ,l9es1  

etc4                             ,i4 ,,=
 ,,public ,,s]vice4                     
,gauge4       ,mileage4   ,int]e/ on    
,capital4      ,/eam ,tramway1 ,rafaela 
#a metre        #ecdj      #gi          
7#c ft4 #cd 947      ,malagu5o 7connect+
 ) !        ,c5tral ,arg5t9e7           
----            ----        ----        
,municipal ,tramway ( ! ,la        #adce
 metres   #adcj      #cf        ,plata  
,abattoirs             7#d ft4 #h-a_/b  
947      ,ocampo ,colony                
#a metre        #baaa       ----        
7#c ft4 #c-a_/d 947      ,flor5cia to   
,piracus               #ajfg metres     
#abdb       ----                        
7#c ft4 #f 947      ,railways ( !       
,entreprise         #afgf metres    #dig
     #cch        de ,las ,catal9as      
7#e ft4 #f 947      ,b>ranqu]as to      
,resi/5cia        #ge metres     #afgf  
#cdj                                    
7#b ft4 #ec 947                         
------------                            
,total1     #abbif                      

,,ii4 ,,private4                        
,gauge4       ,mileage4   ,int]e/ on    
,capital4      ,tyrol ,h>b\r to ,luc9da 
,colony    #f metres      #bbcf         
----                                    
7#bcf 947      ,/eam ,tramway f         
,piragnacito     #ge metres     #ecdj   
----        to ,guill]m9a               
7#b ft4 #ee 947      ,colony ( ,las     
,palmas               #f metres         
#bibj       ----                        
7#bcf 947      ,valdez ,p59sula         
#gf metres     #aihg      #eh           
7#b ft4 #ei 947                         
------------                            
,total1     #abdhc                      
,,summ>y4                               
,mileage4      ,i4 ,/ate railways       
#agfe     ,,ii4 ,private railways       
7concessions7              #aa1bde      
,,iii4 ,railways ( ! second class & /eam
             tramways----           ,a4 
,public                                 
#aai           ,b4 ,private             
#aba                                    

------------    ,g5]al total1 mileage ( 
l9es 9 op]ation     #ac1bej    ,g5]al   
total on ,septemb] #a/                  
#ad1iid    ,^! l9es are ( v unequal     
value f ! %>ehold]s' po9t  ( view2 b x  
mu/ be recognis$ t ! majority1 aft]     
v>i\s  vicissitudes1 h ( late ye>s %[n  
an increase ( rev5ue t proves  _!       
vitality4 ,we may cite1 z example1 "o ( 
! ,s\!rn l9es1 su*  z t runn+ to ,bahia 
,blanca via ,tornqui/2 a l9e built almo/
 at  a loss by ! ,s\!rn ,railway        
,company ( ,bu5os ,ayres1 b :i* to-day  
is yield+ ov] #d p] c5t41 ?anks to !    
agricultural developm5t  :i* has foll[$ 
its c\rse4 ,accord+ to figures (        
reliable orig91  ! traffic ( ?is l9e    
betwe5 ! /ations ( ,g5]al ,la ,madrid & 
,bahia ,blanca1 has increas$ f #fc1ehj  
tons 9 #ahhh to #deh1gej tons 9  #aijh1 
or an increase ( #fbj p] c5t1 9 tw5ty   
ye>s1 & ev5 s ^!  figures d n include ! 
?r\gh-goods traffic betwe5 ^! po9ts4    
,g5]ally speak+1 we may say t ! rev5ues 
( ! ,arg5t9e  railways m (t5 ?an o!rwise

 exce$ expectation1 ev5 9 ! case  ( new 
l9es4 ,on ! o!r h&1 x is difficult to   
r$uce ! exp5ses  ( work+1 on acc\nt ( ! 
special conditions ( ! traffic1 :i*  is 
only heavy at ! "t ( h>ve/1 in/ead ( be+
 di/ribut$  ?r\gh\t ! ye>4    ,we mu/   
w>n ! read] t ! summ>y j giv5 is ( only 
approximate value4 ,to avoid w\nd+ !    
susceptibilities ( ! ,/ate1  or 9 ord] n
 to ju/ify dem&s on ! "p ( ! ,/ate = l[]
  t>iffs1 c]ta9 ( ! railroad companies  
publi% f> l[] pr(its ?an  !y really     
make1 by means ( trans=m+ a portion ( _!
 pr(its  to ! res]ve or r$emption       
acc\nts4 ,) ! same object1 !y s9k       
consid]able sums 9 l& pur*ase or 9      
p]man5t-con/ruction "w4    ,o!r         
companies1 on ! contr>y1 hop+ t ! ,/ate 
w ev5tually  take ov] c]ta9 ( _! l9es1  
seek to augm5t _! returns  tempor>ily1 9
 ord] to obta9 a bett] sale price4      
,we may safely say1 h[ev]1 !            
adm9i/rative me?ods ( ! great]          
companies be+ :at !y are1 t on ! :ole ! 
av]age rev5ues are  above r ?an bel[ !  

figures we h giv54 ,acc\nts are conduct$
  on a basis ( v cauti\s evaluation1 9  
ord] to less5 ! %ock ( a  bad h>ve/4    
,z = ! t>iffs ( ! v>i\s companies1 !y   
are /ill v high1 z  always happ5s :5 !re
 is no competition4    ,"h are "s ( !   
prices ( freight p] ton1 accord+ to !   
articles  & ! di/ance !y are c>ri$3#bc  
,footnote #bc3 ,! ,arg5t9e 8tonne0      
weighs #ce lbs4 less ?an ! ,engli%  ton 
be+ #ajjj kilogrammes1 or #bbje lbs4 9  
weight4                          ,up to 
#ej kilometres       #cjj kilometres or 
#gjj kilometres or                      
or #cj miles4               #ahj miles4 
#dba miles4      ,:eat           #ds4   
#id;d4 to  #es4 #fe;d4   #ajs4 #aa;d4 to
 #ads4 #if;d4   #ads4 #i;d4 to #ags4    
#b;d4    ,wool 9 bale    #es4   #h;d4 to
 #abs4   #i;d4   #bfs4  #c;d4 to #cis4  
#aa;d4   #cis4 #b;d4 to #ehs4 #a;d4     
,wool 9 sacks  #ads4  #aa;d4 to #ahs4   
#cf;d4   #dgs4  #f;d4 to #ehs4   #i;d4  
#gbs4 #c;d4 to #ics4 #c;d4    ,a factor 
t makes ^! freights seem ev5 high] is a 

comp>ison )  ! m>itime freights1 :i*    
fell 9 #aijh to a v l[ figure4 ,!       
transport ( a ton ( c]eals to a port (  
emb>kation #cjjj miles di/ant  w\ld co/ 
a f>m] f\r or five times z mu* z !      
freight f t  port to ,europe4    ,9 a   
c\ntry l ! ,arg5t9e1 pres5t+ an imm5se  
level surface  to ! eye1 :i* c h>dly    
di/+ui% ! slighte/ l&m>k or  diff]5ce ( 
level1 x w\ld seem z ?\gh ! build+ (    
railways  %\ld h be5 p>ticul>ly         
inexp5sive1 especially z = t5 to  tw5ty 
ye>s all mat]ials c\ld be import$ free (
 duty4 ,z a matt]  ( fact1 h[ev]1 ! co/ 
( con/ruction has be5 v high 9 !  case (
 c]ta9 l9es2 ei!r on acc\nt ( ! l&      
speculation :i*  has foll[$ _!          
e/abli%m5t1 or because ! e/imates 7     
exce$$  hav+ be5 e/abli%$ )\t any s]i\s 
control on ! "p ( !  ,/ate4 ,?is expla9s
 h[ x is t ^! companies1 hav+ an enorm\s
  capital to r$eem1 _c at ! pres5t mom5t
 l[] _! rates4    ,9 ! ,arg5t9e !       
railway companies are n e/abli%$ z 9    
,france1  by "r ( a concession limit$ to

 a c]ta9 numb] ( ye>s4#bd ,!  concession
 is grant$ )\t conditions1 except+ !    
res]ve t x  may be r$eem$ by ! ,/ate2 & 
?is res]ve may be appli$ at any  "t     
:atev]1 con=mably ) ! expropriation law4
 ,! conditions (  r$emption are 9 mo/   
cases e/abli%$ on ! basis ( ! rev5ues ( 
! la/ five ye>s1 increas$ by #bj p]     
c5t41 s t ! clause c  sc>cely be c>ri$  
into effect to ! pr(it ( ! ,/ate 9 !    
case (  l9es yield+ good pr(its4        
,footnote #bd3 ,a clause fix+ ! t]m ( ! 
concession----t is1 !  date ^u :i* !    
l9e1 ) all its build+s1 etc41 w pass    
into  ! h&s ( ! ,gov]nm5t )\t any paym5t
 on ! "p ( !  latt]1 0 ins]t$ 9 ! case (
 two railways only1 & = a t]m (         
fifty-five ye>s4 ,^! two l9es are !     
railway f ,villa ,m]c$es to  ,la ,toma  
7! old ,nor?-,we/]n ,arg5t9e71 to-day a 
section ( ! ,&ean  ,national1 & t f ,san
 ,cri/obal to ,tucuman1 to-day ! ,s\!rn 
,section ( ! ,c5tral ,nor!rn4 ,bo? are  
gu>ante$ by ! nation2 b  ! nation hav+  
become ! proprietor1 ! above clause has 

( c\rse  n tak5 effect4    ,! ,/ate & ! 
,prov9ces h gu>ante$ divid5ds 9 v>i\s   
ways4  ,^! gu>antees 7 grant$ v lib]ally
 :5 ! ,arg5t9e 0  seek+ to create &     
develop its railway sy/em1 b !          
,gov]nm5ts  h n %[n ! same read9ess to  
hon\r _! signatures 9 times (  crisis4  
,we %all see 9 ! f9ancial section ( ?is 
book t ! ,/ate  has _h to contract loans
 9 ord] to r$eem its obligations1 & to  
lib]ate itself f engagem5ts x _h be5    
unable to keep4#be    ,footnote #be3 ,! 
,fr5* company ( ! ,santa ,f ,railways1  
:i* _h a  gu>antee f ! ,prov9ce1 :i*    
gu>antee 0 nev] paid1 obta9$ 9  ex*ange1
 by arrangem5t1 ! complete own]%ip ( its
 l9es4    ,at pres5t ! ,gov]nm5t no     
long] gives gu>antees----n ev5 to       
enc\rage ! con/ruction ( l9es 9 regions 
:i* (f] little  attraction f ! po9t (   
view ( traffic4 ,x pref]s to build !m   
itself1 9 ord] to increase ! ext5t if n 
! value1 ( ! sy/ems  x already owns2 or 
has rec\rse to companies or private     
individuals =  ! con/ruction ( new l9es1

 b )\t gu>antees ( any sort4    ,hav+   
giv5 ^! details ( ! railway sy/em1 we h 
/ill to  consid] ( :at expansion x is   
/ill capable4 ,9 comp>ison to o!r       
,am]ican ,/ates----except+ ! ,unit$     
,/ates1 ^: colossal progress  9 ?is     
dep>tm5t p]mits no comp>ison ) o!r      
c\ntries----!  ,arg5t9e is 9 ! fir/ rank
 9 ! matt] ( its railway mileage4  ,)   
its #ac1bej miles 9 op]ation on #a/     
,janu>y #aiji1 x surpasses  bo? ,mexico 
7) #hcij miles7 & ,brazil 7) #aj1jhj71 !
 two ,am]ican  ,/ates :i*1 be+ !        
weal?ie/ & hav+ ! l>ge/ populations1    
possess v ext5sive railway sy/ems4 ,if f
 ! same /&po9t we  !n comp>e ! ,arg5t9e 
) ,france1 ,italy1 ,spa91 ,belgium1     
,engl&1  ,g]many1 & ,au/ria-,hung>y1 we 
f9d t x occupies ! f\r? rank4  ,b x goes
 )\t say+ t ^! figures d n mean any?+ v 
precise1 except 9 conjunction ) ^? d5ot+
 ! area & !  population ( ! ,arg5t9e4   
,!y are indications r ?an exact         
comp>isons4    ,if we comp>e ! numb] (  
miles ( railway 9 op]ation to t (  !    

area 9 squ>e miles ( ea* c\ntry1 we %all
 f9d t among  ! nations ( ,s\? ,am]ica !
 fir/ place is no long] held by !       
,arg5t9e1 b by ! little ,ea/]n ,republic
 ( ,uruguay1 = 9 !  =m] c\ntry ! ratio  
is only #a4be1 :ile 9 ! second x is     
#a4fg1  ,mexico ties ) ! ,arg5t9e1 )    
#a4be4 ,"h is an example ( !  /range    
conclusions to :i* /ati/ical inquiry    
sometimes leads u1  s9ce x foll[s f !   
prec$+ figures t ,uruguay1 ) only #abjg 
miles ( railway1 & #ga1iij squ>e miles (
 t]ritory1 holds app>5tly1  f ?is       
/&po9t1 a high] rank ?an ! ,arg5t9e4    
,! comp>ison ( ! mileage ( ! railways ( 
ea* c\ntry to !  numb] ( its inhabitants
 is an exact] me?od4 ,we f9d t = e      
#aj1jjj inhabitants ! ,arg5t9e has      
#bc4ei miles ( railway1 :ile ,brazil    
has only #f4di1 ,uruguay #aj4if1 ,*ili  
#c4ih1 ,mexico #g4ab1 & ,v5ezuela #c    
miles4    ,all ?is is expla9$ 9 ! foll[+
 table1 :5ce int]e/+  d$uctions may be  
drawn4    ,! mileage ( railway giv5 = ! 
,arg5t9e %\ld be reg>d$ z  provisional1 

=1 unlike ^? ,european nations :i* h    
almo/  atta9$ _! utt]mo/ expansion &    
equipm5t1 !re is /ill mu*  to be done 9 
! ,arg5t9e be=e ! :ole ( its t]ritory c 
be  s]v$4 ,c]ta9ly ! pr9cipal l9es are  
already con/ruct$1 b o!rs  w assur$ly be
 built1 :i*1 ap>t f _! imm$iate utility1
 w  ultimately pay1 ow+ to ! mann] 9 :i*
 !y w increase ! value  ( ! soil :i* !y 
w trav]se4    ,! con/ant expansion ( its
 network ( railways is = t matt] a      
necessity to ! ,arg5t9e1 z = all new    
c\ntries1 9 :i* !re  are no roads fit = 
:eel$ traffic4 ,r ?an g to ! exp5se (   
op5+ up su* roads1 :i* w\ld be an       
unproductive inve/m5t1 !  ,gov]nm5t     
pref]s to fav\r ! creation ( l9es (     
railroad :i* may  9 "t become in/rum5ts 
( production4                  ,mileage 
( ,railways 9 ! ,arg5t9e ,republic      
z comp>$ ) o!r ,c\ntries4      ,column  
,head+s3      ,a3 ,,c\ntry4      ,b3    
,area 9 ,squ>e ,miles4      ,c3 ,total  
,numb] ( ,inhabitants4      ,d3 ,mileage
 ( ,railways 9 ,op]ation4      ,e3      

,mileage ( ,railways4      ,f3 ,p] #ajj 
,squ>e ,miles4      ,g3 ,p] #aj1jjj     
,inhabitants4                           
----------------------------------------
--------------------------              
,e             ,a            ,b         
,c          ,d      ------------        
,f    ,g                                
----------------------------------------
---------------------    ,arg5t9e       
,republic#a1jhj1dfj #e1gib1hjgaijh      
#ac1gdj #abfhbcgc    ,brazil            
#c1bhc1cfjaf1jjj1jjjaijd   #aj1cij  #cae
 #fdi    ,uruguay              #ga1ifj  
#a1ajc1jdjaijd    #a1bjg #afgdajig      
,*ili               #bid1hjj            
#c1cii1ibhaijc    #a1ced  #dfd #cih     
,p]u                #fha1cgj            
#d1eci1eejaijd    #a1ahd  #bcb #bei     
,mexico                                 
#gdi1jgjac1fjg1beiaijc    #i1fih #abfc  
#gab    ,v5ezuela           #cfb1ghj    
#b1fai1bahaijc      #ebc  #adc #aii     
,bolivia             #dhb1bdj           
#b1ahj1gajaijc      #gja  #adh #cbj     

,columbia            #dcg1ahj           
#d1eja1jjjaija      #daj  #jic  #ia     
,unit$ ,/ates                           
#c1gbf1ifjia1gid1ajbaijd  #bac1ggj      
#ehhbbcbh    ,france                    
#bjf1edjci1ifa1ideaijd   #bg1cfeacgce   
#gab    ,italy                          
#ajd1jfjcc1fdj1gajaijc   #aj1jaf #ijeh  
#big    ,spa9                           
#aid1bejai1jbg1heeaijd    #h1fja #dbai  
#dea    ,belgium              #aa1ccj   
#g1bch1fbbaije    #b1hecbeaaf #cid      
,engl&                                  
#aba1jbjdd1ehg1ajfaijf   #bc1jdhaijji   
#eag    ,g]many                         
#bjh1ahjfj1fda1bghaije   #cd1ajcafcdi   
#efb    ,au/ria-,hung>y                 
#bdb1hbjdi1ica1ijfaije   #bd1bhhajjgd   
#dhg                                    
----------------------------------------
--------------------------    ,x is     
true1 z we /at$ 9 ! fir/ edition ( ?is  
book1 t num]\s  dem&s = concessions     
p]mitt+ new l9es to be built h be5      
pres5t$ to & grant$ by ! ,national      

,congress4 ,b x is also true  t only a v
 small numb] ( ^! projects h be5        
realis$1 z  _m ( ^! und]tak+s 7 unable  
to f9d ! capital necess>y to  flotation 
9 ! =eign m>kets2 ?is has be5 true      
p>ticul>ly ( !  ,engli% m>ket4    ,at ! 
same "t1 !re are among ^! concessions a 
few projects :i*  seem to be capable (  
imm$iate realisation2 ^! are concessions
  grant$ to already exi/+ companies1 = !
 ext5sion ( _!  sy/ems1 :i* h ! necess>y
 capital at _! disposal4    ,among new  
l9es 9 active con/ruction we mu/ cite t 
= :i* !  concession 0 grant$ to ,,mm4 de
 ,bruyn & ,otam5di3 a n>r[-gauge        
railway 9 ! ,prov9ce ( ,bu5os ,ayres4   
,?is concession has be5 tak5  ov] by a  
,fr5* company1 & may require a maximum  
capital ( #h1jjj1jjj4    ,?is und]tak+1 
:i* is really ! ext5sion into ! ,prov9ce
 (  ,bu5os ,ayres ( ! network (         
n>r[-gauge l9es1 exploit$ by !  ,fr5*   
company ( ! ,santa ,f ,railroads1       
includes sev]al long l9es  />t+ f       
,ros>io1 cross+ ! mo/ productive &      

?ickly-peopl$  regions ( ! ,we/1 &      
t]m9at+ at ! ?ree great c5tres (        
export3 ,bu5os ,ayres1 ,bahia ,blanca1 &
 ,la ,plata4    ,?is und]tak+1 :i* has  
be5 well ?\ght out by its promot] &     
pres5t director1 ! eng9e] ,girodias1 is 
bas$ ^u two ideas2 "o  be+ to build     
cross l9es connect+ ! pr9cipal railways 
( !  s\? & ! we/ 9 agricultural di/ricts
 :]e ^! two l9es  hold an absolute      
monopoly2 ! o!r is to ext5d to ,bu5os   
,ayres !  n>r[-gauge sy/em ( ! nor? &   
nor?-we/4 ,?is sy/em consi/s at  pres5t 
( #cddd miles ( railways1 hav+ _! t]m9us
 at ,ros>io2 x  is !re=e mo/ desirable t
 ^! l9es %\ld be prolong$ t[>ds  ! s\?1 
& especially z f> z ! capital1 9 ord] to
 avoid  tr\blesome tran%ipm5ts4 ,?is w  
be a great advantage1 = example1  to !  
sug>-gr[+ di/ricts ( ,tucuman4    ,at ! 
pres5t mom5t1 ?is new n>r[-gauge sy/em  
is already work+  f ,ros>io to ,bu5os   
,ayres1 ! equipm5t be+ excell5t1 &      
we/w>d  z f> z ,nuevo de ,julio4 ,! fir/
 results h confirm$ ! =eca/s  z to !    

developm5t ( traffic 9 ?is region4      
,ano!r concession = a l9e on ! same     
basis is t obta9$ by ,mr  ,duncan       
,munroe1 = ! e/abli%m5t ( a n>r[-gauge  
railway betwe5  ,ros>io & ,bu5os ,ayres1
 to be a prolongation ( ! 8,c5tral      
,crdoba01  ( :i* he is ! ,director4 ,?is
 s*eme1 ?anks to ! support giv5  by !   
8,c5tral ,crdoba & ! ,crdoba & ,ros>io10
 has be5 put into  execution1 & is on ! 
eve ( be+ op5$ to ! public4    ,!       
proposal to unite ,ros>io & ,bahia      
,blanca----! two *ief ,arg5t9e          
ports----by a l9e cross+ ! ,prov9ce (   
,bu5os ,ayres 9 its mo/  f]tile region1 
is also on ! way to completion4 ,!      
con/ruction (  ?is l9e is be+ actively  
pu%$1 s t x is hop$ t ! l9e may  be op5 
= s]vice 9 ! c\rse ( #aiaj4    ,?is     
important l9e is be+ built by ,fr5*     
capital1 ! executive be+  kn[n z !      
,ros>io & ,pu]to ,belgrano ,railways    
,company4    ,! ,national ,congress has 
also grant$ to exi/+ companies1 :i* c   
(f] all requisite gu>antees1 !          

au?orisation to con/ruct new bran*      
l9es1 :i* w atta9 a total l5g? ( #ccgj  
miles1 & w absorb  a capital (          
#be1jjj1jjj4 ,( ?is total1 #gig miles w 
be built by !  ,we/]n ,railways         
,company1 #hgd by ! ,s\!rn ,railway     
,company1 #cbh by  ! ,pacific ,company1 
#aib by ! ,c5tral ,crdoba1 #dbg by !    
,ros>io &  ,pu]to ,belgrano ,railway1   
#aij by ! ,prov9ce ( ,bu5os ,ayres      
,railways1 #hg  by ! ,fr5* ,company ( ! 
,prov9ce ( ,santa ,f ,railways1 & #dgf  
by  ! ,c5tral ,arg5t9e ,railway4        
,ap>t f ! capital ( companies already   
e/abli%$ 9 ! ,arg5t9e1  "o may already  
detect a new /ream ( =eign capital de/9$
 to build  new railways4 ,x is ann\nc$1 
inde$1 t a new railway sy/em1 #bbc      
miles 9 l5g?1 w %ortly be built 9 ,entre
 ,rios by ,g]man capital1  :i* has      
hi!rto be5 %y ( ?is k9d ( und]tak+4     
,! ,prov9ce ( ,bu5os ,ayres also        
proposes to con/ruct & exploit  on its  
own acc\nt a n>r[-gauge l9e runn+ f ,la 
,plata 9 !  direction ( ! fif? m]idian4 

,= ?is und]tak+ ,fr5* capital w  also be
 solicit$4    ,f9ally1 ! ,national      
,gov]nm5t1 n wi%+ to rema9 inactive 9 ! 
mid/ ( ^! civilis+ activities1 has j    
obta9$ ! approval (  ,congress = a va/  
s*eme ( populat+ ! s\!rn t]ritories ( ! 
,republic2 a s*eme initiat$ by an       
ex-,m9i/] ( ,agriculture1 ,dr ,ramos    
,mexia1 ! basis ( :i* is ! con/ruction (
 ov] #abjj miles (  railway1 along :i*  
new c5tres ( colonisation w gradually be
 =m$4    ,?is is ! great object ( !     
pres5t ,gov]nm5t4 ,x has tak5 %ape  9 ! 
=m ( a law1 hav+ z its especial object !
 developm5t (  ! national ,t]ritories1 &
 hav+ reg>d bo? to ! creation ( new     
railways & ! progress ( colonisation2   
problems closely connect$  :]e ! op5+ up
 ( a new c\ntry is conc]n$1 & value is  
giv5 to  its soil4    ,! plan adopt$ by 
! ,gov]nm5t is fir/ ( all to build !    
railway1  :i* is ! great in/rum5t (     
civilisation2 !n to pr(it by !  increas$
 value :i* ! l& w imm$iately take on    
along its  c\rse1 by divid+ & sell+ x ) 

a view to colonisation4 ,! mo/  imm$iate
 result ( ?is policy is t ! soil1 :i*   
has hi!rto be5  uncultivat$ or ab&on$1  
rapidly atta9s a d\ble or treble value4 
,!  same ?+ happ5s :5 irrigation works  
are c>ri$ out1 z !y may be  9 c]ta9     
di/ricts1 r5d]+ productive soil t has   
hi!rto be5  uncultivable = want ( wat]4 
,we may cite ! ,rio ,negro among ^?     
,t]ritories 9 :i* rec5t attempts h be5  
made to realise ! value  ( ! soil1 &    
t[>ds :i* ! att5tion ( capitali/s z well
 z  coloni/s has lately be5 direct$4    
,to ensure ! c>ry+-out ( ^! s*emes1 !   
,/ate usually has  rec\rse to           
contractors :o accept paym5t 9 ,gov]nm5t
 bonds1 ) a  m>g9 ( pr(it suffici5t to  
pay !m = _! ent]prise4 ,we may  !re=e   
say t ! affair is good = e "o1 & t x is 
z  mu* to ! advantage ( ! ,/ate z to !  
pr(it ( ! capitali/s  :o take up ^!     
proposals4    ,f9ally1 if we wi% to     
e/imate ! probable developm5t ( !       
,arg5t9e railways1 bas+ our figures n on
 ! concessions grant$1  :i* already     

am\nt to a l5g? ( m ?an #ijjj miles1 b  
on !  possibilities ( obta9+ capital1 we
 may reasonably give #dejj miles  z a   
probable figure ( gr[?4 ,to ?is figure  
we mu/ also add t (  ! l9es n[ "u       
con/ruction1 ei!r on behalf ( ! ,/ate or
 by  exi/+ companies1 :i* on ! #a/ (    
,janu>y #aijh am\nt$ to a total  ( #dhjj
 miles1 ( :i* #igc belong$ to ! ,/ate   
railways & #chbg to  private companies4 
,we may ?us legitimately e/imate t 9 !  
com+ ye>s ! ,arg5t9e  railway sy/em w be
 increas$ by "s #fbjj miles1 mak+ a     
total (  ne>ly #ai1jjj miles4 ,b to keep
 to solid fact1 we mu/ add t su*        
developm5t dep5ds on cont9u$            
agricultural prosp]ity1 ! rapid         
increase ( pl\gh$ l&s1 &1 above all1 on 
a brisk immigration2 =  ^! conditions   
are indisp5sable to all fre% progress 9 
! ,arg5t9e4    ,9 ?is l>ge increase (   
railroad con/ruction we may p]ceive at  
! same "t ! application ( a new         
programme4 ,! ,/ate to-day  especially  
fav\rs ! con/ruction ( a second network 

( economical  railways1 runn+ betwe5 !  
broad-gauge l9es or ev5 cross+ !m       
diagonally----complet+ !m1 9 fact1 &    
duplicat+ !m4 ,! aim (  ?is policy is n 
only to respond to ! developm5t (       
traffic caus$  by abundant h>ve/s1 b    
also to l[] freights by ! e/abli%m5t (  
competition4    ,z an elem5t ( ! future 
railway sy/em ( ! ,arg5t9e1 we may also 
include ! l9es ( communication ) ,*ili1 
across ! ,cordill]a1  s soon z !y are   
op5 to ?r\gh traffic4 ,at ! pres5t "t ! 
,trans-,&ean railway on ! ,arg5t9e side 
( ! range has rea*$ !  fronti] ( ,*ili  
at ,las ,cuevas1 #aj1jjj feet above     
sea-level2 & on !  fur!r side ! ,*ilian 
,gov]nm5t is ha/5+ ! "w ( con/ruction   
on its own ,t]ritory1 s t x only rema9s 
to complete ! two miles  ( tunnel 9 ord]
 to op5 ! :ole l9e to traffic4#bf ,once 
9  op]ation1 ! j\rney betwe5 ,valp>aiso 
or ,santiago & ,bu5os ,ayres  w occupy  
less ?an =ty h\rs1 :ile at pres5t1 by ! 
sea r\te1 x  takes twelve to fifte5     
days1 & involves ! difficulties (       

navigat+  ! ,/rait ( ,magellan4         
,footnote #bf3 ,?is l9e is n[           
op54----,,trans4    ,! l9e is           
n>r[-gauge1 & "s #h-a_/b miles ( x is   
work$ on !  rack & p9ion sy/em4 ,!      
highe/ po9t w be ab\t #adhj feet above  
sea-level1 9 a tunnel #aib miles 9 l5g?1
 ( :i* #aje miles w be  9 ,arg5t9e & #hg
 on ,*ilian t]ritory4    ,! ,s\!rn      
,railway has also a l9e :i* at pres5t   
runs z f> z  ,neuqu54 ,! ,directors ( ! 
company h ord]$ ! cont9uation (  ?is l9e
 into ,*ili1 go+ by way ( ,antuco1 ?us  
e/abli%+ a direct  r\te betwe5 ! s\? (  
,*ili & ! agricultural di/ricts ( !     
,arg5t9e4    ,despite ! =midable b>ri]  
rais$ by ! range ( ! ,&es1 !  ,arg5t9e &
 ,*ili1 two nations hav+ ! same orig91 )
 a common  fronti] ( #cjjj miles1 are   
de/9$1 by means ( _! railways1 to an    
increas+ clos5ess ( relation4 ,*ili is a
 c\ntry poor 9 c]eals1  & 9 especial    
does n raise suffici5t cattle = ! ne$s (
 h]  population4 ,on ! o!r h&1 %e       
produces w9es :i* are highly  appreciat$

 9 ! ,arg5t9e4 ,!re may ?us spr+ up     
betwe5 ! two  c\ntries an ex*ange (     
products1 :i* ! railways w c]ta9ly      
increase1 & :i* w give ! ,arg5t9e       
railroad sy/em ! b5efit  ( int]national 
traffic4    ,to complete ?is sket* ( !  
,arg5t9e railways1 & ( ! progress  !y h 
realis$1 we mu/ n fail to speak ( !     
con/ruction ( an  indu/rial traffic-way 
:i* has e/abli%$ a rem>kable record----n
  only 9 ,s\? ,am]ica1 b ov] ! :ole _w4 
,we ref] to !  susp5d$ railway1         
con/ruct$ 9 ! ,prov9ce ( ,la ,rioja "u !
 la/  ,presid5cy ( ,g5]al ,roca1 9 ord] 
to c>ry d[n to ! pla9s !  produce ( !   
fam\s ,famat9a & ,mexicana m9es4    ,?is
 susp5d$ way1 :i* is ov] #ba miles 9    
l5g?1 & :i* co/  #gf1jjj1 is1 9 ! words 
( ,m4 ,civit1 ! ,m9i/] ( ,public ,works1
  :o inaugurat$ x1 ! longe/ traffic-way 
( ?is k9d 9 ! two  worlds4#bg           
,footnote #bg3 ,z = ! probable pr(its ( 
?is l9e1 ! ,m9i/]  makes ! foll[+       
/atem5t3 8,9 c\nt+ on a m9imum traffic (
 #ej  tons a day dur+ n9e mon?s 9 !     

ye>----an am\nt bas$ ^u !  pres5t yield 
( ! m9es----& d$uct+ #ej p] c5t4 ( !    
gross  receipts = work+ exp5ses----:i*  
is a maximum----we f9d t to obta9  #f p]
 c5t1 int]e/ on ! capital employ$1 x    
w\ld be suffici5t to  receive #ccf pap] 
pia/res1 or #gf francs 7#f %ill+s #if   
p5ce7 p]  ton ( ore1 :]eas ! m9+        
companies ) ! pres5t res\rces pay  #bj  
pia/res40    8,x glides amid ! sn[s & ! 
tempe/s1 cross+ abysses ?\s&s  ( feet 9 
dep?1 & end+ at a height ( #ae1jjj feet4
 ,! highe/ (  its t[]s is z high z !    
summit ( ,mont ,blanc1 & ! m9es1 into   
^: b[els x ent]s1 w take _! place1 l ^? 
( ,rio ,t9to  & ,bilbao1 9 ! comm]ce ( !
 _w1 z ! agricultural products (  !     
,arg5t9e h already done2 ?us draw+ all  
eyes to ?is privileg$  c\ntry1 :i* is   
set ap>t = ! mo/ brilliant de/9y40      
,if we n[ consid] ! "p play$ by !       
railways 9 ! g5]al  developm5t ( !      
,arg5t9e1 we are =c$ to recognise t 9 a 
c\ntry s ess5tially agricultural1 !     
railroad is an indisp5sable  auxili>y ( 

production4#bh ,! ,arg5t9e ,republic is 
a l>ge c\ntry1  conta9+ #a1aee1jjj squ>e
 miles ( t]ritory1 & is b>ely peopl$ by 
its #f1jjj1jjj inhabitants2 x w !re=e be
 und]/ood t in/ead  ( foll[+ !          
population1 z 9 ,europe1 9 ! ,arg5t9e ! 
railway  prec$es ! population4 ,9 !     
,arg5t9e ! railway is l a magic         
talisman1 = :]ev] x goes x entirely     
trans=ms ! economic &  productive       
conditions ( ! c\ntry4    ,footnote #bh3
 ,among matt]s /ill "u consid]ation 9 ! 
,arg5t9e1  we may m5tion ! concession = 
! port & railway ( ,samborombon1  :i*   
w\ld connect ) a sy/em ( n>r[-gauge     
railways leav+  ,samborombon1 :i* w\ld  
be a great ,atlantic port1 & runn+ to ! 
end  ( ! ,t]ritory ( ,pampa ,c5tral1 ?us
 facilitat+ ! export ( its  products4   
,we h se5 t 9 ! matt] ( transport       
agriculture w %ortly  enjoy improv$     
conditions2 !re w be great] facilities =
 br++  its products to ! ports (        
emb>kation1 & plac+ !m 9 !  c5tres (    
consumption4 ,b :at are ^! conditions at

 pres5t8 ,:at  is ! precise relation    
betwe5 ! railways & agriculture8 ,are !y
  suffici5t = ! rapid transport ( !     
h>ve/s8 ,?is inquiry1 :i*  is ( imm$iate
 int]e/1 has be5 made by ,m4 ,emile     
,lahitte1 ,director  ( ! ,division (    
,/ati/ics 9 ! ,m9i/ry ( ,agriculture1 ) 
8  usual compet5ce & practical good     
s5se4 ,we w take c]ta9 useful  data f   
?is s\rce1 )\t prejudice to o!r data :i*
 we h  collect$1 :ile pr(it+ by !       
exp]i5ce ( o!r p]sonalities  equally    
well in=m$4    ,"o ( ! mo/ *>act]i/ic   
peculi>ities ( agricultural production  
9 ! ,arg5t9e is ! fact t1 conv]sely to !
 production ( !  ,unit$ ,/ates1 ab\t #hj
 p] c5t4 ( ! h>ve/1 & p]haps ev5  m1    
goes to fill =eign m>kets1 leav+ only   
#bj p] c5t4 = home  consumption2 & n    
only is x necess>y to export ?is        
surplus1 b x  has to be export$ ) z     
little delay z possible4 ,9 ! ,unit$    
,/ates  ! annual c]eal h>ve/ am\nts to  
ab\t #djjj millions ( bu%els1 (  :i*    
sc>cely #aj p] c5t1 or #ab p] c5t4 are  

de/9$ = export4 ,!  re/ rema9s 9 !      
gran>ies1 & is manipulat$1 dur+ ! re/ ( 
!  ye>1 9 response to ! ne$s ( a        
population ( #hj million inhabitants4   
,b 9 ! ,arg5t9e1 suppos+ ! h>ve/ ( :eat1
 flax1 & maize to  am\nt to #djj million
 bu%els1 "o might c\nt ^u ! exportation 
(  #cbj millions1 ! #hj millions rema9+ 
= home consumption4    ,f ! comm]cial   
po9t ( view1 agricultural production ?us
 dep5ds  *iefly on ! import+ m>kets4    
,?is is s f> ! case t if we  look into !
 mon?ly figures ( exportation1 rememb]+ 
t ?re%+  beg9s at ! end ( ,decemb] &    
cont9ues sometimes into ,m>* or  ,april1
 we %all f9d t by ,june ?ree-qu>t]s ( ! 
ye>'s export  has already be5 %ipp$4 ,! 
exportation ( :eat 9 #aijg am\nt$ to    
#ajj million bu%els1 & by ! end ( ,june 
#gi million bu%els1 or #gi  p] c5t41 _h 
already be5 %ipp$4 ,! quantity ( maize  
export$  dur+ ! same ye> 0 #dh million  
bu%els1 & 9 ,octob]1 t is1  five mon?s  
aft] ! h>ve/1 #dj millions _h already   
be5 %ipp$2 t  is1 #hd p] c5t4 ,!        

/ati/ics ( ! c>riage ( c]eals by        
railroad  also cle>ly prove ! pressure &
 conge/ion exi/+ 9 ! mon?s  foll[+ !    
h>ve/4    ,f ?is peculi>ity x foll[s t  
!re is always a /ruggle  lat5t betwe5 ! 
export]s ( agricultural produce & !     
transport  companies4 ,9 "s cases1 z 9  
#aije1 ?is /ruggle took ! =m (  judicial
 prote/2 ! *ief export h\ses su$ !      
8,great ,s\!rn (  ,bu5os ,ayres0 =      
damages 9 respect ( unju/ifiable delay 9
 !  transport ( c]eals4    ,x mu/ be    
admitt$1 h[ev]1 t ! railway companies   
are n always  ! cause ( su* delays 9    
export2 !re are o!r factors also :i*  we
 mu/ take into acc\nt & consid] 9       
relation to ! national  production4     
,"o ( ! elem5ts :i* influ5ce ! regul>ity
 ( transport is !  am\nt ( c>go-room    
available at ! ports4 ,:5 !re are _m    
/eam]s  & sail+-%ips 9 port ! %ipp+     
rates fall2 ! export]s hurry  to make   
contracts ) ! %ipp+ l9es1 & 9 ord] to be
 9 "t  to avoid sur*>ges1 !y dem& a l>ge
 numb] ( goods wagons ( !  railways1 :i*

 ! latt] naturally _c always produce4 ,!
 law  /ates t ! railway companies mu/   
ma9ta9 a goods s]vice equal  to ! normal
 dem&s ( ! traffic2 & ! dem&s creat$ by 
!  accid5tal causes we h m5tion$ are n  
normal4    ,on ! o!r h&1 if ! %ipp+     
contracts are high1 or ! prices 9  !    
consum]s' m>ket l[1 ! buy]s w be unwill+
 to despat* _!  c]eals to ! ports (     
emb>kation1 & ! railway companies c d   
no?+ to cle> _! /ations ( l>ge          
quantities ( accumulat$ gra91  :i* !y _c
 =w>d1 s9ce ! buy]s w n give ! ord] =   
_! despat*4    ,dur+ a rec5t h>ve/ bo?  
^! ph5om5a 7 obs]v$2 on !  ,s\!rn       
,railway ! h>ve/ 0 abundant 9 quantity &
 good 9  quality1 b only a small numb] (
 /eam]s 7 ly+ 9 ! t]m9al  port 7,eng9e] 
,:ite ,h>b\r72 e export] 9 ! di/rict    
want$ to  %ip at once1 b ! railway c\ld 
c>ry only :at x 0 capable (  c>ry+ 9 a  
normal p]iod4    ,x 0 ano!r affair 9 !  
di/ricts s]v$ by ! ,c5tral ,arg5t9e  & !
 ,bu5os ,ayres & ,ros>io ,railways4 ,"h 
! :eat 0 scanty  & ( poor quality1 & !  

buy]s _h s5t v little to _! port  (     
emb>kation----,ros>io4 ,!y pref]r$ to   
s5d _! pur*ases to !  gra9-elevators (  
,bu5os ,ayres1 :]e1 by means ( bl5d+ !  
c5tral  ) ! s\!rn :eat1 a special grade 
( fl\r 0 produc$1 sup]ior  to t produc$ 
9 ! di/ricts s]v$ by ! above two        
companies4    ,! be/ solution ( ?is "q (
 ! responsibility ( ! railway  companies
 t[>d ! despat*]s w\ld be a rule t !    
railways %\ld  be oblig$ to despat* 9 ! 
c\rse ( a day only ! am\nt ( produce    
s5t to ! /ations dur+ ! same lapse ( "t4
 ,b ! export]s are  g5]ally ,arg5t9es1  
:ile ! railways are usually 9 =eign h&s2
  s t ?is solution1 ?\gh equitable1 w\ld
 n be reg>d$ ) mu*  fav\r1 & x is       
probable t ! railway companies w be     
call$ ^u  to rem$y ?is situation1 s     
unfav\rable to ,arg5t9e comm]ce1 at _!  
own co/4    ,let u n[ see h[ f> !       
railways h respond$ to ! increase (     
agricultural productions4    ,accord+ to
 ! (ficial /ati/ics1 9 #ahie ! ,arg5t9e 
,republic  conta9$ #hgfj miles (        

railways1 & ! m]*&ise transport$ by !   
v>i\s railway companies dur+ t ye>      
am\nt$ to #i1haa1ajj tons4  ,9 #aijg !  
railway sy/ems _h increas$ to a total   
l5g? ( #ad1jjj  miles1 :ile ! produce   
c>ri$ dur+ ! prec$+ ye> am\nt$ to       
#bh1cid1ejj tons4 ,^! figures repres5t  
an increase ( r m ?an  #ei p] c5t1 9    
railway mileage1 :ile ! transports _h   
ne>ly trebl$  9 tw5ty ye>s4    ,accord+ 
to ! same au?orities1 betwe5 #ahig & !  
end ( #aijg  ! roll+ /ock & ! capacity (
 ! goods c>s increas$ 9 !  foll[+       
proportions3----      ,ye>4      ,numb] 
( ,c>s4      ,capacity 9 ,tons4    #ahii
           #cb1hig                      
#cfi1gfd    #aijj           #cd1aah     
#cih1gcf    #aija           #ce1ejc     
#dcb1cdb    #aijb           #cf1bhh     
#dff1ffg    #aijc           #cf1ccd     
#dhj1dih    #aijd           #ch1gbd     
#egj1fjj    #aije           #db1fbc     
#fhh1cjh    #aijf           #dh1hdj     
#hgh1hhf    #aijg           #eb1dje     
#a1jbi1abb    ,f ^! figures we obta9 !  

increase 9 ! numb] ( c>s (  produce & _!
 cont5ts 9 tons2 b x is m to ! po9t to  
"k  h[ _! roll+-/ock is utilis$4        
,accord+ to ,m4 ,lahitte1 ! normal      
di/ance travell$ by a goods c> is #fbaj 
miles 9 a ye>2 b to judge  by ! /ati/ics
 its actual record is always 9 excess ( 
?is figure1  s9ce 9 #aijb ! di/ance     
travell$ exce$$ #hiaj miles p] c>4 ,x is
  evid5t1 !re=e1 t ! roll+-/ock has be5 
run to its utmo/  capacity2 b x is also 
evid5t t 9 practice ! c>s h n be5  load$
 to _! utmo/ capacity1 z ! normal load  
is #dcg tons p] c>1  :ile ! av]age load 
actually c>ri$ has be5 h>dly #agj tons4 
,x foll[s accord+ly t1 9 spite ( !      
di/ance travell$ p] c>1  ! companies h  
only pr(it$ to ! ext5t ( #ci p] c5t1 ( !
  capacity ( _! roll+-/ock2 b we mu/ n  
=get t !re is  always a diff]5ce betwe5 
!oretical capacity & effective capacity1
  :i* v>ies accord+ to ! nature ( !     
load4 ,?is fact is fur!r  expla9$ :5 we 
add1 z we mu/1 t out ( a hundr$ c>s     
sixty-n9e  make ! j\rney load$ :ile     

?irty-"o g or return z 8empties40    ,we
 see f ^! data t al?\gh ! ,arg5t9e      
railways possess m  ?an en\gh roll+-/ock
 = ! rapid transport ( all agricultural 
products to _! ports ( emb>kation or    
de/9ation1 yet 9 practice1  on acc\nt ( 
! abnormal "* ( ! traffic1 ! railways   
only  v imp]fectly p]=m ! s]vices :i* !y
 ought to p]=m1 :ile  ! fault c h>dly be
 imput$ to !m4    ,b ?is tr\ble w       
disappe> z soon z ! l>ge buy]s ( c]eals1
  9 place ( expect+ ev]y?+ f ! railway  
companies 9 !  matt] ( rapid transport1 
:ile !y !mselves wait to despat* _!     
crops until ! int]national prices are   
fav\rable1 f9ally decide to  build !    
gran>ies & w>eh\ses :i* !y n[ dem& ( !  
railway  companies4 ,to simplify ! task 
( ^! companies1 elevators %\ld be       
erect$ at ! /ations :i* s]ve ! important
 agricultural zones1 s  t ! c]eals c\ld 
be grad$ be=e load+ !m on special c>s1  
:i* w\ld !n transport !m to ! elevators 
( ! pr9cipal ports1  :5ce !y w\ld glide 
into ! holds ( vessels specially prep>$ 

= ! trade4 ,b all ?is w\ld require      
mat]ials & plant :i* !  c\ntry does n s 
f> possess2 yet ) ! rapid agricultural  
progress  ( ! ,arg5t9e1 ! plan %\ld be  
easy ( accompli%m5t4    ,z w be se5 by !
 data we h giv51 ! me?od ( despat* is  q
 unlike t practis$ abroad4 ,:ile 9      
,europe ! railway depots  only receive  
goods = imm$iate transit1 ! ,arg5t9e    
gra9-m]*ant  expects ! dept to s]ve him 
= a w>eh\se until ! mom5t he  receives a
 telegram & requires ! railway to       
transport to ! port (  emb>kation1 )\t  
delay1 ! l>ge quantities ( gra9         
accumulat$ at  ! /ations4               
,,*apt] ,,iii                           
,,immigration ,,& ,,colonisation        
,immigration is a vital problem = !     
,arg5t9e----,table ( !      population  
p] ,prov9ce & p] ,t]ritory4 ,its        
sp>sity----,!      ,exceptional         
situation ( ! ,arg5t9e z ! objective (  
,european emigration----,! poor results 
hi!rto obta9$ ?r\gh      default (      
colonisation----,! faulty division ( !  

public      l&s----,hi/ory ( immigration
 9 relation to colonisation----,!       
nationality ( immigrants4      ,!       
economic & f9ancial organisation ( !    
,arg5t9e be+ n[  assur$1 & peace )\t &  
)9 be+ e/abli%$1 :ile at !  same "t !   
revolution>y _s ( ! bad old days has    
gradually  disappe>$1 ! great problems  
:i* ! c\ntry has to face to-day  are    
pr9cipally ^? deal+ ) ! developm5t (    
agricultural &  indu/rial production &  
its outlets4    ,b among ^! problems    
none is m vital to ! future ( !         
,arg5t9e ?an ! problem ( fill+ ! va/    
gaps ( empty t]ritory  ) new elem5ts (  
population4    ,"h1 accord+ to ! la/    
(ficial data1 are ! figures relat+  to !
 di/ribution ( ! population 9 !         
,prov9ces & ,national  ,t]ritories3---- 
,area 9 sq4 miles    ,population 9 #aijh
    ,prov9ce ( ,bu5os ,ayres & ,capital 
#aag1efc             #b1dbg1fbh       0 
0  ,santa ,f                            
#ej1ghd               #ggb1daj       0  
0  ,crdoba                              

#fb1jjj               #dgg1fhj       0  
0  ,entre ,rios                         
#bh1gji               #cii1ccc       0  
0  ,corri5ts                            
#cb1did               #cag1bdg       0  
0  ,tucuman                             
#h1ijc               #bhj1caa       0   
0  ,santiago de l',e/]o                 
#ci1ffj               #aib1fci       0  
0  ,m5doza                              
#ef1cej               #agd1fai       0  
0  ,salta                               
#fb1jdj               #ada1faj       0  
0  ,catam>ca                            
#dh1djh               #ajc1fhj       0  
0  ,san ,juan                           
#cc1fcj               #aje1fhd       0  
0  ,san ,luis                           
#bh1dfj               #ajc1cfg       0  
0  ,la ,rioja                           
#cd1dej                #hf1ceb       0  
0  ,jujuy                               
#ah1icj                #ef1ide          
--------------                          
------------------                      

,c>ry =w>d1    #fbb1cha                 
#e1cbh1ijg                              
,area 9 sq4 miles    ,population 9 #aijh
                     ,br\ght =w>d1      
#fbb1cha           #e1cbh1ijg           
,t]ritory ( ! ,pampa                    
#ef1agj              #ea1fgc       0    
0  ,misions                      #h1eij 
#ch1gdh       0      0  ,neuqu5         
#db1bce              #ah1jbj       0    
0  ,rio ,negro                          
#ge1gbf              #ae1ifa       0    
0  ,*aco                        #eb1fjd 
#ac1hch       0      0  ,=mosa          
#da1bid               #f1cji       0    
0  ,*ubut                       #ib1fhj 
#e1bdd       0      0  ,santa ,cruz     
#ajg1hfj               #a1gdb       0   
0  ,les ,&es                    #bd1ihf 
#a1bde       0      0  ,ti]ra del ,fuego
              #h1bgg                    
#a1bbb                                  
------------------                      
------------------                      
#a1acg1hjc           #e1gib1hjg    ,!   

above figures prove m eloqu5tly ?an any 
o!r argum5t t  ! supreme necessity ( !  
,arg5t9e p at ! pres5t "t is an         
increase ( population4 ,! t]ritory ( !  
,republic has an area ( m  ?an          
#a1acj1jjj squ>e miles1 & its population
 am\nts to no m ?an  #e1gib1hjg1 :i*    
gives a d5sity ( #ea p]sons p] squ>e    
mile4 ,"o  %\ld also recollect1 9 ord]  
to grasp ! true significance ( ^!       
figures1 t ( ^? #e1gib1hjg inhabitants1 
#aeg1ifc inhabit ! #dc1jjj  acres :i* =m
 ! site ( ,bu5os ,ayres2 s t only       
#d1fcd1hda rema9  to p ! re/ ( ! c\ntry1
 a fact :i* /ill fur!r less5s !  d5sity 
( ! population4    ,?is d5sity v>ies 9  
diff]5t regions & 9 diff]5t ,prov9ces2  
?us ! ea/]n or coa/al region1 =m$ by !  
,f$]al ,capital &  ! ,prov9ces ( ,bu5os 
,ayres1 ,santa ,f1 ,entre ,rios1 &      
,corri5ts1 has  #agjh inhabitants to !  
squ>e mile1 :ile t ( ! c5tre1 :i*       
comprises ,crdoba1 ,san ,luis1 &        
,santiago de l',e/]o1 has only #eh4  ,z 
we p5etrate fur!r inl& ! d5sity gr[s    

/ill less1 until 9  ! we/]n or ,&ean    
region1 =m$ by ! ,prov9ces ( ,m5doza1   
,san  ,juan1 ,la ,rioja1 & ,catam>ca1 ! 
figure is b>ely #bg4 ,9 ! nor!rn        
region1 embrac+ ! ,prov9ces ( ,tucuman1 
,salta1 & ,jujuy1 !re are  #ebc         
inhabitants p] squ>e mile4    ,b x is 9 
! ,national ,t]ritories----9 "o ( :i* m 
?an "o  important ,european p c\ld f9d  
room to sp>e----t we f9d !  l[e/ d5sity4
 ,!re ! des]t reigns 9 all its          
desolation4 ,!  ,t]ritory ( ,el ,pampa1 
:5ce s mu* weal? has be5 drawn ( late   
ye>s1 & ^: area is #ef1bjj squ>e miles1 
conta9s b>ely #eb1jjj  inhabitants2 t ( 
,rio ,negro1 ^: area is #de1fjj squ>e   
miles1  conta9s b #af1jjj1 :ile 9 !     
,t]ritory ( ,santa ,cruz1 situat$ on  ! 
%ores ( ! ,atlantic1 9 :i* !re are      
important ran*es1 &  :i* might conta9 a 
num]\s pa/oral & m>itime population1 !re
  are only #agdb s\ls to its #eh1hij    
squ>e miles4 ,all ^! figures prove  t ! 
,arg5t9e is1 )\t metaphor1 a des]t      
nation1 & t =  ! pres5t & = a long "t to

 come1 its peopl+ w con/itute its  great
 national ne$4    ,to ?is affirmation we
 mu/ add ano!r no less c]ta93 t 9 !     
normal ord] ( human ev5ts1 & 9          
accordance ) ! economic &  sociological 
laws t gov]n ,european nations1 !re is  
no c\ntry 9  ! _w :i* assures ! lab\r]  
:o e/abli%es himself ^u its  soil ( su* 
p]spectives ( weal? & welf>e4 ,all ?+s  
compete  to make x a p>adise (          
immigration3 ! s(tness & v>iety (  its  
climate1 ! ri*ness ( its soil1 ! ext5t (
 its t]ritory1  ! enorm\s inl& wat]ways 
:i* cross x1 & ! facilities (           
communication ) ! ,european consum]s (  
its produce1 ) :om !  ,arg5t9e is       
connect$ by "o ( ! mo/ reliable ocean   
traffic-ways 9  ! _w4#bi    ,footnote   
#bi3 ,! di/ance ( ne>ly #gbjj miles f   
,bu5os ,ayres to  ! ,fr5* ports is      
cross$ by ! great transatlantic l9]s 9 f
  eighte5 to tw5ty-"o days4 ,! ,arg5t9e 
,p>liam5t has vot$ a law  au?oris+ !    
,gov]nm5t to give a subsidy ( #djj      
mon?ly to any  company adopt+ !         

refrig]ator sy/em & und]tak+ to make !  
voyage to ,lisbon or ,vigo 9 fifte5     
days4    ,! ,unit$ ,/ates1 :i* h hi!rto 
be5 ! objective & c5tre  ( attraction to
 :i* m5 ( initiative h conv]g$ f all    
p>ts  ( ! _w1 are beg9n+ to exp]i5ce all
 ! tr\bles famili> to  ,european nations
 z ! result ( an excessive              
population4#cj ,x is =  ?is reason t !y 
are /riv+1 by all ! means 9 _! p[]1 to  
re/ra9 ! /ream ( immigration t p\rs ^u  
_! %ores4    ,footnote #cj3 ,!          
population ( ! ,unit$ ,/ates is h>dly   
yet  excessive2 ! c\ntry is v mu* m ?an 
self-support+1 & _m  ,/ates &           
,t]ritories are sp>sely settl$4 ,! real 
s\rce ( tr\ble  is t _m ( ! national    
res\rces are lock$ up 9 ! h&s (  ,tru/s 
or private own]s2 & ! effect ( railway  
comb9ations & (  produce tru/s all ov] !
 c\ntry is result+ 9 a /ate ( affairs   
simil> to t produc$ by a lack (         
communications & also an effect  simil> 
to t ( ov]-population4 ,x is obvi\s t   
bo? causes make  = emigration1 z !      

,engli% immigrant 9 ,canada1 :o f9ds all
 !  be/ locations occupi$ by ,am]icans1 
has cause to "k4----,,trans4            
,au/ralia1 :i* 0 also only rec5tly "o ( 
! great c5tres (  immigration1 has dur+ 
^! la/ few ye>s suff]$ t]rible economic 
%ocks1 ( :i* ! effect has be5 to div]t !
 /ream ( new  arrivals4#ca ,moreov]1 z a
 rival ( ! ,arg5t9e1 ,au/ralia has two  
causes ( inf]iority3 h] rigor\s climate1
 :i* exposes ! c\ntry  to viol5t        
extremes ( temp]ature1 pass+ f          
intol]able heat to  a bitt] cold1 &1 on 
! o!r h&1 a di/ance f ! ,european       
c\ntries to :i* %e exports h] products  
d\ble t betwe5 ! banks  ( ! ,plata &    
,europe4    ,footnote #ca3 ,"h aga9 !   
tr\ble is p>tly due to ! back-blocks    
be+ tak5 up by l>ge settl]s1 & /ill     
insuffici5t means (                     
transit4----,,trans4    ,hav+ ?us made x
 cle> t ! ,arg5t9e ,republic is 9 an    
exceptional position to attract & to    
support a l>ge ,european  population1 ! 
"t has come to measure ! di/ance        

travell$1 &  to note ! progress realis$1
 s t we may see :e!r ! results  obta9$  
are 9 proportion to ! p]fect adaptation 
( ! soil to  immigration4    ,)\t be+   
too pessimi/ic1 we are =c$ to recognise 
t all  ef=ts hi!rto made by ! ,arg5t9e  
to increase its population h  hi!rto    
rema9$ )\t appreciable effect4#cb       
,footnote #cb3 ,x is "o ( !             
disadvantages ( immigration f a v  poor 
c\ntry :]e !re is no political          
oppression1 t immigrants w  return to x1
 aft] sav+ money 9 a c\ntry :]e money is
 *eap &  ! /&>d ( liv+ high]1 z ! "w ( a
 few ye>s w e/abli%  !m com=tably 9 _!  
native c\ntry4 ,?is is especially true (
  ,italian emigrants4 ,! evil w d\btless
 be ov]come by a measure  comp>able to !
 8,home/ead ,act0 ( ! ,unit$ ,/ates1 9  
conjunction  ) national loans ( capital 
or ( f>ms z go+ conc]ns1 to be  b\ght by
 paym5t at a l[ int]e/1 :i* w\ld result 
9 a population  ( peasant own]s 9       
com=table circum/ances4----,,trans4     
,colonisation1 t is1 ! peopl+ ( !       

c\ntry1 0 inaugurat$ 9  ! ,arg5t9e by ! 
initiator ( all true                    
progress----,rivadavia----:o  f\nd$ !   
fir/ colony ( ,santa ,catal9a4 ,?is "w 0
 intellig5tly  & en?usia/ically cont9u$ 
by ,mitre & ,rawson1 9 #ahfc3 x 0  !n   
vigor\sly pu%$ by ,s>mi5to dur+ 8       
extremely progressive  adm9i/ration2 b z
 a matt] ( fact1 9 spite ( all ^! ef=ts1
  colonisation has n giv5 ! results t 7 
expect$ ( x4 ,to  expla9 ?is lack (     
success1 we mu/ suppose t ! "w has n be5
  promot$ accord+ to ! indications (    
sci5ce & exp]i5ce1 & t  a v>iety (      
ev5ts1 uncontrollable by ! human w1 has 
?w>t$ !  praisewor?y int5tions ( !      
,gov]nm5t4 ,o!rwise x is impossible  to 
acc\nt = ! fact t ! ,republic conta9s   
less ?an #f million  inhabitants1 :]eas 
its soil w\ld support #ajj millions4    
,to atta9 ! primordial object ( peopl+ !
 c\ntry1 ! ,arg5t9e  has _h at its      
disposal1 among o!rs1 "o v important    
means----!  public l&s----a means :i*   
o!r nations 9 simil> circum/ances h     

employ$ ) excell5t results1 b :i* 9 ?is 
case has unhappily n  produc$ ! same    
happy effect1 be+ manipulat$ by         
inexp]i5c$ or  ?\ghtless h&s4    ,v>i\s 
laws h be5 vot$ 9 ! ,arg5t9e1 t5d+ to   
augm5t  ! population by means (         
colonisation4 ,all sy/ems h be5 tri$    
successively1 & "o & all h fail$4 8,?is 
failure10 says ,m4  ,eleodore ,lobos1 9 
an extremely in/ructive volume publi%$  
"u !  mode/ title1 8,notes on ! ,l&     
,laws0 7,annotations sur la lgislation  
des t]res71 8is an inconte/able fact1 & 
mu/ be attribut$ n  only to economic1   
adm9i/rative1 & political conditions1 b 
also to  ! fre$om ) :i* ! soil has be5  
divid$ into lots ( enorm\s  area1 & !   
ob/acles oppos$ to ! easy & secure      
acquisition (  small prop]ties4 ,9 o!r  
t]ms1 our politicians h effect$ ! v     
rev]se ( a rational colonisation1 & h   
e/abli%$ a sy/em (  l>ge prop]ties      
in/ead ( subdivid+ ! l& betwe5 !        
coloni/s  accord+ to _! productive      
capacities40    ,?is error 0 recognis$  

by ! ,gov]nm5t m ?an fifte5 ye>s ago2  b
 ! influ5ce ( speculators1 :o pr(it f   
?is %ort-sight$  policy1 has be5 m      
p[]ful ?an all attempts at re=m4    8,to
 und]/& ! matt]10 says ! same au?or1 8we
 h only to see  ) :at indiff]5ce to !   
public weal ! executive1 dur+ ! la/     
tw5ty-five ye>s1 has dispos$ (          
#fg1hag1jjj acres ( uncultivat$ soil1   
:i* =m$ "p ( ! national doma94 ,! laws  
vot$ 7 impot5t to  prev5t ! disposal (  
^! public l&s 9 l>ge p>cels1 s t !      
disposal ( ^! l&s fail$ to draw !       
population :i* ^! va/  doma9s c\ld      
support40    ,! real beg9n+ ( ,arg5t9e  
immigration 0 :5 ! tyranny ( ,rozas  0  
ov]?r[n on ! #crd ( ,febru>y1 #aheb1 & a
 regul> ,gov]nm5t  e/abli%$1 :i* vot$ a 
fundam5tal law ( :i* ! object 0 8to     
*]i% ! g5]al welf>e1 & to secure !      
advantages ( lib]ty to  e citiz51 to    
po/]ity1 & to all p ( ! e>? :o desire to
  live on ,arg5t9e soil40 ,f ?is mom5t a
 p[]ful curr5t ( ,european  immigration 
set 92 turn$ aside f "t to "t by        

f9ancial crises1  plagues1#cc & w>2 b   
nev] completely arre/$4 ,indu/ry1       
comm]ce1  & agriculture1 :i* _h s f>    
slumb]$1 receiv$ a consid]able  /imulus 
f ?is new s\rce4 ,9 a s+le ye> m        
immigrants ent]$  by ! port ( ,bu5os    
,ayres ?an _h = _m ye>s ent]$ ! :ole    
c\ntry4    ,footnote #cc3 ,! t]m us$1   
flaux1 w\ld probably include  yell[     
fev]1 dr\ght1 locu/s1 cattle disease1   
bad h>ve/s1 etc41  etc4----,,trans4     
,! public adm9i/ration did n take !     
tr\ble to keep an exact  record ( !     
numb] ( immigrants be=e ! ye> #ahec2 &  
betwe5  #ahed & #ahgj we h simply !     
numb] ( new arrivals1 )\t any  fur!r    
details4 ,only s9ce #ahgj h ! (ficial   
/ati/ics class$  ! immigrants accord+ to
 nationality1 & only s9ce #ahha h !y    
record$ o!r details1 su* z sex1 age1    
pr(ession1 education1 etc4    ,dur+ !   
la/ six mon?s ( #ahed1 #bebd p]sons     
ent]$ ! c\ntry2 9  #ahee1 #eiab2 9      
#ahef1 #dfgb2 9 #aheg1 #diea1 9 #aheh1  
#dfeh2 & 9 #ahei1  #dgce2 or #bg1deb 9  

six ye>s3 t is1 f> m ?an _h ent]$ dur+  
two c5turies ( colonial life4    ,9 !   
decade =m$ by ! ye>s #ahfj-ahfi1 ! numb]
 ( immigrants  increas$ to #acd1cbe2 9 !
 ye>s #ahgj-ahgi1 to #bfd1hfi2 b !      
highe/  figures1 no less ?an #a1jbj1ijg1
 7 rea*$ betwe5 #ahhj & #ahhi4 ,b  we   
mu/ confess t dur+ ?is decade c]ta9     
artificial means 7  employ$ to recruit !
 population 9 ,europe2 su* means z      
gratuit\s  passages1 :i* br\ght to !    
,arg5t9e a numb] ( useless p1  unfitt$ =
 any productive task :atev]4    ,dur+ ! 
foll[+ decade1 #ahij-ahii1 :i* saw !    
t]rible bank+  sma% & ! loss ( public   
cr$it1 z a result ( e k9d ( excess1  !  
immigration dim9i%$ slightly----to      
#ibh1jjj p]sons----& at c]ta9  mom5ts   
emigration also made itself felt1 9 su* 
proportions t x  am\nt$ to a v]itable   
exodus4 ,! dep>ture ( ^? :o fail$ to    
make  money 9 ! ,arg5t9e or f9d ! "w !y 
s\ght am\nt$ to #eeb1agb1  ! l>ge/      
figures t h s f> be5 record$4           
,unhappily ?is d\ble /ream ( immigration

 & emigration has cont9u$  up to !      
pres5t4 ,?us1 9 #aijj-aijd1 #fja1fhb    
immigrants ent]$ !  c\ntry2 b1 on ! o!r 
h&1 #chd1jjj emigrants left x4 ,su*     
figures  z ^! d5ote a grave disord] 9 ! 
assimilative faculty ( a nation4        
,matt]s 7 no bett] 9 ! ?ree ye>s        
#aije-aijg1 s9ce al?\gh  #gha1gif       
immigrants ent]$ f ,europe & f          
,montevideo1 #cbd1fhg  emigrants left   
dur+ ! same p]iod1 leav+ a total ( only 
#deg1ajh 9  ?ree ye>s4    ,9 ! previ\s  
p]iod1 f #aijj-aijd1 ! dim9ution ( !    
curr5t (  immigration 0 expla9$ by v>i\s
 causes3 9 ! fir/ place1 by bad  h>ve/s1
 ! susp5sion ( important public &       
private und]tak+s1  ! fe> ( w> ov] !    
fronti] "q1 ! de>ness ( liv+1 !         
difficulties exp]i5c$ by ! immigrant 9  
settl+ 9 ! national or  private         
colonies3 ! excessive price ( l& & !    
high r5ts 9 !  m promis+ agricultural   
di/ricts1 ! insecurity ( life = man &   
bea/1 ! abuses ( ! au?orities1          
especially 9 di/ricts remote f  ! c5tres

 ( population1 & ! t>dy1 co/ly1 & faulty
 nature (  ju/ice4    ,b s9ce ?is p]iod 
_m ( ^! causes h disappe>$1 ?anks  to ! 
spl5did h>ve/s ( ! la/ few ye>s1 & to ! 
p]iod (  rapid economic expansion ^u :i*
 ! ,republic has ent]$4 ,x is           
difficult1 "u ^! conditions1 to expla9 !
 /ill exi/+ lack (  immigration1 :i*    
d5otes a disord] ( ! assimilative       
faculties (  ! c\ntry4    ,among !      
causes likely to prev5t immigration !re 
is "o :i* mu/  n be too closely insi/$  
^u3 ! increas+ co/ ( liv+4 ,b  x is !   
,european mode ( life t is de>1 :ile 9 !
 c\ntry  di/ricts exi/5ce co/s next to  
no?+1 z ! coloni/ himself  produces     
practically e alim5t>y necessity4    ,we
 mu/ also note t e ye> numb]s ( h>ve/]s 
arrive f  ,europe1 e>n good wages1 save 
money1 & return to _! native c\ntries   
directly aft] ! h>ve/4    ,9 #aije1     
#aijf & #aijg ! migratory movem5t 0     
repres5t$1 z we h  se51 by #gha1gie     
immigrants & #cbd1fhg emigrants4 ,if we 
all[ t ea*  ( ^! latt] took away ) him a

 sum ( #cj1 z ! ,dep>tm5t (             
,immigration has calculat$1 x foll[s t f
 ?is cause alone ne>ly  #aj1jjj1jjj left
 ! c\ntry dur+ ?is p]iod ( ?ree ye>s4   
,"h are "s figures tak5 f an (ficial    
publication deal+ ) !  migratory        
movem5t1 :i* relate bo? to immigration &
 emigration1 &  %[ :i* ,european        
c\ntries h *iefly contribut$ to ! curr5t
  ( immigration4 ,italy & ,spa91 z w be 
se51 furni% ! greate/  numb] (          
immigrants4                             
,immigration & ,emigration4      ,ye>4  
,immigrants4    ,emigrants4    ,excess 9
 fav\r (                                
,immigration4    #aijd       #abe1efg   
#ch1ibc             #hf1fdd    #aije    
#agg1aag        #db1hfi                 
#acd1bdh    #aijf       #beb1ecf        
#fj1abd            #aib1dab    #aijg    
#bji1ajc        #ij1aij                 
#aah1iac    #aijh       #bee1gaj        
#he1dab            #agj1bih             
,immigration f #aheg to #aijh4          
,italians                     #a1gii1dbc

    ,spani>ds                           
#gie1bdc    ,fr5*                       
#ahh1caf    ,engli%                     
#db1gfe    ,au/ro-,hung>ians            
#ei1hjj    ,g]mans                      
#dj1fee    ,swiss                       
#bh1cdd    ,belgians                    
#bj1ffh    ,o!r ,nationalities          
#bjc1bdb                                
------------------                      
,total    #c1agh1def    ,z we h already 
obs]v$1 "o ( ! causes :i* imp$e         
emigration is  to be f\nd 9 ! faulty    
di/ribution ( ! soil1 ! ob/acles :i*  ! 
agricultural immigrant has to surm\nt   
be=e he c become !  proprietor ( ev5 a  
scrap ( gr\nd2 & 9 ! lack ( s]i\s       
attempts  at colonisation1 :i* w\ld     
provide ! cultivator ) ! means (  work+ 
8 hold+ & f9ally ( becom+ its           
proprietor4 8,h[ _m  immigrants10 says  
,seor ,girola1 8com+ to ?is c\ntry ) !  
idea (  buy+ a little piece ( l&1 h be5 
=c$ to ab&on _! dream1  on acc\nt ( !   
difficulties put 9 ! way ( _! obta9+ !  

desir$ hold+60#cd    ,footnote #cd3     
,inve/igacion agricola1 #aijd1 ,c>los   
,d4 ,girola4    ,f> f enc\rag+ !        
promotion ( a class ( small l&-own]s1 ! 
,/ate has assi/$ 9 ! e/abli%m5t (       
enorm\s hold+s1 :i* are  ! *ief ob/acle 
to ! peopl+ ( ! c\ntry4 ,9 place (      
divid+  into small allotm5ts1 accessible
 to mode/ =tunes1 ! great /ret*es  ( l& 
ne> ! railways or ! ports1 & (f]+ !m =  
sale at l[  prices 9 ! ,european        
communities f :i* a numb] ( immigrants  
come  ea* ye>1 z is done by ! ,unit$    
,/ates1 ,au/ralia1 & ,canada1 !         
,arg5t9e adm9i/ration has subject$ all !
 op]ations ( pur*ase to  long & we>isome
 =malities :i* quickly exhau/ bo? !     
sav+s &  ! pati5ce ( ! pur*as]4         
,arg5t9a1 !n1 if %e wi%es to solve ?is  
vital problem (  colonisation1 :i* is = 
h] ! problem ( immigration1 mu/ give    
c>eful ?\ght to ! adoption ( "s         
well-devis$ s*eme1 ) !  object (        
subdivid+ ! pres5t great p>cels ( l&1 & 
( atta*+  ! agriculturali/ to ! l& he   

tills1 by all[+ him to become  its own]4
 ,)\t ?is necess>y re=m1 ! c\ntry w     
cont9ue to  exp]i5ce ! ph5om5on (       
tempor>y immigration2 ! immigration (   
m5 :o return to _! own c\ntries z soon z
 !y h be5 able  to save a little money3 
a process exce$+ly prejudicial to ! be/ 
int]e/s ( ! c\ntry4                     
,,"p ,,ii                        ,,!    
,,arg5t9e ,,z ,,an ,,agricultural       
,,c\ntry                                
,,*apt] ,i                              
,,agriculture    ,,natural              
,,conditions----,,! ,,con/itution ,,(   
,,prop]ty----,! ?ree      pr9cipal      
agricultural di/ricts----,! nor!rn1     
c5tral1 &      s\!rn di/ricts----,!     
division ( crops & _! v>ieties4    ,!   
con/itution ( rural prop]ty----,!       
division ( prop]ty----,!      great     
e/ates1 call$ 8e/ancias10 & _!          
dim5sions4    ,! drawbacks ( l>ge       
prop]ties----,! necessity ( a bett]     
subdivision ( ! public l&s----,!        
division into lots (      l>ge tracts ( 

l&1 9 ord] to enc\rage                  
colonisation----,!      sy/em ( exploit+
 prop]ty4    ,,agricultural             
,,production----,progress realis$ 9 !   
la/ sev5te5      ye>s----,comp>ative    
yield ( ! *ief products1 :eat1 flax1    
& maize----,luc]ne2 ! importance ( !    
crop & !      excell5t results obta9$4  
,increase ( ! area "u se$----,! total   
area cultivat$ 9 !      agricultural    
ye>s #aijh-aiji----,! great agricultural
 belts4    ,! ,prov9ce ( ,bu5os ,ayres1 
its agricultural developm5t & its       
crops----,! ,prov9ce ( ,santa ,f----,!  
,prov9ce ( ,crdoba----,!      ,t]ritory 
( ! ,pampa ,c5tral4    ,agricultural    
ma*9]y1 its importation f abroad1 &     
especially      f ! ,unit$ ,/ates4      
,,! ,,agricultural ,,yield----,! yield (
 ! soil 9 ! diff]5t                     
,prov9ces----,exceptional results 9     
c]ta9 di/ricts----,detail$              
calculation ( ! yield ( a :eat          
f>m----,two in/ances (      great weal? 
realis$ by immigrants into ! ,arg5t9e4  

,natural ,conditions----,! ,con/itution 
( ,prop]ty    ,! ,arg5t9e ,republic1 :i*
 we are n[ ab\t to consid] f !          
geological & hydrographical po9t ( view1
 (f]s1 by ! m]e fact  ( its physical    
con/itution1 an imm5se future =         
agriculture on !  l>ge/ possible scale1 
& at ! same "t = /ock-rais+ & !  rural  
indu/ries4    ,we f9d t ! c\ntry conta9s
 ?ree pr9cipal agricultural regions3    
7#a7 ! region to ! nor? ( ! prov9ces (  
,santa ,f & ,entre ,rios2  7#b7 ! c5tral
 region :i* runs s\?w>d f ! limits ( !  
nor!rn1 z f> z ! s\? ( ! ,prov9ce (     
,bu5os ,ayres & !  ,t]ritory ( ,la      
,pampa1 includ+ a portion ( !           
,t]ritories ( ,rio  ,negro & ,neuqu52   
7#c7 ! s\!rn region1 :i* runs s\?w>d f  
! limits ( ! c5tral region1 d[n to      
,ti]ra del ,fuego4    ,! fir/ region is 
*>act]is$ by a hot climate1 ) regul>    
ra9s 9  ! ea/]n p>ts2 9 ! we/ ! ra9fall 
is less frequ5t4 ,! c5tral  region      
enjoys a temp]ate climate2 !re1 z 9 !   
nor!rn region1 !  ra9s are regul>ly     

di/ribut$ 9 ! ea/]n p>ts1 b are v r>e  9
 ! we/1 :i* is subject to long p]iods ( 
dr\ght4 ,9 ! s\!rn  region ! ra9s are   
less frequ5t & ! climate is m sev]e1 )  
! exception ( ! we/ & ! extreme s\?1 :i*
 are also 9 a  ra9y belt4    ,aft] long 
exp]i5ce a k9d ( natural selection has  
come into  op]ation ) reg>d to          
agriculture2 ! v>i\s crops are to-day   
di/ribut$ ne>ly z foll[s3 ,c]eals1 su* z
 :eat1 b>ley1 oats1  maize1 & millet1#ce
 are cultivat$ m especially 9 ! region  
=m$ by ! ,prov9ces ( ,bu5os ,ayres1     
,santa ,f1 ,entre ,rios1 ,crdoba1  & !  
,t]ritory ( ! ,pampa1 :i* latt] is p>   
excell5ce !  c]eal-gr[+ di/rict4 ,maize1
 h[ev]1 is gr[n ov] a /ill wid]  region2
 x is cultivat$ ) success 9 ! :ole ( !  
c5tral &  nor!rn regions ( ! ,republic4 
,rice c also be gr[n 9 ^!  regions2 its 
culture is be+ develop$ 9 ! ,prov9ces ( 
,tucuman1  ,san ,juan1 ,m5doza1 ,salta1 
,la ,rioja1 & ,jujuy1 & also 9          
,corri5ts1  ,=mosa1 ,*aco & ,misions4 ,!
 ,prov9ces ( ,santa ,f1 ,entre ,rios1 & 

,bu5os ,ayres are also capable ( produc+
 rice4#cf    ,footnote #ce3 ,millet is  
an article ( diet among ! ,lat9s (      
,s\!rn  ,europe4 ,! ord9>y 8m9e/ra0 or  
s\p ( ! ,italian wayside alb]go         
consi/s1 to ,engli% eyes1 ( a p9t ( hot 
wat] p\r$ ov] a cup (  bird-se$4 ,p\nd$1
 x makes a k9d ( cake or bread2 :5 boil$
 x  swells slightly & is p>tly          
dige/$4----,,trans4    ,footnote #cf3   
,inve/igacin agricola1 by ,c>los ,d4    
,girola1 #aijd4    ,oleag9\s plants1 su*
 z ! ca/or-oil plant1 sesame1 & ! poppy1
  f9d fav\rable conditions ( gr[? 9 !   
nor?1 :ile l9se$1#cg  colza1 & rape     
prosp] 9 ! c]eal di/ricts4    ,footnote 
#cg3 ,x %\ld p]haps be /at$ t ! flax or 
l95 plant  7,fr4 l97 s (t5 m5tion$ 9 ?is
 book1 produces n only ! flax  or l95   
fibre ( comm]ce1 b also l9se$1 ) its    
valuable products1  oil-cake &          
l9se$-oil2 ! fir/ us$ = fatt5+ cattle1 !
 second  = pa9ts1 v>ni%es1 oilsk9s1 &   
8inlaid l9oleums10 z well z !  basis or 
8skrim0 ( ord9>y oilclo?4----,,trans4   

,! sug>-cane is cultivat$ 9 ! nor!rn    
region1 b especially 9  ,tucuman1 9 "p (
 ,santiago de l',e/]o1 ,salta1 ,jujuy1 &
 ,corri5ts1  & 9 ! nor? ( ,santa ,f1    
,=mosa1 ,*aco & ,misions4    ,! v9e is  
cultivat$ *iefly 9 ,m5doza & ,san ,juan1
 :]e !  conditions ( soil & climate are 
fav\rable1 & :]e x is  me?odically      
irrigat$ by ! canals :i* wat] ! :ole ( !
  v9e-gr[+ di/ricts2 b ! w9e & ! dess]t 
grape c be gr[n  9 ! :ole ( ! c5tral    
region4 ,x also prosp]s 9 ,la ,rioja1   
,catam>ca1 ,salta1 & ,entre ,rios4      
,/ock-rais+ is foll[$ especially 9 !    
,prov9ces ( ,bu5os ,ayres1  ,santa ,f1 &
 ,entre ,rios1 & 9 ! s\? ( ! ,prov9ce ( 
,crdoba2  & 9 a great "p ( ! ,pampa     
,c5tral4    ,! pr9cipal *>act]i/ics (   
,arg5t9e agriculture hav+ be5  consid]$1
 we mu/ n[ inquire h[ rural prop]ty is  
con/itut$2 t  is1 among h[ _m           
proprietors or t5ants ! #ce1jjj1jjj     
acres "u  cultivation at ! end ( #aijh  
are %>$4    ,9 ! ,unit$ ,/ates1 =       
example1 we "k by ! c5sus ( #aijj t !   

#hdj1jjj1jjj acres giv5 ov] to          
agriculture are divid$ into #e1gci1feg  
di/9ct hold+s1 giv+ an av]age ( ab\t    
#adb acres p] hold+4  ,9 ,france1       
accord+ to ! /ati/ics = #ahib1          
#aa1bej1jjj acres 7  divid$ into        
#e1gjb1jjj hold+s1 ! av]age ext5t be+   
ab\t #ba acres4    ,is x possible to    
obta9 simil> figures = ! ,arg5t9e8 ,!   
national  c5sus ( #ahie gives u c]ta9   
data respect+ ! division ( rural        
prop]ty 9 ?is c\ntry4 ,! #agb1jjj       
hold+s1 agricultural or pa/oral1  :i* 7 
includ$ 9 ?is c5sus1 _h an area (       
#bj1bie1jjj acres1  accord+ to !        
decl>ations ( ! own]s2 & comp>+ ?is     
figure  ) ! area actually "u            
cultivation1 am\nt+ to #ab1hjj1jjj      
acres1  we f9d t only ab\t ! half ( ^!  
hold+s is till$ & s[n1  ! re/ be+ left z
 pa/ure4    ,?is c5sus also took note ( 
! area ( ea* agricultural hold+1  &     
al?\gh ! result ( ?is inquiry has n be5 
publi%$1 a  simple division ( ! numb] ( 
acres by t ( ! hold+s gives  u an av]age

 ( #aah to #abc acres p] hold+2 a figure
 t w\ld be  satisfactory en\gh1 if x    
came any:]e ne> ! reality4#ch           
,footnote #ch3 ,cf4 ,c5so ,nacional1    
vol4 ii4 p4 xli4    ,! national inv5tory
 gives only ^! data 9 respect ( ?is     
subject4  ,z we see1 !y are f> f        
complete2 b ev5 if !y 71 !  progress (  
agriculture dur+ ! la/ few ye>s has be5 
s great t  to-day !y w\ld only possess a
 purely hi/orical int]e/4    ,happily ! 
agricultural c5sus 7includ+ a c5sus (   
/ock71 :i* 0  tak5 dur+ ! fir/ half (   
,may #aijh ?r\gh\t ! :ole ,republic1    
gives u "s valuable in=mation on ?is    
head4    ,?is inquiry affect$ #bbb1agd  
hold+s1 agricultural or pa/oral1 :i*  _h
 a total area ( #dej1jjj squ>e miles1 ! 
area ( ! ,republic be+  #a1acd1gjj squ>e
 miles4 ,?is is h[ ^! #bbb1agd hold+s   
are divid$3----    ,!re are #ec1ied     
hold+s measur+ f #bgb to #abcd acres2   
#dh1cbc (  less ?an #be acres2 #df1eec (
 f #bej to #gdj acres2 #bi1fbd ( f #abe 
to #bdg acres2 #ab1iib ( f #gdc4e to    

#abcd acres2 #aa1ajd ( f #abcf to  #bdgj
 acres2 #bifh ( f #bigj to #ibfj acres2 
#bjeb ( f #ibfj to #ab1cej  acres2 #aaeg
 ( f #ab1cej to #bd1fhj acres4 ,hold+s (
 m ?an #bd1fhj  acres are relatively    
r>e1 9 comp>ison ) ! re/2 #dbc h an area
  ( f #bd1fhj to #cj1hgj acres2 #gha ( f
 #cj1hgj to #fa1gej acres2 #afh  ( f    
#fa1gej to #aad1bej acres2 #fe ( f      
#aad1bej to #abc1ddj acres1 &  f9ally   
!re are #ajd hold+s ( m ?an #abc1ddj    
acres4    ,^! figures1 comp>$ ) ^? ( !  
c5sus ( #ahie1 reveal ! fact  t 9 ?irte5
 ye>s ! numb] ( rural hold+s has        
increas$ by  #ej1agd1 & t ! area giv5   
ov] to ! two =ms ( usage1 :i* lie  at ! 
base ( ! weal? ( ! ,republic1 has       
increas$ by #bgf1gfj1jjj  acres4    ,b 9
 spite ( ?is extraord9>y developm5t dur+
 ! la/ few ye>s1  f ! po9t ( view ( !   
di/ribution ( ! soil1 ! ,arg5t9e  is    
/ill 9 a primitive1 inde$1 almo/ 9 a    
feudal /ate1 by reason (  ! enorm\s     
tracts ( l&s :i* are monopolis$ by a    
small numb]  ( own]s4 ,^! own]s utilise 

_! enorm\s prop]ties 9 rais+  cattle on 
! great ran*es kn[n z 8e/ancias10 or    
employ !m =  agricultural purposes1 :5  
!y d n pref] to leave !m 9 a wa/e  &    
unproductive condition1 wait+ until "t &
 economic progress  %all give !m a value
 :i* _! own ef=ts are incapable ( giv+  
!m4    ,^! 8e/ancias0----t is to say1 ! 
mo/ usual sy/em ( utilis+ !  soil----v>y
 9 area f #ab1jjj to #ahj1jjj or        
#bjj1jjj acres2 "s are ev5  ov] #ccj1jjj
 acres 9 ext5t4 ,_m ( !m are only a few 
h\rs di/ant  f ! city ( ,bu5os ,ayres1  
or bord] on ! outskirts ( important     
urban c5tres4    ,su* tracts ( l& giv5  
ov] to /ock-rais+ & own$ by private     
individuals w\ld be inconceivable 9 mo/ 
,european c\ntries1 :]e  private hold+s 
are small2 nor are !y mu* m usual 9 a   
new c\ntry  ( va/ area1 l ! ,unit$      
,/ates1 :]e m ?an half ! cultivat$  l&s 
are divid$ into f>ms ( less ?an #ajj    
acres ea*1 & :]e  hold+s ( m ?an #ajjj  
acres1 :e!r "u se$ or 9 pa/ure1 are  !  
exception1 ! av]age ( all prop]ties &   

hold+s be+ #adc acres4    ,x is easy to 
und]/&1 )\t a l5g?y demon/ration1 h[ f> 
?is /ate ( affairs goes to ret>d ! g5]al
 developm5t ( !  c\ntry4 ,x is equally  
easy to und]/& t 9 ord] to /imulate  ?is
 developm5t x is necess>y be=e all else 
to secure an increas$  =eign population1
 by attract+ x ?r\gh ! p[]ful bait ( l&$
  prop]ty4    ,! great ob/acle 9 ! way (
 ! agricultural developm5t ( !  ,arg5t9e
 arises ess5tially f ! faulty prop]ty   
sy/em2 f  ! fact t enorm\s tracts ( l&  
are held by a few m52 f !  e/abli%m5t1 9
 %ort1 ( ! mo/ odi\s sy/em ( latifundia 
ev]  kn[n4 ,?is tr\ble arises f ! lack (
 =esight ) :i* !  ,/ate has p>t$ )      
enorm\s tracts ( l&1 :i* h pass$ into ! 
h&s ( speculators or l>ge l&-own]s1 :o h
 left !m unt\*$1  :ile wait+ = ! value (
 _! hold+s to rise4    ,9 ! national    
t]ritories1 accord+ to ! deputy ,joa*im 
,ca/ellanos1  :o is busily light+ !     
sy/em ( latifundia1 !re are belts  ( l&1
 n[ private prop]ty1 :i* are divid$ 9 ! 
foll[+  proportions3 #b1dgj1jjj acres   

into hold+s ( f #be to #ii1jjj acres    
ea*2 #g1djj1jjj acres into hold+s ( f   
#ii1jjj to #aih1jjj acres ea*2  &       
#g1icd1jjj acres into prop]ties (       
#aij1jjj or #bjj1jjj1 & ov]4 ,?is  means
 t !re are #ag1bhj1jjj acres ( useful & 
cultivable l&1 9  ! h&s ( un5t]pris+    
capitali/s rema9+1 unproductive1 us$ to 
increase nei!r ! population nor !       
production ( ! c\ntry4#ci    ,footnote  
#ci3 ,spee* deliv]$ on #ba/ ,septemb]   
#aijc4    ,! pr9cipal au?or ( ?is       
deep-root$ evil is inconte/ably !       
,arg5t9e ,/ate1 :i* has squ&]$ its ri*  
inh]itance1 by all[+  x to pass into !  
h&s ( speculators1 in/ead ( divid+ x    
equitably among ! new coloni/s4 ,!      
subdivision ( ^! great tracts  ( l&1 n[ 
conc5trat$ 9 ! h&s ( a few l>ge         
proprietors1  is1 to-day1 "o ( !        
necess>y conditions ( ! developm5t ( !  
c\ntry1 & x is ) reason t influ5tial    
voices are rais+  !mselves1 9 ,p>liam5t 
& 9 ! ,press1 to proclaim ?is economic  
tru?4    ,! great 8e/ancias0 ( #ahj     

squ>e miles 9 area1 cov]$ by imm5se     
h]ds ( cattle1 mu/ f9ally1 says ,m4 ,f4 
,segni1 au?or ( an  ,inve/igacion       
agricola1 be divid$ into small conc]ns (
 f #djjj  to #ab1jjj acres1 :i* w\ld1 ) 
few] animals b a bett] sy/em1  yield a  
great] pr(it bo? to ! own] & to !       
c\ntry4 ,! old  sy/em ( l>ge ran*+ mu/  
gradually give way to an int5sive sy/em1
  :5 /ock-rais+1 comb9$ ) agriculture1 w
 employ a l>g]  population1 attract m   
capital1 & realise bett] results4       
,!re is happily no ne$ to be greatly    
pessimi/ic on ?is po9t1 z  we c already 
p]ceive a t5d5cy to ! subdivision (     
prop]ty1  :i* comes f ! p[]s ( ! ,/ate z
 well z f l&-own]s or  comm]cial        
companies4 ,?us ! l& law ( #aijg 0 pass$
 solely )  ! object ( prev5t+ l>ge      
monopolies2 x prohibits ! acquisition  =
 ! b5efit ( a s+le p]son ( any portion (
 ! national doma9s  ( great] area ?an   
#fagj acres4 ,! importance ( ?is /ep w  
be  und]/ood1 :5 we rememb] t ! ,/ate   
has /ill to dispose ( #bab  millions (  

acres ( des]t l&1 suitable =            
agriculture1 & situat$  9 t]ritories :i*
 are rapidly becom+ peopl$4    ,on ! o!r
 h&1 !re are c]ta9 bus9ess conc]ns :i*1 
z own]s  ( enorm\s tracts ( l&1 are     
divid+ !m into small lots1 :i*  !y are  
(f]+ freehold to prospective f>m]s at   
fairly mod]ate  prices1 & facilities (  
paym5t are (f]$ at ! same "t4 ,among  ^!
 firms we may m5tion ! 8,soci$ad        
,anonima la ,curumalan10 own+  "s       
#fjj1jjj acres ( l& 9 ! s\!rn portion ( 
! ,prov9ce (  ,bu5os ,ayres1 suitable   
bo? = cattle-rais+ & = agriculture1  :i*
 is sell+ l& at f #b1 #bs4 to #c p]     
acre1 accord+ to !  quality & !         
situation1 payable 9 ?ree or f\r ye>s2 !
 paym5t by  in/alm5ts be+ increas$ by an
 int]e/ v>y+ f #g to #i p]c5t4  ye>ly4  
,! 8,/ro$] ,colonisation ,society10 :i* 
has exploit$ a l>ge  belt ( agricultural
 c\ntry2 ! 8,compaia de ,colonisation   
del ,rio de la  ,plata20 ! 8,e/ancia y  
,colonia ,tr5el10 f\nd$ by ! great      
,arg5t9e  l&-own]1 ,antonio ,devoto1 & a

 l>ge numb] ( o!r companies &           
syndicates are work+ on ! basis ( enabl+
 ! coloni/ to acquire  8 own l&1 & are  
do+ successful bus9ess4    ,a /rik+     
example ( progress 9 ?is matt] ( !      
subdivision (  prop]ty is furni%$ by !  
/ati/ics ( ! ,prov9ce ( ,crdoba =  !    
ye>s betwe5 #ahih-ahii & #aije-aijf4    
,dur+ ?is p]iod #c1aic1fjj  acres ( l&1 
out ( a total ( #i1hbc1cjj acres1 :i*   
repres5t !  colonies & settl$ l& ( !    
prov9ce1 h be5 sold to f>m]s2  t is1    
ne>ly a ?ird4 ,?anks to ?is subdivision1
 ! numb] (  coloni/s 9 ?is prov9ce :o h 
become ! actual proprietors (  l>g] or  
small] hold+s has ris5 to #defh4 ,:at is
 happ5+ 9  ,crdoba is also happ5+ m or  
less rapidly 9 ! o!r agricultural       
prov9ces2 & x is by ?is me?od t !       
,arg5t9e w "o day  succe$ 9 aboli%+ !   
latifundia1 ^: progressive disappe>ance 
is a condition ( fur!r developm5t4      
,we might multiply ! in/ances ( l&-own]s
 or comm]cial ent]prises  :i* are help+ 
! lab\r] to buy l&1 = ! sy/em ( divid+  

! l& into small allotm5ts1 sell+ x at a 
*eap price1 & all[+  paym5t by          
in/alm5ts1 is e day becom+ m widespread4
 ,!  j\rnals are full ( ann\ncem5ts ( ! 
sale by auction ( l&s :i*1  until       
to-day1 h nev] felt ! pl\gh%>e1 & are n[
 giv5 ov]  to colonisation4 ,"o also    
he>s m5 speak1 z ( an accompli%$ fact1  
( ! me?od initiat$ by sev]al            
railway-companies :i* propose1  by means
 ( _! own capital1 to br+ into ! m>ket &
 increase  ! value ( ! va/ tracts (     
uncultivat$ l& :i* !y own on !          
outskirts ( _! sy/ems4    ,unhappily1 9 
spite ( ?is t5d5cy to ! subdivision ( ! 
soil1 !  mo/ usual sy/em ( work+ ! l& is
 /ill t ( lett+ x at a  fix$ r5t1 or = a
 c]ta9 proportion ( ! yield 9 place (   
r5t1  or by a pr(it-%>+ sy/em1 "u :i* ! 
t5ant receives #ej1 #dj1  or #cj p] c5t1
 ( ! h>ve/4 ,! l>ge l&-own]s1 :o are !  
mo/  num]\s1 pref] ! =m] me?od1 & (t5   
impose on ! f>m] !  obligation ( leav+ a
 crop ( luc]ne on ! l& 9 ! la/ ye> (  ! 
t5ancy4    ,! *ief drawback ( ?is sy/em 

is t ! lab\r] nev] becomes  ! own] ( !  
soil he cultivates1 s t he is n actuat$ 
by !  p[]ful ties ( prop]ty1 :i* %\ld   
atta* him to ! c\ntry & its  de/9ies4   
,on ! o!r h&1 too1 ! t5ant tries to     
obta9 f !  soil ! l>ge/ pr(it he c1 )\t 
tr\bl+ to consid] :e!r  he is exhau/+ x 
or n2 he leaves n ev5 a tree beh9d him z
 a  monum5t ( 8 t5ancy4 ,b 9 spite ( all
 ^! drawbacks ?is sy/em  does furni% !  
coloni/ ) means to buy l& *eaply lat]   
on1 &  9 ano!r di/rict4 ,su* is ! hi/ory
 ( _m f>m]s1 :o began by  humbly lab\r+ 
"u ! conditions above describ$1 & are   
to-day  ri* l&-own]s1 possess+ enorm\s  
tracts ( l&1 :i* !y "w 9  ! way t !y f9d
 mo/ pr(itable4    ,x is h>dly necess>y 
to say t ! agricultural me?ods employ$  
v>y accord+ to ! situation ( ! f>ms1 _! 
f]tility1 & !  means ( communication4   
,agriculture1 prop]ly s call$1 e/abli%es
  itself & spreads along ! wat]ways or  
railways :i* facilitate !  transport ( !
 h>ve/s4 ,! crops pr9cipally gr[n _c    
af=d !  co/ ( transport at a great]     

di/ance ?an #ahj or #aij miles by       
railway  f ! ne>e/ po9t ( emb>kation or 
consumption1 & ! ne>e/  railway-/ation  
mu/ n be fur!r ?an #ah or #bj miles4    
,!re are only  a few crops ( great]     
value t c be pr(itably gr[n at great]   
di/ances1 _! high] prices cov]+ !       
increas$ co/ ( transport4    ,! region  
consi/+ ( ! ,prov9ces ( ,bu5os ,ayres1  
,santa ,f1  ,crdoba1 & ,entre ,rios1 :i*
 is ! ri*e/ 9 c]eals1 is also t 9  :i* !
 greate/ numb] ( small f>ms are to be   
f\nd4 ,! /ati/ics  = #aija-aijb %[ t out
 ( #cg1dcd f>ms #ac1aej1 or ab\t #cf p] 
c5t41 7 work$ by _! own]s2 #ah1hai1 or  
#ej p] c5t41 by t5ants2  & #edfe1 or #ad
 p] c5t41 by mtay]s----t is1 t5ants :o  
give up  f half to two-?irds ( ! crops  
to ! own] ( ! l&4 ,o!r m  rec5t         
/ati/ics1 relat+ to ! ,prov9ce ( ,santa 
,f1 give ! numb]  ( f>m]s own+ _! l& at 
! "t ( ! h>ve/ z #fgdg1 or #cb  p] c5t41
 & ! numb] ( t5ants z #ad1bbg1 or #fh p]
 c5t4    ,! majority ( ! f>ms1          
especially ^? cultivat$ by ! own]s1     

says ! ,inve/igacin agricola1 h an area 
v>y+ f #fj to #bej  acres4 ,f>ms held on
 lease or by paym5t ( "p ( ! h>ve/ are  
usually l>g]1 especially 9 ! =m] case1 &
 ! "w is done )  great] exp$ition1 b z a
 rule less p]fectly & )\t ! same        
/imulus4 ,f>ms v>y+ f #gej to #aejj     
acres & m :i* employ  day-lab\r]s are   
/ill less num]\s1 s9ce z a g5]al ?+ no?+
  is ga9$ by employ+ !m4 ,on ! o!r h&1  
h[ev]1 !re are l>ge  f>ms ^: own]s 9    
reality only sup]vise matt]s (          
adm9i/ration1  & :i* are divid$ among   
t5ant-f>m]s or mtay]s1 pay+ s mu*  p]   
c5t1 ( ! h>ve/1 or a r5t 9 k9d1 accord+ 
to ! crops &  ! conditions agre$ ^u4 ,9 
su* a case ! proprietor or coloni/ is  n
 actually an agriculturali/1 b a bus9ess
 man1 :o m (t5 ?an  n has n suffici5t k 
to assume ! sci5tific or ev5 !  rational
 direction ( ! op]ations on 8 e/ate4    
,agricultural ,products    ,hav+        
consid]$ ! physical conditions ( !      
,arg5t9e soil1  ! regions giv5 ov] to   
p>ticul> =ms ( agriculture1 & !         

disposition ( rural prop]ty1 ! mom5t has
 n[ come to consid] :at  areas are at   
pres5t respectively produc+ crops (     
v>i\s k9ds f  se$1 comp>+ !m n only ) ! 
area ( ea* prov9ce1 b also  ) ! /ati/ics
 ( previ\s ye>s4 ,9 mak+ ?is inquiry1 we
 h a  valuable />t+-po9t 9 ! ,c5so      
agropecu>io1 tak5 9 ! mon?  ( ,octob]   
#ahhh2 ! fir/ s]i\s und]tak+ ( ! k9d ev]
 attempt$  9 ! ,republic "u compet5t    
direction4#dj    ,footnote #dj3 ,cf4    
,l'agriculture et l'levage dans la      
,rpublique  ,arg5t9e1 d'aprs le         
rec5sem5t de la premire qu9za9e         
d'octobre  #ahhh1 by ,f4 ,latz9a1 pr9t$ 
by ,p4 ,m\illot1 ,p>is1 #ahhi4    ,9 an 
introductory *apt] ! ,director ( ?is    
c5sus says3 8,x is  only elev5 ye>s s9ce
 ! products ( ,arg5t9e agriculture h be5
  great] ?an ! c\ntry's ne$s4 ,=        
example1 ! quantities ( :eat  export$   
be=e #ahgh 7 s small z to be negligible4
 ,n[ we see t  9 elev5 ye>s we h rea*$ a
 po9t at :i* we export #h1hjj1jjj       
bu%els ( :eat 7#ahhg71 #bee1jjj bu%els (

 fl\r 7#ahhh71 #ad1dgj1jjj  bu%els (    
maize 7#ahhg71 & #c1bdh1jjj bu%els (    
l9se$ 7#ahhg74 ,^?  :o w look into ^!   
figures w p]haps agree t !y repres5t a  
great progress = s %ort a "t40    ,!    
area ( agricultural l& 9 cultivation1   
accord+ to ! c5sus  ( #ahhh1 am\nt$ = ! 
:ole ,republic to #e1ihd1gij acres1 (   
:i*  #b1jad1jjj acres1 or ab\t #cc p]   
c5t4 7 "u :eat2 #a1igi1hcj acres1  or   
#cc p] c5t41 "u maize2 #ifc1cbj acres1  
or #af p] c5t41 "u  luc]ne2 #bii1jej    
acres1 or #e p] c5t41 "u l9se$2 #ga1dbj 
acres1 or  #ab p] c5t41 "u b>ley2       
#ig1ffj acres1 or 4#i p] c5t41 "u v9es2 
#eb1jbj acres1 or #h p] c5t41 "u        
sug>-cane1 & ! re/ "u crops  ( no great 
importance4    ,?is po9t ( dep>ture be+ 
e/abli%$1 let u pass ov] ! follies  ( & 
! damage caus$ by ! frantic speculations
 ( #ahhh & #ahhi1  z well z ! f9ancial  
failures ( #ahij1 & let u call a halt at
 !  ye> #ahie1 9 :i* ! c\ntry1 /ill "u !
 effect ( a t]rible  cata/rophe only    
lately und]gone1 _h recov]$ itself &    

resum$ "w  ) a fre% ard\r3 ! only prop] 
rem$y to heal its w\nds1 & to  set x    
once m on ! pa?s ( progress4 ,?is       
inv5tory ( ! progress  realis$ by !     
,arg5t9e dur+ sev5 ye>s ( mis=tune is   
all !  m int]e/+ 9 t ! second national  
c5sus 0 tak5 at ?is  "t1 ?us precisely  
m>k+ ! economic1 democratic1 & political
  progress ( ! c\ntry4 ,we f9d t 9      
#ahie----limit+ our inquiry to  ! f\r   
pr9cipal cultures----! progress realis$ 
dur+ ^! sev5  ye>s 0 z foll[s3----      
,products4          #ahhh               
#ahie            ,increase 9 ,sev5      
,ye>s4                 ,acres           
,cultivat$4    ,acres ,cultivat$4       
,absolute4        ,p] c5t4    ,:eat     
#b1jad1acj            #e1jfb1gag        
#c1jdh1ehg            #aea    ,l9se$    
#bii1jej              #idf1fij          
#fdg1fdj            #bai    ,maize      
#a1igi1iaj            #c1jgc1acj        
#a1jic1bbj             #ee    ,luc]ne   
#ifc1cjj            #a1gbi1jjj          
#gff1gjj             #gi                

------------------                      
--------------------                    
------------------            ------    
,totals         #e1bef1cij              
#aj1haa1ecg        #e1eee1adg           
#aje    ,if we n[ comp>e ! figures =    
#ahie ) ^? = #aijb1 we f9d t  ! national
 agricultural expansion has nev] ceas$  
dur+ ?is second  p]iod ( sev5 ye>s4     
,dur+ ?is p]iod1 moreov]1 an important  
*ange  occurr$2 "o :i* enc\rag$         
production by plac+ ex*ange ^u a  solid 
basis3 we ref] to ! law ( monet>y       
conv]sion1 :i* gave pap]  a fix$ value &
 aboli%$ ! disc\nt :i* _h hi!rto affect$
 all  private comm]cial transactions4   
,9 comp>+ ! figures ( ! ye>s #ahie &    
#aijb1 we f9d t !  progress 0 z         
foll[s3----      ,products4             
#ahie                 #aijb             
,increase 9 ,sev5 ,ye>s4                
,acres ,cultivat$4    ,acres ,cultivat$4
    ,absolute4        ,p] c5t4    ,:eat 
#e1jfb1gag            #i1abd1ddi        
#d1jfa1gcb             #hj    ,l9se$    

#idf1fij            #c1bbh1ggd          
#b1bhb1jhd            #bch    ,maize    
#c1jgc1acj            #d1dej1jfj        
#a1cgf1icj             #dd    ,luc]ne   
#a1gbi1jjj            #d1bgc1ejb        
#b1edd1ejb            #adg              
--------------------                    
--------------------                    
--------------------            ------  
,totals        #aj1haa1ecg              
#ba1jgf1ghe       #aj1bfe1bdh           
#id    ,x n[ rema9s to exam9e ! ?ird    
p]iod1 f #aijb to #aijd-aije1 !         
/ati/ics ( :i* are z foll[s3----        
,products4          #aijb               
#aijd-aije         ,increase 9 ,two     
,ye>s4                 ,acres           
,cultivat$4    ,acres ,cultivat$4       
,absolute4      ,p] c5t4    ,:eat       
#i1abd1ddi           #ab1aaj1gjf        
#b1ihf1beg           #cc    ,l9se$      
#c1bbh1ggd            #b1fgd1gch        
#eed1jcf           #ah    ,maize        
#d1dej1jfj            #e1fdh1ihh        
#a1aih1ibh           #bg    ,luc]ne     

#d1bgc1ejb            #d1idj1jjj        
#fff1dih           #ae                  
--------------------                    
--------------------                    
------------------          ------      
,totals        #ba1jgf1ghe              
#be1cgd1dcb        #d1big1fdg           
#bada    ,footnote #da3 ,?is increase   
w\ld am\nt to #gce p] c5t4 9 sev5  ye>s1
 z comp>$ ) #id & #aje p] c5t4 = ! two  
previ\s  p]iods3 b an av]age reckon$ f  
two ye>s is ( c\rse n                   
reliable4----,,trans4    ,we see t1 ) ! 
exception ( l9se$1 ! progress (         
agriculture  has receiv$ no *eck2 on !  
contr>y1 ! figures speak ( /ill  great] 
expansion1 atte/+ to ! great economic   
future ( ! c\ntry4    ,! culture ( :eat1
 z we see1 has increas$ by #b1ihf1beg   
acres2 maize1  by #a1aih1ibh acres2     
luc]ne1 by #fff1dih acres4 ,un=tunately1
 ! culture  ( l9se$ has suff]$ a        
decrease ( #eed1jcf acres2 a result to  
be  attribut$ p>tly to l[ prices1 & to !
 loss ( a c]ta9 proportion  ( ! previ\s 

crops4    ,z = maize1 we see t 9        
#aijd-aije #e1fdh1ihh acres 7 s[n1 a    
figure :i* repres5ts an increase ( #bg  
p] c5t4 ov] ! #d1dej1jfj  acres ( #aijb4
 ,yet ! yield 0 only #aca1aee1jjj bu%els
 9 #aijd-aije1  :]eas 9 #aijc-aijd x 0  
#afc1cjj1jjj bu%els4 ,?is s5sible       
decrease  0 felt *iefly 9 ! ,prov9ce (  
,bu5os ,ayres1 :]e ! loss 0 "o  (       
#ca1dij1jjj bu%els1 out ( ! total loss (
 #cb1ade1jjj bu%els1 :ile  9 ! ,prov9ce 
( ,santa ,f ! yield 0 almo/ unalt]$4    
,! av]age yield 9 #aijd-aije = ! :ole   
c\ntry & ! entire area  ( l& "u se$ may 
be e/imat$ z #bc bu%els p] acre1 z aga9/
  #ca4d bu%els 9 #aijc-aijd4 ,! h>ve/ ( 
#aijd-aije w\ld ?us h left  a l>ge      
deficit1 _h n ! increase ( s[n l&s      
comp5sat$ 9 "p  ! dim9i%$ yield ( ! soil
 p] acre4 ,?is fact is a witness to !   
tru? ( ! important fact to :i* we h     
else:]e drawn att5tion3  t ! ,arg5t9e   
ne$ no long] z be=e fe> a bad total     
h>ve/1 by  reason ( ! enorm\s increase (
 s[n l&s4#db    ,footnote #db3 ,ye>s    

h5ce1 :5 ! limit ( expansion has be5    
rea*$1  or expansion = any cause has    
dim9i%$1 ! inevitable exhau/ion (  !    
soil may cause "s bad ye>s1 unless m    
sci5tific me?ods take  ! place ( !      
policy ( obta9+ l>ge yields at any co/2 
b !  *ange w probably be gradual4       
,,trans----4    ,s9ce #aije !           
agricultural expansion ( ! ,republic has
 assum$  consid]able proportions1 ?anks 
to ! spl5did h>ve/s1 :i* h n  only      
attract$ a great] numb] ( cultivators1 b
 h also enabl$  ^! already e/abli%$ to  
take 9 & cultivate new l&4    ,exam9+   
only ! figures relat+ to ! h>ve/ (      
#aijh-aiji1 we  f9d t ! area s[n 9 :eat1
 l9se$1 & oats has increas$ to          
#bj1cdb1ibj acres1 :i* are divid$1      
accord+ to ! figures issu$  by !        
,/ati/ical ,division ( ,rural ,economy (
 ! ,m9i/ry (  ,agriculture1 9 ! foll[+  
proportions3----                        
,acres "u   ,acres "u   ,acres "u       
,prov9ces4           ,:eat4             
,l9se$4       ,oats4    ,bu5os ,ayres   

#f1ahd1aci     #a1jij1gej     #a1dca1hci
    ,santa ,f           #c1baj1jej      
#a1fca1ahh        #cd1eci    ,crdoba    
#c1gaa1icj       #dba1hgj        #aj1jfh
    ,entre ,rios           #gic1faj     
#efe1fcj        #cg1jej    ,pampa       
,c5trale       #ghj1djj        #gd1ajj  
#di1djj    ,o!r ,prov9ces      #ahe1bej 
#f1cgj         #a1bce      & ,t]ritories
                     ------------       
-----------   -----------         ,total
        #ad1hfe1cgi     #d1dhi1ijh      
#a1efd1aea    ,if we add to ^! figures !
 #g1jdb1gaj acres s[n ) maize 9         
#aijf-aijg1 & ! #g1daj1jjj acres (      
luc]ne :i* 7 already 9  cultivation1 we 
obta9 a g5]al total ( m ?an #ce millions
 ( acres  ( l& be>+ ! pr9cipal ,arg5t9e 
crops at ! end ( #aijh4    ,^! figures  
reveal ! l>ge increase ( #aj millions ( 
acres ov]  ^! relat+ to ! h>ve/ (       
#aijd-aije4    ,9 speak+ ( ! *ief crops 
( ,arg5t9e agriculture1 !re is  "o :i*  
we mu/ especially m5tion1 :i*1 al?\gh n 
capable (  repetition ye> by ye>1 yet   

assumes consid]able proportions1 occupy+
  already _m millions ( acres4 ,we ref] 
to ! fodd] kn[n z luc]ne1  :i* 9 #ahij 0
 gr[n only on #a1dhj1jjj acres1 & on    
#a1gbi1jjj 9  #ahie2 :ile to-day no less
 ?an #g1dab1jjj acres are "u luc]ne4    
,?is crop is a new s\rce ( weal? = !    
,arg5t9e4 ,its gr[?  has aris5 f !      
increas$ value ( l&s :i* 7 until lately 
consid]$ unfit = ! production ( c]eals4 
,^! l&s are n[  greatly 9 dem&1 & ( late
 ye>s great =tunes h be5 made out (  !m4
    ,luc]ne s]ves two diff]5t purposes2 
x is export$ z dri$ fodd]1  or is us$ at
 home to fe$ & fatt5 cattle4 ,h5ce !    
luc]ne f>m]  may ei!r graze 8 hold+ or  
m[ x2 s t !re are luc]ne  f>ms & luc]ne 
8e/ancias10 or ran*es1 ea* hav+ its     
di/9ct  *>act]i/ics4#dc    ,footnote    
#dc3 ,luc]ne is export$ *iefly to       
,brazil & ,s\? ,africa4    ,! f>ms are  
mo/ly ne> ! /ations ( ! *ief            
railway-l9es  :i* lead to ! ports (     
emb>kation1 & consi/ ( hold+s (  #aej to
 #bej acres1 cultivat$ by small         

proprietors1 or m g5]ally  by           
mtay]s----t5ants :o pay 9 k9d4 ,! m[+1  
dry+1 rak+1  ga!r+ & /ack+ ( ! luc]ne   
are op]ations :i* la/ f  ,octob] to     
,m>*2 ! embalem5t1 or pack+ into bales1 
:i* are  press$ & b\nd ) iron1 by means 
( a press work$ by horse-p[]1  occupies 
! re/ ( ! ye>4 ,!re is also a =m (      
exploitation :i*  is m elem5t>y & also m
 rapid3 ! cutt+ & imm$iate sale (  !    
crop z gre5 fodd]2 ?is me?od is 9 use on
 f>ms ne> ! cities4    ,b ! great luc]ne
 belt1 :i* occupies by f> ! greate/     
proportion  ( ! s[n l&s1 is compos$ ( ! 
8e/ancias01 :i* are compos$  ( fields or
 f>ms ( luc]ne de/9$ = ! fe$+ & fatt5+ (
  animals1 *iefly cattle4 ,^! exi/ ( all
 sizes2 f ! 8e/anzula0  to ! l>ge/      
ran*es4 ,latifundia s[n ) luc]ne are    
common 9  ! s\? ( ,crdoba1 & !re are    
in/ances ( imm5se gre5 savannas  ( f    
#ce1jjj to #ej1jjj acres----r\ghly1 f   
#ej to #hj squ>e miles 9                
ext5t----consi/+ entirely ( luc]ne f>ms 
& belong+ to a s+le  "l & ma/]4 ,!re are

 sev]al settlem5ts or colonies ( ?is k9d
  9 ?is region2 su* z ! ,colonia ,m>ia  
,sol$ad1 situat$ at ,c>n]illo  & at     
,*ucul1 includ+ "s #db1jjj acres (      
luc]ne f>ms2 & !  ,duggan prairie1 :i*  
has #cb1jjj acres ( luc]ne4 ,prop]ties (
 #ae1jjj  acres are num]\s4    ,accord+ 
to ! la/ /ati/ics publi%$1 ! culture (  
luc]ne is  di/ribut$ z foll[s3 ,prov9ce 
( ,bu5os ,ayres1 #a1bce1jjj acres2      
,prov9ce ( ,crdoba1 #a1bce1jjj2 ,prov9ce
 ( ,santa ,f1 #gdj1jjj2 ,pampa  ,c5tral1
 #cjj1jjj2 ,prov9ce ( ,san ,juan1       
#bjj1jjj2 o!r ,prov9ces1  #bej1jjj2 giv+
 a total ( "s #d1jjj1jjj acres4 ,at !   
mom5t ( writ+  ^! l9es ?is area %\ld    
c]ta9ly h increas$ to a total ( #g-a_/b 
millions ( acres4    ,9 spite ( ! great 
progress already a*iev$----x 0 n less   
?an  #be p] c5t41 = in/ance1 9 !        
,prov9ce ( ,crdoba 9 #aijc-jd----!      
culture ( ?is species ( =age is /ill 9  
its infancy 9 !  ,arg5t9e2 x is b\nd to 
increase notably1 on acc\nt ( ! sup]b   
results to be obta9$1 bo? f its use z   

fodd] & on acc\nt ( !  mann] 9 :i* x w  
trans=m a c]ta9 k9d ( uncultivat$ soil  
:i* gr[s no?+ b t\gh grasses ( sl[ gr[? 
& l[ nutritive  value4    ,"o ( ! fir/  
economic effects produc$ by ! gr[? (    
luc]ne on  a p>ticul> e/ate or 9 a giv5 
neighb\rhood is t x increases  ! value (
 ! l& on :i* x has be5 s[n4 ,on ?is po9t
 sev]al  cases h be5 cit$ :i* w\ld seem 
incr$ible1 7 !y n easily  v]ifi$4       
,fields :i* ?ree or f\r ye>s ago 7 sold 
= #b pap]  pia/res p] acre are to-day   
wor? #cj1 & l&s :i* 7 sold = #be  to #cj
 pia/res are n[ sold = #hj & #ajj       
pia/res4#dd    ,footnote #dd3 ,probably 
! read] ne$ n be told t ! roots (  !    
luc]ne plant accumulate enorm\s         
quantities ( nitrog5-yield+  bacilli1   
?us produc+ organic comp\nds 9 ! soil1  
ready = use by  ! next crop s[n4 ,! old 
practice ( s[+ clov] & pl\gh+ !  roots  
into an exhau/$ field revives ! l& 9 ?is
 mann]4----,,trans4    ,luc]ne f>ms also
 increase ! value ( ! l& 9 _!           
neighb\rhood4  ,x is en\gh to use !     

phrase1 8good l& = luc]ne10 & ! l&      
ref]r$ to w imm$iately realise a high   
comm]cial value4    ,( ! pr(its to be   
d]iv$ f luc]ne :5 exploit$ 9 a rational 
& up-to-date mann]1 we may judge f a    
s+le in/ance report$ 9  ! ,bu5os ,ayres 
,/&>d3 a league#de ( mead[s s[n ) luc]ne
 9  ,la ,p5ca1 9 ! s\? ( ! ,prov9ce (   
,crdoba1 has yield$ 9 a ye>  a pr(it (  
#cj1jjj2 & 9 ano!r ye> x actually       
produc$ a pr(it  ( #db1hjj4 ,?is j\rnal 
also adds t a league ( simil> l& 9 ,new 
,zeal& w\ld be wor? no less ?an         
#cfj1jjj4df    ,footnote #de3 ,?is      
league is t ( #bejj hect>es1 or #fage   
acres2 mak+  ! l9e> league #cad         
miles4----,,trans4    ,footnote #df3    
,cf4 ,anales de la ,soci$ad rural       
,arg5t9a2 ,art41 ,el  ,pais de la       
,alfalt54           99       99       99
       99       99    ,! con/ant        
increase ( s[n l&s is c]ta9ly ! mo/     
notable feature  ( ! agricultural       
situation4 ,x is ! m int]e/+ to note  t 
( late ye>s ?is developm5t has be5 due  

to ! nation's own  res\rces1 z aft] !   
politico-f9ancial crisis ( #ahij !      
curr5t (  immigration & colonisation :i*
 _h assi/$ agriculture 9 previ\s  ye>s 0
 almo/ completely *eck$4 ,z soon z ! fl[
 ( immigration  is re-e/abli%$----& x   
seems to u t x is already recov]+1      
?anks to ! attractive p[] ( ! abundant  
h>ve/s r ?an to  any political or       
adm9i/rative measure----we %all c]ta9ly 
see t !  agricultural yield ( !         
,republic w receive a fre% impulse f ?is
  cause4    ,! #ce millions ( acres s[n 
9 #aijh-i repres5t a little ov] #djg p] 
c5t4 ( ! entire surface ( ! c\ntry1 z   
comp>$ to a p]c5tage  ( #jjh 9 #ahhh4   
,besides ?is1 we mu/ n =get t accord+ to
 !  figures ( ! agricultural & pa/oral  
c5sus ( #aijh1 #fdf1fbj squ>e  miles1 or
 r m ?an #ci p] c5t41 are employ$ 9 !   
fe$+ (  #fg1baa1ged %eep1 #bi1aah1fbe   
horn$ cattle1 #g1eca1cgf horses1        
#dfe1jcg  mules1 & #bhe1jhh asses4      
,f9ally1 if we admit ! possibility (    
consid]ably increas+1 by  means ( !     

int5sive sy/em1 ! yield ( cultivat$     
soil1 we see t  x w also be possible1 on
 ! same /ret* ( l&1 to increase !  numb]
 ( head ( cattle2 s t x is p]missible to
 conclude t !  ,arg5t9e ,republic c /ill
 conv5i5tly give up a ?ird ( h] surface 
to colonisation1 )\t 9 ! lea/ affect+ or
 damag+ ! indu/ry  ( /ock-rais+4        
,kn[+ ! extraord9>y progress atta9$ by  
,arg5t9e agriculture  dur+ ! la/ tw5ty  
ye>s1 z well z ! developm5t ( ea* (  !  
p>ticul> crops pref]r$ by ! ,arg5t9e    
f>m]1 we mu/ n[  inquire 9 :at regions (
 ! c\ntry ?is expansion has made itself 
p>ticul>ly felt4 ,= ?is purpose we w    
divide ! ,republic into  geographical   
belts1 conf9+ ourselves "h to an        
exam9ation ( ^!  ,prov9ces 9 :i*        
agricultural progress has be5 p>ticul>ly
 notable1  & limit+ ourselves to ! ?ree 
pr9cipal =ms ( culture3                 
,total ,surface cultivat$ dur+ !        
,agricultural ,ye>                      
#aijh-aiji4            ,geographical    
,belts4           ,numb] ( ,acres       

,cultivat$4      ,,prov9ce ,,( ,,bu5os  
,,ayres----      ,nor!rn ,section       
#iih1idj      ,we/]n ,section           
#c1jdc1gjj      ,c5tral & ,s\!rn 7fir/  
gr\p7        #a1hjg1aij      ,c5tral &  
,s\!rn 7second gr\p7       #b1gee1ihj   
------------------                      
#h1fje1haj      ,,prov9ce ,,( ,,santa   
,f----      ,nor!rn ,section            
#cbf1baj      ,c5tral ,section          
#c1aid1fih      ,s\!rn ,section         
#a1dee1fej                              
-----------  #d1igf1eeh    ,,prov9ce ,,(
 ,,entre ,,rios----      ,fir/ ,section 
#cfj1cjj      ,second ,section          
#ejf1iej      ,?ird ,section            
#ebg1ihj                                
-----------  #a1cie1bcj      ,,prov9ce  
,,( ,c,,rdoba                           
#d1jfd1gfj    ,,t]ritory ,,( ,,pampa    
,,c5tral                                
#iac1ijj                                
------------                            
,,total        #ai1ief1ach    ,x w be   
se5 f ?is table t ! great agricultural  

belt ( !  ,arg5t9e is =m$ by ! ,prov9ce 
( ,bu5os ,ayres1 ,santa ,f1 ,crdoba1    
,entre ,rios1 & ! ,t]ritory ( ,pampa    
,c5tral4 ,?is latt] has tak5 an         
important place 9 ! national production1
 & s rapidly1 t we may  /ill prophesy a 
notable expansion ( its res\rces4 ,! o!r
 productive  belts h 9 proportion made  
less progress1 except+ ! ,prov9ce (     
,m5doza1 :]e v9e-gr[+ has be5 develop$1 
& t ( ,tucuman1  :]e ! culture ( !      
sug>-cane has made great /rides4        
,!re1 = ! mom5t1 ! progress (           
agriculture has halt$1 z !  o!r di/ricts
 w only be develop$ lat] on1 :5 !       
populations (  ! =m] regions ov]fl[1    
unless "s hi!rto unexploit$ s\rce (     
weal?----su* z ! quebra*o 9             
,*aco----attracts capital & lab\r4      
,at ! "t ( ! la/ h>ve/ ! ,prov9ce (     
,bu5os ,ayres 0 9 !  front rank 9 !     
matt] ( :eat1 no less ?an #f1ahd1ahj    
acres be+  devot$ to t c]eal4 ,?is      
enorm\s area repres5t$ an increase (    
#b1icc1ibj acres s9ce ! ye> #aija-aijb1 

& ( #e1bed1caj acres s9ce  #ahie4 ,if we
 comp>e ?is figure ) t ( #ahhh1 :5 only 
#fji1efj  acres 7 "u :eat1 we f9d an    
increase ( #e1egd1egj acres4    ,( !    
#f1ahd1acj acres ( :eat s[n 9 ! ,prov9ce
 ( ,bu5os ,ayres 9  #aijh-aiji1         
#c1fbj1cjj acres1 or #ec p] c5t41 7 9 ! 
region kn[n z  ! 8,c5tre & ,s\?0 7! fir/
 & second gr\ps unit$71 =m$ by an       
assemblage ( fifty-six cantons1 ( :i*   
"s1 al?\gh !y 7 only  lately affect$ by 
! movem5t :i* has turn$ unt\*$ & des]t  
prairies into gre5 f]tile fields1 are   
to-day important c5tres (  production1  
hav+ a consid]able influ5ce ^u !        
comm]cial balance  ( ! c\ntry4    ,!    
real developm5t ( agriculture 9 !       
,prov9ce ( ,bu5os ,ayres  dates only f  
#ahie4 ,until !n x 0 consid]$ m]ely z a 
c\ntry  especially adapt$ = /ock-rais+1 
& ?is false conception 0 s  root$ 9 _m  
m9ds t x 0 believ$ t agriculture 0 out (
  ! "q1 except 9 ! ,prov9ce ( ,santa ,f4
 ,comp>+ /ati/ics1  we f9d t ! latt]    
,prov9ce _h #iib1jhj acres ( :eat 9     

#ahhh &  #b1dgj1jjj 9 #ahie1 :ile ,bu5os
 ,ayres boa/$ only ( #eaj1jij & #ijf1dij
  acres 9 ! same ye>s4    ,x 0 mu* !    
same ) l9se$2 ! figures be+ #ahj1cjj &  
#feg1jbj  acres 9 ,santa ,f1 & #ajh1fej 
& #afj1eej 9 ,bu5os ,ayres4 ,maize =m$  
an exception2 :ile ,santa ,f1 9 ! two   
ye>s giv51 _h only #aej1fgj  & #dbi1edj 
acres "u maize1 ,bu5os ,ayres _h        
#a1bei1gjj & #a1feb1dcj  acres4    ,only
 9 ! agricultural ye> #aija-aijb did    
,bu5os ,ayres /ep 9 front  ( ,santa ,f1 
& atta9 su* crops ( :eat z until !n 7   
unkn[n1  leav+ all competitors f> beh9d4
 ,9 ! matt] ( l9se$1 = :i*  ,santa ,f   
has always _h a special pr$ilection1 t  
,prov9ce has always1  s9ce #ahhe1       
ma9ta9$ its sup]iority ov] ,bu5os       
,ayres4 ,z = maize1  ,bu5os ,ayres      
reta9s its sup]ior position1 al?\gh x is
 j to admit  t 9 #aija-aijb ! o!r       
,prov9ce made consid]able progress4     
,be=e leav+ ,bu5os ,ayres1 we mu/ m5tion
 t ! second place 9  ! culture ( :eat1  
is tak5 by ! region kn[n z ! ,we/1 :i*1 

) its #a1dga1cfj acres1 or #bi p] c5t4 (
 ! total1 =ms1 l !  analog\s region 9   
,nor? ,am]ica1 "o ( ! great gra9        
di/ricts  ( ! ,arg5t9e4 ,9 ?is region   
!re are cantons1 su* z ^? (  ,nueve de  
,julio1 ,l9coln1 ,pehuajo1 ,g5]al       
,villegas1 ,tr5que ,lauqu51  & o!rs1    
:i*1 reput$ f all "t unfit =            
agriculture1 h  surpris$ e "o by reveal+
 !mselves z absolute m9es (  weal?4 ,?is
 region has be5 t\*$1 x is true1 by !   
magic r+ (  ! railroad1 :i* has unroll$ 
9 ^! new t]ritories1 s full  (          
unexploit$ weal?1 an imm5se network (   
tracks1 ^: m>vell\s  effects make u ?9k 
( ! tales ( ! ,?\s& & ,"o ,nights4    ,x
 is 9 ?is region t we h se51 z ! logical
 result ( !  agricultural awak5+1 ! mo/ 
surpris+ increase 9 ! value (  ! soil4  
,^! prices m\nt$ by leaps & b\nds2 f #a1
 #aes4 to  #c1 #ajs41 f #c1 #ajs4 to #g1
 f #g to #h1 #afs4 p] acre1 & ev5  m2   
yet "o is =c$ to admit t ?is increase1  
?\gh app>5tly  caprici\s1 has a real    
en\gh f\ndation1 s9ce x is bas$ ^u !    

remun]ative qualities ( ! soil4    ,9 ! 
,prov9ce ( ,santa ,f1 ! cradle ( !      
agricultural settlem5t 9  ! ,arg5t9e1   
!re are at pres5t #hbj colonies &       
cultivat$ l&s1 (  :i* ! surface "u se$  
embraces an area ( #g1bbc1ihj acres1    
divid$  z foll[s3 ,:eat1 #c1bei1ibj     
acres2 l9se$1 #b1jcg1iij acres2         
pea-nuts1  #bi1cij acres2 luc]ne1       
#a1ghg1bhj acres2 o!r crops1 #aaa1djj   
acres4    ,! ,prov9ce ( ,crdoba has     
furni%$ ano!r ( ! ,arg5t9e's            
agricultural surprises4 ,neglect$1 n s  
long ago1 by ! /ream (  immigration :i* 
set 9 = pref]5ce t[>ds ,santa ,f or     
,bu5os ,ayres1  ,crdoba began to attract
 ! att5tion ( lab\r]s :5 ! latt]        
7disc\rag$ by "s calamit\s ye>s 9 ,santa
 ,f7 7 drawn ?i!r by  ! f]tility ( its  
soil1 ! sc>city ( swamps1 ! regul> ra9s1
  ! *eap l&1 & ! proximity ( c5tres (   
consumption & ports (  emb>kation1 & by 
! facilities ( transport (f]$ by an     
ext5sive  network ( railways4 ,!re !    
lab\r]s set up _! t5ts1 & _!  numb]s    

increas$ day by day2 !re !y devot$      
!mselves to !  /r5u\s task ( reclaim+ ! 
virg9 soil1 & !re1 9 return1 !y  obta9$ 
magnific5t h>ve/s1 a v]itable b5$iction 
( grateful nature4    ,! results        
surpass$ all expectation2 to su* a      
degree1 t to-day  ! ,prov9ce ( ,crdoba  
is "o ( ! fir/ colonial c5tres ( !      
,republic1 & ! ,prov9ce :i* (f]s ! mo/  
brilliant future to !  cattle-bre$] & ! 
agriculturali/4 ,to-day ! trans=mation (
 !  soil progresses s rapidly z to      
a/oni% bo? natives & =eign]s4    ,to    
give "s idea ( ! enorm\s developm5t (   
?is ,prov9ce1 x is  en\gh to say t 9    
#ahih-ahii x c\nt$ #agf colonies & #ga  
settl$  e/ates4 ,9 #aije-aijf ^! figures
 7 respectively #cdh & #aij4  ,! size ( 
^! colonies has increas$ 9 ! same       
proportions2 9  #ahih-ahii _! area 0    
r\ghly #c1hjj1jjj acres2 x increas$ to  
#h1iaj1jjj4 ,( ?is enorm\s area1        
reclaim$ & cultivat$ at ! "t  ( h>ve/ 9 
#ahih-ahii1 "s #c1aej1jjj acres         
repres5t$ :eat1 #dcd1ejj  l9se$1 &      

#cee1jjj maize4 ,we mu/ also m5tion     
ano!r important crop1  :i* cov]s a l>ge 
area ( ! ,prov9ce ( ,crdoba2 luc]ne1 :i*
 is  repres5t$ by "s #b1bdj1jjj acres4  
,b ! mo/ surpris+ fact conc]n+ !        
,prov9ce ( ,crdoba is n  ! va/ area "u !
 pl\gh1 b ! prodigi\s increase ( crops  
( e k9d4 ,?us ! area s[n ) :eat1 :i* 9  
#ahih-ahii 0  #a1ehh1hjj acres1 0       
#b1dag1ibj1 9 #aijc-aijd & #b1fie1fbj 9 
#aijd-aije4  ,x is ! same ) l9se$2 9    
#ahih-ahii #ahd1dij acres 7 s[n2 9      
#aijc-aijd1 #dci1hcj acres4 ,^! figures 
give "s indication ( ! va/  agricultural
 future :i* lies op5 be=e ?is ,prov9ce4 
,ano!r agricultural revelation has be5  
af=d$ by ! ,t]ritory (  ,pampa ,c5tral1 
:i* 9 #ahhh _h only #ad1ijj acres "u !  
pl\gh2  "s #aa1jjj be+ 9 maize1 #bajj 9 
luc]ne1 & #cjj 9 :eat4 ,9 #ahie  x      
conta9$ #be1ebj acres "u culture1 & 9   
#aijc #cjh1gej acres 7  be>+ crops (    
v>i\s k9ds2 :eat1 #ga1fcj acres1 &      
maize1 #dai1ijj2  & 9 #aijh-aiji1 !     
,pampa conta9$ #iac1ijj acres (         

cultivat$ soil2  #gij1jdj "u :eat1      
#gd1jjj "u l9se$1 & #di1djj "u oats4    
,9 ! space ( tw5ty ye>s ! ,pampa1 once  
reg>d$ z a /]ile wa/e1  almo/ impossible
 ( cultivation or ( settlem5t1 has se5 a
 great  developm5t4 ,x conta9s to-day m 
?an #hj1jjj inhabitants2 tw5ty  c5tres (
 population3 ab\t #iad1jjj acres "u     
cultivation2 #dfd1fde  cattle2          
#d1hji1jgg %eep1 & #bha1ecg horses2 ) an
 annual export (  products e/imat$ at   
#ae millions ( pap] pia/res1 or         
#a1bhj1jjj4    ,its soil has greatly    
ris5 9 value2 ! squ>e league ( #bejj    
hect>es  7or #fage acres1 or a squ>e    
ne>ly #cad miles on ! side1 or j "u  #aj
 squ>e miles7 sells = any?+ up to       
#ajj1jjj pap] pia/res1 or  #hhjj2 & ev5 
9 ! remot] cantons x w sell = #cejj or  
#ddjj4  ,?is extraord9>y progress has   
be5 accompli%$ q rec5tly2 x  dates back 
h>dly ?ree ye>s1 & ! prices t5d to      
increase ea* day4    ,be=e complet+ ?is 
sket* ( ! agricultural products ( !     
,arg5t9e1 accord+ to ! (ficial /ati/ics1

 we mu/ rem9d !  read] t ! total ( ^!   
products increases by leaps & b\nds1  s 
t ! figures giv5 mu/ be reg>d$ z /rictly
 provisional1  on acc\nt ( ! great      
developm5t to be =ese5 z new c5tres (   
colonisation are =m$4 ,! ,pampa ,c5tral1
 ( :i* we h j spok5  z a v m9e ( weal?1 
is capable ( produc+ 9 ! future en\gh   
meat & gra9 to n\ri% a great "p ( !     
population ( ! _w4    ,9 ! ,arg5t9e m5  
employ1 = ! m important crops1 su* z    
:eat1 maize1 l9se$1 luc]ne1 etc41 !     
late/ & mo/ p]fect  agricultural        
implem5ts & ma*9es2 cultivators1 pl\ghs1
 drills1  h>ve/]s1 etc41 etc4 ,we h n   
space to m5tion all2 b x is en\gh  to   
say t 9 ! regions :]e f>m+ on a l>ge    
scale is ! rule1  a progressive _s is 9 
! air1 :i* impels ! own]s ( great       
e/abli%m5ts1 & ev5 simple settl]s1 to   
furni% !mselves ) !  v be/ ma*9]y1 = :i*
 !y sometimes pay consid]able sums4 ,t  
agriculture has a*iev$ ! rapid expansion
 ( :i* we h j giv5  details1 not)/&+ !  
little help :i* immigration has lately  

r5d]$1 is due pr9cipally to ! employm5t 
( ! p]fect$ ma*9]y  9 common use4    ,! 
be/ types ( pl\ghs1 h>r[s1 drills1 &    
reap]s ( all  k9ds----b9d]-reap]s1      
traction-eng9es1 w9n[+ & ?ra%+  ma*9es1 
all ( ! be/ con/ruction & ! mo/ rec5t   
model----are  famili> to ! ,arg5t9e     
f>m]1 :o makes con/ant use ( !m4    ,!  
own]s ( ! great 8e/ancias0 make all     
necess>y sacrifices 9  ord] to "w _!    
e/ates 9 ! late/ & mo/ p]fect mann]4  ,!
 ma*9]y comes f ! ,unit$ ,/ates1 &      
facilitates all !  op]ations ( la gr&e  
culture4 ,two or ?ree ye>s ago1 =       
example1  saw ! adv5t ( a new ma*9e1    
simple & ( mod]ate price1 :i*  replac$ !
 reap] & ?ra%]1 by p]=m+ bo? op]ations  
at once  z x mov$4 ,x reaps ! e>s (     
corn1 w9n[s !m1 grades ! gra91  & p\rs x
 into sacks2 leav+ ! /raw1 x is true1 b 
! value (  /raw 9 ! ,arg5t9e is         
negligible4 ,all ^! op]ations are p]=m$ 
z ! ma*9e progresses2 f\r horses are    
en\gh to draw x4 ,) ?is  new ma*9e corn 
t is /&+ 9 ! morn+ is reap$ dur+ !  day1

 & by ! ev5+ is ready = despat* to !    
port ( emb>kation4    ,to give "s idea (
 ! ext5t to :i* agricultural ma*9]y is  
us$  9 ! ,arg5t9e1 we may m5tion t 9 !  
p]iod #ahij-aijd !re 7  import$ f       
abroad1 mo/ly f ! ,unit$ ,/ates1        
#dei1jjf pl\ghs1  (ficially valu$ =     
cu/oms purposes at #a1cca1dji2 #bb1ghc  
w9n[]s1  valu$ at #bgg1igf2 #ih1dgj     
reap]s1 valu$ at #b1jda1ihb2 #cg1hbd    
drills1  or s[]s1 valu$ at #agf1bfh2 &  
#dggj ?ra%+-ma*9es1 valu$ at            
#a1bej1ahd4 ,f #ahih to #aijd #ac1gbe   
maize husk]s 7 import$1 valu$  at       
#cdj1dgi4    ,to complete ^! data we    
app5d a table1 giv+ ! numb] (           
agricultural ma*9es import$ 9 ! c\rse ( 
! ye>s #aije1 #aijf1  #aijg & #aijh3    
#aije        #aijf       #aijg          
#aijh    ,pl\ghs                        
#ff1djd      #hd1idh     #ei1aif        
#bi1gge    ,w9n[]s or husk]s            
#gij         #ghe        #acd           
#ih    ,reap]s                          
#ad1dib      #bj1gci     #ag1ccd        

#ah1gbb    ,drills or s[]s              
#g1iaa      #be1ddg     #ac1ige         
#i1ebh    ,h>ve/]s                      
#gjf       #b1jaa        #bbf           
#a1hff    ,?ra%]s                       
#iji       #a1acf        #dij           
#ifi    ,we mu/ also m5tion t !re has   
be5 a great developm5t ( factories  9 ! 
,arg5t9e1 :i* turn out agricultural     
ma*9]y & implem5ts2  "s ( ^! h be5      
e/abli%$ ) l>ge am\nts ( capital1  &    
possess an equipm5t fully equal to t ( !
 be/ equipp$  e/abli%m5ts ( ,europe4    
,! ,agricultural ,yield    ,hav+ n[     
consid]$ ! agricultural progress a*iev$ 
9 !  ,arg5t9e1 ! areas "u se$ at diff]5t
 p]iods1 ! prevail+  crops1 & ! regions 
9 :i* agriculture is m especially       
e/abli%$1 we mu/ n[ /udy ! results (    
agriculture2 t is to  say1 its yield1 & 
%all attempt to =eca/ ! future res]v$ = 
!  c\ntry4    ,z we h already /at$1 !re 
are no complete /ati/ics available1  su*
 z !re are 9 ! ,unit$ ,/ates & 9 o!r    
c\ntries1 :i*  give 9 detail ! co/ (    

work+ f>ms ( v>i\s sizes1 & !  prices at
 :i* ! latt] sell _! produce2 & x is    
only f su*  details t we c calculate !  
net pr(it ( ea* acre4 ,b1 despite  ?is  
lack1 we c probably f9d ! data we       
require by resort+ to !  op9ion ( ^?    
compet5t 9 su* matt]s1 ei!r because !y  
are  !mselves practis+ f>m]s1 or because
 !y h set !mselves !  same problem z t  
we are fac+4    ,9 ! good l&s ( !       
,prov9ces ( ,crdoba & ,bu5os ,ayres1 & 9
  ! ,pampa ,c5trale1 ! hect>e may yield 
! settl] #ej pia/res 79  notes71 or #d1 
#hs42 9 o!r words1 #a1 #aes4 #g-a_/b;d4 
p] acre2 provid$  !re is no hail1 & if  
he escapes ! o!r agricultural plagues4  
,"s e/ates ?is ye> h produc$ z mu* z    
#bjjj kilos ( :eat p]  hect>e1 or #bi   
bu%els p] acre2 yield+1 at #f p] ton 7! 
,arg5t9e  ton ( #bbje lb47 a yield (    
#abj pia/res#dg 7pap]7 p] hect>e1 or #d1
  #es4 #f-a_/d;d4 p] acre4 ,e/imat+ !   
exp5ses at #be to #cc p] c5t41  !re     
rema9s a pr(it1 let u say1 ( #c1 f :i*  
we mu/ /ill  d$uct "s #ajs4 = r5t1 s t !

 lab\r] draws a f9al pr(it (  #gj pia/re
 notes p] hect>e1 or #b1 #ajs4          
,footnote #dg3 ,! pia/re note is        
approximately wor? #bb francs1 or #aib  
p5ce----#as1 #g-a_/e;d4    ,9 "o        
p>ticul> e/abli%m5t1 n f> f ! /ation (  
,lab5laye1  on ! ,bu5os ,ayres ,pacific 
l9e1 ! yield ( a family ( mtay]s1  :o   
cultivate #abe to #aej acres1 & pay a   
qu>t] ( ! crop to !  proprietor1 & also 
"w on ! cattle-ran* on days :5 !re is   
no "w 9 ! fields1 make an annual pr(it (
 #hh a ye>4 ,?is is  equival5t ( a pr(it
 ( f #ajs4 #d;d4 to #ads4 #d;d4 p] acre1
 e>n$ by  cultivat+ ! soil z mtay]s or  
t5ants 9 k9d1 reta9+ #ge p]  c5t4 ( !   
crop2 b x mu/ be rememb]$ t ?is is      
absolutely  a net pr(it3 all ! lab\r]s' 
exp5ses1 ! co/ ( n\ri%m5t1  clo?+1 & o!r
 curr5t exp5ses1 are all debit$ fir/2 s 
t !  #hh may be sav$ or sp5t or inve/$4 
,b an argum5t m eloqu5t ?an all !       
ari?metical demon/rations  :i* we might 
draw f p>ticul> cases is ! well-kn[n    
fact t  e ye> a l>ge numb] ( lab\r]s    

become ! proprietors ( !  hold+s !y     
cultivate1 or acquire o!r hold+s 9 !    
neighb\rhood4  ,x is by no means an     
exceptional ?+ = ^? :o cultivate a tract
  ( l& to draw f x 9 a s+le ye> a       
suffici5t sum ( money to  acquire x =   
!mselves1 :ile res]v+ ! exp5ses ( s[+ & 
o!r "w to be done be=e ! next h>ve/4    
,to support ?is /atem5t1 "h are a few   
exact] details z to !  capital requir$  
to reclaim a hold+ & its approximate    
yield4    ,accord+ to calculations      
furni%$ by a man ( great exp]i5ce 9     
matt]s ( colonisation1 ! capital requir$
 by a family ( f\r or  five p]sons      
cultivat+ #bej acres ( :eat1 includ+ !  
exp5se (  in/allation 9 ! fir/ ye>1 may 
be e/imat$ z foll[s3----                
,s4  ,d4    ,two ,pl\ghs1 sulky type    
#ba   #b  #j    ,two ,h>r[s1 ?reefold   
#g  #ah  #j    ,"o ,roll]               
#d   #h  #j    ,"o ,husk] or w9n[+ ma*9e
        #ci  #ab  #j    ,tw5ty ,ox5     
#hh   #j  #j    ,two ,horses            
#h  #af  #j    ,two ,c>ts               

#ce   #d  #j    ,h>ness1 *a9s1          
implem5ts1 etc4       #h  #af  #j       
,h\se1 corral1 well1 f5c+          #aje 
#ab  #j                                 
-----------                             
#cai   #h  #j                           
-----------    ,! family or ! coloni/ :o
 does n possess su* capital w f9d  ri*  
proprietors or coloni/s :o w furni% him 
) implem5ts1  draught animals1 & se$    
corn1 z well z ! necess>ies ( life4 ,!  
h>ve/ ov]1 ! se$ corn is res]v$ = ! next
 s[+2 ! exp5ses  ( ! h>ve/ are d$uct$1 &
 ! net pr(it is halv$1 "o half go+  to !
 proprietor1 & "o to ! coloni/4 ,x is   
?us t ! majority  ( immigrants beg9 to  
e>n ! capital :i* enables !m to become  
proprietors4    ,= ba*elor immigrants   
!re is ano!r me?od1 :i* gives excell5t  
results3 !y place !mselves ) coloni/s :o
 possess "s capital  z 8int]e/$         
s]vants10 or pr(it-%>+ lab\r]s1 l5d+ _! 
s]vices f ! pl\gh+ to ! h>ve/ ( :eat &  
l9se$4 ,!y  receive = _! s]vices food1  
bo>d1 & #f or #g p] c5t4 ( !  gross     

pr(it ( #ajj hect>es4 ,!y put ! sums    
receiv$ dur+ ?ree or  f\r ye>s out at   
int]e/1 & h !n suffici5t money to buy ! 
necess>y implem5ts & to become t5ant    
f>m]s4 ,?ree or f\r ye>s  lat] !y buy l&
 on ! in/alm5t sy/em1 & f9ally become   
l>ge  l&-own]s2 "o may c\nt by ! hundr$ 
^? :o h foll[$ ?is  c\rse1 h become !   
proprietors ( wide tracts ( l&1 & h     
to-day made l>ge =tunes4    ,z soon z he
 is a l&-own] ! coloni/ or f>m] has     
already an  almo/ c]ta9 future be=e him1
 z ! net pr(its he obta9s ea* ye>       
accumulate 9 geometrical progression1   
unless "s fatality pursues him3  a ?+ t 
is ( suffici5tly r>e occurr5ce4 ,to ga9 
"s idea ( 8  net pr(its1 we turn to !   
foll[+ details1 :i* are drawn f a       
compet5t s\rce3             ,approximate
 ,e/imate ( ! ,exp5ses & ! ,yield (     
#bdg acres ( l& s[n ) ,:eat4            
,,exp5ses4                              
,s4   ,d4    ,prep>+ ! soil4----,two    
pl\gh+s & a rak+1      at #bs4          
#c-a_/c;d4 p] acre                      

#bh    #c    #b    ,s[+1 drill+ & h>r[+1
 at #cch;d4 p] acre            #c   #aj 
#e    ,se$4----#bch bu%els ( se$ corn1  
at #h1afs4 p] ton          #eg    #d    
#j    ,h>ve/4---- ,reap+ & /ack+1 at    
#ds4 #bfh;d4 p] acre      #eb   #af     
#j    ,?ra%+4----#ddjj bu%els 7#abj     
tons7 ( gra91 at      #ags4 #f;d4 p] ton
                                        
#aje   #ab    #j    ,sacks4----#aejj1 at
 #ejbd;d4 ea*                           
#bf    #h    #j    ,transport4----,to   
gran>y1 port or /ation1 #abj tons       
at #hs4 #h;d4 p] ton                    
#eb   #af    #j    ,r5t4----#bdg acres1 
at #hs4 #ff;d4 p] acre 7approx47        
#aje   #ab    #j    ,g5]al              
exp5ses4----,repairs1 tools1            
dilapidations1      wages1 hire (       
ma*9]y1 etc4                            
#eb   #af    #j                         
----------------                        
,total         #dhd   #ag    #g         
,,receipts4      ,sale ( #abj tons      
7#ddjj bu%els7 ( :eat1 at #f1 #cs4      

,s4   ,d4      #b-a_/b;d4 p] ton 7#cs4  
#dbh;d4 p] bu%el7#dh                    
#gci    #d    #j    ,exp5ses ( gr[? &   
prep>ation                              
#dhd   #ag    #g                        
----------------                        
,settl]'s net pr(it         #bed    #g  
#e                                      
,footnote #dh3 ,at ! pres5t price 7#bb  
francs p] #ajj kilos1 or ab\t #h1  #afs4
 p] ton7 ! sale w\ld produce #ajef1 a   
net pr(it ( #ega4 ,?is is  unusual4     
,9 %ort1 a pr(it ( ab\t "o p\nd p] acre4
    ,! above figures relate to ! prop]ty
 kn[n z 8,la ,vizca9a10 9 !  ,dep>tm5t (
 ,boliv>2 x consi/s ( #abc1hjj acres (  
agricultural l&1  or #ahc squ>e miles1 &
 is ! l>ge/ agricultural f>m 9 !        
,republic  belong+ to a s+le own] or    
held by a s+le t5ant4 ,x mu/ be  m5tion$
 t1 on ! :ole1 ! l& is high2 x has nev] 
be5 invad$  by locu/s2 ! dep? ( ! m\ld  
or upp] soil is consid]able1 & !        
prop]ty has two railway /ations built ^u
 x & a ?ird ab\t #b-a_/b  miles di/ant1 

:i* facilitate ! despat* ( ! h>ve/s4    
,! above figures d n give a precise idea
 ( ! f>m]'s situation1  s9ce            
agricultural l& is let = f\r ye>s1 & 9  
f\r ye>s1 six  h>ve/s may be obta9$     
7?ree ( :eat & ?ree ( maize71 :i*       
s5sibly dim9i%es ! co/ ( work+ &        
increases ! pr(its 9  proportion4    ,we
 may use ! same table z relat+ to l9se$1
 sub/itut+ #g1 #ahs4  #f;d4 p] ton1 or  
!reab\ts1 = ! s[+1 & #a1 #as4 p] ton =  
?ra%+4 ,9 ?is di/rict l9se$-f>m+ is     
accompani$ by c]ta9  risks1 on acc\nt ( 
! scanty ra9 & ! late fro/s2 sometimes !
  h>ve/ is #g1 #h1 or #aj qu9tals       
7metric7 p] hect>e2 b x is usually  only
 #c or #d4di    ,footnote #di3 ,9 normal
 ye>s1 if ! fields h be5 well work$1 "o 
may c\nt on an av]age ( #cf bu%els (    
:eat p] #b-a_/b acres1 or #ad  p] acre2 
#cf bu%els ( maize p] acre1 & #abe      
bu%els ( l9se$ p]  acre4 ,on virg9 l& ! 
results are (t5 ( great int]e/2 = x is  
n uncommon to obta9 ov] #bj bu%els (    
:eat p] acre1 7#a bu%el  #fj  lbs474    

,9 ord] t ^! figures repres5t+ ! f>m]'s 
pr(it %all give  a true idea ( !        
reality1 x mu/ be rememb]$ t besides !  
:eat  crop he c also obta9 ano!r &      
equally pr(itable crop ( maize 9  ! same
 ye>1 & he may also increase 8 pr(its by
 fatt5+ pigs  & rais+ game & o!r        
products :i* comm& a ready sale 9 !     
neighb\r+ t[ns4    ,^! examples mu/ n ( 
c\rse be tak5 z repres5t+ a g5]al  law2 
! net income ( c\rse dep5ds ^u ! co/ (  
production &  ! yield ( ea* h>ve/1 & ^! 
two factors may v>y inf9itely1  :]e !   
crops "u consid]ation are z l>ge z ^?   
rais$ 9 !  ,arg5t9e4 ,b :at we may      
affirm is t1 besides a c]ta9 numb] (    
f>ms ly+ fall[1 !re are hundr$s ( ?\s&s 
( acres ( virg9  soil1 pur*asable at a  
l[ price1 on :i* x is en\gh to ca/ !    
se$1  aft] a sup]ficial cultivation1 9  
ord] to obta9 a spl5did h>ve/4  ,9      
conditions z fav\rable z ^!1 & us+      
ma*9]y :i* enables  ! f>m] to cultivate 
enorm\s surfaces ) little lab\r1 !re are
  always s]i\s probabilities ( success =

 ! agriculturali/4 ,?is x  is t expla9s 
! great increase ( cultivat$ l&s dur+ ! 
la/  few ye>s1 :e!r virg9 l&s divid$ &  
sold by ! own]1 or l&s  leas$ to t5ants 
:o pay 9 k9d or give up a p]c5tage ( !  
crops4           99       99       99   
99       99    ,9 a c\ntry ^: soil gives
 su* wond]fully abundant yields1 great  
=tunes1 & =tunes rapidly made1 are      
common4 ,! ,arg5t9e1 l !  ,unit$ ,/ates1
 has h] leg5d>y type ( immigrant1 :o has
 progress$ 9  a v %ort "t f extreme     
pov]ty to great ri*es1 by apply+ 8      
en]gy & initiative to agriculture or    
/ock-rais+4    ,"h are two ( ! mo/      
notable & be/-kn[n1 examples4    ,a few 
ye>s ago !re di$ 9 ! ,arg5t9e "o ( !    
greate/ l&$  proprietors2 a man nam$    
,santam>9a1 ^: life-hi/ory is wor?      
relat+4    ,son ( a small f>m] (        
,galicia1 ,santam>9a decid$1 :5 ab\t    
tw5ty  ye>s ( age1 to seek 8 =tune 9    
,am]ica4 ,8 means n p]mitt+  him to meet
 ! exp5ses ( ! voyage1 he resort$ to !  
classical  proc$ure2 he %ipp$ z a /[away

 on a vessel ab\t to leave ,vigo on a   
voyage1 to ,bu5os ,ayres4    ,discov]$  
on ! voyage1 ! capta9 _h compassion on  
him1 kept him  on ! vessel & l&$ him1   
fifty ye>s ago1 9 ! capital ( !         
,arg5t9e2 )\t any res\rces1 & su/a9$    
only by ! hope (  ga9+ a livelihood m   
easily ?an 9 ,spa94    ,santam>9a       
imm$iately made 8 way t[>ds ! great     
plaza1 :]e !  produce ( ! c\ntry 0 at t 
"t sold2 & !re1 hop+ to secure  a job1  
he spoke to a man :o 0 conduct+ a wagon1
 & ^: bus9ess  x 0 to br+ wool f !      
c\ntry into ! ,bu5os ,ayres m>ket4      
,?is man1 see+ him /rong & will+1 (f]$  
to %>e ) him  8 "w z wagon]2 b he fir/  
inquir$ ( ,santam>9a :e!r he  possess$ a
 knife1 z at t "t 9 ! ,arg5t9e x 0 !    
necess>y  in/rum5t ( def5ce1 & at ne$1 (
 attack1 & 0 also employ$ 9  all !      
usages ( ! nomad life4    ,santam>9a _h 
no knife2 b he _h a pia/re1 :i* ! capta9
 _h  giv5 him be=e he left ! %ip1 & )   
?is pia/re he b\ght a  knife1 :i* s]v$ 9
 ?is p>tn]%ip z 8 only capital4    ,hav+

 l$ ! common wagon = "s "t1 ,santam>9a  
_h sav$ en\gh  to buy a bett] "o = 8    
own2 !n1 *ance aid+ him1 he pur*as$ a   
few %eep ^: wool he sold2 & f9ally1 by  
d9t ( "w1 he succe$$  9 sav+ suffici5t  
capital to buy a little l& & />t        
%eep-rais+  on 8 own acc\nt4 ,?is 0 !   
beg9n+ ( 8 success2 little by  little   
,santam>9a b\ght m %eep & m l&1 & became
 9 ! end  "o ( ! great] l&$ proprietors 
( ! ,arg5t9e4 ,he di$ 9 #aijd1  leav+ a 
l>ge =tune & a "n ju/ly hon\r$ ?r\gh\t !
 c\ntry4    ,to-day a visitor to 8      
magnific5t 8e/ancia0 ( ,t&il may /ill   
see1  "u a glass %ade1 ! knife & a model
 ( ! wagon :i* 7 !  fir/ in/rum5ts ( 8  
=tune4    ,! second /ory is m           
commonplace1 b no less true4 ,twelve    
ye>s ago  two ,neapolitan immigrants    
came to settle at ,ros>io4 ,to ga9 a    
liv+1  & no d\bt 9 memory ( _! =m]      
trade1 !y f\nd$ 9 p>tn]%ip  a boli*e2 t 
is1 a b> = ! sale ( dr9ks4 ,:5 a c]ta9  
"t  _h elaps$1 _! bus9ess be+ f> f      
prosp]\s1 !y decid$  t "o or ! o!r ( !  

two 0 "o too _m1 & s det]m9$  to        
sep>ate4 ,b :i* ( ! two %\ld reta9 !    
boli*e8 ,!y  drew lots to decide ! po9t2
 & he :om *ance fav\r$ reta9$ !  bus9ess
 alone1 :ile ! o!r w5t 9 se>* ( 8 =tune 
else:]e4    ,! latt]1 f> f all[+ himself
 to be disc\rag$1 made = ,ros>io  h>b\r1
 9 se>* ( a new trade3 he assum$ t ( a  
dock-lab\r] or  light]man4 ,?is 0 at !  
"t :5 ! gr[+ ( maize 0 beg9n+1  9 !     
,prov9ce ( ,santa ,f1 to give           
satisfactory results4 ,our h]o1  hav+   
sp5t "s "t 9 c>ry+ sacks ( gra9 ^u 8    
back f !  quays to ! vessels ab\t to    
sail1 conceiv$ ! idea ( buy+1 )  8      
sav+s1 a sack ( maize1 & to sell x      
retail1 9 ! c\ntry1 =  ! purposes ( se$4
 ,?is fir/ v5ture hav+ succe$$1 he      
cont9u$  8 op]ations ) a l>g] numb] (   
sacks2 !n1 f9ally1 he ab&on$  ! trade ( 
port] 9 ord] to enl>ge 8 new bus9ess1   
:i* f t  "t increas$ by ?\s&s ( sacks1 &
 soon became a great export  bus9ess4   
,?anks to ! developm5t ( ! culture (    
maize 9 ?is region1 he has  become "o ( 

! greate/ m]*ants & speculators 9 ?is   
product1 &  enjoys to-day a =tune ( _m  
millions1 :ile 8 companion1 less happy  
9 8 affairs1 /ill keeps ! little        
dr9k-%op 9 ,ros>io4                     
,,*apt] ,,ii               ,,!          
,,production ,,( ,,:eat ,,9 ,,!         
,,arg5t9e1 ,,comp>$                ,,)  
,,! ,,yield ,,( ,,o!r ,,export+         
,,c\ntries    ,! _w's                   
:eat-h>ve/----,comp>ison betwe5 !       
/ati/ics (      consumption----,!       
conditions ( production 9 ,russia & 9 ! 
,arg5t9e----,comp>ison ) ! ,unit$       
,/ates1 ,india & ,canada----      ,!    
prospects ( ! ,arg5t9e export trade 9   
:eat4      ,hav+ describ$ ! progress    
realis$ by ! ,arg5t9e ,republic 9  !    
c\rse ( ! la/ few ye>s1 x w be n )\t    
int]e/ to  inquire :at are ! res\rces ( 
^? nations :i* are1 or may be1 !        
competitors ( ! ,arg5t9e 9 ! _w-m>ket & 
9 ! production  & consumption ( :eat4   
,"h1 accord+ to ! mo/ reliable s\rces1  
are ! figures relat+  to ! av]age yield 

( :eat 9 ! :ole _w dur+ ! la/ sixte5    
ye>s3----                               
,p]iod                  ,ye>            
#ahid-aijc4        #aijd4               
#aijg4      ,europe 7bu%els ( #fj lbs47 
#a1dfh1jjj1jjj  #a1fef1jjj1jjj          
#a1feb1jjj1jjj    ,am]ica            0  
#fhd1jjj1jjj    #gef1jjj1jjj            
#hhi1jjj1jjj    ,asia & ,au/ralia 0     
#bie1jjj1jjj    #cif1jjj1jjj            
#deh1jjj1jjj    ,africa             0   
#dc1jjj1jjj     #eg1fjj1jjj             
#ed1hjj1jjj                             
-------------  -------------            
-------------               ,totals     
7approx47      #b1dij1jjj1jjj           
#b1hfe1fjj1jjj  #c1jej1jjj1jjj          
-------------  -------------            
-------------    ,we see t ! ,european  
production ( :eat repres5ts ne>ly #ei p]
  c5t4 ( ! _w's production1 = a         
population :i*1 accord+ to  !           
calculations ( ,m4 ,levasseur1 consi/s (
 ab\t #daa millions (  inhabitants4 ,if 
we r$uce ?is figure by "o-f\r?1 ?us     

elim9at+  infants & ! ag$1 we f9d t ?is 
population disposes ( only #bgbh  lb4 ( 
:eat p] head1 or #ebab lb4 less ?an !   
8type0 or /&>d  ration ( #gich lb4 p]   
annum1 recomm5d$ by ! ,bureau (         
,exp]im5tal  ,/ations ( ! ,m9i/ry (     
,agriculture ( ! ,unit$ ,/ates1 aft]    
long  & pati5t rese>*4    ,9 pursu+ ?is 
inquiry into ! di/ribution ( :eat       
production among  all ! c\ntries ( ! _w1
 we %all be able to judge ( ! rank      
occupi$ by ! ,arg5t9e ,republic1 & by s 
do+ to rectify an error  :i* is         
frequ5tly committ$1 ! error ( conf\nd+  
exportation &  importation1 :i* gives   
?is c\ntry a v diff]5t place to t  :i*  
is its "r4    ,"h are ! figures %[+ h[ !
 production ( :eat is di/ribut$3----    
,,c\ntry4                               
,p]iod4         ,ye>4          ,ye>4    
#ahid-aijc4        #aijd4               
#aijg4    ,unit$ ,/ates 7bu%els ( #fj   
lbs47    #egf1jjj1jjj    #ejd1jjj1jjj   
#fja1jjj1jjj    ,russia                 
0              #cfj1jjj1jjj             

#fje1jjj1jjj    #edg1jjj1jjj    ,france 
0              #caf1jjj1jjj             
#bij1jjj1jjj    #ccf1jjj1jjj            
,au/ro-,hung>y         0                
#ahj1jjj1jjj    #agj1jjj1jjj            
#aig1jjj1jjj    ,arg5t9e ,republic     0
               #gf1jjj1jjj              
#adg1jjj1jjj    #agg1jjj1jjj    ,italy  
0              #aai1jjj1jjj             
#adc1jjj1jjj    #adh1jjj1jjj    ,spa9   
0               #ic1fjj1jjj             
#ia1hjj1jjj    #aji1fjj1jjj    ,g]many  
0              #aaf1jjj1jjj             
#add1jjj1jjj    #aja1gjj1jjj    ,canada 
0               #fc1jjj1jjj             
#fg1cjj1jjj     #hb1jjj1jjj    ,r\mania 
0               #eg1fjj1jjj             
#ej1gjj1jjj     #ed1hjj1jjj    ,engl&   
0               #ed1jjj1jjj             
#cf1gjj1jjj     #dg1jjj1jjj    ,bulg>ia 
0                  ----                 
#ej1gjj1jjj     #db1hjj1jjj    ,asiatic 
,c\ntries      0                  ----  
#cdj1jjj1jjj    #cfd1jjj1jjj            
,au/ralia              0                

----          #ei1djj1jjj               
#hb1jjj1jjj    ,o!r ,european ,c\ntries 
0               ----                    
#gh1hjj1jjj     #fe1djj1jjj    ,african 
,c\ntries         0               ----  
#dg1jjj1jjj     #ed1hjj1jjj    ,o!r     
,am]ican ,c\ntries  0               ----
          #bi1jjj1jjj     #bg1jjj1jjj   
-------------  -------------            
,totals 7approx47         #b1hij1jjj1jjj
  #c1jcj1jjj1jjj    ,?is table %[s t 9  
#aijg ! ,arg5t9e occupi$ ! fif? place z 
a  :eat-gr[+ c\ntry4    ,if we comp>e   
?is production ( :eat ) ! m9imum ration 
( #gich  lb1#ej :i* is consid]$         
indisp5sable to human nutrition1 we see 
t  ap>t f ,european ,russia1 ) its #aaf 
million inhabitants1 !re is  left = !   
rema9+ #cjj millions ( ,europeans1 less 
a qu>t]1 z we  h expla9$ above----t is1 
= a population ( #bbe millions----ab\t  
#a1bjj1jjj1jjj bu%els ( :eat4 ,?is      
quantity repres5ts an av]age (  #aeae   
lb4 p] head p] annum1 or a defici5cy (  
#bdig lb4 p] head4    ,footnote #ej3    

,!re seems some?+ improbable ab\t ?is   
figure4 ,=  "o ?+1 v few p c\ld eat ov] 
#b lb4 ( :eat----repres5t+  ov] #c lb4 (
 bread----p] diem2 & :ite bread =ms no  
important "p (  ! diet ( mo/            
populations4 ,probably ! figures        
repres5t ! am\nt  ( bread necess>y to a 
h>dwork+ lab\r]1 ^: diet>y consi/s      
*iefly ( bread----a diet only common to 
! s\? ( ,engl&4----,,trans4    ,!       
population ( ,g]many1 e/imat$ at #ei    
millions1 has only #adgd lb4  ( :eat p] 
head1 mak+ a defici5cy ( #fddf lb4 p]   
inhabitant4    ,! ,unit$ ,k+dom furni%es
 its #db1ejj inhabitants ) only #ejf lb4
 (  bread p] annum1 leav+ a defici5cy ( 
#gdad lb4 p] head4    ,?us ,europe1 :i*1
 )\t ,russia1 produces m :eat ?an ! re/ 
(  ! _w1 does n produce en\gh = h] own  
consumption1 l[ z x is4  ,x is !re=e    
necess>y to seek out ^! :eat-produc+    
c\ntries  :i* are 9 a position to make  
up ?is defici5cy4 ,n[ at ! pres5t  "t   
!re are v few su* c\ntries2 !y are      
,russia1 ! ,unit$  ,/ates1 ! ,arg5t9e   

,republic1 ,canada1 & ,india1 & among ^!
 x  is ! ,arg5t9e = :i* ! mo/ important 
place seems to h be5  res]v$4    ,russia
 has hi!rto be5 "o ( ! great provid]s ( 
:eat to ,europe2  b x w\ld seem t ?is   
position is n "o t %e c reta94  ,russia 
is f> f hav+ atta9$ ! degree (          
agricultural evolution  :i* ! ,arg5t9e  
has a*iev$2 x is true t %e exports #hj  
p]  c5t4 ( h] :eat h>ve/1 b !n !        
,russian peasant eats only rye  bread4  
,( ! #cbf millions ( acres ( cultivat$  
l& 9 ,russia1 #cj  millions only are    
devot$ to :eat1 or r less ?an d\ble !   
area  us$ = ! same c]eal 9 ,france1 or j
 d\ble ! :eat-area ( !  la/ ,arg5t9e    
h>ve/4    ,9 ! :eat-belt ( ,t*]noziom1 !
 black e>? is all 9 cultivation1  & its 
ext5t _c be fur!r increas$4 ,f]tile ?\gh
 ?is soil may  be1 & al?\gh its dep? is 
f #ab to #dj in*es1 ! results am\nt to  
no m ?an f\r or five gra9s ( :eat = ea* 
gra9 s[n4 ,! la/  h>ve/ gave ab\t #eed  
bu%els p] acre1 :ile ! av]age 9 ,france 
is  #bj bu%els4    ,^! results are due  

*iefly to ! pov]ty & ignorance ( !      
,russian  peasant2 x (t5 happ5s t 8 :eat
 crop no long] belongs to him1  hav+ be5
 seque/rat$ by ! tax-ga!r] 9 paym5t (   
unpaid taxes4  ,on ! o!r h&1 ! ,russian 
peasant _c procure agricultural  ma*9]y1
 ! price ( :i* is increas$ by exagg]at$ 
t>iffs4#ea  ,he _c ev5 obta9 draught    
animals1 8 wret*$ res\rces n  all[+ him 
to procure !m4    ,footnote #ea3 ,m3 :5 
x is provid$ = him he frequ5tly w n  use
 x2 or x und]goes a s]ies ( rem>kable   
accid5ts1 s t !  h>ve/ has to be ga!r$  
by h&4 ,?is is m especially ! case  :]e 
he is reap+ ano!r's h>ve/1 :5 8 object  
is to ensure !  employm5t ( m h&s4 ,he  
is unable to und]/& t ma*9]y means      
weal? & developm5t4 ,x is only fair to  
say t x seldom does 9  ,russia1 z he _c 
easily get m l& ( 8 own1 & 8 ma/]'s     
e/ate is (t5 hemm$ 9 by                 
o!rs4----,,trans4    ,if to ^! factors  
we add ! progressive exhau/ion ( ! soil1
 we see  t ! production ( ,russian :eat 
= export is v ne> its limit2  ! m s z ! 

home consumption ( :eat t5ds to increase
 ) !  economic developm5t ( ! c\ntry4   
,we c h>dly wi% o!rwise ?an  t ^!       
peasant f>m]s1 habituat$ to a life (    
pov]ty1 %\ld  !mselves consume "s ( !   
:eat !y produce1 in/ead ( cont5t+       
!mselves ) rye4    ,let u n[ comp>e ?is 
picture ( ,russian production to t      
pres5t$  by ! ,arg5t9e4    ,:at is x t  
is responsible = ! sup]iority ( !       
,arg5t9e ,pampa  ov] ! ,russian /eppes8 
,x is ! inexhau/ible f]tility ( a virg9 
soil1 :i* produces abundant crops1 )\t  
necessitat+ artificial  enri*m5t1 nor   
ev5 ! sy/em ( ! rotation ( crops4 ,!    
soil yields  h>ve/s ( #bj bu%els to !   
acre1 )\t exhau/ion1 produc+ =  _m ye>s 
9 succession1 z x is do+ n[ 9 ,*ubut1 9 
! s\? (  ,bu5os ,ayres1 & 9 ,crdoba1    
:ile ! yield ( ! ,russian h>ve/s is     
only #ee bu%els4    ,= ! exploitation ( 
?is weal?1 ,arg5t9e agriculture employs 
!  mo/ p]fect ma*9]y to be obta9$ 9 !   
_w1 employ+ ?\s&s  ( horses also1 to    
drive x2 :ile ! ,russian peasant has to 

"w  ) 8 own h&s1 hav+ nei!r ma*9es nor  
horses to multiply 8  /r5g?4    ,:at    
%all we say ( ! prosp]\s & =tunate      
situation ( !  ,arg5t9e coloni/1 :o is n
 only enabl$ out ( ! fruits ( 8  lab\r  
to h bread & meat 9 abundance ^u 8      
table1 b is (t5  9 process ( acquir+1 & 
t )\t long delay1 ! e>? he  cultivates4 
,8 happy lot has no?+ 9 common ) t ( !  
,russian  peasant1 ! v]itable s]f ( !   
soil1 :o nev] gets s f> z to eat  !     
smalle/ crumb ( ! :eat he has h>ve/$4   
,! "o lab\rs "u a s(t1 b5ign sky1 :i*   
does n expose him  to ! rig\r ( extreme 
temp]atures 9 an atmosph]e ( fre$om &   
bro!rhood :i* make = en]gy1 :ile ! o!r  
lab\rs at 8  furr[ 9 a sev]e & unequal  
climate1 & "u a sy/em ( political       
oppression :i* cru%es 8 individuality & 
dim9i%es ! value (  8 ef=ts4 ,a         
comp>ison betwe5 ! social & economic    
conditions  ( agriculture 9 ! two       
c\ntries incl9es u to conclude1 )\t     
prejudice1 t ,russia _c be consid]$ a   
dang]\s rival to !  ,arg5t9e or ! m>kets

 ( ! _w4    ,! ,republic ( ! ,unit$     
,/ates ( ,am]ica is inconte/ably ! fir/ 
:eat-gr[+ c\ntry 9 ! :ole _w2 & x is    
int]e/+ to  consid] :e!r ?is c\ntry1 :i*
 is also ! greate/ export] (  :eat1 w   
rema9 9 ! future1 9 spite ( ! gr[? (    
int]nal  consumption1 a =midable rival  
to ! ,arg5t9e 9 ! m>kets ( !  _w4       
,let u fir/ ( all consid] :at great     
progress !re has already be5  9 !       
production ( :eat 9 ! ,unit$ ,/ates4    
,ye>4  ,population4                     
,production4           ,proportion      
,export$4                         79    
,millions ( ,bu%els47        ,p] c5t4   
#ahgg   #df1cec1jjj                #bhj 
#bef    #ahhb   #eb1die1jjj             
#cgc                     #cah    #ahhf  
#eg1djd1jjj                #cdf         
#bfe    #ahia   #fc1hdd1jjj             
#chf                     #bff    #ahid  
#fg1fib1jjj                #chc         
#dae    #ahig   #ga1eib1jjj             
#dad                     #cci    #aija  
#gg1fdg1jjj                #ejf         

#dacf    #aijd      ----                
#ecc                      ----    #aije 
----                     #fde           
----    #aijf   #hd1baf1dcc             
#ffi                     #bff    #aijg  
----                     #fba           
#bda    ,9 ! ,unit$ ,/ates ! area "u    
:eat has consid]ably increas$1 b  !     
yield p] acre has /eadily decreas$4 ,?us
 we f9d t 9 #ahge !  yield 0 #abc bu%els
 p] acre2 #ag bu%els p] acre 9 #ahgi2   
#aag 9  #ahhc2 #adi 9 #ahib2 #acd 9     
#ahii2 #aje 9 #aijb2 #aj 9 #aijc2 & #acf
 9  #aijd4 ,?us 9 spite ( ! increas$    
yield1 ! results p] acre h n  increas$1 
& ! av]age ( #aijd is inf]ior to t (    
#ahgi2 :ile 9  ,france ! av]age yield   
has be5 "o ( #bj bu%els p] acre f #aijj 
to  #aijd4    ,! national c5sus ( !     
,unit$ ,/ates = #aijj conta9s a graphic 
*>t1 :i* repres5ts ! av]age yield2 f :i*
 we f9d t only  9 ! nor?-we/1 c]ta9     
di/ricts ( ! we/1 & 9 a portion ( !     
,/ates ( ,wa%+ton1 ,oregon1 & ,cali=nia 
has ! production equall$  ?is maximum ( 

#bj bu%els p] acre2 9 mo/ o!r           
localities1 :i*  af=d ! va/ majority (  
cases1 ! yield has v>i$ betwe5 #he &    
#aef gallons p] acre4    ,hav+ glanc$ at
 ! production ( ! ,unit$ ,/ates1 we mu/ 
inquire  :e!r ?is great nation is       
increas+ its exportation ( :eat         
proportionately1 & h[ f> su* exportation
 may prove an ob/acle to  ! developm5t (
 ! ,arg5t9e4    ,! foll[+ figures       
repres5t+ ! ye>s ( ! l>ge/ export (     
:eat1 w ?r[ light ^u ?is matt]4         
,ye>s4         ,:eat ,export$4          
,price4                7,millions (     
bu%els47   7,p] ,bu%el on ! ,dock47     
#ahgi                 #ade              
#es4 #e-a_/b;d4    #ahib                
#bah                  #es4 #c;d4        
#ahih                 #baj              
#es4 #j;d4    #ahii                 #bad
                  #cs4 #aj-d_/e;d4      
#aija                 #bji              
#cs4 #h-c_/d;d4    #aijb                
#bbg                  #cs4 #aa-a_/d;d4  
,we see t 9 spite ( ! ,european al>mi/s1

 :o 9 #ahgf d5\nc$  ! 8,am]ican ,:eat   
,p]il10 x took f\rte5 ye>s = ! exports  
to  increase f #ade to #bah millions (  
bu%els1 & t ! latt] figure  has be5 only
 f\r times surpass$ s9ce #ahib4    ,!   
production ( :eat1 on ! o!r h&1 increas$
 #aaf p] c5t1  betwe5 #ahge & #aijc1    
:ile ! population1 dur+ ! same p]iod1   
increas$ only by #hb p] c5t4 ,b we mu/ n
 =get t al?\gh !  increase 9 population 
is con/ant1 t ( production is           
n----inde$1  ! h>ve/ ( #aija am\nt$ to  
only #bgc million bu%els ( :eat1 z      
comp>$ to #bhj millions 9 #ahgg4 ,!re is
 a decrease 9 ye>s ( bad  h>ve/s1 b !   
population naturally kn[s no su*        
decrease4    ,! consumption ( :eat did n
 increase betwe5 ! c5sus ( #ahij &  t ( 
#aijj2 ! av]age rema9$ #dbdf lb4 p]     
head1 repres5t+ a  deficit ( #cfhh lb4  
bel[ ! /&>d all[ance ( #gicd lb4    ,on 
! o!r h&1 z ! population increases by   
ab\t #a-a_/d or #a-a_/c  millions p]    
annum1 :ile consumption rema9s /ation>y1
 we may conclude  t if ?is c\ntry has n 

yet rea*$ its maximum ( :eat-production1
  x is v ne> t /age1 & t ! mom5t is     
approa*+ at :i*  all its :eat h>ve/ w be
 absorb$ by int]nal consumption1 to !   
detrim5t ( ! export trade4    ,we h     
m5tion$ ,india z a :eat-export+ c\ntry2 
b x is no long]  a rival to ! ,arg5t9e 9
 ! conque/ ( ! int]national m>kets4  ,"h
 is ! comp>ative table ( exportation f  
,india & ! ,arg5t9e4      ,ye>s4        
,india4                 ,! ,arg5t9e4    
7,millions ( ,bu%els47    7,millions (  
,bu%els47    #ahia-b                #ede
                      #cdb    #aijj-a   
#i                      #cfh    #aijb-c 
#ahe                      #fjj          
#aije-f                #bfg             
#ajij    #aijf-g                #bhi    
#ajfh    ,a m]e glance at ^! figures is 
m eloqu5t ?an any comm5t>y1  s9ce !     
exportation ( :eat f ,india increas$ by 
b>ely #aj1jjj1jjj  bu%els betwe5 #aijb &
 #aijg1 :ile t f ! ,arg5t9e increas$  by
 #df1jjj1jjj bu%els4 ,on ! o!r h&1 x is 
kn[n t ,india  exports only #aj p] c5t4 

( h] h>ve/1 al?\gh h] extremely frugal  
population consumes only #abf lb4 ( :eat
 p] head1 in/ead ( ! #gicd  lb4 we h    
tak5 z our basis ( annual consumption4  
,we see !n t  ! production ( ,india1 if 
h] population consum$ a normal am\nt (  
:eat1#eb w\ld n satisfy ! national      
requirem5ts1 s t f> f  export+ :eat %e  
w\ld1 on ! contr>y1 be =c$ to import    
l>ge  quantities f )\t4    ,footnote    
#eb3 ,!re is really no su* ?+ z a normal
 consumption (  :eat1 especially =      
,india4 ,! am\nt consum$ is a matt] (   
climate1  local or national food/uffs1  
fuel1 me?ods ( cook+1 etc4----,,trans4  
,canada is among ^? :eat-gr[+ c\ntries  
^: competition is mo/  to be fe>$2 & ?is
 = _m reasons----geographical1 political
 &  economical4 ,if ,arg5t9e /atesm5 d n
 s]i\sly apply !mselves to  attract+ a  
=eign population1 & to r$uc+ ! exp5ses  
:i* press  ^u ! inhabitants1 ! ,arg5t9e 
w run ! risk ( be+ supplant$  9 ! future
 by ?is important ,briti% colony4       
,canada1 f _m po9ts ( view1 pres5ts a   

s+ul> analogy to !  ,arg5t9e ,pampas4 ,l
 ! latt]1 x is an almo/ des]t c\ntry1   
its  area be+ #c1aij1jjj squ>e miles    
7ne>ly #b millions m ?an !  ,arg5t9e71 )
 a population ( #e1cga1jjj1 or slightly 
less ?an t  ( ! ,arg5t9e2 & l ! latt]1  
,canada is a c\ntry 9 process  (        
=mation4 ,a simil>ity :i* completes !   
comp>ison is t !  exports ( ,canada     
consi/ pr9cipally ( ! products (        
agriculture &  /ock-rais+4 ,h] pr9cipal 
cli5t = :eat is ,engl&2 9 #aijf-aijg  ! 
h>ve/ 0 #hd1dgj1jjj bu%els1 &           
#da1jcc1jjj bu%els 7 export$2  or almo/ 
exactly half4    ,"h we %\ld rem>k t !  
,canadian ,gov]nm5t is mak+ e  ef=t to  
increase ! population1 & sp>es no pa9s  
to atta9 its  object4 ,9 contra/ to :at 
has be5 done 9 ! ,arg5t9e1 :]e !  public
 l&s h only s]v$ to =m latifundia1 & to 
enri* a few  individuals1 ! soil 9      
,canada is sold by ! aid ( accurate     
maps1  :i* are accompani$ by a mass (   
in=mation ^u que/ions t may  int]e/     
prospective coloni/s2 m1 ! pur*as] is   

giv5 all k9ds  ( facilities = paym5t1 z 
well z = meet+ ! fir/ exp5ses (         
in/allation4 ,?anks to a rational &     
active propag&a1 immigration is         
abundant2 ! figures = #aijc 7 #abh1cfd1 
comp>$ ) #aab1fga 9 !  case ( !         
,arg5t9e4 ,f9ally1 ,canada conta9s      
#ai1ejj miles ( railways1  z aga9/      
#ac1fjj 9 ! ,arg5t9e4    ,f ! =ego+ data
 we may conclude t ! c\ntries capable ( 
export+ :eat are f> f num]\s1 & t ! area
 s[n )  c]eals ?r\gh\t ! _w is          
comp>atively small4 ,hi!rto :eat has    
be5 gr[n on an ext5sive scale 9 ! ,unit$
 ,/ates1 ,russia1 & ,india2  !          
agriculturali/ dem&s ev]y?+ ( ! soil &  
gives x no?+1  s t ! alt]native w soon  
arise ( los+ ! h>ve/1 or (  re/or+      
f]tility to exhau/$ soils1 by means (   
co/ly manures :i*  w absorb enorm\s     
sums4 ,!n ! leg5d ( new c\ntries w h _h 
its day4    ,to resume3 !re exi/s an    
enorm\s discrepancy betwe5 ! ne$s ( !   
consum] & ! production ( :eat2 & !      
,arg5t9e ,republic1 ?anks  to a         

concat5ation ( fav\rable economic &     
physical circum/ances1  is c]ta9ly 9 !  
be/ position 9 a great measure to supply
 ?is  defici5cy4 ,b to obta9 ! desir$   
result x is indisp5sable t %e  %\ld /ill
 increase h] population1 & t ! coloni/  
%\ld f9d  ^u ! hospitable ,arg5t9e soil 
n only ! gu>antees ( lib]ty &  ju/ice1 b
 conditions propiti\s to 8 evolution z a
 l&-own]4                               
,,*apt] ,,iii                           
,,/ock-,,rais+    ,! trans=mation ( !2  
old 8e/ancia0----,! pr9cipal            
/ock-rais+ e/abli%m5ts3 description1    
ext5t1 numb] (      heads ( cattle &    
favorite bre$s----,! great 8e/ancias0 ( 
! ,s\? & ,patagonia4    ,approximate    
area ( ! soil devot$ to cattle & %eep2  
g5]al      e/imate ( ! numb]s ( cattle &
 %eep----,results (      ! c5sus (      
#aijh----,! capital repres5t$ by        
,arg5t9e      /ock-rais+4      ,hav+    
spok5 ( agriculture & its future1 we mu/
 m5tion ano!r  indu/ry1 :i* is ! second 
s\rce ( national weal?----! pa/oral     

indu/ry4    ,z a result ( ! rapid rise 9
 ! value ( l&1 & !  multiplication &    
selection ( animals1 ! old =m ( ,arg5t9e
  /ock-rais+ is und]go+1 at ! pres5t "t1
 a pr(\nd modification  ?r\gh\t !       
c\ntry4 ,! traditional ran* or e/ancia1 
on :i*  ! animals br[s$ at w on va/     
prairies enclos$ by wire f5ces1  expos$ 
to all ! v>iations ( ! wea!r & all !    
vicissitudes  ( ! temp]ature1 fe$+ only 
on ! grass ( _! pa/ures4  ,?is old type 
( e/ancia is gradually disappe>+2 is    
und]go+ a  trans=mation into            
c>efully-manag$ f>ms1 on :i* artificial 
prairies  are con/ruct$2 f>ms ) luc]ne  
fields ( #ab1jjj1 #be1jjj or #ej1jjj    
acres1 surfaces difficult = a ,european 
to conceive4#ec    ,footnote #ec3 ,a    
field ( #ab1jjj acres w\ld be1 =        
in/ance1 #d miles  wide & ov] #d-a_/b   
miles long2 "o ( #be1jjj acres1 #f miles
 wide  & #f-a_/b miles long2 "o (       
#ej1jjj acres1 #g miles wide & #aa miles
  long4----,,trans4    ,! sci5ce (      
p$igree h]ds & ! culture (              

c>efully-enclos$  pa/ures h creat$1 says
 a di/+ui%$ writ]1 ! true pa/oral       
indu/ry1 9 :i* /ables & b>ns & %$s take 
! place ( !  anci5t 8corral40#ed ,!     
weal?y own] drives f ! railway /ation   
to 8 e/ancia 9 a c>riage2 ! old ru/ic   
ran*-h\se is trans=m$  into a true      
c\ntry-h\se1 sometimes a v]itable *teau1
 ) a p>k  & g>d5s4 ,!re are e/ancias )9 
a hundr$ leagues ( ,bu5os  ,ayres :i* we
 rememb] z des]t c\ntry 9 ! p[] ( !     
,indians1  :]e n[ traps & c>riages (    
,engli% type are se5 cross+ !  pla9s1   
:]e folk d9e 9 ev5+ dress 9 luxuri\s    
homes4 ,! ,european  /ock-bre$]s h driv5
 back ! ,gau*o to ! great e/ates on !   
bord]s ( ! des]t4    ,footnote #ed3 ,cf4
 ,co/umbres y ,cre5cias popul>es de las 
,prov9cias  ,arg5t9es3 ,a lecture by ,m4
 ,p4 ,gr\ssac at ! ,_w's ,congress at   
,*icago1 ,june ! #d?1 #ahic2 publi%$ 9  
,la ,nacion ( ! #bcrd (  ,octob] #ahic4 
,no?+ w\ld be m difficult----& = our "p 
we r5\nce !  task----?an to say :i* are 
! fir/ /ock-rais+ e/abli%m5ts (  !      

,republic2 :e!r by reason ( _! ext5t1 ! 
numb]s & !  bre$ ( _! animals1 or !     
magnific5t dwell+s ( _! own]s4          
,e/abli%m5ts ( ?is type are to be c\nt$ 
by hundr$s1 by ?\s&s4                   
,nev]!less----?\gh expos$ to ! dang] (  
fall+ into inevitable  errors or        
omissions1 = lack ( precise             
in=mation----we mu/ n =get  to m5tion ! 
,e/ancia ,san ,juan1 f\nd$ by ,seor     
,leon>d ,p]eyra1  at a di/ance ( #be    
miles f ,bu5os ,ayres1 & a mile & a half
 f  ! ,la ,plata1 & consi/+ ( ov] #dj   
squ>e miles ( mead[s 9 full  luxuriance4
 ,!n !re is ! ,e/ancia ,san ,jac9to1    
belong+ to ,seor  ,hugel ,t4 de ,alve>1 
an e/abli%m5t reput$ z "o ( ! =emo/  9 !
 c\ntry1 :i* embraces an area ( #bdd    
squ>e miles1 or ab\t  "o-?ird ! area ( !
 c\nty ( ,surrey4 ,( ?is enorm\s area "s
  #fd squ>e miles are "u luc]ne1 &      
support #ajj1jjj ,durham cattle1        
#ajj1jjj ,l9coln %eep1 & #aj1jjj horses4
    ,! ,e/ancia la ,gloria ( ,santam>9a 
,sons1 situat$ at ,laprida1 9  !        

,prov9ce ( ,bu5os ,ayres1 comprises #ade
 squ>e miles1 & supports  #bj1jjj cattle
 & #fj1jjj %eep4    ,ano!r e/abli%m5t1  
:i* might be tak5 z a model1 is !       
,e/ancia  ,san ,m>t91 ! prop]ty ( ,seor 
,v9c5t ,l4 ,cas>es2 :i* is situat$  at  
,cauelas1 & cov]s an area ( "s #cj squ>e
 miles4 ,! specialities  ( ?is          
e/abli%m5t are ! bre$+ (                
draught-horses----,morgans1  ,hackneys1 
,%ires & ,clydesdales2 ! bre$+ (        
cattle----,durhams1  ,hol/e9s &         
,swiss----( :i* ! f9e/ individuals are  
kept =  bre$+1 & ! second-grade animals 
fatt5$ = export2 ! keep+  & sell+ (     
bulls ( ! ?ree v>ieties nam$ = g5]al    
bre$+  purposes2 & f9ally ! bre$+ (     
p$igree rams ( ! ,l9coln  & ,negrete    
bre$s1 & also ( pure cross-bre$s & (    
pure-blood$  ,york%ire pigs4 ,! horses f
 ?is e/ancia h a m]it$ fame  ?r\gh\t !  
,arg5t9e1 & are ev5 beg9n+ to be kn[n   
abroad4    ,a portion also ( ?is e/ancia
 is an e/abli%m5t kn[n z ,la  ,m>tona1  
:i* alone supplies ?ree-qu>t]s ( ! milk 

consum$ 9  ,bu5os ,ayres1 & :i* also    
manufactures butt] = home consumption & 
= export4    ,ano!r ( ! great /ock-rais+
 e/abli%m5ts ( ! ,republic is  ! ,seor  
,c>los ,cas>es' ,e/ancia ,huetel1 ab\t  
#aej miles f  ,bu5os ,ayres1 on ! ,s\!rn
 ,railway4 ,x occupies an area ( "s #bdj
  squ>e miles1 all enclos$ by wire f5c+1
 & divid$ into =ty-two  /ock-rais+      
e/abli%m5ts1 ) fifty-sev5 %eph]ds' h\ses
 &  five manag]s' h\ses4 ,?is e/abli%m5t
 conta9s ab\t #fb1jjj ,durham  cattle1  
#hg1jjj ,l9coln %eep1 ) p$igree rams1   
import$ or born on !  e/ancia1 & #dbjj  
,clydesdale horses1 draught-horses &    
saddle-horses4  ,ab\t #aa1jjj acres are 
s[n ) luc]ne1 & #ejjj ) maize1 :eat1    
oats & l9se$4 ,!re are fifty-six or m   
import$ bulls1 & notably  "o ( ! f9e/ ( 
8 race1 ! celebrat$ ,agu9aldo1 w9n] ( ! 
fir/ prize aw>d$ by ! ,agricultural     
,society4    ,! p>k ( ?is e/ancia draws 
! att5tion ( visitors2 x is #ejj  acres 
9 ext5t1 & conta9s "s #ebj1jjj =e/      
trees1 #hgj1jjj %rubs1  & #ce1jjj "y    

trees4 ,! total numb] ( trees on ! e/ate
 is ov] #b  millions4    ,!re is a s*ool
 on ! e/ate1 all ! exp5ses ( :i* are    
paid by  ! proprietor4    ,! ,e/ancia   
,san ,jac9to1 own$ by ,seor ,saturn9 ,j4
 ,unzue1 also m]its  a special          
description4 ,x is a few h\rs di/ant f  
,bu5os ,ayres1  & cov]s an area ( "s #ee
 squ>e miles4 ,x supports #aj1jjj cattle
  & #cj1jjj %eep4 ,on ?is e/ancia !     
,durhams h be5 br\ght to a  great pit* (
 p]fection4 ,! /ud is fam\s = its       
saddle-horses1 &  conta9s #adj p$igree  
animals1 import$ or born 9 ! c\ntry4    
,las ,palmas1 belong+ to ,colonel ,alfr$
 ,t4 ,urquiza1 w\ld figure z  a model   
e/abli%m5t 9 any c\ntry 9 ! _w4 ,9 !    
,prov9ce  ( ,bu5os ,ayres1 9 :i* x is   
situat$1 x w\ld be difficult to  f9d a  
p$igree /ock-rais+ e/abli%m5t s well    
organis$1 & s  well adapt$ to its       
purpose4 ,! e/ate consi/s ( "s #djjj    
acres1  ov]look+ ! maje/ic ,p>ana de las
 ,palmas1 ) its gre5 isl&s1  :i* rea* z 
f> z ! ,rio de la ,plata4 ,"h ab\t #cjjj

 bea/s are  annually fatt5$ = export4 ,!
 cattle are %or?orns1 & ! horses        
,hackneys4    ,yet ano!r e/abli%m5t1 :i*
 mu/ be reckon$ "o ( ! be/ 9 !          
,arg5t9e1 is ! ,cabaa ,san ,gregorio1   
belong+ to ,seor ,gregorio  ,villafae2  
an ,arg5t9e :o 9 /rict ju/ice ought to  
be m5tion$ z  "o ( ! fir/ bre$]s 9 !    
c\ntry1 on acc\nt ( ! intellig5t  ef=ts 
& pecuni>y exp5diture devot$ by him to  
improv+ ! bre$s  ( cattle1 %eep1 &      
horses1 dur+ _m ye>s ( p]sonal lab\r4   
,seor ,villafae's e/abli%m5t is n ( v   
great ext5t1 its area  be+ only #ah1jjj 
acres1 b is notable = ! great numb] (   
its  p$igree cattle & ! purity ( type to
 be obs]v$ 9 8 %eep4 ,he  devotes       
himself *iefly to bre$+ ,durham & ,h]e=d
 bulls1 ,l9coln  rams1 ,hackney &       
,clydesdale /allions1 collie dogs1      
fox-t]ri]s1 ,brahma  f[ls1 ,catalans1   
,dork+s1 & ,plym\? ,rocks4    ,we mu/   
also m5tion ! ,e/ancia ,san ,pascual del
 ,moro1 ! prop]ty (  ,seors ,adolfo &   
,ruf9o ,luro4 ,x is fam\s = its /ud (   

race-horses1  f :i* issu$1 9 #aijd1 !   
great w9n] ( ! season1 ,old ,man4       
,?is long li/ ( bre$+ e/abli%m5ts w\ld  
/ill be incomplete  inde$1 did we fail  
to make special m5tion ( ! ,e/ancia     
,*apadmatal  ( ,seor ,m4-,a4 ,m>t9ez de 
,hoz1 :o has made ! greate/ ef=ts to    
raise 8 e/abli%m5t to ! level ( ! be/   
,european models4    8,equal to ! be/ 9 
,europe10 0 ! judgm5t ( a compet5t &    
imp>tial obs]v]1 ,colonel ,holdi*1 :o1 9
 8 la/ book1 entitl$ ,los  ,paises del  
,fallo del ,rey1 be/[s ^u x ?is         
well-m]it$ praise3----    8,a well-kn[n 
e/ancia1 t ( ,seor ,mi*el-,alfr$ ,m>t9ez
 de ,hoz1  ne> ! ,m> del ,plata1        
surpris$ me by ! s+ul> "* ( its         
surr\nd+s4 ,! soil1 ) its irregul>ities1
 _h ! look ( an  ,engli% p>k4 ,little   
hills & knolls1 "o aft] ano!r1 /ret*$   
away1 cov]$ ) _! gold5 h>ve/1 ) s(t     
undulations1 to !  precipit\s bord]s ( !
 sea2 in/ead ( ! et]nal b>b$-wire f5ce1 
liv+ h$ges 7 already spr++ up1 divid+ ! 
fields & !  pa/ures4 ,on ! highe/       

hillocks rose /acks ( oats1 c>ri$ up f  
! fields 9 ! high-:eel$ wagons          
*>act]i/ic ( ! c\ntry-side2  & !re !    
/acks 7 be+ rapidly built by h&-lab\r4  
,x 0 a  beautiful ru/ic sc5e4    8,l[]  
to ! "r1 on ! s(t] soil by ! banks ( a  
/ream1 :i*  desc5d$ babbl+ to ! sea1    
?r\gh b$s ( ru%es & butt]cups1  0 a     
pa/ure2 "h1 /&+ 9 ! bran*es ( ! bank1 7 
!  ,%ire horses2 !y =m$ animat$ gr\ps1 &
 placidly wat*$ our  movem5ts2 !y 7 !   
mo/ magnific5t examples to be f\nd out (
  ,l9coln%ire4 ,fur!r d[n /ill1 on dri] 
soil1 0 a troop ( m>es1  ( an           
,engli%-,creole cross1 ) _! foals4 ,^!  
animals 7 =  draught1 & ! excell5ce ( _!
 bre$+ is prov$ by ! regi/]s  ( !       
,arg5t9e ,rural ,society1 :i* record !  
prizes aw>d$ to !  ,e/ancia ,*apadmatal4
    8,9 a high] "p ( ! e/ate1 9 a qu>t] 
rea*$ ?r\gh long  av5ues ( popl>s1 :i*  
lead ?i!r f ! h\se1 & :]e !  gr\nd is   
cov]$ ) =e/s ( eucalyptus or will[s1 are
 ! bulls  & c[s4 ,! ,arg5t9e /ock-bre$] 
does n consid] exp5se :5 x  is a matt] (

 import+ good ,engli% cattle = bre$+    
purposes4 ,!  *ief e/ancia has a s]ies (
 bre$+ bulls1 :i* are l$ be=e !         
visitor1 ea* by 8 special keep]1 ) !    
same pomp & c]emony z  ! /allions :i*   
prec$e !m 9 ! brilliant review4 ,x is n 
only  ne> ! capital & ! pr9cipal c5tres 
( population t we f9d  ^! model         
e/ancias1 :i* af=d _! own]s e ,european 
com=t4  ,!y are to be f\nd also 9 !     
extreme s\? ( ! c\ntry1 9 !  solitudes (
 ,patagonia1 ne> ! #ej? degree ( s\?    
latitude40#ee    ,footnote #ee3 ,cf4    
,annales de la ,soci$ad ,rural ,arg5t9a1
 ,no4 #d1 #cj?  ,april #aijb1 p4 #aei4  
8,f ! ,riv] ,coyle1 f ,pu]to ,gallegos &
 ,magellan ,/raits1 to  a po9t ne> ,la/ 
,hope10 says an ,arg5t9e travell]1 ,mr  
,george ,j4  ,m',lean1 :o visit$ ^!     
regions a few ye>s ago1 8! c\ntry is    
fairly peopl$1 & "o comes across        
e/ancias1 su* z ,el ,condor1 !  prop]ty 
( ,messrs ,wood  ,waldron1 an e/abli%m5t
 ( #ccg1ejj acres1  ) a wire-f5c$       
enclosure conta9+ #afj1jjj %eep1 equipp$

 )  =ty /eam %e>]s1 ) hydraulic presses1
 & %eep-dips w>m$ by  /eam calorifi]4 ,x
 is a common ?+ to f9d e/ancias1 _m (   
:i*  are f5c$ ) wire1 fe$+ #dj1jjj1     
#fj1jjj or #gj1jjj %eep4 ,! mo/         
important are unit$ by telephone1 by :i*
 means !y communicate n  only ) ea* o!r1
 b ) ,pu]to ,gallegos or ,punta ,ar5as4 
,i h  spok5 d[n ^! ov] a di/ance ( #cjj 
miles4 ,9 ! ,*ilian portion  ( ,ti]ra   
del ,fuego1 !re is a telephone connect+ 
,cape ,dung5ess )  ,punta ,ar5as1 & also
 to ! *annels ( ,la/ ,hope40    ,9 !    
,t]ritory ( ,santa ,cruz is ! ,e/ancia  
,san ,julian1 belong+  to ! ,san ,julian
 ,%eep ,company4 ,?is 8e/ancia0 has an  
area ( #bif1jjj  acres----#dfbe squ>e   
miles----& conta9s #gj1jjj %eep1 ) an   
annual  yield ( #ij p] c5t4 ( lambs1 or 
#fc1jjj4    ,9 ! same ,t]ritory is ano!r
 v prom95t e/ancia1 ! prop]ty (  !      
,patagonian ,%eep & ,f>m+ ,company      
,limit$4 ,?is embraces an area  (       
#dga1jjj acres----#gcd squ>e miles----! 
area ( a m$ium-siz$ ,engli%  c\nty4     

,f9ally1 9 ! same ,t]ritory is a va/    
prop]ty ( #gjj1jjj acres----#ajfj  squ>e
 miles----belong+ to ! ,bank ( ,antw]p4 
,9 ! ,t]ritory ( ,*ubut1 :i* = "s ye>s  
has be5 a fav\rite  locality = ,european
 capital & ,european immigrants1 & :i*  
conta9s  a l>ge ,fr5* colony1 !re is a v
 important e/ancia belong+  to ! ,lo*iel
 ,%eep ,f>m+ ,company ,limit$1 :i* cov]s
 an area (  #cbg1jjj acres1 & conta9s   
#ce1jjj %eep4    ,ano!r =eign company   
e/abli%$ 9 ! s\!rn "p ( !  ,arg5t9e1 8,!
 ,arg5t9e ,s\!rn ,l& ,company10         
possesses #a1eah1jjj  acres ( l&1 ( :i* 
#hei1jjj are 9 ! ,t]ritory ( ,rio       
,negro1 &  #fei1jjj 9 t ( ,*ubut4 ,?is  
company 0 e/abli%$ 9 #ahii1 ) a  capital
 ( #bcj1jjj1 lat] r$uc$1 on acc\nt (    
bus9ess mis=tunes1  to #adj1jjj1 :i* is 
! pres5t capital4 ,on ?is company's l&s 
are  #de1jjj cattle1 #dj1jjj %eep1 &    
#dcjj horses4    ,9 all ^! e/abli%m5ts1 
& 9 _m o!rs :i* we are unable to  cite1 
z x is difficult to obta9 precise       
in=mation conc]n+ !m1  we f9d t1 ?anks  

to ! intellig5t ef=ts ( _! own]s 9      
seek+ to import ! be/ bre$s ( ! mo/     
fam\s ,european bre$+  e/abli%m5ts1 !re 
are n[ _m /allions1 bulls1 & rams ( !   
pure/ blood & ( great value1 :i* are    
ei!r import$ or select$2  & ?r\gh ^! !  
g5]al /ock ( ! c\ntry has rea*$ a v     
high quality ( race4    ,all            
/ock-bre$]s1 ev5 ! smalle/1 are aw>e    
to-day ( ! great  advantages to be      
obta9$ by cross+ select$ animals ) sires
 (  pure blood1 & ! result has be5 a    
great advance 9 ! /ock-rais+  indu/ry4  
,! /ati/ics ( importation %[ t 9 n9e    
ye>s1 f  #ahii to #aijg1 plus elev5     
mon?s ( #aijh1 !re h ent]$ ! c\ntry  f  
,engl&1 :]e ! ,arg5t9e bre$] usually    
seeks 8 /ud animals1  #aj1jdj bulls &   
c[s1 & #ce1jid %eep4 ,^! two figures    
alone %[  ! importance :i* ! ,arg5t9e   
bre$] atta*es to ! improvem5t  ( ! bre$ 
( 8 flocks & h]ds4 ,! prices paid = ^!  
animals  are sometimes extravagant2 9 "o
 case #cebj 0 paid = a bull2 b  l&-own]s
 will+ly pay su* sums 9 ! c]ta9ty t su* 

sires w  br+ !m consid]able pr(its4     
,! area at ! disposal ( ! ,arg5t9e      
/ock-rais] is /ill  practically         
unlimit$4 ,we ne$ only rememb] t ( !    
#gej millions (  acres :i* r\ghly       
repres5t ! area ( ! ,arg5t9e soil1      
"o-half1  or "s #cge millions ( acres1  
are adapt$ to /ock-rais+4    ,( ?is     
enorm\s area "s #ahe millions might be  
s[n at once )  c]eals & fodd]1 notably 9
 ! coa/ ,prov9ces1 9 ,crdoba1 & !       
,pampa1 & !re rema9s z mu* m =          
/ock-rais+1 )\t tak+  into acc\nt !     
millions ( animals t might be n\ri%$ by 
int5sive  culture 9 ! cultivat$ zone4   
,?is ext5sion w\ld all[ ( !  exi/5ce (  
#dj million cattle & #bjj million %eep4 
,results ( ! ,c5sus ( ,/ock tak5 9 #aijh
    ,:at is ! am\nt ( /ock at pres5t 9 !
 ,arg5t9e ,republic8 ,we are  9 a       
position to answ] ?is "q1 "o ( ! pres5t 
writ]s1 ,seor  ,a4 ,b4 ,m>t9ez1 hav+ be5
 appo9t$ ,director ( ! la/ agricultural 
& pa/oral c5sus1 :i* 0 tak5 dur+ ! fir/ 
=tnight ( ,may  #aijh1 accord+ to a law 

pass$ by ,congress4 ,! "w :i* sums up ! 
results ( ?is important und]tak+ is 9   
?ree volumes1 & is at  pres5t 9 ! press2
 ?anks to :i* =tunate circum/ance we are
 able  to anticipate its publication1 & 
to give our read]s ! b5efit (  ?is      
inve/igation4    ,! c5sus ( agriculture 
& /ock-rais+1 und]tak5 ov] ! entire     
t]ritory ( ! ,republic1 has reveal$ !   
exi/5ce 9 ,arg5t9e  t]ritory (          
#bi1aaf1fbe cattle1 #g1eca1cgf horses1  
#dfe1jcg mules1 #bhe1jjj  asses1        
#fg1baa1ged %eep1 #c1ide1jhf goats &    
#a1djc1eia sw9e4    ,if we comp>e ^!    
results ) ^? ( ! two previ\s c5suses1 t 
( #ahhh & t ( #ahie1 we obta9 ! foll[+  
table3----      ,,c5sus4      ,cattle4  
,horses4      ,%eep4       ,sw9e4       
#ahhh      #ba1ifc1icj   #d1bfb1iag     
#ff1gja1jig     #djc1bjc     #ahie      
#ba1gja1cbf   #d1dde1hei   #gd1cgi1efb  
#feb1gff     #aijh      #bi1aaf1fbe     
#g1eca1cgf   #fg1baa1ged   #a1djc1eia   
,we see f ^! figures t 9 tw5ty ye>s1    
betwe5 #ahhh & #aijh1  ! numb] ( cattle 

has increas$ by #g1aeb1fie head2 & 9    
?irte5  ye>s1 betwe5 #ahie & #aijh1 by  
#g1dae1jii head4 ,! numb] ( horses has  
increas$ by #c1bfh1dei betwe5 #ahhh &   
#aijh1 & by #c1jhe1eag betwe5  #ahie &  
#aijh4 ,%eep h increas$ by #eaj1feg     
betwe5 #ahhh & #aijh1 b  decreas$ by    
#g1afg1hjh betwe5 #ahie & #aijh4 ,sw9e1 
f> f num]\s  if we comp>e _! numb]s ) ^!
 obta9$ f o!r c\ntries1  pres5t a       
cont9ual increase3 #a1jjj1chh betwe5    
#ahhh & #aijh1 &  #gej1hbe betwe5 #ahie 
& #aijh4    ,! decrease ( #gjj1jjj 9 !  
numb]s ( %eep 9 ?irte5 ye>s is  9 keep+ 
) :at has be5 obs]v$ 9 ! pr9cipal       
wool-produc+  c\ntries4 ,au?orities     
assure u t ( ! #djj millions ( %eep  :i*
 exi/$ 9 v>i\s p>ts ( ! _w 9 #ahgc1 !re 
rema9 to-day  b>ely #cjj millions4 ,9   
,g]many1 = in/ance1 to g by ! ,j\rnal   
des conomi/es1 ! numb] ( %eep has dropp$
 f #ai millions to #g  millions 9 a     
space ( tw5ty-five ye>s4    ,! causes ( 
?is con/ant dim9ution are num]\s4 ,fir/ 
( all  we w take ! developm5t (         

agriculture1 :i* has expell$ !  %eep4   
,accord+ to an em95t collaborator 9 !   
c5sus1 8,! %eep  has to walk1 mu/ walk  
f> & wide1 mu/ walk always1 9 ord] to   
eat  suffici5tly----unless he does s1 8 
food w be too co/ly2 he is  ess5tially a
 vagabond1 & he consequ5tly requires a  
great space &  cont9ual sup]vision40#ef 
,= ^! reasons ! ,european small f>m]    
pref]s1 if he c1 to keep "o or two c[s 9
 8 c[-%$ & suppress  ! %eep entirely4   
,footnote #ef3 ,probably ! %eep w\ld pay
 bett] if kept m z cattle  are kept4 ,! 
!ory ( long m>*es only applies to       
enorm\s flocks1 s  ?ick ^u ! gr\nd t !y 
mu/ walk miles a day1 eat+ all !  "t4   
,if ! :ole h]d ( %eep on a l>ge %eep-f>m
 7 divid$ into  _m small flocks1 & ! f>m
 into1 say1 t5 times z _m pa/ures1  ea* 
flock might be turn$ = two days into ea*
 pa/ure1 s t x  w\ld h ?ree weeks' gr[? 
on x be=e ! flock return$3 or1 if  l>ge 
en\gh to fe$ ! %eep tw5ty days1 x w\ld h
 tw5ty weeks 9  :i* to recov]----"t to  
gr[ a crop ( legum9\s fodd]1 aft] :i*  a

 spl5did crop1 or s]ies ( crops1 (      
c]eals c\ld be gr[n ^u x4  ,"u su* a    
sy/em ! %eep w\ld w&] less1 fatt5       
quickly & be  m t5d]4 ,engli% %eep-f>m+ 
is on an inf9itesimal scale1 b !  pr(its
 f a small flock *ang$ f pa/ure to      
pa/ure are (t5 v                        
consid]able4----,,trans4    ,%eep-bre$+ 
really gives enc\rag+ results 9 regions 
:]e !  area ( ! soil & ! prairies is out
 ( all proportion to ! numb]  ( lab\r]s 
available = its culture4 ,l& giv5 up to 
%eep _c  support ! high r5ts paid by !  
produc]s ( c]eals2 ?is is !  pr9cipal   
cause ( ! decl9e ( %eep-f>m+ all ! _w   
ov]4#eg    ,footnote #eg3 ,o!r causes   
are3 ! inv5tion ( mixtures ( cotton  &  
wool2 ! use ( silk & m]c]is$ cotton2 & !
 production (  cellul> or nett$ cotton &
 l95 und]clo?+1 :i* is heal?i]  & *eap] 
?an wool1 & equally w>m2 also !         
improvem5t (  wool-be>+ bre$s1 ?r\gh :i*
 few] %eep w produce ! same  quantity ( 
wool4 ,! export ( *eap beef f ,am]ica is
 ano!r active  factor4----,,trans4    ,!

 foll[+ table gives ! total numb] (     
bea/s ( v>i\s k9ds1  class$ accord+ to  
purity ( bre$3----      ,species4       
,pure4     ,cross-br$4     ,native4     
,total4    ,cattle      #ihd1hig        
#ac1jfj1ddf    #ac1jga1bhb              
#bi1aaf1fbe    ,horses       #di1jjj    
#a1fic1jcg     #e1ghh1gci     #g1cca1cgf
    ,mules         ----            ---- 
#dfe1jcg       #dfe1jcg    ,asses       
----            ----          #bhe1jhh  
#bhe1jhh    ,%eep     #a1agi1dhb        
#ee1ddh1gdi    #aj1ehc1ebc              
#fg1caa1ged    ,goats         #c1cba    
#abi1hjj     #c1haf1ife     #c1ide1jhf  
,sw9e        #cd1dfb       #ehi1abf     
#ghj1jjc     #a1djc1eia    ,9 ! matt] ( 
cross-bre$+ ! ,arg5t9e has made a/oni%+ 
progress1 ! pro( ( :i* is to be f\nd 9 !
 comp>ison ( !  figures = #ahie ) ^? (  
#aijh4 ,x is en\gh1 = our purpose1  to  
m5tion t 9 #ahie1 9 ! ,prov9ce ( ,bu5os 
,ayres1 out ( #ajj  cattle1 #f p] c5t4 7
 ( pure blood3 #dib p] c5t4 7 cross-br$1
  & #ejb p] c5t4 7 ( native bre$s2 & t  

?irte5 ye>s lat]  ^! figures 7 trans=m$ 
into #fb p] c5t4 ( pure blood1 #hea  p] 
c5t4 ( cross-br$ cattle1 & #hg p] c5t4 (
 native bre$s4 ,?is  improvem5t 9 !     
,prov9ce ( ,bu5os ,ayres is repeat$ 9 ! 
o!r m  productive ,prov9ces1 & 9 ! case 
( o!r species ( animals4    ,we h /at$ t
 ! numb] ( cattle 9 ! ,arg5t9e ,republic
 is  ov] #bi millions2 ?is numb] may be 
analys$1 accord+ to sex1 age1  etc41 9 !
 foll[+ mann]3----                      
,ye> #aijh4      ,male calves           
#c1hbj1ddc    ,heif]s                   
#c1eaa1dab    ,bulls                    
#hhf1dej    ,bullocks                   
#d1fhg1jbg    ,c[s = bre$+              
#ab1hbe1ijd    ,mil* c[s                
#b1afc1ijj    ,ox5                      
#a1bba1dhi                              
--------------------                    
#bi1aaf1jbe                             
--------------------    ,x n[ rema9s to 
consid] ! value ( ! animals regi/]$ z   
exi/+ 9 ! ,republic 9 ! ye> ( c5sus     
#aijh4    ,9 #ahie ?is value 0 e/imat$  

at #a1acf1ghj1daa pia/res 7pap]71 :i*  )
 ! ex*ange at #cjj p] c5t4 0 equival5t  
to #cgh1ibf1hjc pia/res  7or doll>s7 9  
gold1 or #ge1ghe1cfj1 #abs41 :ile !     
late/ c5sus gives  a value (            
#a1dha1bhb1bde pia/res 9 pap]1 :i* )    
ex*ange at #bbg1  is equival5t to       
#fea1gfd1ahg pia/res 9 gold1 or         
#acj1ceb1hce4    ,if n[ we analyse ^!   
figures1 divid+ !m among ! v>i\s species
  ( animals1 z giv5 by ! c5suses ( #ahie
 & t ( #aijh1 we obta9  ! foll[+        
table3----      ,species4               
#ahie4                  #aijc4          
,cattle          #dd1efh1dic            
#hb1fjd1cecd    ,horses                 
#e1jii1bhad           #ah1aab1gfad      
,mules               #fff1aeif          
#a1ihe1cgdf    ,asses                   
#aca1iad                #bea1bce        
,%eep            #bd1ebe1aja            
#be1bhg1eihf    ,goats                  
#chi1aci                #gcb1cbb        
,sw9e               #dje1bgb            
#a1cgi1aib                              

-------------         --------------    
#ge1ghe1cfj           #acj1ceb1hcg      
,we see f ?is t1 9 spite ( ! mod]ate    
valuation ( ! /ock 9  #aijh1 its value  
_h increas$1 9 ?irte5 ye>s1 by ne>ly    
#ed1fjj1jjj4    ,kn[+ ! numb]s & ! value
 ( ! live /ock ( ! ,arg5t9e  ,republic1 
a la/ "q arises ( ! highe/ int]e/4 ,:at 
place does  ! ,arg5t9e hold among ^?    
nations 9 :i* /ock-rais+ has rea*$  its 
highe/ developm5t8    ,to answ] ^!      
que/ions1 we h resort$ to ! mo/         
au?oritative  publications available1 ) 
! result t we are enabl$ to draw up  !  
foll[+ table3----                       
,species4           ,/ates4             
,cattle4      ,horses4      ,%eep4      
,sw9e4    ,! ,arg5t9e ,republic         
#bi1aaf1fbe    #g1eca1cgf   #fg1hcc1aab 
#a1djc1eja    ,! ,unit$ ,/ates          
#fi1dch1geh   #ba1baf1hhh   #fa1hcg1aab 
#fd1fid1bbb    ,canada                  
#e1cgf1dea    #a1egg1dic    #b1eaj1bci  
#b1cec1hbh    ,au/ralia                 
#i1cdi1dji    #a1gfe1ahf   #hc1fhg1fec  

#hac1efi    ,cape ,colony               
#b1jjj1jjj      #cjj1jjj   #aa1hjj1jjj  
#djj1jjj    ,india1 ,burmah1 ,e4        
,indies1 etc4 #ia1gjj1jjj    #a1cjj1jjj 
#ah1jjj1jjj      ----    ,european      
,russia                #ci1jjj1jjj      
#bb1fjj1jjj   #db1ijj1jjj  #aa1bjj1jjj  
,g]many                                 
#bj1fjj1jjj    #d1cjj1jjj    #g1gjj1jjj 
#bb1ajj1jjj    ,france                  
#ad1jjj1jjj    #c1bjj1jjj   #ag1ejj1jjj 
#gjj1jjj    ,au/ria                     
#i1ejj1jjj    #a1fjj1jjj    #b1jjj1jjj  
#d1gjj1jjj    ,great ,brita9            
#g1jjj1jjj    #a1fjj1jjj   #be1djj1jjj  
#b1gjj1jjj    ,?is table %[s u t1 9 !   
matt] ( cattle1 ! ,arg5t9e ,republic    
holds ! ?ird rank2 x is also 9 ! ?ird   
rank 9 ! matt] (  horses2 9 ! second    
rank 9 ! matt] ( %eep2 & 9 ! matt] (    
sw9e %e holds "o ( ! l[e/ ranks4    ,if 
we comp>e ! ,arg5t9e ) ! ,unit$ ,/ates 9
 p>ticul>1 !  contra/ is /rik+2 :ile 9  
,nor? ,am]ica ! value ( all be/ial      
rea*es ! colossal sum ( #ffd1hjj1jjj1 9 

,arg5t9a x am\nts only to  #acj1djj1jjj1
 di/ribut$ z foll[s3----                
,numb]s4                      ,values4  
_/------------------------              
_/--------------------------            
,species4    ,unit$      ,arg5t9e       
,unit$      ,arg5t9e                    
,/ates4     ,republic4         ,/ates4  
,republic4    ,cattle    #fi1dch1geh    
#bi1aaf1fbe    #cae1ffj1jhh             
#hb1fjd1cec    ,horses    #ba1baf1hhh   
#g1eca1cgf     #bah1fja1ega             
#ah1aab1gfa    ,%eep     #fa1hcg1aab    
#fg1baa1ged      #ce1ega1bej            
#be1bhg1eih    ,asses        #aaa1dej   
#bhe1jhh       #a1dab1cjg       #bea1bce
    ,mules      #c1dde1jbi              
#dfe1jcg      #dc1bci1jce     #a1ihe1cgd
    ,sw9e     #fd1jid1bbb     #a1djc1eha
      #di1feg1bjb     #a1cgi1aib        
,goats      #a1idi1jje     #c1ide1jhf   
#gjg1hfe       #gcb1cbb    ,consequ5tly 
! ,arg5t9e is f> f a*iev+ ! wond]ful    
results  obta9$ by ! great nor!rn       
,republic ( ,am]ica2#eh = t matt]1  %e  

c\ld n comp>e ) ! ,/ates1 hav+ only     
#f1jjj1jjj inhabitants  to ! latt]'s    
#hf1jjj1jjj2 & h] weal? is equival5t    
only to a small  fraction ( ! colossal  
weal? ( ! ,/ates4 ,yet an exam9ation ( !
  above figures is enc\rag+1 = 9 view ( 
! progress accompli%$  be=e ! previ\s   
c5sus1 ! ,arg5t9e may ju/ly reg>d h]    
flocks  & h]ds ) pride1 & cont9ue to    
increase !m1 ?anks to h]  climate1 !    
f]tility ( h] soil1 & ! en]gy ( h]      
inhabitants4    ,footnote #eh3 ,x mu/ be
 rememb]$ t ( two bea/s ( equal purity  
( bre$1 & 9 p]fect condition1 ! ,arg5t9e
 w\ld be reckon$  z be+ ( ! l[] value4  
,! reason ( ?is is economic & v  simple4
 ,! ,arg5t9e bullock is affect$ by      
competition & pays tribute  to ! bre$]1 
! railway company1 ! refrig]at+ company1
 !  %ipp+ l9e1 ! ,european buy] or      
salesman1 & ! retail salesman4          
,consequ5tly x is wor? less 9 ! ,arg5t9e
 ?an 9 ! ,/ates1 :]e  ! sell+-price is  
artificially inflat$1 & :]e ! value ( a 
bea/ to ! bre$]1 s9ce he has only to pay

 freight & ! pr(it (  a l>ge company1   
:i* is sometimes ! bre$] & ! railway    
company  too1 is naturally f> great]4 ,x
 mu/ n !re=e be suppos$ t  because !    
,arg5t9e horse or bullock is cit$ z (   
l[] value1 t  x is inf]ior4 ,its value  
is l[]1 j z good l& 9 ! ,arg5t9e is     
*eap] ?an 9 ,new ,york                  
,/ate4----,,trans4                      
,,*apt] ,,iv                            
,,! ,,value ,,( ,,! ,,soil              
,difficulties 9 e/imat+ ?is             
value----,pr9cipal factors (            
valuation----,examples tak5 f luc]ne    
fields & ! =e/s      (                  
quebra*o----,despite adv]se             
circum/ances1 & ) a few      exceptions1
 !re has always be5 a t5d5cy = ! price (
      l& to rise----,ali5ation ( l&s    
acquir$ by conque/ f !      ,indians2 _!
 enorm\s pres5t value----,! rise ( value
 dates      f #aijb1 & has hi!rto       
cont9u$ )\t relapse----,!      causes ( 
?is rise1 & its rational pr9ciples1     
accord+ to      an au?oritative op9ion4 

,examples ( valuation drawn f ! sales ( 
public l&s----,!      rise ( prices 9 ! 
,prov9ces ( ,bu5os ,ayres1 ,crdoba1     
,santa      ,f1 & ! ,pampa1 ) figures   
indicat+ ! prices realis$      9 "s l>ge
 rec5t transactions4      ,no?+ is m    
difficult ?an to det]m9e ! value ( l& 9 
a  c\ntry 9 ! c\rse ( =mation1 l !      
,arg5t9e ,republic1 9 :i*  x und]goes   
consid]able increase f "o mom5t to      
ano!r2 n only  on acc\nt ( g5]al        
progress1 b also f special reasons1 su* 
z  good h>ve/s1 ! con/ruction ( a       
railroad1 etc4 ,9 ! same region1  9 !   
same di/rict1 two neighb\r+ tracts w (t5
 h a diff]5t  value1 accord+ly z !y h or
 h n a p]man5t wat]-supply1 or  z !y are
 m or less adapt$ to agriculture1 ne>]  
to or fur!r  f a railway1 a /ation1 or a
 c5tre ( population4    ,= "s ye>s n[1  
two new factors ( valuation h come into 
be+3  ! culture ( luc]ne & ! plant+ (   
quebra*o wood4    ,s9ce f>m]s h kn[n ( !
 enorm\s----! fabul\s----pr(its to be   
d]iv$ f fields ( luc]ne1 e buy] ( l&    

inquires fir/ ( all  if !re is wat]     
available2 t is1 if ! subt]ranean       
wat]-level is  ne> ! surface2 z on t    
factor dep5ds ! exi/5ce ( ! luc]ne      
pa/ure = _m ye>s4    ,if ^u inve/igation
 x is f\nd t !re is wat] ! l&1 by ?is   
sole fact1 acquires an enorm\s value 9  
comp>ison to :at x w\ld be  wor? if x 7 
unfit = luc]ne4    ,an important        
newspap]1 publi%$ 9 ,bu5os ,ayres 9 !   
,engli% tongue1  ! ,/&>d1 has %ewn t !  
price ( l& 9 ,victoria 7,au/ralia71  :]e
 ! acre is wor? f #d1 #fs4 to #i1 comp>$
 to ! prices paid  = l& 9 ! ,arg5t9e    
suitable = s[+ luc]ne 7t is1 9 !  s\? ( 
,crdoba & ,san ,luis1 :]e !re are no    
invasions ( rabbits1  :]e !re is no     
dr\ght1 & :i* are half-way1 s to speak1 
to !  ,european m>kets7 proves1 by      
comp>ison1 ! l[ value ( ,arg5t9e l&4    
,ev5 :5 ne> a railway1 su* l&s may be   
b\ght = #ags4 #f;d4 or #a p]  acre4     
,9 pro( ( ! above affirmation1 ! ,/&>d  
has made ! foll[+  calculation3 ,let u  
suppose an exp5se ( #fs4 #e;d1 p] acre =

 !  exp5ses ( s[+ & cultivat+ an acre ( 
soil 7includ+ s[+ x  ) luc]ne at #b p]  
cwt471 x foll[s t ! acre co/s f #a1 #cs4
  to #a1 #hs41 & ! squ>e league ( #fage 
acres 7repres5t+ ! "w (  eighte5 mon?s7 
ab\t #gibj4 ,add+ #hhj = f5c+ & wat]+1  
we  f9d ! price ( ! squ>e league 7#i4fdh
 squ>e miles7 am\nts to "s  #hhjj4      
,:at1 accord+ to ! ,/&>d1 is ! pr(it to 
be drawn f ?is  squ>e league8 ,x w fatt5
 "s #dejj head ( ?ree-ye>-old cattle1   
:i* may be b\ght at #d1 #hs4 p] head1 & 
sev5 mon?s lat] sold  at #g1 #ahs4      
#f;d42 ?is w give a pr(it ( #c1 #ajs4   
#f;d4 p] head1 or  a gross pr(it (      
#ae1hfb4 ,d$uct+ #gjdjei = exp5ses      
7all[+  freight to ! ext5t ( #ajs4 #f;d4
 p] head71 !re rema9s a net pr(it  (    
#hhjj p] league p] annum1 or #ajj p]    
c5t4 on ! outlay4 ,if su*  are ! results
 to be obta9$ f ! trans=mation ( an     
uncultivat$  tract ( l& into a luc]ne   
pa/ure1 x is n surpris+ t rural  prop]ty
 is s quickly atta9+ s high a value4    
,footnote #ei3 ,app>5tly made up ( half 

! co/ ( ! luc]ne pa/ure1  plus freight &
 lab\r2 z two sets ( bea/s c be fatt5$ 9
 a ye>  or a little ov]4----,,trans4    
,9 ! case ( quebra*o----a v h>d wood :i*
 is useful = build+  & con/ructive      
purposes1 & f :i* an excell5t tann9 c be
  obta9$----matt]s are mu* ! same4 ,hav+
 _h exp]i5ce ( ! l>ge  pr(its to be     
d]iv$ f ! manufacture ( quebra*o        
extract1 &  ! spl5did divid5ds paid by !
 companies engag$ 9 ! "w1 m5  or        
bus9ess1 anxi\s to inve/ _! capital to  
advantage1 ha/5$ to  acquire =e/s (     
quebra*o1 ) ! result t ! price ( su*  l&
 sudd5ly rose to a level hi!rto undream$
 (4 ,tracts situat$  9 ! ,*aco----a     
region :]e quebra*o ab\nds----:i* 7     
sell+ a  ye> previ\sly = #hh ! squ>e    
league ( #ifdh squ>e miles1 rose 9      
price to #hhj1 & ?is latt] price c by no
 means be consid]$ z a  def9ite maximum4
    ,:at is true ( luc]ne & quebra*o is 
also1 ?\gh on a mu* small]  scale1 true 
( l9se$ or :eat1 :5 aft] an abundant    
h>ve/ !  l&-own] or f>m] procures !     

requisite capital = ! pur*ase (  ! l& he
 has be5 cultivat+ & pays a good price =
 x4 ,!re are  "h elem5ts :i* conf\nd all
 calculations made 9 advance1 & make  x 
difficult to fix ev5 an approximate     
value on ! soil4    ,at ! pres5t mom5t  
!re is no basis = su* a valuation4 ,a   
f>m  sell+ to-day at #bjs4 p] acre1 may 
to-morr[ sell = #bfs41 ! day  aft]      
to-morr[ = #cbs41 & s on1 until prices  
are rea*$ :i*  a/oni% ! fir/ v5dor1 &   
give him ! melan*oly conviction t he    
did ill to "p ) 8 l&4 ,= ?is reason1 !  
be/ ?+ "o c d  to-day is to hold on to !
 l&4    ,! value ( rural & urban prop]ty
 has gone on increas+ m &  m rapidly = m
 ?an =ty ye>s2 & al?\gh !re h be5  great
 fluctuations 9 prices1 ! rise has      
always be5 con/ant 9 !  long run2 ow+ to
 ! increase 9 ! population1 !           
consolidation (  political in/itutions1 
! con/ruction ( f>-rea*+ railway sy/ems1
  ! prodigi\s developm5t ( int]national 
traffic1 &1 z a natural  consequ5ce1 !  
great increase ( public weal?4    ,to   

ga9 an idea ( ! entire significance (   
?is increase 9 values1  we mu/ g back to
 ! m ?an mode/ prices ( rural prop]ty   
:i*  rul$ be=e ! lat] developm5t ( !    
upw>d movem5t4 ,x is en\gh  to recall ! 
fact t 9 #ahgi1 ) ! object ( procur+    
funds 9  support ( ! exp$ition :i*      
,g5]al ,roca 0 lead+ aga9/ !  ,indians (
 ! wild]ness1 an exp$ition :i* result$ 9
 ! conque/  ( #bbf1hjj squ>e miles (    
t]ritory1 ! ,gov]nm5t (f]$ = sale  an   
enorm\s tract ( l& at ! price ( #hj !   
league 7ab\t #i !  squ>e mile71 !       
pur*ase-money to be payable ov] five    
ye>s4 ,b !  devaluation ( ^! l&s 0 s    
great1 & fai? 9 _! remun]ative          
possibilities s inf]ior1 t v few accept$
 ! (f]4 ,_m did s  r z a patriotic loan 
?an z a s]i\s inve/m5t4 ,o!rs did s z  a
 m>k ( p]sonal def]5ce t[>ds ! m5 :o 7  
at ! head ( !  ,gov]nm5t4 ,b all h be5  
abundantly rew>d$1 s9ce mu* ( ! soil    
:i* !y 7 able to obta9 at #ce ! league  
is sell+ to-day at  #bf1jjj & #ce1jjj4  
,m ?an "o ( ! great private =tunes 9 !  

c\ntry _h no o!r f\ndation ?an ?is4     
,?is depreciation ( rural prop]ty       
cont9u$ /ill un*ang$ = a doz5  ye>s2 s  
mu* s1 t 9 ord] to tide ov] ! crisis    
be=e ! cra%  ( #ahij1 ! ,gov]nm5t1 :i* s
 disa/r\sly h&l$ ! affairs (  ! nation1 
_h ! evil inspiration to (f] = sale 9   
,europe1 by  virtue ( ! law ( ,octob] ! 
#ae?1 #ahhi1 ^? v #bd1jjj leagues  ( l& 
obta9$ by conque/ by ,g5]al ,roca's     
exp$ition4 ,! sale 0  to be effect$ at !
 figure ( #aj francs p] hect>e----ab\t  
#cs4 #c;d4 p]  acre6----payable half ^u 
pur*ase & half at ! end ( two ye>s4 ,no 
limit 0 set to ! p[]s ( pur*ase ( any "o
 buy]2 ea* c\ld buy  j z mu* z 8 purse  
w\ld all[4 ,! law1 9 palliation ( ?is   
incr$ible op]ation1#fj promis$ to apply 
! :ole product ( !  sales to ! fund =   
conv]t+ ! issue ( ! gu>ante$ bank-notes 
( fam\s memory4 ,provid5ce1 happily1 :i*
 m ?an once has tak5  ! ,arg5t9e "u its 
especial protection1 prev5t$ ?is        
disa/r\s  ali5ation ( t]ritory f tak+   
place4 ,_h x be5 o!rwise1 !  ,republic  

w\ld h sold = a mess ( pottage a        
magnific5t portion (  h] t]ritory1 a    
c\ntry l>ge en\gh to h\se m ?an "o      
,european  nation1 & :i* to-day p]haps  
w\ld be 9 ! h&s ( a company or a  =eign 
gov]nm5t----a new /ate )9 ! ,/ate4      
,footnote #fj3 ,x mu/ be rememb]$ t ?is 
tract 0 f\r & a half  times ! size (    
,engl&6----& ?is enorm\s c\ntry1 9 !    
he>t (  ! ,arg5t9e1 0 (f]$ = sale to    
=eign]s6 ,! process ( buy+  x back :5 ! 
t]rible folly ( ! act 0 once obvi\s1    
w\ld h  be5 equival5t to mak+ ! c\ntry  
tribut>y = ye>s1 & =  enorm\s sums1 to  
,europe4----,,trans4    ,! depreciation 
( rural prop]ty cont9u$ = "s ye>s4 ,?us1
  9 #ahig1 ! ,gov]nm5t sold by t5d] to !
 highe/ bidd] a l>ge  portion ( its be/ 
l&s1 at ! price ( #cgej pia/res1 or #ccj
 !  squ>e league 7ab\t #cf ! squ>e      
mile71 payable 9 five ye>s1 )  p]mission
 to pay 9 bonds ( ! patriotic loan1 :i* 
!n /ood at  ab\t #ge p] c5t4#fa         
,footnote #fa3 ,! pia/re note1 0 !n wor?
 #a franc #ga----as4 #dd;d41  or #cdb p]

 c5t4 ( ! p> value4 ,x 0 lat] fix$ by   
law at #dd p]  c5t4----,,trans4    ,?is 
situation cont9u$ until #aijb----;a ye> 
:i* saw ! settlem5t (  ! old "q ( !     
,*ili-,arg5t9e fronti]2 a ye> ( abundant
  h>ve/s & enorm\s developm5t 9 !       
/ock-rais+ _w2 a  developm5t :i* took   
%ape fir/ 9 ! export ( cattle on ! ho(  
& !n 9 ! despat* ( great quantities (   
*ill$ or froz5 meat  to ! ,engli%       
m>kets2 a ye> :i* also saw ! adv5t ( a  
f9ancial  /ability result+ f ! 8law (   
monet>y conv]sion10 :i* gave a  fix$    
value to pap] money1 ! m$ium ( all      
comm]cial transactions 9  ! int]ior4 ,!n
 came a /eady & decisive rise 9 ! value 
( l&$  prop]ty 9 g5]al & ( rural prop]ty
 9 p>ticul>4    ,s9ce ! beg9n+ ( ?is    
movem5t ! value ( ! soil has /eadily    
increas$2 ! la/ price is always great]  
?an ! previ\s "o1  al?\gh ! latt] may h 
appe>$ /ation>y1 if n f9al4 ,?is  be+ ! 
case1 we ought to ask :e!r ?is g5]al    
rise responds  to p]man5t & suffici5t   
causes1 or if x is only ! result (      

caprici\s speculation1 affect+ l&$      
prop]ty n[ z at ano!r "t  x affect$ pap]
 money4    ,9 reply to ?is "q1 ,seor    
,roman ,bravo1 "o ( ^? ,arg5t9es :o  are
 mo/ famili> ) all ! complex aspects (  
l& valuation1----= he  is ! ,director ( 
! h\se ( bus9ess#fb :i* transacts !     
great]  proportion ( su*                
op]ations----has at our reque/ summ$ up1
 9 !  foll[+ t]ms1 ! causes :i* at      
pres5t det]m9e ! increase 9  ! value (  
prop]ty3----    ,footnote #fb3 ,! sales 
by auction conduct$ by ?is h\se dur+ !  
fir/ six mon?s ( #aije am\nt$ to        
#b1cgf1jjj4    8,! economic life ( !    
c\ntry (f]s at ea* /ep signs ( fur!r    
progress4 ,! enl>gem5t ( ports1 !       
ext5sion ( railways1 !  dr$g+ ( *annels1
 ! developm5t ( ! build+ trade 9 !  *ief
 city ( ! ,republic1 all %[ ! _s (      
ent]prise at pres5t  animat+ !          
individual & ! p4 ,comm]ce & vigor\s    
indu/ries  re9=ce ^! elem5ts ( prosp]ity
 & welf>e4    8,b x is 9 matt]s ( l&    
pur*ase t we be/ p]ceive ! mat]ial      

expansion & ! int5sity ( ! =ces 9       
action4 ,)\t go+ back  to ! ye> #aijd1  
we h only to consid] ! transactions ( ! 
la/  few ye>s to realise t1 bo? 9 !     
capital ( ! ,republic & 9 !  national   
,t]ritories & ! ,prov9ces1 ! p]iod has  
be5 a f]tile "o  9 ! matt] (            
transactions 9 l&$ prop]ty4 ,!re has be5
 no m  active p]iod s9ce #ahhi2 & ?is "t
 ! facts h an explanation1  a natural & 
logical sanction4 ,agriculture &        
/ock-rais+ h s  augm5t$ ! s\rces (      
national weal? t 9 a few ye>s ! balances
  9 fav\r ( ! c\ntry h rea*$ ! figure ( 
ne>ly #bj1jjj1jjj4  ,?is is ! effective 
cause ( ! increas$ value ( ! l&3 to :i* 
we mu/ add ! confid5ce :i* we all feel 9
 ! gradual developm5t  ( ! =ces :i*     
lab\r has releas$1 to ! b5efit ( public 
tranquillity40    ,"o ( ! mo/ surpris+  
examples ( ! increas$ value ( ! soil1  &
 ( ! int]e/ awak5$ by sales ( l&1 is to 
be f\nd 9 !  public & (ficial auction ( 
national l&s :i* took place 9 !  mon? ( 
,april #aije4    ,^! sales 7 to be      

effect$ on acc\nt ( ^? :o _h b\ght ^!   
l&s 9 analog\s circum/ances 9 #ahig1 &  
:o _h n paid = !m  dur+ ! delay /ipulat$
 by ! law4 ,! :ole surplus ov] ! price  
e/abli%$ by ! previ\s sale1 less        
d$uctions = int]e/ & o!r  exp5ses1 w5t  
by law to ! orig9al pur*as]4 ,! auctions
 7  conduct$ 9 ! pres5ce ( a cr[d (     
speculators1 capitali/s1 &  lab\r]s1    
eag] to inve/ _! money 9 s remun]ative a
 speculation1  s9ce 9 ! ,arg5t9e all are
 conv9c$ t ! pur*ase ( ! soil is  ! be/ 
=m ( sav+4 ,! result ( ! sale 0 t 9 _m  
cases  d\ble ! orig9al price 0 obta9$2  
?ree times ! price 9 "s  cases1 & 9 "s  
five times ! orig9al price 0 realis$4   
,9 ! ,t]ritory ( ,pampa ,c5tral an area 
( #icc1fhj acres 0 (f]$  = sale1 !      
previ\s price be+ #di1fic2 ! sale price 
0 #ace1big1  repres5t+ an av]age price (
 #hdbf p] league1 or #bs4 #hg;d4 p]     
acre4    ,9 ! ,t]ritory ( ,*ubut1       
#bfe1bgh acres 7 put up to auction1 !   
orig9al price be+ #ebdce1 & ! sale price
 #be1cfaf1 or an av]age  ( #eijbh p]    

league1 or #as4 #ig;d4 p] acre4    ,9 ! 
,t]ritory ( ,santa ,cruz an area (      
#ih1hjj acres 0 put up =  sale1 ! fir/  
price be+ #cciacd1 & 0 sold = #idggf1 or
 #as4  #aj;d4 p] acre4    ,9 ! ,t]ritory
 ( ,*aco1 9 :i* especial int]e/ 0 felt1 
z !  l&s 9 "q bore =e/s ( quebra*o trees
 ( great value 7!  quebra*o indu/ry be+ 
!n 9 vogue71 high] values 7 obta9$1     
repres5t+ five times ! orig9al sale     
price4 ,! l&s to be sold  9 ?is         
,t]ritory repres5t$ a surface ( #abc1ejj
 acres1 & 7  fir/ dispos$ ( = #didh4    
,h[ev]1 a price ( #bd1agj 0 obta9$1     
repres5t+ an av]age ( #abjhbd p] league1
 or #ds4 #fi;d4 p] acre4    ,9 !        
,t]ritory ( ,rio ,negro #gd1ajj acres 7 
put up = sale1 :i*  7 previ\sly sold =  
#cjeh4 ,!y realis$ #hgab1 or #gbf p]    
squ>e  league1 or #bs4 #db;d4 p] acre4  
,! g5]al result ( ! sale 0 t  !         
,gov]nm5t did a spl5did /roke ( bus9ess2
 b ! transaction  0 /ill m to ! pr(it ( 
! =tunate fir/ applicants1 :o1 =  fail+ 
to comply be=e a giv5 date ) !          

conditions e/abli%$  by law1 7 rew>d$ by
 receiv+ ! price ( sale less ! price at 
:i* !y b\ght2 sums :i* to _m ( !m       
repres5t$ a consid]able  =tune4    ,s9ce
 t p]iod ! value ( l& has cont9ually    
increas$1 z we see  f ! foll[+          
in=mation1 :i* 0 giv5 u by ! 8,g5]al    
,bureau  ( ,l&s & ,colonies0 ( ! ,m9i/ry
 ( ,agriculture4 ,9 #aijf & #aijg1  ?is 
,bureau sold by public auction a l>ge   
section ( public l&s1 &  ! prices obta9$
 7 f> high] ?an ^? we h record$ above4  
,9 ! ,t]ritory ( ,rio ,negro1 9 ,augu/  
#aijf1 #dig1fjj acres 7 sold at  an     
av]age price ( #is4 #h;d4 p] acre4    ,9
 ,m>* #aijg1 #cad1igd acres ( l&1       
situat$ 9 ! ,p59sula ,valdez  7,*ubut7  
f\nd a buy] at #fs4 #g-c_/d;d4 p] acre4 
,num]\s sales 7 effect$ 9 #aijg 9 !     
,pampa ,c5tral4 ,among o!rs1  we may    
cite ! foll[+3 #ah1ebj acres sold at    
#ajs4 #fg;d4 & #dfdj at  #ajs4 p] acre2 
a lot ( #ah1gej acres at an av]age price
 ( #fs4 #ig;d42  #gejj at #fs4 #e;d42   
#aea1daj acres at #ds4 #d4h;d42 #abce   

acres at #cs4 #gf;d42 &  #ab1cej acres  
at #cs4 #aac;d4 p] acre4    ,9 ,octob] (
 ! same ye>1 auction sales 7 held 9     
v>i\s portions  ( ,pampa ,c5tral1 !     
results be+ z foll[s3 #af1dbe acres at  
#hs4  #ajbd;d42 #ecij at #hs4 #bc;d42   
#dj1acg at #ajs4 #c;d42 #bd1gjj at #gs4 
#dc;d42  #cjf1jej at an av]age price (  
#cs4 #he;d42 #bd1gjj at #cs4 #gh;d41 &  
#iahb  at #fs4 #gh;d4 ,^! examples are  
giv5 to %[ ! v>iety ( actual  prices1   
accord+ to ! situation & ! yield ( ! l&4
    ,9 ! matt] ( private sales1 x is    
difficult to keep track ( ris+  values  
on acc\nt ( ! numb] ( sales :i* take    
place e day4 ,we  w try1 h[ev]1 to give 
a few examples1 to arrive at "s         
approximate  value ( ! ,arg5t9e soil 9 !
 ye> #aije4    ,! ,prov9ce ( ,bu5os     
,ayres1 :i* is ! mo/ ?ickly populat$ &  
! weal?ie/ 9 ! ,republic1 is also t 9   
:i* rural prop]ty has  rea*$ its highe/ 
value4 ,9 ! di/rict ( ,lobos1 a few h\rs
 f  ,bu5os ,ayres1 a field ( #agj acres1
 kn[n z ! ,atu*a ,mead[1 0 sold  = #bf1 

#gs4 #b;d4 p] acre2 ano!r ( ! same area 
= #ei1 #hs4 #i;d4 p]  acre2 ano!r ( #fce
 acres = #ab1 #as4 #j;d4 p] acre1 &     
ano!r ( #ehg  acres = #ad1 #ds4 p] acre4
    ,9 ! region ( ,rojas1 also "s h\rs f
 ! ,f$]al capital1 !  l& on :i* /ood !  
8,san ,jos10 8,santa ,b>b>a10 & 8,la    
,matilde10  e/abli%m5ts belong+ to ,seor
 ,rob]to ,cano1 & ^: area 0 #ae1hjj     
acres1 0 sold = an av]age price ( #h1   
#hs4 p] acre4    ,9 ! neighb\rhood (    
,dolores1 n f> f ,bu5os ,ayres1 a mead[ 
belong+ to ! 8,montes del ,tordillo0    
e/ate1 compos$ ( #ah1hej acres1  0 sold 
= #ais4 #ad;d4 p] acre4 ,9 ! section (  
,l9coln #aj1jjj acres  7 sold at prices 
v>y+ f #dhs4 to #e1 #bs4 p] acre4 ,at   
,tr5que  ,lauqu51 "o ( ! belts ( l& 9   
,bu5os ,ayres :i* has se5 ! mo/  rapid  
rise 9 values1 sales h be5 effect$ (    
#bb1jjj acres at prices  ris+ f #a1     
#ahs4 to #c1 #fs4 p] acre1 ! av]age be+ 
#b1 #hs4    ,9 ?is same section1 "s #h  
miles f ! railway /ation ( ,prim]a      
,junta1 #aigf acres 7 9 #aijg sold at   

prices v>y+ f #b1 #hs4 #c;d4  to #e1    
#abs4 #i;d4 ,at ,g5]al ,p9to ! l&       
belong+ to ! 8,filadelfia0  e/ate1      
#bc1aih acres 9 ext5t1 0 sold at an     
av]age price p] acre (  #b1 #bs4 #i;d4  
,9 ! dep>tm5t ( ,olav>ria #ai1hef acres 
7 sold 9 #aijh = prices  v>y+ f #c1 #gs4
 #h;d4 to #g p] acre1 ! av]age be+ #e4  
,9 ! dep>tm5t ( ,g5]al ,conesa1 #aa1jhe 
acres1 fac+ ! ,bay ( ,so  ,borombon1 &  
#bc miles ea/ f ,san ,dolores1 f\nd a   
buy] at an av]age  price ( #a1 #cs4     
#d;d4 p] acre4 ,9 ! dep>tm5t ( ,coronel 
,pr+les1 !  e/abli%m5t kn[n z ,el       
,bomb]o1 situat$ "s #ai miles to ! we/ (
  ,tres ,arroyes1 divid$ into ?irty-"o  
lots ( f #cgj to #didj acres1 0  sold at
 prices runn+ f #b1 #as4 #a-a_/b;d4 to  
#d1 #bs4    ,among ^! sales ( #aijh :i* 
attract$ mo/ att5tion 7 ^?  transact$ 9 
! ,prov9ce ( ,bu5os ,ayres4 ,^! includ$ 
a tract at  ,exaltacion de la ,cruz ( an
 area ( #iad acres1 ne> ! railway /ation
  ( ,c>dales1 :i*1 sold 9 small lots ( f
 #eh to #ahj acres1 obta9$  an av]age   

price p] acre ( #bi4f p] acre4 ,at      
,lomas de ,zamora ! l&  ( ! e/abli%m5t  
8,santa ,ines0 7 sold to ! ,sans95a     
,company =  #ac1 #cs4 #f;d4 p] acre4 ,9 
! dep>tm5t ( ,azul1 a mead[ kn[n z 8,la 
,vangu>dia10 ( an area ( #bjhj acres1   
#aa miles f ! t[n ( ,azul1  f\nd a buy] 
at #g1 #afs1 p] acre4 ,! ,san ,miguel   
e/ate1 ne> !  ,manzan>es railway /ation1
 subdivid$ into ?irty-six lots1 0 sold  
at  an av]age price ( #aj1 #es4 p] acre4
 ,on ! #ai? ( ,augu/ #aijh1 9 !  same   
dep>tm5t1 #gda acres fet*$ a price (    
#ab1 #is4 #b;d4 p] acre4 ,at  ,g5]al    
,belgrano1 less ?an #b miles f ! railway
 /ation1 #cbid acres1  divid$ into five 
lots1 7 sold at prices v>y+ f #h1 #aas4 
to #aj1  #acs4 #aj;d4 ,a tract ( #dii   
acres ab\t #ajjj y>ds f ,jepp5] ,/ation1
 9  ! dep>tm5t ( ,br&z51 0 sold at !    
rate ( #ab1 #es4 #i;d4 ,f9ally1  at     
,burzaco1 at a di/ance ( #bejj y>ds f ! 
/ation1 #did acres (  l& atta9$ !       
fabul\s figure ( #db1 #aes4 p] acre4    
,^! are high prices 9 comp>ison ) ^?    

rul+ =m]ly1 & at  pres5t !y are firmly  
ma9ta9$4    ,! prices ( l&s suitable =  
agriculture v>y greatly1 accord+  to _! 
di/ance f ! great city ( ,bu5os ,ayres  
or ! port (  ,bahia ,blanca1 & _!       
proximity to a railway /ation2 accord+ly
 z  !y h wat] ne> ! surface1 & are ?us  
adapt$ to ! gr[? (  luc]ne2 & accord+ to
 ! t]ms ( paym5t grant$ by ! v5dors4    
,!re are1 ( c\rse1 o!r factors z well4  
,among _m o!r examples1 we w cite !     
#ehh1jej acres ( l& at  ,curumalan1 t5  
h\rs f ,bu5os ,ayres1 ! prop]ty ( a     
syndicate  :i* b\ght !m 9 #aijc f       
,messrs ,b>+ ,bros1 ( ,london1 at a     
price  ( #hjg1ege4 ,up to ,july ! #a/1  
#aije1 ?is company _h sold m ?an        
#bdg1jjj acres ( l& directly to         
agriculturali/s----,russian = ! mo/     
"p----at prices v>y+ f #b1 #ajs4 #h;d4  
to #c1 #ds4 #a;d41 all[+ !m a  t]m (    
?ree or f\r ye>s = paym5t1 plus an      
int]e/ ( #h p] c5t1  p] annum4    ,!    
,prov9ce ( ,crdoba is1 aft] ! ,prov9ce (
 ,bu5os ,ayres1 t 9  :i* ! l& has mo/   

rapidly ris5 9 value4 ,transactions 9   
rural  prop]ty are v num]\s & repres5t  
an important figure4 ,9 ! five  ye>s f  
#ahii to #aijc1 ab\t #i1chf1jjj acres h 
*ang$ h&s1 & 9  #aijd alone #c1hbj1hcj  
acres 7 sold4    ,x is difficult to give
 an acc\nt ( ^! transactions by reason (
  _! numb]2 b to cite only ! mo/        
important1 we may m5tion a  block (     
#fa1gej acres 9 ! dep>tm5t ( ,ju>ez     
,celman1 belong+ to  ,alej&ro ,roca1 :i*
 0 sold at public auction 9 ! e>ly "p ( 
#aije1 at prices v>y+ f #ags4           
#aj-a_/b;d4 to #b1 #fs4 p] acre4 ,9 view
  ( ! prices :i* ! buy]s realis$ lat]1  
!y made a spl5did  b>ga92 none ( !m sold
 = less ?an d\ble :at he gave4 ,9 !     
,union dep>tm5t ( ! same ,prov9ce1      
#ei1ijd acres 7 sold at prices  v>y+ f  
#acs4 #c;d4 to #a1 #afs4 #aa;d4 p] acre4
    ,ano!r important sale1 effect$ also 
9 ! e>ly "p ( ! same ye>1  0 t :i* took 
place 9 ! dep>tm5t ( ,tulumba1 fifty    
miles f  ! colony & railway /ation (    
,mort]os on ! ,c5tral ,arg5t9e  railway4

 ,! block sold compris$ an area (       
#bj1hbf acres1 & !  prices obta9$ v>i$ f
 #as4 #e4h;d4 to #bs4 #b;d4 p] acre4    
,9 ! ,prov9ce ( ,santa ,f1 !            
appreciation ( l& values has ( late     
ye>s be5 nei!r s great nor s rapid z 9  
,bu5os ,ayres & ,crdoba2  ! reason be+ t
 x 0 ?is ,prov9ce :i* initiat$ !        
colonis+  movem5t 9 #ahef1 by !         
f\ndation ( ! ,esp]anza ,colony1 s t    
its l& values _h already und]gone sudd5 
augm5tations 9 previ\s  ye>s4 ,9 ! five 
ye>s f #ahii to #aijc1 ! sales h am\nt$ 
to  #e1hca1afj acres1 & 9 #aijd to      
#b1jbf1dbj acres4 ,9 ! dep>tm5t (       
,g5]al ,lopez #bc1dhg acres 7 sold =    
prices v>y+ betwe5 #bs4 #d;d4  & #b1    
#ahs4 #c;d4    ,we may also note a tract
 ( #hbjd acres1 #h miles f ,la ,s]na    
railway  /ation1 :i* 9 #aijh 0 sold =   
#a1 #abs4 p] acre4    ,! ,prov9ces (    
,san ,luis & ,santiago de l',e/]o 7 !   
la/ to take  "p 9 ?is movem5t (         
appreciation ( l& values4 ,! =m]1 9     
especial1 has f ?is po9t ( view be5 a   

revelation to e "o4 ,z  soon z x 0      
discov]$ t ! soil ( ?is ,prov9ce 0      
admirably  adapt$ to ! =mation ( spl5did
 mead[s ( luc]ne1 its value  rapidly    
rose f #as4 #e-a_/b;d4 to #fs4 #e4g;d41 
#abs4 #aa;d41 & #ais4 #e;d4    ,we mu/1 
9 p>ticul>1 m5tion a mead[ kn[n z !     
8,agualapada10  #ih1jjj acres 9 area1   
:i* on ! #bg? ( ,july #aijh 0 sold at ! 
rate  p] acre ( #es4 #d;d4 #ec1bai acres
 ( l&1 "s #ac miles f ! railway  /ations
 ( ,nueva ,galia & ,la ,=tuna 7 b\ght at
 an av]age price (  #ajs4 #c;d4 p] acre4
 ,9 ! dep>tm5t ( ,p$]n]a #af1jdc acres1 
divid$  into five lots1 f\nd pur*as]s at
 prices v>y+ f #afs4 #b;d4 & #a1  #as4  
#b;d4 to #a1 #aes4 #i;d4    ,b1 z we h  
already said1 x is 9 ! ,pampa----9 t va/
 c\ntry  ( #ef1agj squ>e miles 9        
area----l>g] ?an ,engl&----:i* 0        
incorporat$ 9 #ahhj1 aft] ! exp$ition l$
 by ,g5]al ,roca----t  ! mo/ surpris+   
examples ( appreciation are to be f\nd4 
,!re all  is und]go+ a cont9ual         
trans=mation2 ea* ye> ! pl\gh op5s  wid]

 furr[s = ! se$2 ! s[+ ( luc]ne is      
rapidly increas+2  /ock-rais+           
e/abli%m5ts are to be f\nd 9 ! v conf9es
 ( !  c\ntry2 & a l>ge network (        
railways1 9 op]ation1 9 con/ruction1  or
 "u consid]ation1 promise to surr\nd x  
on e h&1 to  circulate its products & to
 facilitate ex*ange4 ,all ^! wond]ful   
trans=mations are be+ effect$ "u our    
eyes1 day by day2 s t x  is n surpris+ t
 ! value ( ! soil foll[s ?is tide (     
en]gy4    ,9 ! ,pampa ,c5tral1 ( late   
ye>s1 we h se5 l& suitable =  luc]ne1 ) 
wat] #aj to #cj feet bel[ ! soil1 n f> f
 populat$  c5tres1 & ) means ( rapid    
communication1 fet* prices :i*          
quadrupl$ ^? x _h t\*$ eighte5 mon?s    
e>li]1 sell+ =  z mu* z #c1 #aas4 #c;d4 
p] acre4 ,9 m ?an "o case l& :i* 0      
b\ght = #hhj ! squ>e league 0 aft]w>ds  
sold = #hhjj4    ,among ! sales ( #aijh 
0 "o ( a mead[ ( #ah1ebe acres1 six     
miles  f ,utracan ,/ation1 :i*1 sold by 
ord] ( ! law1 fet*$ a price  ( #ags4    
#aj;d4 p] acre4 ,9 ano!r "p ( ! same    

,t]ritory #gfih acres  7 sold 9 a s+le  
lot1 on ! #a/ ( ,octob] #aijh1 at ! rate
 ( #a1  #ds4 #g;d4 p] acre4 ,9 !        
,alfalfa ,colony1 dur+ an auction sale1 
sev]al  *acras1 or small f>ms1 atta9$   
prices v>y+ f #a1 #ais4 #c;d4 to  #b1   
#bs4 #i;d4 p] acre4    ,by ! ,catrilo   
railway /ation on ! ,we/]n ,railway1    
situat$ 9  ! same ,t]ritory ( ,el       
,pampa1 is a field ^: own]1 ,m4 ,ma?ias 
,r4  ,/uriza1 0 (f]$ #fa1fjj = x2 two   
ye>s e>li] he _h b\ght x  = #ebhj4      
,compet5t au?orities assure u t 9 !     
neighb\rhood ( ,santa ,rosa  de ,toay1 !
 capital ( ! ,t]ritory ( ! ,pampa1 !    
value ( !  fields has be5 %[n by rec5t  
sales to h increas$ by #cjj p] c5t4  ,9 
! dep>tm5t ( ,victoria1 9 ! same        
,t]ritory1 fields :i* a  :ile ago 7 (f]$
 at #bs4 #a4e;d4 p] acre1 are to-day    
sell+ = #a1  #as4 #d;d4----t5 times t   
sum4    ,su* are ! *ief manife/ations ( 
! economic ph5om5a ( !  appreciation (  
l& values2 "o ( ! mo/ int]e/+ ( !       
problems  :i* pres5t !mselves to !      

obs]v] ( ! mod]n ,arg5t9e  ,republic4   
,is x a true symptom ( national         
vitality1 or mu/ we see 9  ^! data !    
w>n+s ( a p]iod ( comm]cial crisis1     
*>act]is$1  accord+ to ! le>n$ economi/ 
,jugl>1 by ! rise ( all values &  by    
frantic speculation8    ,ev5ts1 :i*     
unroll !mselves amid/ our fev]i%        
,arg5t9e activities  f> m rapidly ?an 9 
o!r c\ntries1 w n be long 9 giv+ u  !   
answ] to ^! que/ions4#fc    ,footnote   
#fc3 ,! importance ( ! sales ( rural    
prop]ty is to-day s  great1 &           
speculation s eag]1 t ! prices giv5 "h1 
accord+  to in=mation ga!r$ b>ely a few 
mon?s ago1 appe> to u already z  anci5t 
hi/ory4                                 
,,*apt] ,v                              
,,agricultural ,,indu/ries              
,,sug>-,,cane----,area (                
plantations----,/ati/ics (              
production----      ,legislation affect+
 sug>----,consumption4                  
,,v9es----,area ( v9ey>ds               
plant$----,production1 consumption----  

,imp]fect quality----,competition (     
=eign imports4    ,,tobacco----,area (  
plantations----,value ( !               
product----,defective      prep>ation4  
,,! ,,mulb]ry----,! culture ( !         
silk-worm might be e/abli%$ 9      !    
,arg5t9e1 b at pres5t exi/s only 9 an   
exp]im5tal      condition4              
,,mat----,l>ge consumption ( ?is        
product4----,/ati/ics ( =eign           
importation----,di/ricts suitable = its 
gr[?4    ,,cotton----,physical          
conditions prop] to its gr[?----,! fir/ 
fav\rable results 9 ! ,arg5t9e----,its  
introduction into      ,*aco----,lack ( 
manual lab\r = ! developm5t ( ?is       
indu/ry4    ,,rubb]----,exi/5ce ( rubb] 
plants 9 ! ,arg5t9e----,an unexploit$   
s\rce ( weal?4    ,,arboriculture----,on
 acc\nt ( ! div]sity ( ! climate1 all   
fruit-trees c be gr[n 9 ! ,arg5t9e----,!
 v>i\s fruits      cultivat$ 9 diff]5t  
regions----,amelioration ( ! products4  
,! trade 9 fruit----,its developm5t     
possible on acc\nt ( !      inv]sion (  

seasons z comp>$ )                      
,europe----,refrig]ation      appli$ to 
! transport ( fruit----,regions         
p>ticul>ly      suitable = fruit-gr[+4  
,besides ! culture ( c]eals1 su* z :eat 
& maize & l9se$1 &  ! important graz+ & 
cattle-bre$+ indu/ries ( ! ,arg5t9e1    
toge!r ) _! dep5d5t indu/ries1 !re are  
o!r =ms (  agriculture & =ms ( natural  
produce1 "s ( :i* h already  atta9$ a   
great importance1 :ile o!rs are de/9$ to
 become equally  important 9 ! ne>      
future2 t is1 if ! progress ( evolution 
9  ! ,arg5t9e foll[s1 z !re is reason to
 hope1 its natural upw>d  c\rse4        
,sug>-cane4----,among ! agricultural    
indu/ries ! culture ( !  sug>-cane      
assumes ! fir/ rank4 ,! cane is         
cultivat$ pr9cipally 9  ! ,prov9ce (    
,tucuman1 9 :i* ,prov9ce are e/abli%$ ! 
great]  numb] ( ! sug> factories exi/+ 9
 ! ,republic4 ,! cane is  also plant$1 &
 fl\ri%es1 9 portions ( ! ,prov9ces (   
,santiago1  ,salta1 & ,jujuy2 9 ! nor? (
 ,santa ,f1 9 ,corri5ts1 & 9 !          

,t]ritories ( ,=mosa1 ,*aco1 & ,misions4
    ,sug>-plant+ is an indu/ry (        
consid]able antiquity 9 ! ,arg5t9e2  b x
 has atta9$ a rem>kable developm5t      
*iefly 9 ! la/ t5  ye>s1 ow+ to ! high  
price ( sug> & ! e/abli%m5t ( num]\s    
factories equipp$ ) p]fect$ ma*9]y2 ow+ 
also to ! notable  pr(its :i* ! indu/ry 
(f]s4    ,! result has be5 an excess (  
production1 :i* l$ ! indu/ry  into a    
dang]\s crisis1 f :i* x is n[ 9 a fair  
way to recov]4  ,^? :o suff]$ ! mo/ 7 ^?
 :o _h abus$ _! cr$it by  build+        
exp5sive factories & lay+ d[n co/ly     
plant2 & ^? :o  _h plant$ sug> 9 soils  
unsuit$ to its culture1 or 9 regions (  
unfav\rable climate1 or :]e ! means (   
transport 7 insuffici5t4    ,! total    
area cultivat$ 9 #aijg 0 e/imat$ at ab\t
 #agb1ijj acres1  ( :i* #ad1jbi 7 9 !   
,prov9ce ( ,tucuman2 #aa1aae 9 ,s\!rn   
,*aco2 #fiaf 9 ,salta2 #cieb 9 ,jujuy1 &
 #bgag 9 ,santiago de l',e/]o2  ! re/   
be+ divid$ among v>i\s o!r regions ( !  
,republic2 ^!  figures repres5t+ an     

increase ( ne>ly #bd1jjj acres ov] ^? ( 
#ahie4 ,^! #agb1ijj acres ( cane give an
 av]age yield ( #cj tons (  sug> p]     
hect>e1 or #aagbg tons p] acre1         
repres5t+ a total yield (  #acb1afj tons
 ( sug>4    ,! greate/ numb] ( sug>     
ref9]ies are to be f\nd 9 ! ,prov9ce  ( 
,tucuman1 :]e !re are ?irty-two4 ,9 !   
o!r sug>-gr[+  di/ricts !re are only    
?irte51 :i* are di/ribut$ z foll[s3     
,?ree 9 ,jujuy1 two 9 ,santiago de      
l',e/]o1 "o 9 ,salta1 "o 9  ,misions1   
six on ! banks ( ! ,p>ana ,riv]1 two 9  
,santa ,f1 two 9  ,corri5ts1 "o 9 ,*aco1
 & "o 9 ,=mosa4    ,! net co/ ( produc+ 
! cane1 ready = deliv]y1 is ab\t #e to  
#g c5tavos#fd p] #aj kilograms4 ,tak+ z 
basis a yield ( #cj1jjj  kilograms p]   
hect>e & a sale price ( #ab c5tavos1 !  
gr[]s w\ld  make a net pr(it ( #adj     
pia/res p] hect>e2 or1 ) ! value ( !    
pia/re note at #bb francs1 ( #d1 #bs4   
#f;d4 p] acre4 ,?us sug>-plant+  is a   
pr(itable indu/ry "u normal conditions4 
,footnote #fd3 ,! c5tavo is #a_/ajj or  

#ja ( ! pia/re4 ,9 metallic  curr5cy x  
is equal to ! ,am]ican c5t1 & ne>ly to !
 ,engli%  halfp5ny2 9 pap] x is wor? a  
little ov] "o-fif? ( a  p5ny----#bbgbg  
p5ce4    ,! outgo+s & receipts on an    
acre ( soil plant$ ) cane may be        
e/imat$ z foll[s3----                   
,,receipts4      ,by sale ( #ab tons (  
cane1 at #abh;d4 p]        cwt4         
#ab #af  #j                             
,,exp5ses4      ,co/ ( ,plant+----      
,till+ & prep>+ soil                    
#j  #i #aa      ,l9+ out & fix+ %oots   
#j #af  #d      ,%oots1 prep>ation1 etc4
                      #j #ab  #i    ,co/
 ( ,h>ve/+----      ,cutt+ #ab tons (   
cane                        #j #ad  #b  
,prep>+ ! cane                          
#j #ad  #b      ,transport to factory & 
extras                #b #ac  #e        
,int]e/ on ! l&1 or r5t1 taxes1 &       
r$emption                               
#a  #a  #c                              
----------------                        
#g  #b  #j                              

#ab #af  #j                             
----------------                        
,net pr(it        #e #ad  #j            
----------------    ,) an increas$      
consumption ( sug>1 ! culture ( ! cane w
  occupy a f> great] area ( ! belt 9 :i*
 x is already e/abli%$4  ,x is1 h[ev]1  
limit$ by ! int]e/s ( ! manufactur]s    
!mselves1  :o limit production 9 ord] to
 keep up ! price ( sug>1 & s  obta9     
high] pr(its2 sug> ( native prep>ation  
be+ protect$ by  laws :i* /rike at !    
importation ( =eign sug>4#fe            
,footnote #fe3 ,?is is an int]e/+       
object-lesson 9 ! work+ (  a t>iff4     
,=eign competition once aboli%$ by !    
increas$ prices  ( =eign articles1 !    
native manufactur] w always m9imise1 &  
ev5 de/roy1 ! protection af=d$ by !     
t>iff1 by increas+ 8  own prices4 ,if he
 _c d s naturally he w d s by less5+ 8  
output2 ) ! result t soon] or lat] !    
t>iff w actually  increase =eign imports
 & /ill fur!r limit home production4    
,obvi\sly ! only circum/ance "u :i* x c 

p]man5tly pr(it  ev5 ! manufactur]s is  
?is3 a t>iff s high z to make           
importation  ru9\s2 :5 ! home produc] w 
raise 8 prices until !y are  j bel[ !   
l9e ( unpr(itable inflation2 :i*1 f !   
context1  w\ld seem to be ! case 9 !    
,arg5t9e4 ,! consum] mu/ suff]1 &       
usually ! employ4----,,trans4    ,9     
#aijg #b1dih1jjj lb4 ( =eign ref9$ sug> 
7 import$1 _! value  be+ #aha1gee2 b on 
! o!r h& #adj1cgj lb4 7 export$ dur+  ! 
same ye>4    ,x is to be hop$ t ! price 
( sug> w n fall too l[1 z ?is  might br+
 ab\t ! ru9 ( an indu/ry :i* is wor?    
enc\rag+  & pres]v+3 b x is ess5tial1 on
 ! o!r h&1 to oppose an  excessive      
inflation1 :i* w\ld dim9i% ! consumption
 ( ?is  valuable alim5t>y product1 &    
w\ld =ce ! consum] to pay !  exagg]at$  
pr(its ( a small numb] ( manufactur]s & 
plant]s4 ,?is  is ! inh]5t p]il (       
excessive protection4    ,! law ( #bcrd 
,janu>y #aijd & ! regulation ( #be?     
,octob] ( !  same ye> h provid$ = ?is   
condition4 ,"o mu/ n =get t all  comm]ce

 is condition$ by ! law ( supply & dem&1
 & t to  avoid ov]load+ ! m>ket )       
produce1 production mu/ be limit$1      
accord+ to circum/ances1 & 9 proportion 
to actual requirem5ts2 &  beyond ! limit
 ( absorption ! productive en]gies ( !  
c\ntry  mu/ be div]t$ to o!r cultures or
 indu/ries1 m remun]ative &  m c]ta9 z  
to results4#ff    ,footnote #ff3 ,see ! 
important "w entitl$ ,la ,culture des   
,plantes  ,indu/rielles dans la         
,rpublique ,arg5t9e1 by ,c>los ,d4      
,girola1  publi%$ 9 ! ,rec5sem5t de     
l'agriculture et de l'levage de la      
,nation1 ,vol4 #a4 #aijh1 f :i* ^! data 
are extract$4    ,( all ! sug> sold 9 ! 
,arg5t9e1 only "p is ref9$2 !re is  at  
pres5t only "o ref9]y#fg 9 ! c\ntry2    
namely1 ! 8,ref9]ia  ,arg5t9a0 (        
,ros>io4 ,! great] proportion ( ,arg5t9e
 sug> is  deliv]$ to ! consum] 9 ! =m ( 
8moi/0 or br[n sug>1 :i* is  grad$      
accord+ to its col\r & ! c>e tak5 9 its 
manufacture4    ,footnote #fg3 ,!       
?irty-two factories hi!rto ref]r$ to    

w\ld  presumably be cru%+-mills1 :]e    
cane is cru%$1 ! juice evaporat$  into  
syrup or molasses & 9 "s cases dri$1 !  
product be+ 8raw0  sug>4----,,trans4    
,!re are 9 sev]al di/ricts1 & especially
 9 ! neighb\rhood (  ,misions1 rudim5t>y
 factories :]e an impure sug> kn[n z    
8rapadura0  is prep>$1 :i* is sold 9    
cubes or tablets4 ,we h no precise data 
z to ! production ( ! v>i\s grades (    
sug>4    ,dur+ ! la/ twelve ye>s !      
manufacture ( sug> has be5 greatly      
improv$1 z a consequ5ce ( ! crisis ?r\gh
 :i* ! indu/ry  pass$1 :i* demon/rat$ ! 
necessity ( p]fect+ ! me?ods (  prep>+ &
 ref9+ ! 8sap10 etc4 ,to-day a yield is 
obta9$ (  #g-a_/b1 #h-a_/b1 & ev5 #i p] 
c5t4 ( sug>4    ,! capital sunk 9 ! sug>
 indu/ry 9 ! ,prov9ce ( ,tucuman am\nts 
9 r\nd figures to #d1acf1jjj1 & is      
di/ribut$ z foll[s3 ,l&1  #a1bcb1jjj2   
plantations1 #ddj1jjj2 ma*9]y1          
#a1dif1jjj2 build+s  #ifh1jjj4    ,x w  
be z well to give "s retrospective data 
"h1 :i* w %[  h[ f> ! production ( sug> 

has develop$ dur+ ! la/ few ye>s4  ,9   
ano!r *apt] we %all deal ) ! production 
( sug> f !  indu/rial po9t ( view4      
,?us1 9 #ahhd ! h>ve/ 0 #bd1jjj tons2 9 
#ahid1 #ge1jjj tons2 & 9  #ahie x am\nt$
 to #aji1jjj tons1 or an increase ( #ceb
 p] c5t4 9  elev5 ye>s4 ,9 #aijd ! yield
 0 #acd1jjj1 or an increase ( #cfj p]   
c5t4 ov] t ( #ahhd4 ,9 #aije x 0        
#acg1jjj tons2 9 #aijf1 #ahj1jjj2  9    
#aijg1 #aac1jjj4    ,we h /at$ t !      
,arg5t9e ,republic und]w5t a crisis 9 ! 
matt] ( sug>1 on acc\nt ( excessive     
production2 & t l o!r  sug>-produc+     
nations %e has _h to facilitate ! export
 ( !  surplus by grant+ a b\nty to      
exportation4    ,?is premium or b\nty 0 
conc$$ 9 ! foll[+ mann]3 a law (  #ahid 
=c$ ! produc] to pay #f c5tavos p]      
kilogram1 or #egf;d4 p]  lb4 on         
manufactur$ sug>2 b (f]$ him a b\nty (  
#af c5tavos  p] kilogram----#aecf;d4 p] 
p\nd----on all sug> export$ "u c]ta9    
conditions4    ,?is law ceas$ to be 9   
=ce on ! #ca/ ( ,decemb] #aijd2 b  0    

replac$ by ano!r1 ( ! #a/ ( ,janu>y     
#aije1 by :i* !  manufactur] :o did n   
export #be p] c5t4 ( ! sug> he produc$  
paid #ae c5tavos p] kilogram----or      
#add;d4 p] lb4----on a qu>t] ( 8        
produce1 or on ! proportion :i* he did n
 export4    ,^! two laws conta9 a       
radical diff]5ce4 ,by ! fir/1 ! ,/ate   
receiv$ #f c5tavos p] kilogram ^u all   
sug> manufactur$1 ( :i*  x re/or$ #d    
c5tavos = ea* kilogram deliv]$ =        
consumption1 &  !n re/or$ #af c5tavos = 
ea* kilogram export$2 ?us keep+ to  a   
m9imum tax ( #b c5tavos on sug> deliv]$ 
= consumption4 ,by !  second law ! ,/ate
 receiv$ no?+ on sug> leav+ ! factory1 z
  ! produc] conf9$ himself to giv+ an   
und]tak+ = ! value  ( #ae c5tavos p]    
kilogram on a qu>t] ( 8 manufactures1   
:i*  und]tak+ 0 return$ to him if he    
export$ a qu>t] ( 8 produce2  s t 9 case
 he did export 8 produce ! ,/ate ga9$   
absolutely  no?+4 ,b accord+ to a       
resolution on ! "p ( ! ,gov]nm5t1  pass$
 9 ,april #aije1 ! tax ( #ae p] c5t4 0  

suppress$1 toge!r  ) ! obligation (     
export+ a c]ta9 p]c5tage ( ! sug> made4 
,! sug> indu/ry !reupon ent]$ ^u a new  
p]iod ( absolute  lib]ty1 & at ! same "t
 0 depriv$ ( (ficial protection4  ,9 ?is
 matt] ! ,arg5t9e ,republic act$ 9      
accordance ) !  int]national agreem5t ( 
,brussels1 :i* suppress$ ! sug> b\nty4  
,! consumption ( sug> dur+ ! eight ye>s 
#ahig-aijd 0 #ghj1jjj  tons1 or #ig1jjj 
tons p] annum4 ,?is consumption has n   
actually be5  uni=m2 = in/ance1 9 #ahig1
 ab\t #hj1jjj tons 7 consum$2 :ile 9    
#aijd1 #aije1 #aijf & #aijg1 ! figures 7
 respectively ab\t #aae1jjj1  #afb1jjj1 
#abg1jjj1 & #aji1jjj tons4              
,v9es4----,ano!r important bran* (      
agriculture 9 ! ,arg5t9e is             
viticulture1 :i* is m especially utilis$
 9 ! ,prov9ces (  ,m5doza & ,san ,juan4 
,to give "s idea ( ! developm5t ( ?is   
bran*  ( agriculture we may /ate t 9    
#ahhe #hj1cgf acres 7 plant$ )  v9es1   
:ile to-day ! figure is ov] #aci1jjj4 ,(
 ?is total #gd1fbj  acres are 9 ,m5doza 

& #cj1ehj 9 ,san ,juan4 ,! diff]5t      
species (  grape are select$ f ! be/ to 
be f\nd 9 cultivation 9 ,france &  o!r  
v9e-gr[+ c\ntries4    ,! v9ey>ds h be5  
laid out "u fav\rable conditions1 yet _!
  product leaves some?+ to be desir$4   
,moreov]1 bad w9es h (t5  be5 put on !  
m>kets1 s\r w9es1 & w9es adult]at$ )    
wat]1  :i* h discr$it$ ! native w9es1 & 
h l$ _m to d\bt  :e!r ! ,arg5t9e w9e    
indu/ry c ev] really take root4    ,!   
factor :i* has *iefly contribut$ to ?is 
disa/r\s result is !  lack ( capital f  
:i* ! indu/ry suff]s2 ! result be+ t  ! 
processes ( f]m5tation & matur+ are n   
giv5 suffici5t "t4    ,press$ by _!     
liabilities1 ! ,arg5t9e v9e-gr[]s hurry 
ov]  _! w9e-mak+1 s z to put _! w>es on 
! m>ket z quickly z  possible1 9 ord] to
 meet _! engagem5ts4 ,! g5]al result1   
ap>t  f exceptions z hon\rable z few 9  
numb]1 is t ! indu/ry  produces         
decoctions ( a k9d1 b n w9es4           
,despite ^! un=tunate conditions !      
consumption ( ! w9es ( !  c\ntry has    

rea*$ a v consid]able figure1 :i* fact  
has greatly  contribut$1 ?anks to v     
heavy cu/oms duties1 to ! exclusion (   
=eign w9es4 ,9 #ahii1 to g back no      
fur!r1 ! total consumption (  w9e 9 !   
,republic 0 #cbb1dca1aff p9ts1 ( :i*    
#bcg1fjj1jjj p9ts  7 ( w9es ( ! c\ntry1 
& #hd1hjj1jjj ( =eign w9es 7n  includ+  
^? import$ 9 bottles74 ,9 #aijj         
#cjd1ddj1jjj p9ts 7  consum$2           
#bba1gfj1jjj ( native w9es & #hb1fhj1jjj
 ( =eign w9es4 ,9  #aija1 out (         
#cbg1cfj1jjj p9ts1 #bdb1hhj1jjj 7 (     
native & #hd1dhj1jjj  ( =eign w9es2 9   
#aijd1 ( a consumption ( #cgc1abj1jjj   
p9ts1  #cjg1jjj1jjj 7 ( native &        
#ff1abj1jjj ( =eign w9es4    ,9 #aijg ! 
total consumption ( w9es 9 ! entire     
,republic1 accord+  to ! (fice (        
,national ,/ati/ics & ,adm9i/ration (   
,inl&  ,rev5ue1 am\nt$ to #fch1hdc1fhj  
p9ts1 ( :i* #eeh1jif1jjj 7 (  native    
production & #ajj1gdg1fhj 7 import$4    
,! production ( native w9es is limit$1 z
 we h se51 to w9es =  g5]al consumption4

 ,! f9] v>ieties are import$4    ,!     
consumption ( w9es ( quality 9 #aijg    
reveals a consid]able  increase s9ce !  
previ\s ye>2 :i* is yet ano!r pro( 9    
support  ( ! _m to be f\nd 9 ?is book ( 
! excell5t economic &  !re=e ga/ronomic 
conditions ( ! c\ntry4 ,! l>ge &        
pr(itable  results ( ! h>ve/s enable ! p
 to place f9e w9es ^u _!  tables4    ,! 
cu/oms1 :i* are always a fai?ful b>omet]
 ( ! degree (  well-be+ :i* a p enjoys1 
af=d u a pro( ( :at we h  affirm$4 ,9   
#aijg !re pass$ ?r\gh ! cu/oms h\ses1   
com+ f  abroad1 #ei1ebj doz5s ( bottles 
( *ampagne1 #aihh doz5s ( %]ry1  plus   
#ca1dch p9ts 9 ! wood2 #fibe doz5s (    
port1 plus #aac1hdc p9ts 9  ! wood2     
#eaf1ebj doz5s ( v]m\?2 #bg1fbd doz5s ( 
semi-f9e w9es2  #abdi doz5s ( ,fr5*     
cl>ets1 & #haaa doz5s ( sp>kl+ w9es4 ,! 
v9s ord9aire import$ repres5t$ a total (
 #ajj1gdh1fhj p9ts4    ,z we h already  
se51 ! area ( ! v9ey>ds 9 exi/5ce at !  
end ( #aijg 0 ( #aci1acb1fcj acres1 _!  
value be+ #ah1djj1jjj4 ,z  = _! yield1 x

 am\nt$ to #a1aba1ebc1cjj lbs4 ( grapes1
 or m  ?an #eah1jjj tons1 ) an e/imat$  
value ( #c1fhj1jjj4    ,!re are1 9 !    
,arg5t9e ,republic1 #cjig e/abli%m5ts   
devot$ to  ! exploitation ( ! v9ey>ds & 
! mak+ ( w9e1 dispos+ (  a total capital
 ( "s #d1cbj1jjj4 ,_! products am\nt to 
#ff1gfb1jjj  gallons ( w9e1 repres5t+ a 
value ( #d1gbj1jjj4    ,if we comp>e !  
production ( ! ,arg5t9e ) t ( ! pr9cipal
  nations ( ! two ,am]icas1 we obta91 = 
! ye> #aijg1 ! foll[+  table3----       
,arg5t9e ,republic                      
#eef1jif1jjj p9ts    ,*ili              
#dge1bjj1jjj  0    ,unit$ ,/ates        
#bha1afj1jjj  0    ,brazil              
#ef1cbj1jjj  0    ,p]u                  
#ag1bdh1jjj  0    ,uruguay              
#af1aib1jjj  0    ,bolivia              
#e1egf1jjj  0    ,mexico                
#c1afh1jjj  0    ,! ,arg5t9e w9e        
indu/ry1 9 :i* millions h be5 engag$1   
is1 z  we see1 on ! road ( progress4 ,x 
has to-day accompli%$ a rapid &  a v    
consid]able developm5t1 :i* might well1 

9 ! ne> future1  elim9ate ! import$     
product f ! m>ket1 at lea/ 9 ! case (   
w9es = ord9>y consumption4    ,l ! sug> 
indu/ry1 ! w9e-gr[+ indu/ry has gone    
?r\gh  its crisis4 ,on ! "o h& ! abuse  
made ( cr$it 9 e/abli%+  w>eh\ses1      
cell>s1 & co/ly plant1 & on ! o!r       
defective me?ods  ( manufacture :i*     
br\ght ! product into discr$it1 produc$ 
a  deep-root$ depression1 f :i* !       
indu/ry has h>dly yet em]g$4  ,x _c look
 to ! future until x p]fects its means (
 prep>ation1  work+ out its br&s ) ! aid
 ( "t & pati5ce4    ,?is indu/ry1 says  
an em95t writ]1 gives "w to m ?an       
#ajj1jjj  inhabitants1 & repres5ts1 z a 
matt] ( national weal?1 a value  9      
v9ey>ds & factories ( "s #ai1jjj1jjj2 x 
produces annually  #d1hdj1jjj wor? (    
m]*&ise1 contributes #f1iej1jjj to !    
g5]al  trade1 & surpasses 9 importance1 
bo? 9 ! capital employ$ &  9 its        
products1 ! sug> indu/ry ( ! c\ntry1 :i*
 9 #aijg  manufactur$ sug> only to !    
value ( #b1ggb1jjj4fh    ,footnote #fh3 

,see l',indu/rie viti-v9icole de la     
,rpublique ,arg5t9e1  by ,ric>do        
,pal5cia1 an essay publi%$ 9 !          
,rec5sem5t de  l'agriculture et de      
l'levage de la ,nation4 ,vol4 ,i4 ,bu5os
 ,ayres4    ,tobacco4----,= a long "t ! 
tobacco-plant has be5 cultivat$ 9 !     
,arg5t9e2 = we f9d1 9 v>i\s zones1      
conditions v fav\rable  to its          
production2 b its culture has by no     
means z yet acquir$ !  importance ( :i* 
x is capable1 & is v f> f satisfy+ !    
ne$s ( national consumption4    ,!      
exports are insignificant3 #cg1ihc lb4 9
 #aijf1 & #af1fab lb4 9  #aijg1 ( !     
respective values ( #eci & #bbf4 ,! lack
 ( c>e br\ght  to ! cultivation ( !     
plant & to ! prep>ation ( ! leaf1       
toge!r ) incomplete exp]i5ce f !        
indu/rial po9t ( view1  h contribut$ to 
*eck ! increase ( plantations1 :i* ought
 to  occupy a f> l>g] area ?an !y d4    
,tobacco is gr[n *iefly 9 ! nor!rn      
region compos$ ( ! ,prov9ces  (         
,corri5ts1 ,salta1 & ,tucuman2 x is also

 gr[n to a less ext5t 9  ! ,prov9ces &  
,t]ritories ( ,misions1 ,=mosa1 ,*aco1  
,catam>ca1  ,la ,rioja1 & ,jujuy4 ,x may
 be gr[n equally well 9 ! c5tral region 
compos$ ( ! ,prov9ces ( ,bu5os ,ayres1  
,entre ,rios1 ,santa ,f1 &  ,crdoba2 &  
ev5 fur!r s\?4 ,!re 7 =m]ly1 & are /ill1
  tobacco plantations 9 ! ,prov9ce (    
,bu5os ,ayres1 :i* appe>$  to promise a 
fair future = tobacco-plant+2 b all is z
 yet 9 a  rudim5t>y condition1 & !      
indu/ry makes no appreciable progress4  
,! areas plant$ ) tobacco 9 #ahie &     
#aijg 7 z foll[s3----                   
#ahie4     #aijg4                       
,acres4    ,acres4      ,prov9ce (      
,corri5ts                    #af1bhg    
#bg1iaj      ,prov9ce ( ,salta          
#b1bgg     #h1fde      ,prov9ce (       
,tucuman                        #f1hhj  
#g1daj      ,t]ritory ( ,misions        
#e1gje     #a1igf      ,t]ritory (      
,=mosa & ,*aco 7,s\?7     #a1bid        
#a1bce      ,prov9ce ( ,crdoba          
#c1cdh     #a1gbi    ,o!r ,prov9ces---- 

,bu5os ,ayres1 ,santa ,f1 ,catam>ca     
#c1fca     #b1dgj                       
------------    ------------            
,totals        #ci1dbb    #ea1cge       
------------    ------------    ,!      
agricultural c5sus ( #ahie affirm$ !    
exi/5ce ( #ccdh acres (  tobacco 9      
,crdoba1 :ile ! ,bullet9 ( ! ,division (
 ,/ati/ics  at ! ,m9i/ry ( ,agriculture 
ann\nc$ only #agbi acres2 9 %ort1       
ev]y?+ leads to ! conclusion t we h to  
deal ei!r ) gross  blund]s or ) errone\s
 in=mation4 ,z x has n be5 practicable  
= u to v]ify ^! figures we mu/ suppose t
 9 #ahie !re 0 n  s l>ge an area plant$ 
z ! figures w\ld lead u to believe4#fi  
,footnote #fi3 ,see ,la ,culture des    
,plantes indu/rielles dans la           
,rpublique ,arg5t9e1 by ,c>los ,d4      
,girola4    ,! ,mulb]ry4----,! culture (
 ! mulb]ry-tree %\ld p]haps be  includ$ 
9 t ( indu/rial crops1 s9ce its leaves  
are ! food (  ! silkworm4    ,f ! "t ( !
 ,spani% ,conque/1 says ,c>los ,girola1 
! eng9e]1  our compet5t guide 9 ! matt] 

( indu/rial crops1 ! silkworm  0 rais$ 9
 ! ,prov9ce ( ,cuyo1 & silk 0 wov5 !re  
on !  h&-loom2 b1 on acc\nt ( !         
facilities ( transport1 import$ silks   
br\ght su* a competition to be> ^u !    
h&-made native article t  ! silkworm    
indu/ry gradually dw9dl$ & f9ally became
 ext9ct4    ,num]\s exp]im5ts h ( late  
ye>s prov$ t ! silkworm c be  rais$ ov] 
a great "p ( ! c\ntry2 & t x has ! be/  
*ances  ( developm5t :]e ! population is
 d5se/1 lab\r mo/ abundant1  & ! h\ses (
 ! work]s l>ge/ & mo/ com=table1 z 9 !  
,prov9ces ( ,bu5os ,ayres 7,nor?7 &     
,santa ,f1 & 9 p>ts ( ,entre  ,rios &   
,crdoba4 ,s f>1 h[ev]1 !re is no dem& = 
! native  cocoons1 & x is s difficult to
 place !m t at pres5t "o _c  recomm5d ! 
silkworm indu/ry except z an exp]im5t or
 a speculation4    ,! mulb]ry-tree gr[s 
& fl\ri%es excell5tly on ! great]       
portion  ( ! ,arg5t9e soil1 & especially
 9 ! c5tral & nor!rn  di/ricts1 :]e x   
spr+s up quickly & vigor\sly4 ,x is     
greatly  to be desir$ t x %\ld be m     

widely cultivat$1 & t its  wid]         
cultivation %\ld g h& 9 h& ) !          
developm5t ( !  s]icultural indu/ry1 :i*
 9 "s c\ntries con/itutes "o ( !        
pr9cipal s\rces ( weal?4    ,! mulb]ry  
also furni%es an excell5t wood1 & its   
leaves may be us$  to fe$ cattle z well 
z silkworms4 ,in/ead ( plant+ trees :i* 
are ( no indu/rial use1 ! mulb]ry %\ld  
be giv5 ! place (  pref]5ce4    ,y]ba   
,mat4----,! 8y]ba mat10 or mat %rub1 is 
met ) 9 ! woods  ( ,misions1 :]e x gr[s 
9 irregul> clumps ( v>y+ ext5t4 ,x has  
be5 kn[n s9ce ! "t ( ! ,jesuits1 :o 7 ! 
fir/ to plant &  cultivate x1 z is prov$
 by ! plantations :i* to ?is day exi/ 9 
! t]ritory ( ! ,arg5t9e ,missions       
7,misions74 ,) ! leaf ( ?is  plant      
infusions are made1 z ) tea1 c(fee1     
cocoa1 etc4 ,! ma!9e  conta9$ 9 ! leaves
 is possess$ ( prop]ties at once tonic &
  /imulat+4    ,! infusion ( 8y]ba mat0 
is usually made 9 a receptacle %ap$ l  a
 pe> ) an orifice at ! small] end2#gj x 
is imbib$ by means (  a silv] tube hav+ 

at "o end a bulb pi]c$ ) holes1 :i*     
p]=ms  ! (fice ( a /ra9]1 & is kn[n z ! 
bombilla4 ,?is me?od (  prep>ation & (  
use is n[ t5d+ to disappe>2 & mat is n[ 
(t5  prep>$ 9 ! same way z c(fee1 !     
result be+ a v refre%+  dr9k1 v valuable
 9 ! c\ntry di/ricts = ! refre%m5t (    
travell]s4 ,/ati/ics prove t !          
consumption ( mat is cont9ually         
increas+2 & z ! national production is  
insuffici5t1 rec\rse is  _h to          
importation f ,brazil & ,p>aguay4 ,!    
am\nt ( ^! imports  = #aijg 0 z         
foll[s3----    ,footnote #gj3 ,usually a
 g\rd is us$1 ( ei!r sph]ical1 ovoid1 or
  pe>-l %ape1 ) "o end slic$ (f2 x is   
commonly poli%$ &  c>v$1 (t5 by ,gau*os 
or ,indians4 ,ea* dr9k] has 8 own g\rd &
  bombilla1 ! latt] be+ necessitat$ by !
 use ( ! leaf 9 !  =m ( a               
p[d]4----,,trans4                       
,p\nds4      ,value4    ,mat import$ f  
,brazil             #ajj1ahi1afb        
#a1jjj1cfd    ,mat import$ f ,p>aguay   
#f1fed1bgf       #fa1ahb                

-----------  -----------         ,total 
( import$ mat           #ajf1hdc1dch    
#a1jfa1edf                              
-----------   --------------------      
,importation 9 #aijf                    
#igj1aed4    ,we h no in=mation respect+
 ! national production ( mat1 b we  h e 
reason to suppose t x does n exce$      
#aa1jjj1jjj lb42 t  is1 betwe5 a n9? & a
 t5? ( ! quantity consum$4 ,!re is ?us a
  va/ field ( developm5t = ?is bran* (  
agriculture1 especially 9  ! ,t]ritory (
 ,misions1 :i* (f]s all ! conditions    
fav\rable to  ! culture ( ! plant4#ga   
,footnote #ga3 ,see ,la ,culture des    
,plantes indu/rielles dans la           
,rpublique ,arg5t9e1 by ,c>los ,girola4 
,enc\rag$ by ^! figures1 & by ! desire  
to replace ! =e/s (  ilex1 de/roy$ by   
improvid5t exploitation1 attempts h be5 
made to  develop ! culture ( mat2 & !   
fir/ results appe> to augur well  = !   
future ( ?is und]tak+4    ,m4 ,?ays1    
,director ( ! ,p>ks & ,prom5ades (      
,bu5os ,ayres1 to :om  we owe ! floral &

 arboreal embelli%m5t ( ! ,arg5t9e      
metropolis1  0 ! fir/ to ov]come !      
ob/acles to ! artificial culture ( !    
mat %rubs f ! se$4    ,! developm5t ( ! 
plant is fairly rapid2 ! pluck+ ( !     
leaves  may be comm5c$ at ! end ( six   
ye>s1 & sometimes e>li]3 !  treatm5t    
necess>y = its cultivation is v mu* t   
dem&$ by  ord9>y or*>d trees4 ,its      
longevity is great1 & s f> x is n  kn[n 
to be subject to any disease4    ,!     
cultivation ( mat may spread beyond !   
,t]ritory ( ,misions1 into  ! fav\rable 
soil ( ,corri5ts1 ,*aco1 & ,=mosa2      
possibly into  o!r p>ts ( ! nor!rn &    
c5tral regions2 & x may give way to a  m
 int5sive culture4 ,m4 ,?ays has obta9$ 
specim5s ( mat f se$  9 ! ,botanical    
,g>d5 ( ,bu5os ,ayres1 :]e he has gr[n x
 9 !  op5 air4    ,cotton4----,( ! v>i\s
 t]ritories ( ! ,arg5t9e1 none l5d      
!mselves s well z ,*aco1 ,=mosa1 &      
,misions to ! cultivation (  !          
cotton-plant2 n only by reason ( _!     
climatic conditions1 b  also on acc\nt (

 ! composition ( _! soil4    ,!         
cotton-plant is indig5\s to ! isl&s &   
sea-coa/s ( !  ,tropics1 & its          
geographical limits ( cultivation1 on   
ei!r side (  ! ,equator1 run to #dj (   
latitude 9 ! nor?1 & 9 ! s\? to  ab\t   
#cj1 b nev] z f> s\? z #ce or #dj1 9    
spite ( ! probable  suitability ( ^?    
latitudes4    ,! plant h>dly suff]s f ! 
greate/ heats ( a tropical summ]1  :ile 
v cold wea!r int]rupts its organic      
functions4 ,x requires a  hot1 moi/     
atmosph]e = its developm5t1 b ! moi/ure 
mu/ n be  excessive1 or ! plant w gr[   
too rapidly4    ,x is d\btless ?anks to 
^! natural conditions t cotton-plant+   
atta9$ to a c]ta9 degree ( developm5t 9 
! ,t]ritories ( ,*aco1  ,=mosa1 &       
,misions z soon z ! till]s ( ! soil     
became aw>e (  its pr(itable nature4    
,! cultivation ( ?is valuable textile is
 n1 h[ev]1 new to  ?is c\ntry4 ,x 0 gr[n
 long ago1 *iefly 9 ,misions1 dur+ !    
adm9i/ration ( ! ,jesuit ,fa!rs1 :o made
 f x clo? = _!  own use1 & also =       

purposes ( trade4 ,b ) ! expulsion (  ! 
memb]s ( ! celebrat$ ,company ( ,jesus1 
& ! result+  depopulation ( !           
c\ntryside1 decad5ce ov]came ?is bran* (
  agriculture1 & f9ally an almo/ total  
ext9ction1 until to ! p  ( ! c\ntry x 0 
no m ?an a memory4    ,f9ally1 9 #ahid1 
cotton 0 s[n z an exp]im5t 9 ! ,t]ritory
 (  ,=mosa2 a few gra9s ( ! 8,l\isiana0 
& 8,sea-,isl&0 types1 br\ght  f ! ,unit$
 ,/ates4    ,! results 7 excell5t1 &    
enc\rag$ ! s[+ ( l>g] areas4  ,!re are  
n[1 9 ! v>i\s colonies f\nd$ 9 ,*aco1   
:i* gr[  practically no?+ b cotton1 "s  
#ac1fjj acres "u cotton4 ,x may  to-day 
be ass]t$1 says an (ficial report1 t    
,*aco is 9 ! van  ( ! ,republic 9 !     
production ( cotton2 by reason ( ! area 
"u cultivation1 ! quantity ( cotton     
pick$ at ea* h>ve/1 &  ! importance (   
its trade ) ! ,bu5os ,ayres m>ket4#gb ,9
 !  %ort space ( two ye>s1 f ,m>* #aijb 
to ,m>* #aijd1 ! exports  f ,b>ranqu]as1
 ! port ( ?is region1 am\nt$ to #hej1efd
 lb4 (  cotton & #bhf1hca lb4 (         

cotton-se$4 ,f ?is we may well augur1  z
 ! above-m5tion$ report ass]ts1 t ,*aco 
w become a great  cotton-produc+ c\ntry1
 on condition t v>i\s refractory factors
  are elim9at$4    ,footnote #gb3 ,see !
 notable monograph entitl$3             
,inve/igaciones  algodon]as en los      
t]ritorios del ,*aco1 ,=mosa y ,misions1
 ao #aijd1  by ! agronomical eng9e]1    
,fidel ,macial ,p]ez1 ^u ^: data we h   
drawn = ?is book4    ,t ! read] may =m  
"s idea ( ! future 9 /ore1 dur+  !      
economic developm5t ( ! ,arg5t9e1 = !   
cultivation &  exploitation ( cotton1 he
 ne$ only ref] to ! foll[+ calculation  
z to its results4 ,! l& 9 ,*aco giv5 ov]
 to cotton yields1 9 good  ye>s1 an     
av]age crop p] acre ( #aghe lb4 ( cotton
 89 ! pod0----t  is1 fibre & se$ toge!r4
 ,sell+ ! cotton at ! v l[ price (      
#if;d4 p] lb4----& ! pres5t price (     
cotton runs to #aaf;d41 #add;d41  &     
#afe;d4 p] lb4----! m9imum yield w\ld be
 #g1 #bs4 p] acre1 ev5  ) prices z l[ z 
we h indicat$4 ,z = work+ exp5ses1 !y d 

n exce$ #d1 #es4 #f;d4 p] acre1 unless  
by "s trifl+ sum1 accord+  to locality2 
s t ! av]age pr(it w\ld be ab\t #b1     
#afs4 p] acre4    ,?is is ! co/ (       
production ( an acre plant$ ) cotton    
dur+ !  fir/ ye>4 ,lat] ! exp5ses dim9i%
 by #be p] c5t41 s t ! net  pr(it might 
rea* #c1 #aas4 #c;d4 p] acre4    ,"o ( !
 great ob/acles 9 ! way ( ! full        
developm5t ( ?is  indu/ry is to be f\nd 
9 ! lack ( h&s indisp5sable = ! m9ute  &
 delicate op]ations connect$ ) ga!r+ !  
crop4 ,x has ev5  happ5$1 dur+ ! la/ few
 ye>s1 t 9 c]ta9 di/ricts z mu* z  #cs4 
#g;d4 p] cwt4 has be5 (f]$ = select$    
cotton1 & 9 o!rs z  mu* z a ?ird ( !    
results ( ! h>ve/4 ,b we may be sure t  
:5 ! native f>m] & ! =eign              
agriculturali/ once awak5 to !          
extraord9>y pr(its :i* cotton yields1   
its production w assume a  f> l>g]      
scale4    ,z ! gr[]s h to deal ) an     
indu/rial bran* ( agriculture 9  process
 ( e/abli%m5t x has n yet be5 possible  
to draw f x all  ! pr(it t is secur$ 9  

o!r c\ntries3 cotton-se$1 = example1  9 
! ,unit$ ,/ates especially1 is a        
consid]able s\rce ( weal?1  b 9 !       
,arg5t9e ! gr[]s h sc>cely begun to     
utilise x by  ! extraction ( its oil4 ,b
 !re is a beg9n+3 sev]al mills h  lately
 be5 e/abli%$ = ?is purpose4 ,!         
agronomic exp]t ,macial has  ju/ly      
rem>k$ t we only require sp9n+-mills &  
looms = !  cycle ( ! cotton indu/ry 9   
,*aco to atta9 its completion4          
,rubb]4----,ano!r s\rce ( =e/al weal? 9 
! ,arg5t9e1 & "o  :i* is = ! mom5t      
unexploit$1----pr9cipally because (     
local  depopulation & a lack ( means (  
transport----is ! extraction ( !  rubb] 
conta9$ 9 c]ta9 tropical plants4        
,lately1 = example1 compet5t obs]v]s h  
discov]$ t ! true  rubb]-plant1 ! ,ficus
 ela/ica1 exi/s 9 abundance 9 ! nor?-ea/
  ( ! ,republic1 & 9 ! ,prov9ces (      
,salta & ,jujuy1 betwe5 #bc  & #bf ( s\?
 latitude1 & #fb & #ff ( we/ longitude4 
,x is ?is  tree :i* has giv5 su* value  
to ! ,brazilian t]ritory ( ,acre & to   

v>i\s o!r regions ( ,brazil4    ,v>i\s  
plants yield rubb]3 "o species1 ( a     
family kn[n z  8le*]ones10 gr[s 9 !     
d>ke/ & dampe/ p>ts ( ! =e/2  o!rs1     
call$ 8heveas0 9 ,brazil1 are mu* ?9n] 9
 ! /em2 &  f9ally !re is a ?ird k9d1 !  
8liane0 or rubb] v9e4    ,! fir/ v>iety1
 t ( ! 8le*]ones10 gives a yield (      
#ag-a_/b to  #bb lbs4 ( gum p] annum2   
!re are =e/ l&s conta9+ z _m z  #ej1jjj 
plants to ! squ>e league----ov] #ejjj to
 ! squ>e mile----:ile  ! poore/ di/ricts
 produce #bjjj to ! league4 ,consid]+ ! 
pres5t  high prices ( rubb]1 we may     
obta9 "s idea ( ! great weal? (  ?is    
region4 ,! me?od ( exploitation is easy 
& simple2 ! c\ntry  is indubitably      
heal?y1 & ) lab\r]s paid at ! rate (    
#cs4 #g;d4 to  #aes4 #i;d4 a day a      
consid]able pr(it w\ld rema94    ,to-day
 m5 ( initiative are busily seek+ to    
exploit ?is new s\rce  ( =e/al weal?1   
:i* ought 9 "t to become ano!r c5tre (  
attraction to m5 & to capital4          
,arboriculture4----,!re is ano!r k9d (  

culture :i* is de/9$ 9  ! future1 al?\gh
 at pres5t x has only ! smalle/         
importance1  to become an indu/ry (     
consid]able mom5t2 ! culture1 namely1  (
 or*>d trees1 ( :i* we mu/ m5tion !     
rapid progress4 ,giv5  ! imm5se area (  
,arg5t9e t]ritory1 end[$ ) ! mo/ v>i$   
climates1 f ! sn[s ( ,ti]ra del ,fuego  
to ! semi-tropical heat (  ,corri5ts &  
,jujuy2 f ! temp]ate w>m? ( ! coa/ to ! 
m  relax+ temp]atures ( ! m\nta9s (     
,crdoba or ! ,&ean fronti]1  & conta9+  
l& at all altitudes above ! level ( !   
sea1 x is  n to be wond]$ at t all !    
fruit-be>+ trees ( ! _w c  live & fl\ri%
 9 ! ,republic4    ,9 ! nor!rn region1 &
 especially 9 ,corri5ts1 ,tucuman1      
,salta1  ,la ,rioja1 ,catam>ca1 ,jujuy1 
,=mosa1 ,*aco1 & ,misions1 !re are      
to-day groves ( oranges1 m&>9s1 lemons &
 limes ( v>i\s k9ds1  figs1 &           
pomegranates4 ,at ,tucuman & ,salta     
8*irimoyos0 & 8paltas0  are cultivat$4  
,almonds1 olives1 ,b>b>y figs1 ananas or
 bread-fruit1  bananas & 8guayabos0 may 

also be gr[n 9 ?is region2 b unhappily  
! fruit-gr[+ indu/ry is at a /&/ill1 on 
acc\nt ( ! lack  ( lab\r :i* is s great 
a difficulty 9 all dep>tm5ts ( !        
indu/rial & economic life ( ! ,arg5t9e4 
,9 ! c5tral region we also f9d ! m&>9 or
 tang]9e 79 !  nor? ( ,entre ,rios &    
,santa ,f71 lemons 79 ,entre ,rios1     
,santa ,f1  & ,bu5os ,ayres71 !         
grape-v9e1 especially 9 ,m5doza & ,san  
,juan1  & also 9 ,la ,rioja1 ,salta1    
,catam>ca1 ,crdoba1 ,santa ,f1 ,entre   
,rios1  & ,bu5os ,ayres4 ,pea*es1       
prunes1 apricots1 *]ries1 apples1 pe>s1 
qu9ces1 m$l>s1 & figs are gr[n 9 all ^! 
di/ricts1 & *iefly  9 ! ,prov9ce (      
,bu5os ,ayres1 & ! isl&s ( ! delta ( !  
,p>ana4 ,9 ! same region we also f9d    
almonds1 walnuts1 hazel-nuts1 &         
*e/nuts1 b gr[n on a small scale only4  
,!re is a fair production (  lemons2 & !
 olive gr[s well "u fav\rable           
conditions4    ,9 ! s\!rn region !re is 
no fruit gr[n1 except on a few e/ates  9
 ! ,rio ,negro & 9 ! valley ( ,*ubut4   

,yet pea*es1 apricots1  prunes1 *]ries1 
apples1 & pe>s w fl\ri% 9 c]ta9         
localities2  :ile walnuts1 filb]ts &    
*e/nuts might be gr[n on an enorm\s     
scale on ! ,&ean slopes1 :]e ! ra9s are 
m frequ5t & !  atmosph]e m humid4    ,up
 to ! pres5t "t1 on acc\nt ( ! l>ge     
pr(its made by ^?  engag$ 9 agriculture 
& /ock-rais+1 & above all on acc\nt ( ! 
insuffici5cy ( ! population1 :i* is !   
prime cause ( :i* we  h already spok51 !
 indu/ry ( fruit-f>m+ has be5           
practically  ignor$1 & :at little has   
be5 und]tak5 has foll[$ no def9ite      
plan1 su* z ! c>eful selection ( /ocks &
 slips & sapl+s1 !  prep>ation ( ! soil1
 & ! effici5t protection ( ! trees4 ,b  
9 spite ( all1 v satisfactory results h 
be5 obta9$1 :i* h  reveal$ ! f]tility ( 
! soil & ! excell5ce ( ! climate4    ,b 
q lately we h se5 a rem>kable developm5t
 9 ?is bran* (  agriculture1 :i* seems  
to promise a fruit-gr[+ indu/ry         
comp>able  to t ( o!r & m advanc$       
c\ntries ?an ! ,arg5t9e4 ,to-day1       

accord+ to ,girola1#gc m c>e is exp5d$  
^u ! plant+ &  cultivation ( ! trees1 z 
! gr[]s h acquir$ ! conviction  t x is  
bett] to produce quality r ?an quantity1
 & t  fruit-gr[+ dem&s1 l o!r dep>tm5ts 
( agriculture1 ! c>eful  selection (    
v>ieties at ! "t ( plant+2 z well z     
incessant  improvem5t by means ( c>eful 
graft+1 & ! application ( special       
proc$ures to ! elim9ation ( noxi\s      
insects1 & ! prev5tion (  p>asitic or   
o!r maladies4    ,footnote #gc3 ,see !  
*apt] ,arbres ,fruiti]s 9 !             
,inve/igation  agricole1 by ,c4 ,p4     
,girola1 reproduc$ 9 ! ,annales de la   
,socit  ,rurale ,arg5t9e =              
,janu>y-,febru>y #aije4    ,?is be+ !   
case1 x foll[s t ! fruit-f>m] is        
gradually  acquir+ rational me?ods1 :i* 
w soon atte/ to _! b5efic5t  influ5ce by
 trans=m+ ! old or*>d-plantations1 :i* 7
 )  reason describ$ z =e/s (            
fruit-trees1 into g>d5s ( c>efully      
cultivat$ plants1 yield+ crops v greatly
 improv$ 9 ! matt] (  quality & ! beauty

 ( ! fruit4 ,on ! o!r h&1 ! sell]s (    
fruit-trees h at ! same "t be5 le>n+ m z
 to ! qualities  ( diff]5t v>ieties1 &  
h[ be/ to select !m1 9 ord] to place on 
! m>ket ^? :i* w secure ! l>ge/ pr(its  
to ! gr[]1 &  to propagate ! mo/ popul> 
species4    ,! cultivation ( fruit-trees
 is f> f occupy+ its prop] rank  among  
,arg5t9e indu/ries4 ,x is di/ribut$ 9 an
 irregul> fa%ion2  "s k9ds ( fruit-trees
 ab\nd 9 c]ta9 di/ricts & are r>e  or   
unkn[n 9 o!rs2 & x is impossible = gr[]s
 9 ! latt]  di/ricts to obta9 !m at     
pr(itable rates1 on acc\nt ( !          
difficulty & scanty means ( transport4  
,z = ! fruit trade1 x has hi!rto be5 v  
limit$1 & conf9$  almo/ exclusively to !
 sale ( fre% fruit1 z ) ! exception  ( !
 factory ( ! 8,tig] ,pack+ ,company0 & a
 few o!rs1 :i*  prep>e cann$ pea*es1    
etc41 9 syrup1 all gr[]s ( fruit =      
public  consumption (f] x = sale only 9 
! fre% /ate4    ,yet amid ! fev]i%      
activity :i* *>act]ises ! pres5t        
situation  9 ! ,arg5t9e1 ! fruit trade  

receives a great] impulse ea* ye>2  n   
only 9 ! matt] ( home consumption1 :i*  
has be5 popul>is$  by ! aid ( su*       
companies z ! 8,co-op]ative ,fruticola10
 :i*  endeav\rs to supply ! consum] )   
articles ( ! fir/ quality at  reasonable
 prices1 b also 9 ! matt] ( export to   
l>ge =eign  cities4 ,! export ( fre%    
fruit %\ld soon =m an important bran* ( 
comm]ce 9 ! ,arg5t9e1 z x does already 9
 ! ,unit$ ,/ates & 9  o!r c\ntries4     
,9 ! matt] ( a fre%-fruit trade ) =eign 
c\ntries !  ,arg5t9e is p>ticul>ly      
fav\r$ by circum/ances2 = on acc\nt (   
h] geographical position %e is able to  
pr(it by ! inv]sion ( !  seasons ) reg>d
 to ,europe2 t is1 by plac+ summ] fruits
 on !  ,european m>kets 9 ! middle ( !  
nor!rn w9t]4 ,ano!r advantage  :i* !    
,arg5t9e w enjoy on ^! m>kets is ! fact 
t %e has  to reckon ) no =midable       
competitors2 = ^? c\ntries t might      
dispute h] place1 su* z ,s\? ,africa1   
:i* is situat$ 9 mu* !  same latitude1  
or ,*ili1 :i* gr[s a v>iety ( good      

fruit1 h n  ! abundant f]tility ( !     
,republic2 or if !y run h] close 9 ?is  
respect1 z is ! case ) ,*ili1 !y are    
sep>at$ f ,europe by a  great] di/ance1 
:i* consid]ably increases ! price (     
transport4#gd    ,footnote #gd3 ,& also 
( refrig]ation2 ! fruit be+ 8*ill$10 t  
is1 kept slightly above freez+          
po9t4----,,trans4    ,pr(it+ by !       
admirable physical advantages ( !       
c\ntry1 once ?is  trade has obta9$ !    
indisp5sable assi/ance ( rapid &        
conv5i5t  /eam]s1 ) special holds or    
refrig]at+ *amb]s = ! /orage  ( l>ge    
quantities ( fre% fruit1 we are c]ta9 t 
x w n h  long to wait = pr(itable       
results4    ,sev]al ye>s ago "o ( !     
au?ors ( ?is book s5t to ,messrs        
,g>cia1 ,jacobs  ,company1 ( ,london1 z 
a comm]cial sample1 a bat*  ( pea*es    
pres]v$ by *ill+1 & accord+ to !        
te/imony (  ^! m]*ants ! pea*es ( ,bu5os
 ,ayres may well be ! subject (  a      
successful bus9ess1 provid$ t fruit ( ! 
sup]ior v>ieties be  produc$4 ,ent]+    

into detail1 ,messrs ,g>cia  ,jacobs    
add$ t !  be/ qualities s5t _h sold     
satisfactorily2 !y end$ by /at+ t       
consignm5ts rea*+ ,london 9 ! mon?s (   
,m>*1 ,april1 & ,may  %\ld yield        
consid]able pr(its4    ,aft] ?is        
exp]im5t _m o!rs 7 made by v>i\s p]sons1
 until  f9ally1 ?9k+ ! mom5t _h come =  
e/abli%+ ! fruit trade  on a solid &    
la/+ basis1 ! ,royal ,mail ,/eam        
,navigation ,company  det]m9$ to fit _! 
/eam]s ) special 8*ill$0 *amb]s or holds
  = ! transport ( fre% fruit4    ,! fir/
 consignm5ts h n be5 completely         
satisfactory1 z 9 ?is  trade1 :i* is n[ 
be+ und]tak5 on a v l>ge scale1 e "o    
has a great deal to le>n2 f ! produc]1  
:o plants ! v>ieties  ( fruits :i* he   
?9ks mo/ suitable = export1 ! f>m       
lab\r]1  :o ga!rs ! fruit1 & ! man :o   
packs x 9 special cases1 d[n to  !      
/eam%ip company1 :i* has to confide !   
c>e ( ! refrig]at+  plant & ! holds to a
 compet5t te*nician1 ^: duty x is to    
ma9ta9 a con/ant temp]ature1 appropriate

 to ea* species ( fruit4  ,b ev5 "u ^!  
/ill imp]fect conditions ! progress     
a*iev$ has  be5 v rem>kable1 & ju/ifies 
our ass]tion t a l>ge export  trade 9   
fre% fruit is p]fectly practicable4     
,! exhibitions ( fruit :i* ! ,gov]nm5t (
 ! ,republic organises  annually1 ) mu* 
practical good s5se1 h greatly help$ to 
attract att5tion to ! fruit-gr[+        
indu/ry1 & at ! same "t  to /imulate    
competition & improvem5t4 ,^!           
exhibitions h be5  a v]itable revelation
 to ev]ybody1 = v few p suspect$  t !   
,arg5t9e produc$ s great a v>iety ( !   
be/ species (  fruit-be>+ trees2 or t %e
 c\ld rival o!r c\ntries 9 !  matt] (   
production4    ,! fre%-fruit trade is n1
 9 ! ,arg5t9e1 z x is 9 ! ,unit$        
,/ates1 fav\r$ by ! exi/5ce (           
refrig]ator c>s1 plac$ at !  disposal ( 
! produc]s by ! railway companies1 &    
capable (  transport+ enorm\s quantities
 ( fruit f "o end ( ! c\ntry to  ! o!r4 
,b ?is innovation1 l s _m o!rs dem&$ by 
indu/ry  & comm]ce1 w come 9 "t1 :5 !   

population has increas$1 &  new m>kets w
 be p]man5tly op5$ to ! produc]4 ,at !  
pres5t  "t su* fruits z are int5d$ =    
home consumption1 l ^?  select$ =       
exportation1 h n f> to travel be=e rea*+
 _!  de/9ation1 z !y are usually gr[n   
ne> ,bu5os ,ayres2 p>ticul>ly  ! pea*1  
:i* is ! fruit mo/ 9 dem& on acc\nt (   
its sup]ior  quality4    ,al?\gh !      
entire ,arg5t9e t]ritory l5ds itself    
admirably to !  production ( fruit1 !re 
are p>ticul> di/ricts :i* by nature are 
especially fitt$ = ! plantation (       
fruit-trees4 ,among su* di/ricts  we may
 cite ! isl&s :i* =m ! delta ( ! ,p>ana1
 :i* are  cov]$ ) an extremely ri* soil 
& magnific5t gr[?s1 & are  irrigat$ dur+
 c]ta9 seasons ( ! ye> by ! wat]s ( !   
riv]1  :i* deposit on !m a ri*ly        
nutriti\s silt1 l t :i* !  fam\s wat]s (
 ! ,nile leave ^u its ,egyptian banks4  
,!re fl\ri% a  great v>iety (           
fruit-trees1 f pea* & apricot1 pe> &    
apple1 fig  & qu9ce1 d[n to ! 8diospiro 
kaki10 & _m o!r species4    ,ano!r      

region :i* has comm5c$ to attract       
att5tion by reason ( its  magnific5t    
fruits is t ( ! ,rio ,colorado2 x w "o  
day be z  fam\s = its pea*es & apricots 
z ,cali=nia is to-day4 ,at a %ort       
di/ance f ,bu5os ,ayres is ano!r fav\r$ 
di/rict1 produc+ 9  especial magnific5t 
pea*es2 x is t ( ! village ( ,dolores1 9
  ! ,prov9ce ( ,bu5os ,ayres1 ^:        
exquisite fruits figure on ! be/  tables
 ( ,london & o!r ,european capitals4    
,z we see f ^! data1 fruit-f>m+ is mak+ 
rapid progress 9 !  ,arg5t9e3 x may     
succe$ 9 "t 9 captur+ n only ! home     
m>kets1  b also ! mo/ important =eign   
m>kets4    ,z = ! prep>ation ( fre%     
fruit 9 syrup1 z well z !  manufacture (
 dri$ fruits1 bo? ( !m indu/ries well   
develop$  9 ! ,unit$ ,/ates1 !y /ill    
exi/ 9 ! ,arg5t9e only 9 a  rudim5t>y   
condition2 b 9 view ( ! rapid progress  
a*iev$ ea*  ye> 9 ! ,arg5t9e1 9 ?is z 9 
o!r indu/ries1 we may hope t  !y w soon 
develop & e/abli% !mselves securely4    
,,"p ,,iii                       ,,!    

,,arg5t9e ,,f ,,! ,,comm]cial           
,,& ,,indu/rial ,,po9t ,,( ,,view       
,,*apt] ,i                              
,,=eign ,,trade    ,! important "p play$
 by ! =eign trade ( ! ,arg5t9e----      
,table ( imports & exports dur+ rec5t   
ye>s----,explanation      ( _!          
respective movem5ts----,fav\rable       
condition ( !      comm]cial balance4   
,me?od ( asc]ta9+ ! /ati/ics ( exports &
 imports----      ,errors 9             
evaluation----,notes on ! import duties 
on v>i\s      articles----,v>iations ( !
 cu/oms duties----,export duties2       
_! transitory "*----,! trade 9 bullion4 
,,imports----,_! classification accord+ 
to _! c\ntries (      orig9----,value ( 
imports f ea* c\ntry1 ) indications (   
! pr9cipal articles import$----,!       
,arg5t9e dep5d5t ^u      o!r c\ntries = 
a l>ge numb] ( manufactur$ articles---- 
,conc5tration ( imports at ,bu5os       
,ayres4    ,,exports----,_!             
classification accord+ to               
orig9----,value ( exports      f ea*    

di/rict1 ) indications ( ! *ief articles
      export$----,decad5ce ( ! ,fr5*    
trade ) ! ,arg5t9e &      its causes4   
,tabulation1 accord+ to importance ( !  
pr9cipal products      export$ by !     
,arg5t9e----,rem>kable increase 9       
agricultural      & pa/oral             
exports----,se>* = new outlets4         
,ev5tual d5unciation ( comm]cial        
treaties----,project$ new treaty      ) 
,france----,causes ( ! sup]iority (     
,engli%1 ,g]man1 &      ,nor? ,am]ican  
trade 9 ! ,arg5t9e ov] ,fr5* trade4     
8,dump+0 9 ! ,arg5t9e----,a new cli5t = 
! ,arg5t9e----,japan----      ,elem5ts  
:i* make = ! developm5t ( comm]cial     
activity      9 ! ,arg5t9e4    ,!       
comm]cial balance----,results ( !       
comm]cial balance----,its      prime    
importance 9 respect ( ! prosp]ity ( !  
c\ntry----      ,x is ?is balance :i*   
comp5sates ! issue ( capital =      !   
b5efit ( ! =eign debt4      ,! :ole     
activity ( ! ,arg5t9e ,republic is      
reflect$ 9 !  /ati/ics ( its ext]nal    

comm]ce1 :i* gives ! true measure ( its 
prosp]ity4 ,all ! vital =ces ( ! c\ntry1
 its riv] traffic-ways1  its railways1  
its ports1 its bus9ess c5tres1 all aid 9
 ! developm5t  ( ! comm]cial movem5t1   
:i* lives only by means ( int]national  
ex*ange4 ,we h ?us rea*$ "o ( ! mo/     
important po9ts ( our  /udy3 t f :i* we 
c be/ judge ! place held by ! ,arg5t9e  
among ! great m>kets ( ! _w4            
,consid]$ "u its g5]al aspect ,arg5t9e  
comm]ce may be summ$  up z foll[s3 !    
exportation ( raw mat]ials & !          
importation (  manufactur$ articles4 ,we
 m5tion exportation fir/ by design2 = x 
is  ! exports1 z we h already po9t$ out1
 t regulate ! pur*as+  p[] ( ! c\ntry4  
,!re are no res]ves 9 ! ,arg5t9e :i*    
p]mit  ! c\ntry to pres]ve its p[] (    
pur*ase mu* 9 excess ( !  movem5t (     
capital produc$ by ! sale ( ! h>ve/4    
,?is situation _c be cle>ly express$ 9  
figures2 = we c prove  t z late z #ahia 
! sum ( imports 0 greatly 9 excess ( t (
  exports4 ,9 normal p]iods "o mu/1 9   

fact1 take into acc\nt a new  factor2   
namely1 ext]nal cr$it1 :i* all[s !      
,arg5t9e to increase  h] p[] ( pur*ase  
above h] actual res\rces4 ,:51 on !     
contr>y1  a crisis arises1 ! imports    
rapidly foll[ ! movem5t ( ! exports1  ! 
c\ntry no long] be+ able to dep5d ^u    
cr$it nor to cov] by  loans its         
unfav\rable comm]cial balance4    ,we   
give bel[1 tak5 f ! publications ( ,m4  
,latz9a ! /ati/ics  ( =eign trade s9ce  
#ahfa1 :i* is ! fir/ ye> includ$ 9 !    
(ficial /ati/ics4    ,! =eign trade ( ! 
,arg5t9e has pass$ ?r\gh two di/9ct     
phases2 f #ahfa to #ahij ! imports 7    
usually l>g] ?an !  exports2 :ile s9ce  
#ahia ! exports1 except 9 #ahic1 h be5  
consid]ably ! l>g]4    ,x is curi\s to  
note t ?is rev]sal took place aft] ! ye>
  #ahij2 t is1 aft] ! f9ancial crisis   
:i* s viol5tly %ook !  c\ntry1 & depriv$
 x ( t ext]nal cr$it :i* _h hi!rto      
balanc$ ! insuffici5cy ( exportations4  
,9 #ahia ! imports fell to  #ac1dda1djj1
 f #bh1ddh1jjj1 or a fall ( m ?an #ej p]

 c5t4 f  "o ye> to ! next4 ,!nce=w>d !  
imports progressively increas$  to      
#cg1djj1jjj 9 #aijd1 v>y+ by a few      
millions ea* ye>1 :ile !  exports rea*$ 
_! pres5t high /ate ( developm5t ?r\gh !
  progress a*iev$ by agriculture4       
,comm]cial    ,,ye>4    ,population4    
,imports4        ,exports4              
,balance4      #ahfa      #a1cge1dha    
#d1dhh1bbd      #b1hfd1eah       -      
#a1fbc1gjf    #ahfb      #a1dbd1gdj     
#d1fbg1gdb       #c1hcj1bfh       -     
#gig1dgd    #ahfc      #a1dgg1jdb       
#e1dgc1ici       #d1cag1fhi       -     
#a1aef1bej    #ahfd      #a1ecj1ied     
#d1fbh1fdh       #d1dgc1dfb       -     
#aee1ahf    #ahfe      #a1chg1aja       
#f1jef1hfa       #e1bbe1bhh       -     
#hca1egc    #ahff      #a1fde1dcf       
#g1dhj1jig       #e1cdh1aed       -     
#b1aca1idc    #ahfg      #a1gjf1aei     
#g1geh1dci       #f1fci1bbc       -     
#a1aai1baf    #ahfh      #a1gfi1cgi     
#h1dhj1ejh       #e1ida1idb       -     
#b1ech1eff    #ahfi      #a1hcf1dij     

#h1bci1adj       #f1dhi1fcg       -     
#a1gdi1cjc    #ahgj      #a1hhb1fae     
#i1hbd1ibb       #f1jdd1fag       -     
#c1ghj1cje    #ahga      #a1icf1efi     
#i1ace1hba       #e1cii1cfj       -     
#c1gcf1dfa    #ahgb      #a1ihi1hhj     
#ab1cag1aef       #i1dec1eic       -    
#b1hfc1efc    #ahgc      #b1jde1jbh     
#ad1fhf1hjg       #i1dgi1feh       -    
#e1bjg1adi    #ahgd      #b1ajb1bhd     
#aa1efe1cji       #h1ijh1cjg       -    
#b1feg1jjb    #ahge      #b1afa1fci     
#aa1ebd1hif      #aj1dja1hbb       -    
#a1abc1jgc    #ahgf      #b1bbc1ahi     
#g1bad1jjd       #i1fah1adb             
#b1djd1ach    #ahgg      #b1bhg1jje     
#h1jhh1fhd       #h1iec1ihh             
#hfe1cjd    #ahgh      #b1cec1aid       
#h1gea1hbe       #g1ejd1ged       -     
#a1bdg1jga    #ahgi      #b1dba1hbg     
#i1bgb1gah       #i1hga1eaa             
#eih1gic    #ahhj      #b1dib1hff       
#i1ajg1agf      #aa1fgf1aeg             
#b1efd1iha    #ahha      #b1efe1jdj     
#aa1ada1ahe      #aa1ehg1fed            

#ddf1dfi    #ahhb      #b1fci1egc       
#ab1bdi1bji      #ab1jgg1ghh       -    
#aga1dba    #ahhc      #b1gaf1hcf       
#af1jdg1afe      #ab1fda1eie       -    
#d1jde1egj    #ahhd      #b1gig1jdb     
#ah1haa1bbi      #ac1fje1ifg       -    
#e1bje1bfa    #ahhe      #b1hhj1aaa     
#ah1ddd1cid      #af1gge1hbj       -    
#a1ffh1egd    #ahhf      #b1iff1bfj     
#ai1jha1gdi      #ac1iff1ifh       -    
#e1aad1gha    #ahhg      #c1jef1hce     
#bc1dgj1dbe      #af1hhd1afd       -    
#f1ehf1jfa    #ahhh      #c1aeh1iad     
#be1fhb1dbb      #bj1jbb1chj       -    
#e1ffj1jda    #ahhi      #c1bfe1egg     
#cb1iac1igf      #ah1jbi1jga       -    
#ad1hhd1ifj    #ahij      #c1cgg1ghj    
#bh1ddh1afb      #bj1afc1gih       -    
#h1bhd1cfd    #ahia      #c1dij1dag     
#ac1dda1eef      #bj1fdc1hjj            
#g1bjb1bdd    #ahib      #c1fjg1ajc     
#ah1bif1bcb      #bb1fgd1jfg            
#d1cgg1hcf    #ahic      #c1gbi1aje     
#ai1bdd1gbe      #ah1hah1jcb       -    
#dbf1fid    #ahid      #c1hef1gbh       

#ah1eeg1gbe      #bj1ccg1eig            
#a1ggi1hgb    #ahie      #c1ihd1iaa     
#ai1jai1bhg      #bd1jac1efj            
#d1iid1bgj    #ahif      #d1jhd1ahc     
#bb1dcb1gah      #bc1cgf1djc            
#ibg1fhe    #ahig      #d1ahf1bfg       
#ai1feg1ghi      #bj1bcc1hei            
#egf1jgj    #ahih      #d1bia1ege       
#ba1dhe1ghj      #bf1gfe1hia            
#e1bhj1aaa    #ahii      #d1djj1bbf     
#bc1cgj1acd      #cf1ihc1ejf            
#ac1faa1aeb    #aijj      #d1eab1cdb    
#bb1fig1jad      #cj1ibj1jhb            
#h1bbc1jfh    #aija      #d1fbe1aej     
#bb1gia1idi      #cc1edc1bbj            
#aj1gea1bga    #aijb      #d1gda1ghj    
#bj1fjg1hea      #ce1hig1cde            
#ae1bhi1did    #aijc      #d1hfj1cbd    
#bf1bda1cbj      #dd1aif1ije            
#ag1iee1ehe    #aijd      #d1iha1hcb    
#cg1dfa1aid      #eb1hca1eje            
#ae1cgj1caa    #aije      #e1bad1igd    
#da1jcj1hhd      #fd1efh1gfh            
#bc1ecg1hhd    #aijf      #e1cgg1fci    
#ec1iid1ajd      #eh1dej1gff            

#d1def1ffb    #aijg      #e1edf1ajf     
#eg1agb1acf      #ei1bdj1hgd            
#b1jfh1gch    #aijh      #e1gab1dhi     
#ed1eid1edg      #gc1bja1jfh            
#ah1gjf1eba                             
--------------  --------------          
----------------    ,,totals            
#hhg1adb1jjc    #ifd1bgh1iea            
#gg1acf1idj                             
,= ! explanation ( ^! data1 we mu/      
rememb] t dur+ ! la/  twelve ye>s !     
population has increas$ only by ab\t "o 
million  inhabitants1 & t 9 consequ5ce !
 p[] ( consumption ( !  ,arg5t9e c\ld   
only become modifi$ to a c]ta9 ext5t4   
,if we except  c]ta9 p]iods (           
exceptional importations1 ref]r+1 =     
in/ance1 to  ! entry 9 bulk ( l>ge      
am\nts ( raw mat]ial = ! con/ruction  ( 
new railways1 we see t ! imports1 z     
comp>$ to ! bulk ( !  population1       
repres5t f #e1 #es4 to #g1 #ahs4 #g;d4  
p] head1 :ile !  same figure = exports  
is #g1 #ajs4 #g;d4 to #aj1 #abs4 #j;d41 
accord+ to  ! condition ( agriculture4  

,if we n[ exam9e ! rec5t results ( =eign
 trade1 we f9d !  situation summ$ up by 
! foll[+ figures = #aijh1 z comp>$ )    
#aijg1 #aijf1 & #aije3----              
#aijh          #aijg          #aijf     
#aije      ,exports                     
#gc1bja1jfh   #ei1bdj1hgd   #eh1dej1gff 
#fd1efh1gfh    ,imports                 
#ed1eid1edg    #eg1agb1acf              
#ec1iid1ajd     #da1jcj1hhd             
------------   -----------   -----------
   -------------    ,excess ( ,exports  
#ah1fjf1eba    #b1jfh1gch    #d1def1ffb 
#bc1ecg1hhd                             
,! comm]cial balance 9 #aijh 0 ?us      
#ah1fjf1eba 9 fav\r ( !  exports1 z     
aga9/ #b1jfh1gch 9 #aijg1 #d1def1ffb 9  
#aijf1 :i* latt]  sum 0 #ai1jha1bbb less
 ?an 9 #aije4    ,!re is e reason to    
believe t ! exports = #aiji w prove  to 
h be5 fully z l>ge z ! ye> be=e1 = !    
recov]y (  ! wool m>ket & ! enorm\s     
maize h>ve/ w h comp5sat$  c]ta9        
deficits 9 ! matt] ( corn & cattle1 :i* 
suff]$ 9 !  prec$+ ye> f fro/ or dr\ght4

    ,z = ! h>ve/ ( ! curr5t ye>1 x is   
wis] n to say too mu*  at pres5t1 z !   
lack ( ra9 has d]ang$ ! s[+ season4     
,be=e comm5t+ 9 any way ^u ! figures    
relat+ to =eign trade1  we mu/ make "o  
rem>k 9 respect ( ! me?od foll[$ 9 mak+ 
out  our balance-%eets1 etc4 ,9 ! case (
 imports1 ! valuation ( !  cu/oms is    
tak51 & 9 ! case ( exports _! curr5t    
m>ket price  9 gold4 ,b ?is proc$ure has
 ! dem]it ( yield+ results :i* are  n 9 
/rict correspond5ce ) reality2 ! mo/ we 
c say is t  !y enable u to make a /rict 
comp>ison ( "o ye> ) ano!r4    ,!       
valuations accord+ to ! cu/oms are f #bj
 to #cj p] c5t4  above ! true values 9 !
 case ( ! majority ( articles1 & are    
sometimes m]ely fanta/ic4    ,to ga9 "s 
idea ( ! di/urb+ factor :i* arises f !  
calculation ( imports ^u ! basis (      
cu/oms e/imates1 :i*  e/imates are !    
basis ( ! figures ( ! ,national         
,/ati/ics1 we  ne$ only take ! figures  
relat+ to c(fee z an example4 ,9 #ahii x
  0 valu$ at #cj c5tavos 9 gold2 9      

#aijj1 at #bj2 & 9 #aijb1 at #ab        
c5tavos 7#gb;d41 #dh;d41 & #b;d474 ,?is 
decrease ( ov] #e;d4 9 ?ree  ye>s only  
enables "o to judge ( ! in/ability ( ?is
 rate (  valuation4    ,"h are "s       
examples ( ! t>iff paid by c]ta9 imports
 into !  ,arg5t9e4    ,! #ej p] c5t4    
t>iff /rikes pr9cipally at ! importation
 (  wov5 /uffs1 c>riages1 h>ness1       
furniture1 p]fum]y1 ready-made          
"u-clo?+1 boots & %oes1 hats1 & simil>  
articles n burd5$  by specific t>iffs1 =
 !re is a ho/ ( articles :i* pays !     
entrance duty 9 ?is way4 ,9 practice ?is
 ad valorem t>iff ( #ej p]  c5t4        
frequ5tly becomes a t>iff ( #ajj p] c5t4
 or m1 on acc\nt (  ! arbitr>y nature ( 
! cu/oms valuations4    ,! #de p] c5t4  
t>iff affects /ock+s1 socks1 etc41      
exclusively4    ,! #dj p] c5t4 t>iff    
affects bales ( unblea*$ l951 all k9ds (
  cotton clo? & calicoes1 dress$ lea!r1 
articles ( lace made ( pure  silk or    
silk mixtures1 or ( ?read2 wooll5       
blankets1 & blankets (  wool ) cotton   

w>p1 or b\nd or bord]$2 also laces &    
silk ?read  or ?read ( mix$ silk & wov5 
/uffs & any o!r articles ( silk  or silk
 mixtures1 includ+ floss silk1 etc4     
,! #ce p] c5t4 t>iff applies to wooll5  
/uffs 9 g5]al1 :e!r (  pure wool or     
mixtures4    ,! #be p] c5t4 t>iff       
affects all m]*&ise n burd5$ by a       
special  tax4 ,t ( #bj p] c5t4 affects  
b>1 /rip & ribbon /eel1 &  unblea*$     
cotton clo?s4    ,! #ae p] c5t4 t>iff   
affects oak1 c$>1 p9e1 spruce1 & tissues
 (  silk int5d$ = bolt+ fl\r4 ,! #aj p] 
c5t4 t>iff affects c]ta9  *emical       
products1 & also cocoa1 t91 ma*9]y 9    
g5]al1 agave  fibres1 jute1 & hemp fibre
 = mak+ mats1 etc4 ,t ( #e p] c5t4  :i* 
is ! l[e/1 is impos$ on turp5t9es1 /eel 
wire = f5c+1  pl\ghs1 jewell]y1 sulphur1
 cotton1 :e!r raw or 9 ! ?read =        
indu/rial purposes1 sew+-?read1 sacks1 &
 o!r v>i\s articles4    ,besides ! above
 !re are "s n9ety-five articles or      
products on  :i* specific duties are    
impos$4    ,s9ce #aijj a legislative    

factor1 at fir/ sight unimportant1 b 9  
practice ( ! greate/ advantage1 has to a
 c]ta9 ext5t modifi$  ! vexati\s "* ( ! 
,arg5t9e t>iff4 ,?is factor consi/s  9 !
 relative /ability impos$ by ,congress  
on ! cu/oms law1 by  ! suppression ( !  
annual revision to :i* ! rate (         
valuation  0 subject$1 :i* *ange has    
all[$ comm]ce to e/abli% its            
transactions on a def9ite basis2 :]eas  
!y 7 =m]ly cont+5t  ^u ! cont9ual       
modifications ( ! said t>iff4 ,?is /ep1 
l s  _m o!rs1 0 initiat$ by ! ex-,m9i/]1
 ,seor ,jos ,m>ia ,rosa4    ,exagg]at$  
values 7 always at ! base ( ^! t>iffs1 &
 !  abuse became s notori\s t ! pres5t  
,m9i/] ( ,f9ance1 ,dr ,t]ry1  0 himself 
oblig$ to recognise 8t re=m 0 ess5tial 9
 ! matt]  ( ! rectification ( all ^!    
valuations1 9 ord] t ! ,cu/oms          
,adm9i/ration %\ld n /rike indirectly at
 import$ products by taxes  f> 9 advance
 ( ^? int5d$ by ! legislative p[]40 ,a  
new t>iff  has be5 9 =ce s9ce ! #a/ (   
,janu>y #aije1 & al?\gh x also has  giv5

 rise to a c]ta9 degree ( recrim9ation1 
x is none ! less an  improvem5t ^u ! =m]
 /ate ( affairs4 ,z = ! export duties1  
"h aga9 we f9d notable discrepancies    
betwe5 ! valuations & !  m>ket prices   
:i* ought1 on pr9ciple1 to s]ve z _!    
basis4 ,!y  7 e/abli%$ aft] ! crisis (  
#ahij1 & z !y 7 n[ no long]  ju/ifi$ by 
insuffici5t res\rces1 !y 7 suppress$ by 
,congress  reckon+ f #aijf4    ,^!      
cu/oms duties on export$ goods 7        
e/abli%$ by ! ,arg5t9e  ,con/itution1 b 
n 9 a p]man5t mann]4 ,! ,*>t] enact$ t  
!y %\ld be 9 =ce up to #ahff2 b at t "t1
 ! c\ntry be+  at w> ) ,p>aguay1 a      
,conv5tion 0 convok$1 :i* po/pon$ !     
settlem5t ( ! matt] = "s ye>s4    ,9    
#ahhg ! export duties 7 suppress$2 b 9  
#aijj1 aft] !  t]rible f9ancial cra%1 !y
 7 once m e/abli%$1 9 ord] to  relieve !
 heavy burd5s & engagem5ts ( !          
,treasury4    ,^! duties 7 f #d to #ajj 
p] c5t4 ad valorem1 & 7  pr9cipally     
direct$ aga9/ lea!rs & hides1 wool wa%$ 
or unwa%$1  o/ri* plumes1 tall[1 fat1   

animal oil1 horns1 etc4    ,z may be se5
 by ?is simple enum]ation1 ^! duties    
weigh$ ^u !  by-products ( /ock-rais+ z 
!y left ! c\ntry = ! m>kets  ( =eign    
consum]s1 & ?is aft] !y _h already be5  
subject$ to  o!r heavy *>ges1 9 ! %ape (
 l& taxes1 cu/oms duties on wire  =     
f5c+1 & _m local taxes1 :ile            
agricultural products escap$  scot-free4
 ,= ?is reason x has always be5 consid]$
 t ! export  t>iff _h no equitable      
basis1 & all ! ,arg5t9e ,adm9i/rations h
  = ?is reason endeav\r$ to suppress x1 
z ! ,congress f9ally did  9 #aije4 ,:e!r
 we are deal+ ) exports or ) imports we 
always  f9d1 z we h se51 an inflation ( 
prices on bo? sides1 s t  ! figures ( ! 
(ficial /ati/ics h n s mu* an actual z a
  comp>ative value4    ,!re is /ill "o  
important item to be rem>k$ 9 respect ( 
imports3  x is t ! import duties 9 rec5t
 ye>s h be5 fir/ rais$ !n  l[]$4        
,additional duties am\nt+ to #aj p] c5t4
 7 e/abli%$  :5 ! dispute ) ,*ili seem$ 
ab\t to end 9 w>----t is1 on  ! #bi? (  

,janu>y #aijb----;at :i* "t a sup]tax ( 
#e p] c5t4 0  add$ to ! t>iff :i* _h    
already be5 9 =ce s9ce #ahii4 ,s9ce  !n 
^! duties h be5 f9ally suppress$ 79     
,janu>y #aijd74 ,x is  obvi\s t ) ^!    
v>iations we h n always ! same basis (  
valuation1 z ! imports are v>i\sly      
affect$ by ^! v>iations  !mselves1 s t  
all exact comp>isons are impossible4    
,we mu/ also take into acc\nt ! value ( 
! imports :i* are n  controll$ by !     
cu/oms4 ,compet5t p]sons h e/imat$ t ^! 
am\nt to ab\t #bj p] c5t4 ( ! goods     
pass+ ?r\gh ! cu/oms1  :i* repres5ts a  
sum ( ab\t #b1jjj1jjj4    ,aga91 !      
figures we h quot$ d n include !        
movem5ts (  curr5cy or bullion1 :i* dur+
 ! la/ six ye>s h be5 z  foll[s3----    
,ye>4          ,metallic ,imports4      
,metallic ,exports4     ,balance4       
#aijb              #a1gha1hag           
#fad1hfh         #a1aff1idi    #aijc    
#e1bag1bcg            #bci1bcj          
#d1igh1jjg    #aijd                     
#d1ihc1eij            #cbj1heh          

#d1ffb1gcb    #aije                     
#f1eaa1ijh            #afc1hge          
#f1cdh1jcc    #aijf                     
#c1fdb1dfd            #cja1abd          
#c1cda1cdj    #aijg                     
#d1gaj1ede            #fbf1ggg          
#d1jhc1gfh    #aijh                     
#e1gcj1bdc              #h1ifc          
#e1gba1bhj    #aiji 7six mon?s7         
#g1hhh1gha              #b1iia          
#g1hhe1ghi    ,! increase obs]v$ f "o   
ye> to ! o!r 9 ! importation  ( bullion 
is 9 direct relation to ! increase (    
exportations3 x  corresponds to !       
consignm5ts ( gold1 com+ especially f ! 
,london m>ket1 9 ord] to expunge !      
comm]cial balance 9 fav\r (  ! ,arg5t9e4
    ,9 ! light ( ^! obs]vations we w n[ 
exam9e ! comm]cial  movem5t 9 itself1   
:ile not+ its di/ribution accord+ to !  
v>i\s c\ntries :i* ex*ange _! products )
 ! ,arg5t9e4    ,we w !n give a li/ ( ! 
pr9cipal articles ent]+ into !          
composition ( ?is =eign trade4          
,,imports    ,"h is a table ( imports = 

! ye>s #aijf-aijh1 & = ! fir/  six mon?s
 ( #aiji1 class$ accord+ to _! orig9 & 9
 ord] (  importance3      ,c\ntry (     
,orig94     #aijf4         #aijg4       
#aijh4        #aiji4                    
7,six mon?s47    ,great ,brita9         
#ah1ife1ihg   #ai1ehg1adh   #ah1fgd1bgi 
#i1daf1dje    ,g]many                   
#g1fhc1beb     #i1afb1bcd     #g1efi1dag
     #d1cje1gdb    ,unit$ ,/ates        
#g1hid1igi     #g1gfh1dee     #g1aai1dja
     #c1gjd1iag    ,france              
#e1cdh1ige     #e1jic1fje     #e1bie1che
     #b1iih1cdf    ,italy               
#d1hbd1gbg     #d1hjj1fdh     #d1ihb1fdi
     #b1gjf1jad    ,belgium             
#b1dbe1fjh     #c1agi1cgj     #b1eej1fgd
     #a1cji1ibj    ,brazil              
#a1cbh1bje     #a1efi1hga     #a1deg1ahi
       #gea1ibc    ,spa9                
#a1dgc1fed     #a1deh1hid     #a1gbc1fbb
       #hei1jac    ,uruguay             
#cff1fdh       #did1eea       #dda1djg  
#bfi1gdj    ,holl&                      
#cjb1cdi       #ceb1dja       #djg1fjf  

#bab1gad    ,p>aguay                    
#bfa1gid       #bhb1hfg       #cja1iia  
#ahe1aad    ,cuba                       
#ace1iaf       #aae1cif       #acf1acg  
#ei1fjg    ,*ili                        
#aje1fdc       #aaj1ife       #ade1cih  
#ci1gef    ,bolivia                     
#bf1hbb        #be1cge        #ca1bab   
#ac1ddc    ,o!r ,c\ntries               
#b1hbi1edd     #c1agj1ced     #c1geh1aha
     #a1dad1ieb                         
-----------   -----------   ----------- 
-----------    ,totals                  
#ec1iid1ajd   #eg1agb1acf   #ed1eid1edg 
#bh1bgf1ijf                             
,great ,brita9 is always at ! head ( !  
li/ ( imports1 ! total  ( h] products   
import$ by ! ,arg5t9e 9 #aijh be+       
#ah1fgd1bgi4  ,among ^! products "o ( ! 
greate/ importance is coal1 ( :i*       
#b1cch1idi tons 7 import$ 9 #aijg1      
repres5t+ a value ( #c1bgd1ebh4  ,wov5  
fabrics ( all k9ds atta9$ a value (     
#c1jch1fid2 railroad  mat]ial           
#b1gjc1ide1 & sack+ = mak+ up into      

sacks1 #bif1ehe4    ,g]many n[ occupies 
! second place4 ,! imports f ,g]many1   
wor?  #g1efi1dag 9 #aijh1 are ( all     
k9ds1 & include almo/ e k9d (  product  
consum$ by ! ,arg5t9e4 ,on acc\nt ( h]  
v>i\s indu/ries1  metallurgical products
 holds ! fir/ place2 !n come wov5       
fabrics &  pap]4    ,! ,unit$ ,/ates s5d
 pr9cipally agricultural mat]ial1       
petroleum1  & p9e timb]2 ! imports =    
#aijh 7 #g1aai1djj 9 value2 or  ne>ly   
twice ! value ( ! ,arg5t9e exports to ! 
,/ates4 ,?is  situation is expla9$ by ! 
fact t bo? c\ntries export ! same       
products----c]eals & cattle1 etc4       
,france comes f\r?1 ) #e1bie1che wor? ( 
produce 9 #aijh4 ,h]  products1 l ^? (  
,g]many1 are v num]\s 9 k9d4 ,! l>ge/   
imports are ( wov5 fabrics1 w9es &      
spirits1 metallurgical products1        
ph>maceutical specialities1 & p]fum]y4  
,tak+ ! item ( w9es  & spirits alone1 ! 
,arg5t9e imports #bbh1jjj wor? ( bitt]s 
&  v]m\? & #bjb1efj wor? ( w9es 9 !     
wood4    ,italy s5t #d1ihb1fdi wor? (   

imports 9 #aijh4 ,f ,italy !  ,arg5t9e  
imports ! l>ge/ quantity ( w9es & (     
bitt]s1 valu$  at #ibb1ich2 olive oil   
acc\nts = #cid1acc1 rice = #bie1ffg1    
*eese  = #aha1idi 7! weight ( ?is import
 9 #aijg be+ #b1bgd tons72 9  %ort1 all 
! articles mo/ 9 dem& among ! ,italian  
emigrants4 ,wov5  fabrics atta9$ a value
 ( #ibg1heg4    ,f> bel[ ! c\ntries     
already nam$1 ) an am\nt ( produce less 
?an half t import$ by ,france1 comes    
,belgium 7#b1eej1fgd 9 #aijh72  !n      
,brazil 7#a1deg1ahi71 & ,spa9           
7#a1gbc1fbb74 ,belgium s5ds  pr9cipally 
metallurgical products2 ,spa9 h] w9es & 
oils & salt4  ,brazil s5ds only a doz5  
or s ( products2 ! mo/ important be+    
c(fee1 tobacco1 & especially ! y]ba mat2
 a h]b analog\s to tea1  & us$ z a      
bev]age 9 ! c\ntry di/ricts4 ,brazil &  
,p>aguay1  :i* supply x to ! ,arg5t9e1  
s5t #a1jdf1ahc wor? ( ! h]b 9  #aijh4   
,! table giv5 bel[ %[s :at are !        
pr9cipal products import$ by  ! ,arg5t9e
 ,republic1 & %[ ! consid]able increase 

:i* has  tak5 place 9 all bran*es (     
importation3----                        
#aijf4        #aijg4        #aijh4      
#aiji4                                  
7#a/ six mon?s7      ,alim5t>y products 
#c1ecb1eji   #d1ahc1ahg   #d1gji1hai    
#b1bbf1jec    ,bev]ages                 
#b1ceh1hjh    #b1ebf1gdh    #b1fee1ief  
#a1aee1ife    ,textile mat]ials &       
fabrics  #aj1hbf1jjh    #i1dff1fch      
#i1ihb1bfg    #e1ghg1jgf    ,m9]al oils1
 & *emical         & ph>maceutical      
#c1jib1gff    #c1bed1fec    #d1jdh1age  
#b1agd1hga      products                
,woods1 furniture1 etc4                 
#a1abb1ddd    #a1bgb1jjh    #a1bfb1egc  
#gbh1agh    ,iron1 ma*9es1 mat]ials1    
implem5ts1 ut5sils1 etc4   #f1ihh1dfa   
#f1fcb1bbh    #f1jae1jig    #c1dja1iab  
,coal & o!r m9]al produce  #d1ahb1afj   
#d1abf1iaj    #d1igi1hci    #b1bbi1bbd  
,v>i\s products#ge                      
#ba1hij1idf   #be1gji1gfc   #bj1ifj1hbj 
#aj1edd1bgb                             
--------------------                    

--------------------                    
--------------------                    
--------------------    ,totals         
#ec1iid1ajb   #eg1agb1ace   #ed1eid1edf 
#bh1ejg1cea                             
,footnote #ge3 ,"u ?is head+ ( v>i\s    
products are includ$ railway            
mat]ial----rails1 *airs1 locomotives1   
etc4----to ! value ( #d1fgb1dhf  9      
#aije1 #g1jaa1jgb 9 #aijf1 #aj1dfd1aej 9
 #aijg1 #f1jae1jig 9 #aijh1  &          
#c1dja1iab dur+ ! fir/ six mon?s (      
#aiji4 ,build+ mat]ials  am\nt$ 9 value 
to #d1djj1cci 9 #aijf1 #d1fjd1jgh 9     
#aijg1 #d1bcf1dhe  9 #aijh1 & #b1dib1bgf
 9 ! fir/ half ( #aiji4    ,we see f ?is
 table t ! ,arg5t9e relies on =eign     
imports =  ! great] numb] ( metallic1   
*emical1 & textile products1 & ev5  = a 
great _m food-/uffs4 ,an ess5tially     
agricultural nation1 %e has  n z yet    
develop$ h] indu/rial equipm5t1 nor has 
%e be5 able to  und]take ! trans=mation 
( ! raw mat]ials at h] disposal into    
manufactur$ products4 ,! developm5t ( h]

 agriculture is ! object  :i* has hi!rto
 absorb$ all ! initiative & all !       
capital ( !  c\ntry4    ,x is ?is       
dep5d5ce ^u =eign c\ntries = s _m       
articles (  prime necessity t makes !   
co/ ( liv+ 9 ! ,arg5t9e s high4  ,all ^!
 articles h to pay cu/oms dues v>y+ f #e
 to #ej p]  c5t4 ad valorem2 dues :i*   
/ill fur!r increase ! exagg]at$         
valuations ( ! ,cu/oms ,adm9i/ration4   
,on ! o!r h&1 ^! imports are by no means
 s dec5tralis$ z  ! exports2 !y are     
br\ght z ne> z possible to ! c5tres (   
consumption1 s t !y %all n be =c$ to pay
 fre% freight dues  9 ! int]ior4 ,!     
,cu/oms ,h\se ( ,bu5os ,ayres h&les #hdi
 p] c5t4  ( ! imports2 ,ros>io #ib p]   
c5t42 ,la ,plata #ai p] c5t41 & ,bahia  
,blanca #h p] c5t4 ,z we see by ^!      
figures1 ! ,f$]al ,capital  almo/       
monopolises ! imports1 :5ce arises its  
disproportionate  developm5t z comp>$ ) 
! re/ ( ! c\ntry4                       
,,exports    ,"h is ! table ( ! exports 
( ! la/ ?ree ye>s1 arrang$  accord+ to  

_! de/9ation1 9 ord] ( importance3----  
,,de/9ation4          #aijf             
#aijg         #aijh         #aiji       
7#a/ six mon?s7    ,great ,brita9#gf    
#h1fdd1hjg   #aj1gdc1bcj   #ae1fdd1idd  
#aj1bjg1fec    ,france                  
#g1aeb1fga    #g1eeb1dji    #e1ghb1gej  
#d1gfa1ead    ,g]many                   
#g1hhc1dci    #g1bhd1faa    #f1iej1cii  
#d1bhj1ebc    ,belgium                  
#e1abd1bgi    #e1iah1dbf    #g1aee1fcg  
#e1eca1jae    ,brazil                   
#b1cgh1bfc    #b1hjc1fhf    #c1jai1aae  
#a1gbi1hbd    ,unit$ ,/ates             
#b1fff1dbb    #b1ahh1jhg    #b1fjd1fdg  
#b1daa1dfj    ,italy                    
#a1cha1bbe    #a1jdc1hic    #a1eha1ega  
#a1ejh1hae    ,holl&                    
#eie1jdg      #hcd1hah    #a1jei1icd    
#fbc1fcd    ,spa9                       
#ead1eae      #chg1aba      #eai1ibj    
#bdh1hbc    ,*ili                       
#bgg1ajg      #cgj1acc      #cjg1eja    
#big1jah    ,s\? ,africa                
#gia1fjf      #cjc1aah      #agb1jhh    

#bd1ffb    ,uruguay                     
#a1jjf1hhj      #bge1cbh      #aed1hia  
#aab1cbi    ,cuba                       
#di1dgh      #add1hif       #eg1hia     
#db1jdf    ,bolivia                     
#fe1gai      #aba1faj      #aah1gde     
#ge1faf    ,p>aguay                     
#da1jjc       #cf1ecj       #db1gcc     
#ag1aff    ,o!r de/9ations     #gee1cbd 
#eih1gdj      #iba1jha      #gib1bda    
,%ipm5ts to ord]  #ai1abb1idi           
#ai1beb1hia   #bg1jhe1aai   #ag1gaj1deg 
--------------------                    
--------------------                    
--------------------                    
--------------------                    
#eh1dej1gff   #ei1bdj1hgd   #gc1bja1jfh 
#ej1ced1fhh                             
,footnote #gf3 ,x %\ld p]haps be expla9$
 t ! totals are  correctly conv]t$ f !  
,arg5t9e values1 b are n ! exact  sums (
 ! columns ( figures1 z ^! latt] are =  
economy ( space  pr9t$ )\t ! foll[+     
decimals t result f conv]sion4 ,!  error
 9 any "o case is inf9itesimal----f     

#a_/ajj? to #a_/ajjj? ( #a p]           
c5t4----,,trans4    ,9 ! matt] ( exports
 ! fir/ place is aga9 held by ,engl&1 ) 
an exportation ( #ae1ffd1idd 9 #aijh z  
aga9/ #aj1gdc1bcj 9 #aijg1 an  increase 
( #d1dba1gad4    ,engl& is ! ,arg5t9e's 
l>ge/ cli5t 9 ! matt] ( agricultural    
produce1 tak+ #af p] c5t4 ( ! :ole am\nt
 export$4 ,9 #aijg %e  sp5t #c1gci1eji  
on *ill$ meats2 #a1hdc1ied on           
c]eals----:eat1 maize1  & l9se$2        
#a1bab1dga on wools2 #aic1hcd on butt]1 
& #cgi1haj on  %eepsk9s & c[hides1 dri$ 
& salt$4 ,au/ralia also imports :eat  & 
maize f ! ,arg5t9e4#gg    ,footnote #gg3
 ,^! figures are = #aijg except :]e     
o!rwise  /at$4----,,trans4    ,! export 
trade to ,engl& is /ill capable ( a f>  
great] expansion1  if ,engl& w only     
det]m9e to all[ cattle on ! ho( to be   
import$  once m2 an import %e d5i$      
h]self "s ye>s ago1 on acc\nt (  an?rax1
 & "o :i* ! ,arg5t9e is eag]ly begg+ h] 
to resume1  "u prop] sanit>y            
regulations4    ,x is ,engl& :i* has    

hi!rto pres]v$ ! close/ balance betwe5  
h] exports to & imports f ! ,arg5t9e1 & 
no o!r c\ntry  has s f> be5 able to ou/ 
h] f h] dom9ant position 9 !  ,arg5t9e  
=eign trade4 ,f ?is we see t ! ties :i* 
unite !  two c\ntries h no?+ factiti\s  
ab\t !m2 a fact :i* is /ill  fur!r      
emphasis$ by ! /ati/ics ( ,engli%       
capital employ$ 9 !  ,arg5t9e4          
,g]many holds ! second place1 ) h]      
#f1iej1cii ( imports f  ! ,arg5t9e 79   
#aijh3 #g1bhd1faa 9 #aijg74 ,aft]       
,engl&1 %e is !  greate/ consum] (      
,arg5t9e wool2 ! exports ( ?is product 9
 #aijg  am\nt$ 9 value to #b1hdf1bac4   
,o!r articles absorb$ by ,g]many are    
hides 7to ! value ( #a1jde1dag71 & c]eal
 products----:eat1 maize1  l9se$1&      
bran----7to ! value ( #a1jac1dbf74 ,!   
,g]man imports f  ! ,arg5t9e d n1 h[ev]1
 include cattle or *ill$ meats4         
,france1 up to #ahgf1 occupi$ ! fir/    
place on ! scale ( ,arg5t9e  exports4   
,to-day h] imports f ! ,arg5t9e am\nt to
 #e1ghb1gej  only 7#aijh71 or ne>ly     

#aj1jjj1jjj less ?an ! ,engli% imports  
79  #aijg !y am\nt$ to #g1eeb1dji74 ,h] 
pur*ases 9 ! ,arg5t9e are  conf9$ to a v
 few products1 ( :i* ! *iefe/ is wool1 !
 value  ( ! export 9 #aijg be+          
#d1ijh1eaj1 or a little less ?an half ! 
entire ,arg5t9e production4 ,!n come    
hides1 to ! value ( #a1ejh1gfd2  !n     
l9se$1 maize1 & :eat to ! value (       
#cji1ief1 #cbb1dgc1 &  #bga1dhh         
respectively1 ! :ole imports f !        
,arg5t9e 9 #aijg be+  #g1eeb1dai4    ,! 
,fr5* sy/em ( ,protection has s f> /ood 
9 ! way ( !  trade 9 ,arg5t9e c]eals1 & 
has absolutely prohibit$ ! entry (      
animals or *ill$ meat4 ,! int]e/s ( !   
,fr5* agriculturali/s &  cattle-bre$]s h
 hi!rto come be=e ! int]e/ ( ! consum]1 
:i* is to obta9 ! products necess>y to  
life 9 ! *eape/ m>ket4  ,b ov]tures are 
be+ made1 by ! common agreem5t ( bo?    
c\ntries1  :i* may ev5tually op5 ! ,fr5*
 m>ket to ,arg5t9e meats1 9 return  =   
c]ta9 concessions grant$ to ,france1    
relative to ! exportation (  h] own     

products----h] w9e1 silks1 wov5 fabrics1
 etc4    ,! m>k$ & progressive decad5ce 
( ! ,franco-,arg5t9e trade ought  to    
rivet ! att5tion ( ,fr5* capitali/s &   
/atesm54 ,hi!rto  num]\s ties h connect$
 ,france & ! ,arg5t9e4 ,! fundam5tal    
code & ! legislative sy/em ( ! ,s\?     
,am]ican ,republic h be5  impregnat$ by 
! _s ( lib]ty1 equality & frat]nity     
proclaim$  by ! ,fr5* ,revolution4 ,!   
,arg5t9e m9d is f$ ^u ,fr5*  ?\ght1     
sci5ce1 & lit]ature4 ,x is n[1 h[ev]1 to
 be se5 t  ! intellectual influ5ce (    
,france is los+ gr\nd1 z well z h]      
comm]cial influ5ce1 z to-day ! s5se (   
national frat]nity is bas$  ^u solid>ity
 ( int]e/4    ,n[ ! decad5ce ( ,fr5*    
trade ) ! ,arg5t9e is truly al>m+4  ,if 
we consult ! publications ( ! ,national 
,dep>tm5t ( ,/ati/ics1  we f9d1 =       
in/ance1 t 9 ! ?irty-"o ye>s f #ahgf to 
#aijg  ! ,g]man exports to ! ,arg5t9e h 
increas$ by #bdej p] c5t42  ! ,belgian1 
by #ajjb p] c5t42 ^? f ! ,unit$ ,/ates  
by #ahih p]  c5t42 ,italian exports by  

#ijg p] c5t42 ,engli% by #iib p] c5t42 b
  ,fr5* exports h increas$ only by #bjd 
p] c5t4    ,comp>$ ) o!r nations1       
,france has lea/ be5 able to hold h] own
  9 ! matt] ( trade ) ! ,arg5t9e4 ,9    
#ahgf ! importations f  ,france =m$ #bcb
 p] c5t4 ( ! total imports2 :ile 9 #aijh
 !y  =m$ only #ii p] c5t4 ( ! totals1   
mak+ a proportional dim9ution  ( #acc p]
 c5t4 9 ?irty-two ye>s4 ,our imports f  
,engl&1  h[ev]1 :i* 9 #ahgf 7 #bdi p]   
c5t4 ( ! total1 _h increas$ to  #cd p]  
c5t4 by #aijh2 repres5t+ a proportional 
increase ( #i p] c5t4    ,we are ?us    
ju/ifi$ 9 conclud+ t all our ef=ts to   
develop  ! curr5t ( ,franco-,arg5t9e    
ex*ange w contribute p[]fully to  =tify 
! influ5ce ( ,france1 & ! s5se (        
confrat]nity betwe5  ! two ,lat9        
nations4    ,! causes ( ! decay ( !     
,fr5* trade h be5 recapitulat$ 9 an     
(ficial docum5t despat*$ 9 #aijd by !   
,fr5* ,*amb] ( ,comm]ce 9  ,bu5os ,ayres
 to ! ,m9i/] ( ,comm]ce4           99   
99       99       99       99    ,^!    

causes may be summ>is$ z foll[s3        
#a4 ,! exagg]at$ duties to :i* _m ( our 
products are      subject$ on ent]+ !   
,arg5t9e4        #b4 ,! competition (   
local indu/ry ) ! imports (      c]ta9  
products4        #c4 ,! de>ness ( lab\r 
9 ,france1 & ! consequ5t co/      (     
manufacture1 :i* 9 _m cases no long]    
p]mits u to      /ruggle aga9/ our      
competitors4#gh        #d4 ,!           
imp]fection ( our equipm5t = mak+ c]ta9 
articles4        #e4 ,! p]si/5ce ( our  
manufactur]s 9 disreg>d+ !      ta/es ( 
_! cli5tle4        #f4 ,! insuffici5cy (
 ! cr$it grant$ by ,fr5*                
manufactur]s & m]*ants z comp>$ ) ^? (  
o!r      compet+ c\ntries4        #g4 ,!
 frequ5t lack ( te*nical k on ! "p (    
=eign comm]cial travell]s2 a lack :i*   
almo/ always      prev5ts !m f b5efit+ z
 !y %\ld f direct      contact ) _!     
cu/om]s4        #h4 ,f9ally1 9 ! matt] (
 navigation1 ! exp5sive      "* ( our   
vessels1 & ! result+ de>ness (          
freight4#gi    ,footnote #gh3 ,! case ( 

,france is especially int]e/+1 because  
h] t5d5cy is t[>ds self-suffici5cy----! 
rev]se ( ! policy (  ne>ly all o!r      
c\ntries4    ,footnote #gi3 ,see        
,rapport  ,m4 le ,m9i/re du ,comm]ce sur
 les causes  de la dim9ution du comm]ce 
franaise dans la ,rpublique ,arg5t9e1   
#aijd4    ,belgium imports "s #e1iah1dbf
 wor? ( produce f ! ,arg5t9e            
7#g1aee1fcg 9 #aijh74 ,%e receives mu* !
 same articles z ,g]many3  #a1def1aif   
wor? ( wool1 & #b1bhe1agd wor? ( c]eals1
 ( :i*  #a1eea1bbh goes = :eat4 ,we f9d 
a new item figur+ 9 ! ,belgian          
imports----extract ( beef----to ! value 
( #agc1hhe2 ?is extract is made  by     
,kemm]i*s1 ! rivals ( ,liebigs1 :o      
manufacture _! extract on  ! ,uruguay4  
,( late ye>s ! ,arg5t9e has ga9$ a new  
cli5t----,s\? ,africa4  ,dur+ ! ,bo] w> 
an ext5sive export trade sprang up1 9   
live animals1  *ill$ meats1 & c]eals1 & 
?is trade has be5 ma9ta9$4 ,! value  ( !
 exports to ,s\? ,africa 9 #aijh 0      
#agb1jhh 7#cjc1dah 9 #aijg47    ,brazil 

also imports alim5t>y products f !      
,arg5t9e3 c]eals1  & especially :eat &  
fl\r4 ,! value ( ! exports to ,brazil  9
 #aijh 0 #c1jai1aae4 ,betwe5 ! two      
pr9cipal c\ntries ( ,s\?                
,am]ica----,brazil & !                  
,arg5t9e----economic relations are      
promot$ by  conv5i5ce2 ,brazil furni%+ !
 produce ( its prosp]\s & v>i$  =ms (   
agriculture----c(fee1 y]ba mat1 tobacco1
 etc4----9 ex*ange =  ,arg5t9e c]eals & 
cattle4    ,9 ,nor? ,am]ica1 on !       
contr>y1 ! ,arg5t9e f9ds few outlets =  
its products1 z ! two c\ntries h almo/ !
 same products4 ,!  exports to ! ,unit$ 
,/ates 7 #b1ahh1jhg 9 value 9 #aijg2    
#b1fjd1fdg  9 #aijh2 consi/+ almo/      
entirely ( hides1 wool1 & extract (     
quebra*o = tann+2 :ile1 z we h se51 !   
exports ( ! ,unit$  ,/ates to ! ,arg5t9e
 rea* ! value ( #g1ajj1jjj4    ,!       
,arg5t9e ,gov]nm5t has giv5 mu* ?\ght to
 ! disadvantages (  ?is comm]cial       
situation2 x has s\ght means to rem$y x1
 b s f>  has adopt$ no practical        

measures4 ,x has also endeav\r$ to      
conclude a  comm]cial agreem5t )        
,brazil1 b )\t success1 because 9 ,s\?  
,am]ican /ates que/ions (               
race-antagonism (t5 give rise to !      
grave/ problems4 ,?is fact also expla9s 
:y ! attempts to e/abli% a  comm]cial   
treaty h s f> fail$4    ,9 8 la/        
message1 h[ev]1 ! ,presid5t ( !         
,republic admitt$  t negotiations 7 9   
progress ) a view to op5+ up new m>kets 
& to increase ! mutual trade ( !        
,arg5t9e & o!r c\ntries4 ,he  ev5       
ann\nc$ t a comm]cial treaty ) ,*ili 0  
almo/ complet$4  ,on ! o!r h&1 z        
arbitration treaties h j be5 conclud$ ) 
,brazil & ! ,unit$ ,/ates1 we may inf] t
 ^! c\ntries are n  sy/ematically oppos$
 to any und]/&+ ) ! ,arg5t9e4           
99       99       99       99       99  
,hold+ positions f> inf]ior to ! =ego+  
c\ntries are3 ,italy1  :i* 9 #aijh      
receiv$ #a1eha1ega wor? ( ,arg5t9e      
products1  pr9cipally maize & hides2    
,holl& receiv+ #a1jei1cid wor? (        

imports1 compris+ l9se$ & c]eals 7maize 
& :eat72 ,uruguay1  import+ live-/ock1  
meat1 sug>1 hides1 etc41 to ! value (   
#aed1hia  9 #aijg 7#bge1cbh 9 #aijh72   
,spa91 import+ maize1 hides1 & fats to  
! value ( #chg1aba 9 #aijg 7#eai1ibj 9  
#aijh72 & ,*ili1 import+  ,arg5t9e      
produce to ! value ( #cgj1acc 9 #aijg   
7#cjg1eja 9 #aijh71  consi/+ entirely ( 
cattle & mules4    ,f9ally we mu/ m5tion
 ,au/ro-,hung>y1 al?\gh t c\ntry has v  
little comm]cial contact ) ! ,arg5t9e4  
,! imports f ,au/ria  & ,hung>y am\nt to
 "s #ejj1jjj or #fjj1jjj 7#egh1icb 9    
#aijg1  #feh1gjj 9 #aijh71 & ! ,arg5t9e 
exports1 pr9cipally :eat1 am\nt$  to a  
value ( #aej1cie 9 #aijg1 & #bad1bbg 9  
#aijh4    ,"o dep>tm5t ( ! =eign trade (
 ! ,arg5t9e _c be  precisely classifi$2 
namely1 t ( ! products :i* are load$ on 
vessels :i* make seaw>ds1 & ^? :i*1 com+
 f ! riv]  cu/om-h\ses1 are transport$  
to ,bu5os ,ayres1 !re to be tran%ipp$  =
 =eign c\ntries4 ,! value ( su* exports 
0 #ai1beb1hia1 9  #aijg1 & #bg1jhe1aai 9

 #aijh4 ,?is sum includes ! value       
7#ah1fed1aec  9 #aijg7 ( agricultural   
products1 :eat & maize1 despat*$ to ord]
  b )\t exact de/9ation1 :e!r to ,sa9t  
,v9c5t 9 ! ,cape ,v]de  ,isl&s1 ,las    
,palmas 9 ! ,can>ies1 or ,falm\? 9      
,engl&4    ,! foll[+ table %[s1 9 ! ord]
 ( _! importance1 ! products  export$ by
 ! ,arg5t9e dur+ ! ?ree ye>s #aijf-aijh 
& ! fir/  six mon?s ( #aiji1 s t we may 
see at a glance :at bran*es (           
production h mo/ rapidly increas$3      
#aijf4         #aijg4         #aijh4    
#aiji4                                  
7#a/ six mon?s7    ,products (          
,/ock-rais+   #bd1hbg1cig   #bd1gfd1jda 
#bc1jbc1fia   #af1bac1ecc    ,products (
 ,agriculture#hj   #ca1ecj1ich          
#cb1hah1cbd    #dh1cce1dcb              
#cb1ihf1dcj    ,=e/al products          
#a1ahd1cgb     #a1jfh1dga     #a1bfi1ddg
       #gid1ggb    ,v>i\s               
#ijh1afh       #eij1jcg       #bgb1dig  
#cei1ieb                                
-----------   -----------   ----------- 

-----------                 ,totals     
#eh1dej1hge   #ei1bdj1hgc   #gb1iba1jfg 
#ej1ced1fhg                             
-----------   -----------   ----------- 
-----------    ,footnote #hj3 ,!        
agricultural exports = #aijf wore       
s5sibly l[] ?an  ^? ( #aije1 on acc\nt (
 a decrease ( #c1hfd1cib 9 ! exports (  
:eat4    ,we see t agricultural products
 7 responsible = ! enorm\s  increase 9 !
 trade /ati/ics ( #aijh4 ,!y repres5t$  
#ff p] c5t4  ( ! total exports1 & _h    
increas$ ne>ly #ej p] c5t4 9 "o ye>4  ,!
 products ( /ock-rais+ h n increas$2 on 
! contr>y1 !re  is a fall+ (f ( m ?an   
#e1jjj1jjj betwe5 #aije & #aijh1 ! value
  9 #aije be+ #bh1bjh1eig4    ,we see f 
! prec$+ data h[ greatly agriculture has
 develop$  9 ! ,arg5t9e dur+ ! la/ few  
ye>s4 ,to realise precisely h[  great   
?is developm5t has be51 we ne$ only     
recall ! fact t !  exportation ( corn is
 n[ #aj1jjj times great] ?an x 0 ?irty  
ye>s  ago3 maize has increas$ by #hjj p]
 c5t42 fodd]1 by #hj p] c5t43  l9se$1 by

 #gj1jjj p] c5t42 fl\r m ?an #fjj p]    
c5t4#ha ,^!  figures %[ h[ rapid ! gr[? 
( ! ,arg5t9e has be51 & :at  progress   
has be5 realis$ 9 spite ( tempor>y      
crises4    ,footnote #ha3 ,latz9a1 "w   
already cit$1 p4 #eaj4    ,if we n[     
consid] ! progress ( ext]nal trade1 n f 
ye> to  ye> & 9 detail b z a :ole1 & ov]
 a l>ge p]iod1 we c no  long] d\bt t ?is
 trade is de/9$ to accompli% /ill great]
  developm5t4 ,importation too1 ! field 
= :i* is some:at re/rict$1  may also    
realise a great] progress z ! population
 increases4 ,aga91  once ! ,arg5t9e     
develops h] indu/ries ) great] en]gy1 x 
is  only natural t l>g] quantities ( raw
 mat]ial w be import$1 to  be trans=m$  
into manufactur$ articles4    ,z = !    
increase ( exports1 we h only to turn to
 ! data already  giv5 conc]n+ ! annual  
increase 9 ! area ( s[n l&1 & !         
importance ( ^? l&s :i* h yet to rea* _!
 true value1  b w d s z soon z ! /ream (
 immigration supplies !m )  settl]s &   
coloni/s4    ,moreov]1 ! creation ( a   

network ( economical light railways1 & !
  op5+ ( new ports on ! great riv]s1 w  
give ! export trade new  facilities1 :i*
 w naturally result 9 an increas$ trade4
    ,9 ! fir/ edition ( ?is book we     
rem>k$ t !re 0 /ill an  unkn[n factor 9 
! future ( ! =eign trade ( ! ,arg5t9e4  
,n[ !re is1 9 ! ,presid5tial ,message1  
an allusion to ! ev5tual  t]m9ation ( ! 
comm]cial treaties ) ! pr9cipal nations1
 )  ! int5tion ( suppress+ ! 8mo/ fav\r$
 nation0 clause1 & (  op5+ up direct    
negotiations4    ,v =tunately ?is       
measure has _h no practical consequ5ces1
 = !  revision ( treaties is a delicate 
piece ( "w = a nation ess5tially        
tribut>y to ! =eign]1 if "o wi%es to    
avoid ! risk ( provok+  reactions :i*   
might compromise ! results already      
obta9$4    ,?is 8mo/ fav\r$ nation0     
clause1 :i* ! ,republic ins]ts 9 all its
  treaties1 has1 = ! re/1 by no means   
imp$$ ! enorm\s expansion  ( ! ,arg5t9e 
export trade :i* we h already not$4 ,we 
mu/  conclude t ! t]m9ation ( comm]cial 

treaties1 ) ! object  ( effac+ ?is      
clause1 has become1 ev5 9 ! case (      
di/+ui%$  /atesm51 a cont9ual obsession1
 al?\gh x is ju/ifi$ by no decisive     
argum5t1 & might well expose ! c\ntry to
 dang]\s vicissitudes4#hb    ,footnote  
#hb3 ,"o may ) pr(it consult a notable  
report on ,la  clause de la nation la   
plus favorises1 pres5t$ to ! ,m9i/] (   
,agriculture by ! ,divisional ,*ief1    
,ri*>d ,pillado4    ,on c]ta9 po9ts1    
h[ev]1 ! cu/oms laws ( ! ,republic might
 well  be revis$ 9 su* a way z to       
/imulate =eign trade4    ,?us ) reg>d to
 ,france (ficial negotiations h already 
be5  op5$1 ) ! object ( af=d+ ! ,arg5t9e
 c]ta9 facilities  9 ! introduction ( h]
 *ill$ meats2 :ile 9 return ,fr5* w9es  
& wov5 fabrics1 etc41 7 to be giv5 a    
pref]5tial treatm5t4 ,j  z ! basis ( ?is
 arrangem5t appe>s1 we h z yet no reason
 to  suppose t x w be ratifi$ by ! two  
nations conc]n$1 or t x  w soon be put  
into execution4    ,tak+ a m g5]al po9t 
( view1 we are oblig$ to admit t if     

,fr5* comm]ce1 & especially ,fr5*       
indu/ry1 h n won ! place  :i* %\ld be   
!irs 9 ! ,arg5t9e ,republic1 :5 we      
consid] !  magnitude ( ,arg5t9e         
exportation to ,france1 x is because    
,fr5* m5  ( bus9ess & manufactur]s h    
/>t$ f a false pr9ciple1 f  ^:          
consequ5ces !y & ! ,arg5t9e are /ill    
suff]+4 ,in/ead  ( foll[+ up ! rapid    
evolution ( ! ,arg5t9e1 ! ,fr5* h       
p]si/$ 9 reg>d+ x1 f af> (f1 z a nation 
sc>cely yet op5  to civilisation &      
progress4 ,!y us$ to seek to get rid (  
rema9d]s1  old-fa%ion$ articles1 &      
out-(-date equipm5ts 9 ! ,arg5t9e1  z !y
 d to-day 9 ,*9a & ,africa4 ,su*        
railways z are built )  ,fr5* mat]ial   
are an example ( ?is practice2 _!       
in/allation  left mu* to be desir$1 & x 
is only lately t !y h made "s  ef=ts to 
support comp>ison ) o!r l9es4    ,!     
,engli%1 ,g]mans1 & ,am]icans ( ! ,/ates
 7 bett] advis$4  ,hav+ /udi$ ) great]  
c>e ! c\ntry & its t5d5cies1 !y  7 able 
to initiate x into ! pa?s ( mat]ial     

progress4 ,^?  railways :i* 7 built by  
,engli% contractors or companies are    
models  ( p]fect adaptation to ! ne$s ( 
! c\ntry4 ,! equipm5t ( !  tramways1    
furni%$ by ! ,unit$ ,/ates1 may be      
comp>$ ) t (  ! pr9cipal capitals (     
,europe4 ,9 ! matt] ( electric light+ ! 
great ,g]man companies h in/all$ ! be/  
,g]man plant4    ,! same obs]vations may
 be made ( a l>ge numb] ( o!r products  
import$ f abroad4 ,!re is no?+ bett] 9 !
 ,unit$ ,/ates 9 !  matt] ( agricultural
 equipm5t ?an t possess$ by ! ,arg5t9e2 
z  = /ock-rais+1 we h only to rememb] t 
x is to ,s\? ,am]ica  t ,engl& s5ds h]  
be/ bulls1 rams1 & /allions4    ,b f ^! 
rem>ks x mu/ n be conclud$ t ! ,arg5t9e 
has b\ght too de>ly ! glory ( an        
equipm5t :i* is mod]n z  comp>$ ) t ( ! 
old ,european nations4 ,( late ye>s x is
  r ! rev]se t has be5 true4 ,! lead+   
indu/rial c\ntries1  be+ anxi\s to sell 
(f _! /ock on acc\nt ( an almo/ g5]al   
ov]-production1 h be5 propell$ t[>ds !  
m>kets ( exportation  9 ord] to get rid 

( _! surplus4 ,f ?is has result$ a      
competition f :i* ! ,arg5t9e has 9 _m   
cases pr(it$1 by  obta9+ indu/rial      
products "u p>ticul>ly advantage\s      
conditions4  ,su* has be5 ! case 9 !    
matt]1 = example1 ( rails2 ! ,g]man     
trade (f]$ !m at #d1 #afs4 p] ton1 at a 
"t :5 ! ,european  prices 7 consid]ably 
high]2 ,g]many1 h[ev]1 0 supplant$ by ! 
factories ( ! ,unit$ ,/ates1 :i* suppli$
 !m at #b1 #hs4 p] ton4  ,?is is an     
application ( ! new economic process    
kn[n z dump+1  :i* consi/s 9 develop+   
production z f> z possible1 9 ord]  to  
l[] ! net co/ ( production1 & !n to sell
 at ?is net co/  price1 9 =eign m>kets1 
all t ! produc+ c\ntry fails to absorb4 
,all ! nations we h cit$ are ! actual   
consum]s ( ,arg5t9e  products2 b x is to
 be hop$ t yet o!r m>kets w be op5$1    
attract$ by ! abundance & ! quality ( ^!
 products4    ,among ^! c\ntries dispos$
 to trade ) ! ,arg5t9e we mu/  m5tion ! 
,japanese ,empire1 :i* is endeav\r+ to  
develop its trade  ^u a reciprocal      

basis1 & has s5t a commission (         
delegates to ,bu5os  ,ayres1 :o 7       
in/ruct$ to obta9 complete & practical  
data z to  ! possibility ( e/abli%+ a   
mutual trade ) ! "y ,s\?  ,am]ican      
nation4    ,! ,japanese commission]s h  
accompli%$ _! trade ) ! e>ne/           
application *>act]i/ic ( _! c\ntrym51 & 
aft] /udy+ !  "q = m ?an a ye> !y h     
arriv$ at ! conclusion t  _m ,arg5t9e   
products1 & among !m wools1 hides1 &    
fl\r1 might  f9d an ext5sive outlet 9   
,japan2 b only if import$ free f !      
exp5ses impos$ by ! ,european middleman4
    ,pursu+ _! inve/igations1 !         
,japanese ,commission]s discov]$  t !   
great difficulty 9 ! way ( a direct     
trade betwe5 !  ,arg5t9e & ,japan       
consi/s 9 ! fact t !re is no direct l9e 
( /eam]s2 b ?is ob/acle might be ov]come
 by an arrangem5t )  !                  
,toyo-,yus5-,kai%a ,company1 :i* w\ld   
e/abli% a direct s]vice to  ,bu5os      
,ayres via ,cape ,t[n 9 =ty-five days2  
at pres5t ! voyage  takes sev5ty days4  

,?is arrangem5t w\ld lead to a r$uction 
( #ge p]  c5t4 on ! freights4           
,flatt]+1 h[ev]1 z ! prospects ( ?is new
 m>ket may seem1  !re is "o item 9 !    
plan ( ! ,japanese ,gov]nm5t :i* gives  
rise to consid]able reflection on ! "p (
 our ,arg5t9e /atesm53  namely1 !       
proposal to introduce ,japanese         
agricultural immigrants into  !         
,arg5t9e2 t is1 immigrants ^: pres5ce   
w\ld 9 _m ways  be inconv5i5t2 aga9/ ^: 
pres5ce ! ,unit$ ,/ates & o!r  c\ntries 
h react$1 & ^: v pres5ce 9 ! ,arg5t9e   
w\ld be  contr>y to ! s5se ( ! ,arg5t9e 
,con/itution1 :i* imposes ^u  ,congress 
! duty ( enc\rag+ ,european immigration4
    ,9 conclud+ ?is /udy ( ! =eign trade
 ( ! ,arg5t9e ,republic  & its rem>kable
 developm5t1 we _c d bett] ?an quote !  
en?usia/ic words by :i* an ,arg5t9e     
/atesman t]m9at$ a /udy (  ! same "q1   
?us summ>is+ all ! v>i\s elem5ts :i*    
concur  9 ! developm5t ( ! comm]cial    
activity ( ! nation3    8,despite !     
scanty population1 & ! small proportion 

( our  agricultural res\rces :i* has z  
yet be5 exploit$1 ! production  ( !     
,arg5t9e is consid]able4 ,! h]ds graz+ 9
 our pa/ures %[  ! /ate ( progress :i*  
/ock-rais+ has atta9$2 ! h>ve/s  :i*    
cov] ! pla9s ( ,santa ,f & ,bu5os ,ayres
 h made ! "n  ( ! ,arg5t9e ,republic    
kn[n on ! m>kets ( ,europe z t ( a      
fl\ri%+ agricultural c\ntry2 sug>1 !    
product ( ! cane-fields  ( ,tucuman1 has
 enri*$ t ,prov9ce & ! national indu/ry1
 &  v %ortly ! v9es gr[n 9 ! valleys ( !
 old ,prov9ce ( ,cuyo  w a*ieve a yet   
wid] developm5t1 & w give /ill m        
abundant  v9tages4    8,! smoke-/acks ( 
manufactur]s ov]look _m ( ! cities ( !  
,republic1 & c]ta9 native products are  
n[ be+ trans=m$1 z raw  mat]ial1 into   
f9i%$ articles by ! nation's lab\r4     
,indu/ries bas$  ^u ! vitality ( our    
production1 & support$ by ! public p[]s 
solely 9 a rational & equitable degree1 
are develop+ !mselves  )\t be+ =c$ to   
resort to ! exagg]at$ & always mi/ak5   
assi/ance ( an excessive protectionism4 

,9 %ort1 our =eign trade1  ^u ^: promis+
 results we h already comm5t$1 w 9 its  
turn  =tify ! economic organism1 :i* is 
! basis ( ! welf>e & !  p[] (           
nations40#hc    ,footnote #hc3 ,see     
,memoria del ,dep>tam5to de ,haci5da1 by
 ,t4 ,m4 ,rosa1  #ahii1 vol4 i41 p4     
#agj4                             ,,!   
,,comm]cial ,,balance    ,9 a c\ntry l !
 ,arg5t9e1 :i* has no accumulat$        
res]ves1 &  has n become ! cr$itor (    
=eign c\ntries by inve/+ its capital    
abroad1 a fav\rable comm]cial balance 7t
 is to say1 ! realisation  ( an excess (
 exports ov] imports7 is a matt] (      
consid]able  importance4 ,n[ ?is excess 
0 #ah1fjj1jjj 9 #aijh2 a record1 if we  
omit  #aije1 :i* proves cle>ly t !      
,arg5t9e has ent]$ ^u a p]iod  (        
exceptional prosp]ity f ! economic po9t 
( view4    ,to und]/& ! full            
significance ( ?is comm]cial balance1 we
 mu/  be> 9 m9d ! f9ancial situation ( !
 ,arg5t9e1 :i* has a  =eign debt (      
#gd1bjj1jjj1 dem&+ a ye>ly int]e/ (     

#c1ijg1bjj1  payable1 ( c\rse1 9 gold4  
,9 ord]1 !n1 t ! c\ntry may be able  to 
keep its engagem5ts1 ! total value ( its
 exports mu/ cov] !  am\nt due on !     
ye>'s imports & mu/ also cov] ! int]e/  
to be  paid on ! =eign debt1 ! divid5ds 
e>n$ by ! railway companies1  etc41 & ! 
exp5ses ( m>itime transport4    ,all t  
we h consid]$ up to ! pres5t %[s t !    
productive  capacity ( ! ,arg5t9e is    
limit$ to ! results ( agriculture &     
/ock-rais+4 ,) ! exception ( ^! two     
elem5ts we may say  t ! c\ntry produces 
no?+1 trans=ms no?+4 ,indu/ry is z  yet 
9 its infancy2 int]nal trade is         
undevelop$2 ! m]cantile  m>9e is ( no   
importance4 ,= ?is reason ! ,arg5t9e mu/
 p]=ce  employ ! results ( its          
agricultural exportation 9 procur+ :at  
x lacks----objects ( prime necessity1 or
 raw mat]ials ( all k9ds4  ,we c ?us    
und]/& :at an influ5ce a *ange = ! worse
 9 !  comm]cial balance may ex]cise on !
 de/9ies ( ! c\ntry4 ,if !re  is a bad  
h>ve/ ! deficit mu/ someh[ be made up2 &

 z ,arg5t9a  has n z yet sav$ en\gh     
capital to all[ h] to live on h] own    
res]ve funds1 x is at su* times t a loan
 becomes necess>y4    ,?us ea* bad h>ve/
 helps to increase ! =eign debt1 to say 
no?+  ( ! f9ancial di/urbances :i* x may
 create4    ,x may be ask$ :y1 aft] a   
c]ta9 numb] ( ye>s ( abundant  h>ve/s1 !
 ,arg5t9e has n z yet e/abli%$ ?is      
f9ancial  res]ve1 :i* w\ld s]ve to less5
 ! bl[ ( a bad agricultural ye>1  &     
comp5sate ! defici5t exportation ( a ye>
 ( lean cattle4 ,!  answ] w be f\nd 9 ! 
figures :i* we pr9t fur!r on1 relat+  to
 ! am\nt ( =eign capital inve/$ 9 !     
,arg5t9e2 9 ,gov]nm5t  bonds1 %>es 9    
railway companies1 or o!r und]tak+s1    
public or  private4 ,accord+ to our     
e/imate1 ?is sum am\nts approximately to
  #cag1bjj1jjj1 repres5t+ an annual dra9
 ( #ah1djj1jjj 9 ! %ape (  int]e/1      
divid5ds1 or r$emption money4 ,?is is   
assur$ly ! outlet  by :i* mu* ( !       
c\ntry's sav+s escape1 = we may truly   
say t  ! ,arg5t9e1 :i* is 9 a s5se s mu*

 int]national t]ritory1 works  m = o!r  
c\ntries ?an = itself4    ,aga91 z we   
%all see1 ?is exodus ( capital takes    
place also by o!r  means2 notably by !  
emigration ( ^? natives or =eign]s :o   
leave ! ,arg5t9e to settle 9 ,europe4 ,x
 is n r>e1 among ,arg5t9e  families1 to 
see c]ta9 memb]s1 hav+ made _! =tunes1  
emigrate to  enjoy _! incomes "u o!r    
skies4 ,?is applies yet m frequ5tly  to 
=eign]s4 ,! ,italian1 = example 7& m    
,italians come to !  ,arg5t9e ?an       
natives ( any o!r c\ntry71 ! ,italian is
 giv5 to  trans=m+ 8 sav+s into money ( 
8 own c\ntry2 ei!r ) a  view to return+1
 or because he _c on ! spot f9d security
 or  facility = ! accumulation ( p]sonal
 prop]ty4    ,s at ! pres5t "t !re are  
two di/9ct movem5ts ( capital2 two      
movem5ts ( contr>y direction &          
absolutely di/9ct4 ,fir/ly1 money  fl[s 
into ! c\ntry 9 paym5t ( exports2       
secondly1 money fl[s  out ( ! c\ntry 9  
paym5t ( imports2 & also 9 consid]ation 
(  =eign capital inve/$ 9 ! ,arg5t9e4 ,f

 ^! two movem5ts1  9 times ( prosp]ity1 
a ?ird movem5t arises2 a movem5t :i*    
br+s =eign capital into ! ,arg5t9e1 :]e 
x f9ds employm5t 9  important und]tak+s1
 due to ,gov]nm5tal or to private       
initiative4 ,b  al?\gh ?is influx (     
capital may mean fur!r national         
progress1 x  does n p]man5tly affect !  
comm]cial balance ( ! c\ntry1 z !       
rev5ue d]iv+ f x b5efits ! =eign]4      
,:atev] po9t ( view we assume1 we mu/   
always arrive at ! same  conclusion2 t !
 :ole economic life ( ! ,republic dep5ds
 ^u its  agricultural exports2 its      
comm]cial balance has no o!r            
c\nt]-weight  to help x to ov]come !    
burd5 ( debts contract$ abroad by !     
importation ( m]*&ise or ( capital4 ,=  
t5 ye>s n[ ! s5se (  ?is comm]cial      
balance has be5 con/antly 9 fav\r ( !   
exports1  & !re has ev5 be5 a rem>kable 
progress1 sc>cely int]rupt$ at  critical
 mom5ts4 ,b t5 ye>s is only a brief     
p]iod 9 ! life ( a  p2 & h[ev] fav\rable
 ! future outlook may appe>1 we mu/     

always be prep>$ = a possible deficit1 =
 a m9us balance1 z !  result ( a bad    
h>ve/ or "s grave political crisis4 ,^!1
 9 a  c\ntry )\t res]ves ( capital1 are 
cont+5cies ( :i* we mu/  nev] lose      
sight1 & :i* =ce u to express our       
appreciation ( !  f9ancial or economic  
sy/em ( ! ,arg5t9e ) a c]ta9 res]ve4    
,,*apt] ,,ii                         ,,!
 ,,great ,,arg5t9e ,,indu/ries    ,!    
pr9cipal indu/ries ( ! c\ntry are relat$
 to agriculture      & cattle-bre$+4    
,,sug>-,,plant+1 ,,boil+1               
etc4----,capital engag$----,tucuman !   
*ief      c5tre----,production &        
exportation----,! sug> crisis----,!     
,ros>io ,ref9]y4    ,,fl\r ,,export     
,,trade----,capital inve/$----,equipm5t1
 /eam fl\r-mills1                       
gra9-elevators----,production &         
exportation4    ,,refrig]ation----,at   
pres5t ! *ief indu/ry ( !               
c\ntry----,numb]      (                 
e/abli%m5ts----,table ( exports ( froz5 
& *ill$      meats----,capital          

inve/$----,developm5t ( ! indu/ry4      
,,dairy ,,indu/ries----,! l>ge          
e/abli%m5ts devot+ !mselves      to ^!  
indu/ries----,butt]2 *eese----,exports (
 butt]2 !      developm5t ( :i* ! dairy 
indu/ries are capable4                  
,,brew]ies----,*ief                     
e/abli%m5ts----,production & consumption
 ( be]      dur+ ! ye>s                 
#aijb-aijg----,suppression ( imports (  
=eign      be]4                         
,,spirits----,decreas$ production (     
spirits4    ,,looms1                    
,,tann]ies----,weav+ & tann+ are        
indu/ries :i*      at pres5t exi/ 9 !   
,arg5t9e only 9 a rudim5t>y             
condition1 despite ! conditions :i* are 
fav\rable to _!      developm5t4        
,,quebra*o ,,wood----,! c5tre (         
production----,applications----,companie
s      engag$ 9 ! indu/ry----,_!        
results----,value ( ! products      & ! 
l>ge pr(its to be expect$4    ,,timb]   
,,trade----,v>ieties ( timb] & h>d      
woods4    ,,fi%]ies----,fir/ results (  

?is indu/ry4      ,! indu/ry ( !        
,arg5t9e ,republic is m or less         
indep5d5t ^u  its agriculture &         
/ock-rais+1 :i* contribute ! raw        
mat]ials =  ! manufacture ( v>i\s       
alim5t>y products4 ,among ^? indu/ries  
:i* are ?us dep5d5t on ! produce ( !    
soil we mu/ m5tion1  z ! m important1   
sug>-boil+1 fl\r-mill+1 ! *ill$-meat    
indu/ry1 ! mak+ ( butt]1 *eese1 & oil1  
brew+1 & di/ill+4    ,besides ^!        
indu/ries1 ! majority ( :i* are fl\ri%+ 
&  suffice = ! ne$s ( ! c\ntry1 we mu/  
m5tion o!rs :i*  are /ill 9 a rudim5t>y 
/ate1 b :i* seem to h an assur$  future1
 on acc\nt ( ! abundance ( raw mat]ial2 
namely1 ! weav+  ( wooll5 & cotton      
fabrics1 & ! prep>ation ( lea!rs4 ,we   
%all !re=e h occasion to rem>k ^u !     
conditions ( _!  developm5t4    ,sug>   
,factories4----,! sug> indu/ry has      
fairly remote antec$5ts 9  ! ,arg5t9e4  
,dr ,latz9a traces x back to ! ,jesuits2
 ! inv5tory (  _! goods1 drawn up at !  
"t ( _! expulsion 9 #agfg1 prov+ !      

exi/5ce ( a field ( cane & a sug>-mill4 
,despite its respectable antiquity1 !   
sug> indu/ry only began to be  (        
significance t[>ds ! middle ( ! n9ete5? 
c5tury1 at :i*  "t x 0 e/abli%$ 9       
,tucuman1 ^: soil appe>$ to be fav\rable
  to ! cultivation ( ! cane4 ,s9ce !n x 
has develop$ gradually1  b x is only    
dur+ ! la/ t5 ye>s t x has spread to any
  consid]able ext5t4    ,we h giv5 !    
details ( ?is developm5t1 toge!r )      
figures1 9  ! *apt] deal+ ) ! indu/rial 
bran*es ( agriculture1 9 :i*  we spoke (
 ! laws affect+ ?is indu/ry4    ,to-day 
! numb] ( sug>-mills or factories is    
?irty-"o2 !y belong  to limit$ companies
 or to private p]sons1 & repres5t a     
total capital  ( #d1bbd1jjj1 to :i* sum 
we mu/ add ano!r ( #b1fdj1jjj z !  value
 ( "s #afj1bjj acres plant$ ) cane1 at !
 rate ( #af to  #ag p] acre1 & #cfi1fjj 
z ! value ( ! ,ros>io ,ref9]y2 :i*      
gives u a total ( #g1bcc1fjj inve/$ 9   
?is indu/ry4 ,! l>ge/  und]tak+s us$ to 
be 9 ! h&s ( ,seor ,tornqui/ & ,m4      

,hilairet1  n[ bo? deceas$1 to :om !    
c\ntry is indebt$ = ! great progress    
effect$ 9 ?is indu/ry4    ,to sum up !  
position ( ?is indu/ry1 we mu/ recall ! 
fact t !  area ( ,arg5t9e soil plant$ ) 
sug>-cane at ! end ( #aijg 0  #agb1ijj  
acres1 :i* yield$ an av]age crop ( #abd 
tons ( cane p]  acre1 & produc$ ab\t    
#acj1jjj tons ( sug>4    ,! sug> indu/ry
 has be5 develop$ 9 ?is c\ntry1 z 9 s _m
  o!rs1 by ! sy/em ( export b\nties or  
premiums1 :i* has s9ce  be5 suppress$4  
,tw5ty ye>s ago ! ,arg5t9e _h to import 
ne>ly all  h] sug> f ,europe----m ?an   
#ajj1jjj tons p] annum----:ile to-day %e
  produces f> m ?an %e c consume1 & has 
to export ! surplus (  h] production4   
,al?\gh ! progress accompli%$ 0 s rapid1
 x 0 n effect$  )\t c]ta9 misund]/&+s1  
caus$ by excessive production4 ,at  !   
end ( ! sug> crisis ( #ahif-g1 :i*      
occasion$ ! clos+ (  a numb] (          
factories1 attempts 7 made to regulate !
 indu/ry1 at  ! in/ance ( ! lead+ mak]s4
 ,to-day !re is a syndicate :i*         

regulates production )9 ! limits (      
exportation & production1 &  s]ves z a  
sales ag5cy = all ! factories4    ,!    
sug> indu/ry ( ,tucuman has ! advantage 
z "p ( its equipm5t  ! ,ros>io ref9]y1  
:i* receives ! raw sug> ( ,tucuman &    
subjects x to ! v>i\s processes (       
cry/allisation & blea*+4  ,its output   
dur+ ! agricultural ye> #aijf-g 0       
#ajg1fba1hjj lb4 (  ref9$ sug>2 dur+ !  
ye> #aijg-aijh x 0 #abj1eeb1bbj lb4     
,fl\r-mill+4----,fl\r-mill+ has _h mu* !
 same hi/ory z !  sug> indu/ry4 ,al?\gh 
! indu/ry 0 e/abli%$ 9 ! ,arg5t9e  z    
e>ly z ! sixte5? c5tury1 x has only be5 
prop]ly develop$  dur+ ! la/ tw5ty ye>s4
 ,be=e ?is p]iod ! ,arg5t9e 0  suppli$  
p>tly f ,*ili1 z its p[] ( production _h
 n kept  pace ) its population4 ,to-day 
! situation has be5 completely          
trans=m$1 s9ce ! enorm\s developm5t (   
agriculture2 n only does  ! fl\r produc$
 suffice = ! c\ntry1 b s9ce #ahgh an    
export  trade has sprung up1 am\nt+ to  
#ci1jjj tons 9 #aijb1 #gb1jjj 9 #aijc1  

#ajg1jjj 9 #aijd1 #add1gjj 9 #aije1     
#abi1jjj 9 #aijf1 & #abg1jjj 9 #aijg4   
,brazil is ! ,arg5t9e's be/ cu/om] =    
fl\r1 hav+ import$ #hd1jjj  tons 9      
#aijd1 #ajc1jjj 9 #aije1 #aad1jjj 9     
#aijf1 & #aah1cjj 9 #aijg4    ,great    
,brita9 0 ! second-be/ cu/om] = fl\r1   
hav+ import$  #ad1hjj tons 9 #aijd1     
#bd1djj 9 #aije1 #edjj 9 #aijf1 & #abjj 
9 #aijg2  to-day ! exportation is       
negligible4    ,x is e/imat$ t !re are  
#fjj or #gjj fl\r-mills 9 ! ,arg5t9e1   
repres5t+ a capital ( f #b1bjj1jjj to   
#b1fdj1jjj4 ,bu5os ,ayres  has two1 :i* 
h be5 lately in/all$ on ,am]ican models4
 ,!y are  situat$ on l& belong+ to      
,mad]o ,h>b\r1 & comprise a f9e &       
p[]ful equipm5t1 ) gra9-elevators1      
silos1 & gran>ies4 ,"o  is ! prop]ty ( !
 ,belgian ,/eam ,fl\r-mills ,company1 & 
has a  capacity ( f #ab1jjj to #ad1jjj  
tons4 ,! o!r1 ) a capacity (  #hj1jjj   
tons1 0 built by ! ef=ts ( two great    
railway companies1 !  ,bu5os-,ayres     
,ros>io & ! ,c5tral ,arg5t9e4 ,we h se5 

t no less  important in/allations are   
%ortly to be built at ,ros>io1 by !     
,fr5*  company :i* holds ! h>b\r        
concession4    ,! ,refrig]at+           
,indu/ry4----,among all ! ,arg5t9e      
indu/ries !  mo/ important is t ( *ill+ 
or freez+ meat & o!r food/uffs4  ,x is  
gradually replac+1 9 ! export m>kets1 ! 
salt meat or  salad]os indu/ry1 :i*     
=m]ly 0 ! only indu/ry 9 !  c\ntry      
dep5d5t ^u /ock-rais+4 ,! latt] indu/ry 
is c>ri$ on  pr9cipally 9 ,bu5os ,ayres1
 ,santa ,f1 ,entre ,rios1 & ,corri5ts4  
,! pr9cipal refrig]at+ e/abli%m5ts are !
 foll[+3----    ,! ,sans95a ,froz5 ,meat
 ,co41 ) a capital ( #fjj1jjj1 & !      
w>eh\ses kn[n z ,la ,negra1 at ,bu5os   
,ayres & ,bahia ,blanca1 9 !  qu>t] kn[n
 z ,cuatr]os4    ,! ,riv] ,plate ,fre%  
,meat ,co41 ) a capital ( #dec1fjj1 ^:  
w>eh\ses are 9 ! ,prov9ce ( ,bu5os      
,ayres4    ,! ,palmas ,produce ,co41 :i*
 is a compon5t "p ( ,james ,nelson      
,co41 & has a capital ( #ejj1jjj1       
exploits ! di/rict ( ,campana4    ,la   

,blanca1 ) a capital ( #cjj1jjj1        
e/abli%$ at ,bu5os ,ayres4    ,! ,plata 
,cold ,/orage ,co41 ) a capital (       
#djc1hje1 situat$ at ,la  ,plata4       
,rec5tly ano!r refrig]at+ e/abli%m5t has
 be5 inaugurat$ at  ,z>ate1 ! prop]ty ( 
! ,smi?field & ,arg5t9e ,meat ,co41 ) a 
me*anical equipm5t all[+ #aej bullocks &
 #fjj %eep to be kill$ p]  diem4 ,its   
capital is #bjj1jjj4    ,to ?is li/ we  
may add ! ,kemm]i* ,products ,co41 :i*  
manufactures  extracts ( beef4 ,its     
capital is #dhj1jjj1 & x is e/abli%$ at 
,santa  ,el5a1 9 ! ,prov9ce ( ,entre    
,rios4 ,?is company owns #bgjj squ>e    
miles  ( l&1 #cdj1jjj cattle1 #bj1jjj   
horses1 & #ej1jjj %eep4    ,! exports ( 
! refrig]at+ e/abli%m5ts = ! la/ sev5   
ye>s  are giv5 9 ! foll[+ table1 :i* %[s
 ! enorm\s increase 9  ! export ( qu>t]s
 ( beef dur+ ! la/ few ye>s4            
,exports ( ,froz5 ,meat 7#aija-aijh74   
----------------------------------------
----------------------------------------
----------------------------------------

--                                      
#aija                  #aijb            
#aijc                  #aijd            
#aije                                   
----------------------------------------
----------------------------------------
-------------------------------------   
,:ole    ,qu>t]s    ,:ole    ,qu>t]s    
,:ole    ,qu>t]s    ,:ole    ,qu>t]s    
,:ole      ,qu>t]s ( ,beef              
,%eep     ( ,beef    ,%eep    ( ,beef   
,%eep     ( ,beef    ,%eep     ( ,beef  
,%eep   --------------------            
,froz5   ,*ill$                         
----------------------------------------
----------------------------------------
------------------------------------    
,sans95a ,froz5 ,meats ,co4             
#ihe1bid   #aeg1gdj  #a1bhi1fbh         
#cjd1ajh  #a1jgb1bdh   #bia1fba         
#a1bjg1hja    #bdb1idj  #a1jjb1adf      
#ccb1cjb   #ei1ece     ,riv] ,plate     
,fre% ,meat ,co4               #ibg1fdh 
#agj1abc  #a1abj1bfc   #cja1hha         
#a1jjj1efb   #cgj1ffc    #hee1jci       

#cce1acf    #fhj1hcf    #bjd1dcf        
#agd1bdb     ,las ,palmas ,produce ,co4 
#hji1ghe   #agj1eab  #a1jai1cca         
#bbd1bbd  #a1jie1fgh   #bia1bff         
#a1jef1iif    #cab1hgj    #hfg1hcb      
#ccg1fdj   #bi1jii     ,la ,blanca      
#bac1aab    #db1eac    #dbd1dhf         
#agh1gji    #bdd1bii    #agg1dgj        
#ch1djh     ,! ,la ,plata ,cold ,/orage 
,co4                                    
#abi1def    #adj1cdc    #cfi1bii        
#cej1jif  #ajj1dbc     ,! ,smi?field &  
,arg5t9e ,meat ,co4                     
#cc1hcj     #cj1cjj   #bd1cjd     ,rio  
,seco                                   
#fg1bdh                         ,!      
,frigorifique ,uruguay5ne               
#if1hdf     #ad1hgf              ,!     
,frigorifique ,arg5t9e                  
#abf1hhb     #fd1fja                    
----------------------------------------
----------------------------------------
------------------------------------    
#b1gbb1gbg   #dic1cge  #c1dbi1bbb       
#hcj1bac  #c1cha1fjj   #iif1jbc         

#c1fgc1ggh  #a1bji1iih  #c1dhi1bah      
#a1eaa1fca  #dcf1jjb                    
----------------------------------------
----------------------------------------
------------------------------------    
----------------------------------------
----------------------------------------
----------------------                  
#aijf                              #aijg
                              #aijh     
----------------------------------------
----------------------------------------
----------------                        
,:ole    ,qu>t]s   ,qu>t]s    ,:ole     
,qu>t]s   ,qu>t]s    ,:ole    ,qu>t]s   
,qu>t]s                                 
,%eep     ( ,beef    ( ,beef    ,%eep   
( ,beef    ( ,beef    ,%eep     ( ,beef 
( ,beef                                 
,froz5     ,*ill$              ,froz5   
,*ill$              ,froz5     ,*ill$   
----------------------------------------
----------------------------------------
----------------    ,sans95a ,froz5     
,meats ,co4               #ggc1bdc      

#cjj1fje    #fg1iif    #hab1fbd         
#bcg1hba    #ce1hhb  #a1jeh1hfb         
#bfc1hcb    #fe1dig     ,riv] ,plate    
,fre% ,meat ,co4               #eec1ehi 
#bdi1jga   #afc1fbd    #dai1ahf         
#bba1jji   #abh1cei    #dgf1efi         
#bfc1fgc   #ahe1bid     ,las ,palmas    
,produce ,co4                   #ffd1hfj
    #cbj1jfd    #cb1egj    #ffi1cbe     
#bee1gig    #bh1fbg    #fdh1igd         
#bef1iah    #eh1dfh     ,la ,blanca     
#aai1cgj    #aia1bid    #fh1aac         
#ea1aci    #ahe1ceb   #ajf1ida          
#abf1dhb    #bjj1bed   #aeh1icf     ,!  
,la ,plata ,cold ,/orage ,co4           
#ded1hgi    #bde1jde    #hd1dgf         
#ecg1dea    #bjg1edh    #ii1abi         
#cag1beb    #bei1jgc   #bah1jhc     ,!  
,smi?field & ,arg5t9e ,meat ,co4        
#ad1agb    #aaj1egi    #ch1gje          
#cd1fgi    #aah1jda    #dj1fge          
#cb1che    #acf1jji    #ha1cjb     ,rio 
,seco                                   
#ajd1jdg                                
#bfa1cce    #aja1gib                    

#acd1eie                          ,!    
,frigorifique ,uruguay5ne               
#fc1caa     #ag1eba                     
#adb1jgj     #gf1dge                    
#acg1hec     #gf1jfb               ,!   
,frigorifique ,arg5t9e                  
#beb1iah    #adf1daj                    
#abd1hij                                
#dje1cec    #abc1adb    #ba1gfh     ,san
 ,gregorio                              
#acc1hce                                
----------------------------------------
----------------------------------------
----------------                        
#c1jjj1chi  #a1ehj1ehi   #dee1dei       
#c1jeb1fii  #d1djc1hce   #dci1fac       
#c1fgb1ahb  #a1egi1afc   #ghi1cdh       
----------------------------------------
----------------------------------------
----------------    ,! capital inve/$ 9 
! refrig]at+ indu/ry1 includ+ bo? %>e   
capital & loans1 is e/imat$ at          
#d1ddi1hbe4 ,! pr(its obta9able  may be 
judg$ by ! divid5ds paid by ! mo/       
important ( !  refrig]at+ companies3 !  

,sans95a ,froz5 ,meats ,co41 9 #aijb1   
paid #ej  p] c5t4 out ( ! exceptional   
pr(its realis$ by ! sale ( cattle  9    
,s\? ,africa dur+ ! ,bo] w>4 ,s9ce !n ! 
divid5ds ( ?is  company h fall5 to #aj  
p] c5t4    ,ano!r cause ( ! developm5t (
 ?is indu/ry is ! clos+ (  ,engli% ports
 aga9/ c>goes ( live cattle1 = fe> (    
an?rax4 ,x is  by ! help ( ?is          
prohibition t ! refrig]at+ companies h  
conqu]$ ! ,engli% m>ket1 :i* to-day     
takes up ! great] "p (  our froz5 meat1 
z be=e x took our cattle4 ,/eps h ( late
 be5  tak5 ) a view to re-op5+ ! ports  
"u a pl$ge ( sanit>y  measures2 b no?+  
decisive has be5 done1 on acc\nt ( !    
prote/s  ( ,engli% cattle-bre$]s1 & also
 ( ! refrig]at+ companies1 mo/  ( :i* h 
be5 creat$ by ,engli% capital4    ,!    
,dairy ,indu/ry4----,among ! indu/ries  
connect$ )  cattle-bre$+ !re is "o :i*1 
)\t hav+ ! same importance  z ! indu/ry 
dealt ) above1 has yet a c]ta9 m>g9 (   
developm5t4 ,?is is ! dairy indu/ry1 )  
its d]ivatives1 butt] &  *eese-mak+4    

,! ,arg5t9e bre$]s hav+ import$ excell5t
 ,durham or ,dut*  mil*-c[s1 ! dairy    
produce is ( ! f9e/ quality4    ,l>ge   
e/abli%m5ts1 ( :i* "o1 ,la ,m>tona1     
belongs to a private  company1 h be5    
in/all$ = ! purpose ( supply+ ! city (  
,bu5os ,ayres ) milk4 ,x is e/imat$ t ! 
daily sale at !  c\nt]s ( ,la ,m>tona   
am\nts to #aj1jjj glasses2 ! sales ( ,la
  ,m>9a am\nt to #fjjj1 & ( ,la ,granja 
,blanca to #aj1jjj glasses4  ,all ^!    
approximate figures ref] to ! summ]     
only1 & ! sales  across ! c\nt] by !    
litre1 = family consumption1 & ! h\se   
to h\se di/ribution1 are n includ$ 9 ^! 
figures4 ,besides !  above e/abli%m5ts  
!re are _m c[-keep]s 9 ! city1 z well z 
dairym5 :o receive _! milk by rail4     
,z = butt] & *eese1 x 0 e/imat$ at ! "t 
( ! c5sus (  #ahie t !re 7 #ceg         
e/abli%m5ts devot$ to ?is indu/ry4 ,9 ! 
matt] ( butt] ! ,arg5t9e does m ?an     
suffice to itself----?\gh  t5 ye>s ago  
?is 0 n ! case----b to-day x exports    
consid]able  quantities to ,engl&1      

,brazil1 & ,s\? ,africa4    ,to give !  
read] "s idea ( ! dim5sions :i* !       
butt]-mak+  indu/ry may atta9 9 !       
future1 we ne$ only cite ! foll[+       
data3----    ,accord+ to ! national     
c5sus ( #ahie !re 7 #bb1jjj1jjj cattle 9
  ! ,arg5t9e ,republic1 ( :i* only      
#a1bjj1jjj figur$ z mil* c[s2  ! value (
 ! latt] be+ n less ?an #ad1jjj1jjj4    
,butt]-mak+  & *eese-mak+ 7 v re/rict$  
indu/ries1 especially ! =m]1  & !       
/ati/ics ( #ahie m5tion an export ( only
 #ejj tons4 ,b !  impulse 0 already     
giv52 & ! comb9$ ef=ts ( agriculturali/s
  & cattle-bre$]s1 direct$ t[>ds !      
improvem5t ( ! bov9e  species1 7 ab\t to
 give an extraord9>y impetus to !       
butt]-mak+  indu/ry4 ,let u see h[ !    
situation has improv$ betwe5 #ahie1 !   
"t ( ! la/ national c5sus1 & #aijh1 !   
ye> 9 :i* !  agricultural & pa/oral     
c5sus 0 tak54    ,?is latt] inv5tory has
 %[n t 9 #aijh ! ,arg5t9e ,republic     
conta9$ #bi1aai1fbe head ( cattle1 ( :i*
 #b1afc1ijj 7 mil*  c[s & #ab1hbe1ijd 7 

c[s employ$ = bre$+ purposes4 ,t is1    
consid]+ ! mil* c[s only1 we d n f9d a v
 extraord9>y  increase s9ce #ahie1      
al?\gh all agricultural & pa/oral       
indu/ries  h und]gone su* a rem>kable   
developm5t4 ,x is extremely probable1   
h[ev]1 t a c]ta9 numb] ( mil* c[s are   
c\nt$ among ! c[s  employ$ = bre$+      
purposes1 z ! latt] d produce milk1 :e!r
  = consumption on ! f>m or = comm]cial 
purposes4 ,"h are !  figures ( !        
exportation ( butt] f #ahie to          
#aijh3----      ,ye>4    ,numb] ( ,tons 
,export$4    ,value4    #ahie           
#did              #bd1gbj    #ahif      
#ijc               #de1afj    #ahig     
#fjj               #bi1ihj    #ahih     
#ibg               #df1cbj    #ahii     
#a1agi               #eh1ihj    #aijj   
#a1jef               #eb1gdj    #aija   
#a1eaj               #ge1ejj      ,ye>4 
,numb] ( ,tons ,export$4    ,value4     
#aijb             #d1abe                
#bec1ehj    #aijc             #e1cej    
#dbf1ehj    #aijd             #g1dei    

#dbc1efj    #aije             #e1cic    
#dca1dfj    #aijf             #d1dje    
#ceb1djj    #aijg             #c1jce    
#bdb1hjj    #aijh             #c1eej    
#bhd1jjj    ,^! figures are suffici5tly 
satisfactory1 b !y are f> f  repres5t+ !
 possibilities ( ! future1 :5 !         
improvem5t (  bre$s & ! e/abli%m5ts (   
new cream]ies w p]mit ( !  manufacture (
 butt] on a f> l>g] scale4    ,among !  
pres5t /ock ( #cj1jjj1jjj cattle !re    
ought to be a  proportion ( at lea/ #de 
p] c5t4 ( mil* c[s1 or #ab millions2 at 
! v lea/ #h millions4 ,c\nt+ ^u a daily 
yield ( #agf p9ts (  milk p] c[1 valu$1 
9 its orig9al /ate or 9 ! =m ( butt] or 
*eese1 at #b;d4 p] litre1 or #aacf;d4 p]
 p9t1 we obta9 a sum ( #fd1jjj  p] diem1
 or #bc1jjj1jjj p] annum4    ,b ^!      
calculations are purely !oretical4 ,"o  
?+1 h[ev]1 we c  say to ! cr$it ( !     
c\ntry1 & t is t its dairy indu/ry  is  
admirably adapt$ to ! requirem5ts ( a   
great city su* z ,bu5os  ,ayres1 :i* mu/
 p]=ce obta9 t ess5tial alim5t1 milk1 "u

 !  mo/ fav\rable conditions ( price &  
quality4 ,an extremely p]fect  equipm5t 
enables ! indu/ry to utilise its        
by-products4 ,! problem is  n :e!r !    
,arg5t9e c produce su* a quantity (     
butt]1 b to  :om x c sell x1 = 9 ,am]ica
 ,brazil is its only cu/om]1 :ile 9     
,europe x has to /ruggle aga9/ !        
competition ( su* c\ntries z  ,france or
 ,switz]l&1 :i* c\ntries x w\ld be      
difficult to displace4    ,z = *eese1 we
 quote only f memory2 its production is 
practically  limit$ by local            
requirem5ts4 ,! mo/ important e/abli%m5t
 9 ?is  l9e is t belong+ to ,seores ,a4 
,r4 ,luro1 on _! e/ate1 ,san  ,pascual  
del ,moro4 ,"h ! 8moro0 *eese is made1  
an imitation ( !  ,roman *eese1 :i* is  
consum$ 9 l>ge quantities by ! ,italian 
colony4    ,brew]ies4----,al?\gh n      
directly dep5d5t ^u ! produce ( !  soil1
 s9ce ! c\ntry produces no hops1 &1 v   
little b>ley1  we w nev]!less m5tion !  
indu/ry ( brew+1 z "o :i* is  at pres5t 
9 a prosp]\s condition4 ,x is und]tak5  

by a numb] (  limit$ liability          
companies1 ( :i* ! mo/ important1 due to
 !  initiative ( ,m4 ,bemburg1 is !     
,brass]ie ,arg5t9e de ,quilmes1 a  ,fr5*
 company ) a capital ( #cfj1jjj1 :i*    
brews ab\t #c1ifj1jjj  gallons ( !      
#h1cfj1jjj gallons consum$ by ! nation4 
,next1 ) a mu* small] output1 comes !   
,bieck]t ,company1 ) a  capital (       
#cfb1hhj1 & an output 79 #aijd7 (       
#a1cdi1cij gallons2 !  ,c]vec]ia        
,pal]mo1 ) a capital ( #acb1jjj1 & an   
output (  #a1bfd1fij gallons2 ! ,rio    
,segundo1 9 ! ,prov9ce ( ,crdoba1 ) a   
capital ( #hj1jjj1 & an output (        
#dbc1haj gallons2 & ! ,fabrica          
,nacional de ,c]veza1 ) a capital (     
#abj1jjj1 & an output (  #edj1edj       
gallons4    ,"h are ! /ati/ics (        
production & consumption = ! la/ six    
ye>s ( ! ?irty-two ,arg5t9e             
brew]ies3----      ,ye>4     ,production
    ,consumption               7p9ts74  
7p9ts74    #aijb      #di1jif1bce       
#df1icc1ebj    #aijc      #eg1jdc1bgb   

#ef1cfj1cej    #aijd      #fe1ffc1hbd   
#fe1jgg1ech    #aije      #id1bfd1fcg   
#hf1hcc1bad    #aijf     #aac1ifg1dgh   
#aac1hih1gid    #aijg     #abc1djd1fic  
#aae1gdf1heg             -----------    
-----------             #ejc1ddj1aci    
#dhd1hej1bgc             -----------    
-----------    ,! national product has  
won a complete victory ov] ! =eign      
article1  ! importation ( :i* is n[     
negligible2 & x has also popul>is$  !   
liquid de> to ,cambr9us1 :i* t5 ye>s ago
 0 /ill a luxury4  ,"o c only regret t  
agriculture1 ^: developm5t has ( late   
be5  s enorm\s1 has n z yet lib]at$ !   
brew]y f ! necessity  ( go+ to ! =eign] 
= 8 malt1 a product ( b>ley :i* is  !   
pr9cipal raw mat]ial ( be]4 ,hi!rto1    
accord+ to ,girola1 !  native b>leys h  
be5 v little us$1 z !y are n appreciat$ 
z  !y des]ve to be2 & ! gr[]s1 on ! o!r 
h&1 h n tak5  suffici5t pa9s to produce 
a good brew]'s b>ley4 ,we mu/ hope t    
?is situation w soon be *ang$1 & t m    
pa9s w be tak5 9  ! numb]less f]tile    

valleys ( ! ,arg5t9e 9 ! gr[+ ( b>ley  &
 its improvem5t4    ,spirits4----,!     
production ( alcohol1 unlike t ( o!r    
indu/rial  products1 is rapidly         
decreas+4 ,9 #aijg only #c1hbc1ccf      
gallons 7  produc$1 :ile 9 #ahig !      
production 0 ne>ly #f1fjj1jjj gallons4  
,b  we mu/ n =get t ! duty1 :i* 0       
orig9ally #g c5tavos p]  litre 7#fgb;d4 
p] gallon71 0 9 #ahih increas$ to #a    
pia/re p] litre1  or #hs4 p] gallon2    
ne>ly five times ! prime co/ ( !        
spirits4    ,weav+4----,9 conclud+ ?is  
sket* ( ! *ief indu/ries ( !  c\ntry :i*
 are connect$ ei!r ) agriculture or     
/ock-rais+1 x  is n out ( place to speak
 ( ^? :i*1 al?\gh s f> sc>cely          
develop$1 may d bett] 9 "t "u fav\r+    
circum/ances4    ,) ! developm5t (      
cotton-plant+ & a pl5tiful supply (     
wool1  x seems t a l>ge numb] ( looms   
might be pr(itably e/abli%$  & op]at$ 9 
! ,arg5t9e4 ,b hi!rto ?is indu/ry1 (    
prime  importance ?\gh x be1 has be5    
held 9 *eck by ! exp5se ( !  necess>y   

ma*9]y & ( coal1 :i* has to be import$ f
 abroad1  & ! sc>city ( lab\r4          
,tann+4----,?is indu/ry too1 ought 9 "t 
to occupy a place ( f>  great]          
importance ?an x does n[2 = ! raw       
mat]ials----hides &  quebra*o1 ! be/ (  
tann+ m$ia1 are pres5t 9 abundance4 ,to 
und]/& ! /ation>y condition ( ?is       
indu/ry we mu/ rememb]  t x w\ld require
 a consid]able sp>e capital1 z ! hides h
 to  rema9 9 ! vats = sev]al mon?s1 dur+
 :i* "t ! tann] has  ne$ ( capital at l[
 t]ms ( int]e/1 :i* up to ! pres5t "t   
has n be5 available 9 ! ,arg5t9e4       
,quebra*o ,wood4----,consid]+ its future
 prospects1 we mu/ give a  special place
 to ! indu/ry :i* exploits quebra*o     
timb]2 conv]t+  ! balks into railway    
sleep]s1 or extract+ _! tann94    ,r$   
quebra*o is f\nd scatt]$ pr(usely ?r\gh 
! hundr$s ( squ>e  leagues ( ! c\ntry   
kn[n z ! ,*aco1 :i* is situat$ betwe5   
#bd  & #bh ( s\? latitude1 & #ei & #fd (
 we/ longitude1 & also  9 ! ,prov9ces ( 
,santa ,f1 ,santiago de l',e/]o &       

,corri5ts4 ,!  ,*aco quebra*o is sup]ior
 to t ( ,santiago1 :i* has ! mis=tune   
to gr[ 9 nitr\s alkal9e soil1 :]e !     
trees d n rea* any  consid]able         
dim5sions4 ,! ,tucuman product is good1 
z x gr[s 9 a  damp soil1 :5 x gr[s well 
& is full ( sap4 ,be/ ( all is ! r$     
quebra*o ( ,*aco2 x is ! ri*e/ 9 tannic 
products2 accord+ to an  analysis made 9
 ! ,unit$ ,/ates1 x conta9s #cj p] c5t4 
( tann91  :ile ! ,santa ,f product      
conta9s less ?an #bf p] c5t4    ,al?\gh 
quebra*o wood is absolutely imp]vi\s to 
rot1 & may ?us  be us$ 9 build+1 =      
piles1 quays1 sleep]s1 etc41 x is       
exploit$  m especially = ! production ( 
tann91 z m pr(it is made by  s treat+ x4
 ,a sleep] requires a good-siz$ log1    
consid]able "t1  & mu* lab\r1 to say    
no?+ ( ! loss ( wood2 :ile ! quebra*o   
extract may be obta9$ f logs ( any size4
 ,to-day ! value ( a  sleep]1 load$ on !
 track1 is wor? #fs4 #b;d41 :ile ?ree   
times z  mu* may be made by extract+ !  
tann94 ,= ?is reason ! pr9cipal         

companies engag$ 9 ! quebra*o trade h   
ab&on$ ! manufacture  ( sleep]s1 s t    
c]ta9 railway companies----! ,bu5os     
,ayres ,we/]n1  = example----h _h to    
cont5t !mselves ) iron sleep]s4         
,until q lately quebra*o wood 0 sawn    
into l>ge r\nd or squ>$  balks1 :i* 7 !n
 s5t abroad1 *iefly to ,g]many1 :]e !   
tann9  0 extract$4 ,dur+ ! five ye>s1   
#ahii-aijc1 #a1jdd1jjj tons ( logs  7   
export$2 9 #aijc1 #bjj1bja tons2 9      
#aijd1 #beb1gbc tons2 9 #aije1  #bhe1hig
 tons2 9 #aijf1 #bcj1jjj tons2 9 #aijg1 
#bdf1ead tons2 & dur+  ! fir/ six mon?s 
( #aijh1 #abg1fji tons4 ,v>i\s =eign &  
native  companies 7 =m$1 ) l>ge         
capitals1 to conv]t ! wood into  extract
 ( tann91 & to export x 9 ?is =m4    ,^!
 companies are3 ! ,compaia ,indu/rial   
del ,*aco1 ) a capital  ( #cdh1jjj & two
 factories2 "o at ,las ,toscas1 9 ,santa
 ,f1 ) a  mon?ly output ( #ajjj tons (  
extract1 & "o at ,cal*ag91 9 ! same     
,prov9ce1 :i* produces #fjj tons p]     
mon?4 ,^! factories are equipp$  )      

,g]man plant4    ,?is company enjoy$ a  
season ( great prosp]ity 9 #aijd2 al?\gh
 its  factories produc$ only #ab1jjj    
tons ( extract in/ead ( #cf1jjj1 z !y   
c\ld h done1 a divid5d ( #db p] c5t4 0  
decl>$4 ,s9ce !n !  lack ( outlet & ! l[
 prices h p>alys$ ! developm5t ( ?is    
indu/ry4    ,ano!r tann9 factory1 able  
to produce #bej tons ( extract1 has be5 
e/abli%$ by ,h]wig ,bro!rs at ,pehuaj1  
,prov9ce ( ,corri5ts4    ,! ,compaia    
,indu/rial del ,*aco is also ab\t to    
erect1 at ,resi/5cia1  a factory ) a    
capacity ( #cjj tons ( extract p] mon?4 
,el ,quebra*o is ! la/ ( ! companies    
e/abli%$ = !  extraction ( quebra*o     
tann91 & ?is also began to "w "u !  mo/ 
auspici\s f9ancial conditions4 ,its     
factories are in/all$ at  ,fives-,lille1
 ,prov9ce ( ,santa ,f1 on l& belong+ to 
! 8,kemm]i*  ,products ,co402 ^! h be5  
equipp$ ) ! mo/ p]fect ma*9es  ( ,g]man 
make4 ,! capital ( ?is ent]prise am\nts 
to #cb1jjj1 :i*  x is hop$ w be repaid  
by ! pr(its ( ! fir/ few ye>s4 ,!       

mon?ly output is #dej tons4    ,!       
,mocovi ,tann9 ,co41 float$ ) a capital 
( #fj1jjj1 has a factory  "s #fj miles  
ea/ ( ,los ,amores 7,santa ,f71 & has a 
capacity ( #cjj  tons p] mon?4    ,!    
firm ( ,h>dy  ,co41 ( ,las ,palmas1 ne> 
,resi/5cia1 own a factory  :i* co/      
#ej1jjj1 & produces #bjj tons ( extract 
mon?ly4    ,! ,=mosa company1 :i* deals 
9 timb] & quebra*o tann91 has a  capital
 ( #bjj1jjj4 ,?is company owns #if squ>e
 leagues ( =e/----"s  #hhj squ>e        
miles----:i* are e/imat$ to conta9 #b   
million tons (  quebra*o4 ,?is company  
int5ds to e/abli% a factory capable (   
produc+ #ae1jjj tons ( tann9 ye>ly4     
,! ,compaia ,azuc>]a de ,resi/5cia1 ) a 
capital ( #bb1gjj1  produces #hj tons ( 
extract mon?ly1 & ! factory ( ,m4 ,b5ito
  ,p9asco1 at ,guaycur1 on ! ,santa ,f  
railway l9e1 produces #cj tons4         
,besides ^! factories1 ,seors ,*>les &  
,joseph ,casado1 ! ,arg5t9e  own]s (    
#bhjj squ>e leagues ( l& 7ov] #be1jjj   
squ>e miles71 9 !  ,p>aguayan ,*aco1 h  

e/abli%$ two factories1 "o at ,pu]to    
,casado  & ! o!r at ,pu]to ,sa/re1 :i*  
produce1 respectively1 #ejj & #ajjj     
tons ( extract p] mon?4    ,! av]age    
yield ( quebra*o wood is #be p] c5t4 (  
extract2 b z  ! extract conta9s a numb] 
( res9\s & col\r+ matt]s1 :i*  mu/ be   
elim9at$ dur+ ! process ( manufacture1 !
 net yield is #bb  to #bc p] c5t4 (     
solid extract conta9+ #bj p] c5t4 (     
wat]1 :i*  conta9s #gj to #gce p] c5t4 (
 tannic oxide----t is1 pure tann94    ,!
 sy/em employ$ 9 extract+ ! tann9 is    
bas$ ^u diffusion4  ,fir/ly1 ! wood is  
r$uc$ to p[d] by means ( ma*9es :i* cut 
or  saw ! wood1 into :i* ! logs are f$  
entire4 ,!n1 :5 ! wood is  conv]t$ into 
sawdu/ or f9e *ips or %av+s1 x is pass$ 
?r\gh  extractors or diffus]s1 :i*      
sep>ate ! cellulose f ! tann91  :i* is  
f9ally conc5trat$ to ! degree dem&$ by !
 m>ket by  means ( vacuum pans4    ,dur+
 five ye>s1 f #aijd to #aijh1 ! exports 
73 #bj1aaa tons 9  #aijd2 #bi1djh tons 9
 #aije2 #cj1hci tons 9 #aijf2 #bh1aij   

tons 9 #aijg2  #dh1afj tons 9 #aijh4    
,g]many & ! ,unit$ ,/ates are ! *ief    
buy]s ( ?is valuable  product1 :i* =ms !
 pr9cipal weal? ( ! nor!rn "p ( !       
,arg5t9e4    ,9 ! fir/ edition ( ?is    
book we prophesi$ a rapid & prosp]\s    
developm5t = ?is indu/ry1 :i* _h already
 receiv$ a consid]able  impetus2        
unhappily ?is pr$iction has n be5       
realis$ 9 practice1  & ! quebra*o       
indu/ry has suff]$1 n precisely a       
crisis1 b a  dim9ution ( its outlets :i*
 has s]i\sly prejudic$ its int]e/s4     
,?is tr\ble is due to v>i\s causes4     
,fir/ly1 ! ru9\s competition  betwe5 !  
v>i\s firms produc+ quebra*o tann92 a   
competition  :i* has n[ happily         
disappe>$1 ?anks to an arrangem5t       
conclud$  betwe5 ! pr9cipal companies1  
on ! initiative ( ,m4 ,h]mann  ,s*liep]2
 secondly1 to ! almo/ prohibitive duties
 :i* ! ,g]man  ,gov]nm5t has impos$ ^u !
 importation ( ! product2 ?irdly1 !     
indiff]5ce %[n by ! railway companies 9 
us+ on _! p]man5t  way sleep]s ( /eel r 

?an ( quebra*o1 al?\gh ! latt] is  m    
durable4 ,x is to be hop$1 h[ev]1 t 9   
c\rse ( "t ^!  causes w disappe>1 & t   
?is indu/ry w 9 future recov] all  !    
elem5ts ( progress4    ,! ,timb]        
,indu/ry4----,ano!r indu/ry :i* is      
equally dep5d5t  ^u ! =e/al weal? ( !   
,arg5t9e is t ^: object is !            
exploitation ( ! v>i\s & valuable k9ds (
 wood to be f\nd 9  v>i\s p>ts ( !      
c\ntry1 especially 9 ! =e/s ( ! ,*aco & 
( ,=mosa4    ,! v>iety ( co/ly woods to 
be f\nd 9 ^! =e/s is a/oni%+4  ,rec5tly 
m ?an ?irty-?ree species h be5          
classifi$1 all (  indu/rial value2 ! be/
 kn[n1 besides ! quebra*o1 be+ !        
acacia1 alg>robo1 button-tree1 lapa*o1  
bay1 ! small] c$>1 & _m  o!r v>ieties1  
black1 :ite & r$4    ,to exploit ?is    
=e/al weal? a limit$ company has lately 
be5 =m$  ) a capital ( #ceb1jjj1 :i*    
proposes to erect two important         
saw-mills 9 ! ,*aco4 ,?is company       
already owns ab\t #bcjj squ>e miles  (  
=e/1 & is ?9k+ ( increas+ its doma9 by  

fur!r pur*ases4    ,fi%]ies4----,f9ally1
 quitt+ ! =e/s = ! seas1 we mu/ m5tion  
"o o!r indu/ry1 at pres5t unimportant1 b
 app>5tly capable (  consid]able        
developm5t3 namely1 ! sea fi%]ies4      
,own] ( an imm5se coa/-l9e ba!d by !    
s\!rn seas1 ! ,arg5t9e  has an          
appreciable /ore ( weal? at h] disposal2
 :i* s f> has be5  drawn ^u only 9 a    
mode/ & almo/ secret mann]1 b :i* is n[ 
beg9n+ to attract att5tion1 to ! great  
b5efit ( ! c\ntry &  ( ^? :o h ent]$ ^u 
?is indu/ry4    ,s9ce ,pr(4 ,nord5skjold
 w9t]$ 9 ,ant>ctic wat]s1 ,capta9 ,l>s5 
has be5 able to report a s\rce ( great  
weal?1 :i* c be easily  & pr(itably     
exploit$1 9 ! fi%+ ( ^! wat]s2 & ^u 8   
arrival 9 ,bu5os ,ayres he put himself 9
 communication ) a gr\p (  ,arg5t9e     
capitali/s1 :o decid$ to =m a limit$    
company by ! "n  ( ,la ,pesca1 ) a      
capital ( #cb1jjj4    ,! results ( !    
fir/ season's fi%+ 0 s productive1 & !  
numb] ( :ales h>poon$ & 8cut 90 s l>ge1 
t1 accord+ to a  report :i* has be5 s5t 

u1 ?is company 0 able1 at ! end ( !     
fir/ ye>1 to return ! capital sunk 9 !  
firm ( divid5ds4    ,naturally su*      
results _c fail to draw new adv5tur]s   
into ?is  indu/ry1 :i* 9 turn w increase
 & develop ! weal? ( !  c\ntry1 at !    
same "t procur+ = ! c\ntry a class ( m5 
=m$  by ! /r5u\s lab\r ( ,ant>ctic life2
 a class ( :i* ! "y  ,arg5t9e navy has !
 greate/ ne$4                           
,,*apt] ,,iii                           
,,m9es1 ,,electrical ,,& ,,o!r          
,,indu/ries    ,! ,arg5t9e has n ent]$ !
 indu/rial age----,%e has no            
coal-m9es 9 op]ation1 no natural motive 
=ces ( any      importance4             
,,m9es----,symptoms ( ! awak5+ ( ! m9+  
indu/ry----,num]\s      lodes 9 !       
,&es----,! m9es ( ,la ,rioja &          
,catam>ca----,m9es      9 o!r prov9ces &
 t]ritories----,m9+ legislation4        
,,electric ,,indu/ries----,tramways2 _! 
developm5t1 _! p]fect$      equipm5t1 & 
_! pr(its----,progress ( electric       
light+----                              

,telegraphs----,telephones4    ,,v>i\s  
,,indu/ries----,li/ ( v>i\s indu/ries   
e/abli%$ 9      ,bu5os ,ayres1 accord+  
to ! la/ c5sus1 ) ! value (      _!     
products4    ,comp>ison betwe5 !        
/ati/ics ( #ahie & ^? ( #aijd----       
,progress realis$ 9 #aijh----,work%ops &
 factories4      ,! ,arg5t9e ,republic1 
z we h already on v>i\s occasions       
expla9$1 has n yet ent]$ ^u ! indu/rial 
phase4 ,all its capital  & all its      
en]gies t5d t[>d ! exploitation ( !     
soil1 & z !  results are great] ?an !   
bolde/ speculator c\ld h pr$ict$1  !    
c\ntry has no ne$ at pres5t1 ) its small
 population1 to laun*  itself into !    
unkn[n by ent]+ ! prov9ce ( indu/ry4    
,moreov]1 ! ,arg5t9e does n s f> possess
 coal or iron measures  easily workable1
 & has v little lab\r at its disposal1 &
  !re=e %\ld n disp]se its activities   
among too _m objects4 ,x  is its be/    
policy to limit itself to produc+       
articles t x c  make m *eaply ?an !     
=eign]2 n artificially to develop its   

indu/ries 9 ! %elt] ( an                
ultra-protectioni/ t>iff4 ,x w\ld fall  
to ! consum] to pay = su* products ( !  
national indu/ry1 &  ! /ate w\ld lose a 
s]i\s portion ( its rev5ues4    ,9 o!r  
words1 we may well ask :e!r ! ,arg5t9e1 
9 addition to its  agricultural weal?1  
%\ld pret5d to a great indu/rial future1
 l  t ( ! ,unit$ ,/ates4    ,s f> we _c 
reply 9 ! affirmative2 n1 at lea/1 "u   
pres5t  conditions4 ,h[ev] ri* ! subsoil
 ( ! c\ntry may be1 a matt] at  pres5t  
unc]ta91 especially 9 respect ( coal &  
iron measures1 :i*  are ! basis ( all   
indu/ries1 we mu/ rememb] t ! majority (
  ^! measures are situat$ 9 ! region ( !
 ,cordill]a1 #djjj to #ejjj  feet above 
sea-level1 ov] #ijj miles f ! coa/1 f> f
 roads or  wat]ways1 & are consequ5tly v
 badly situat$ = ! e/abli%m5t  (        
indu/rial c5tres4    ,:at coal & iron ! 
,arg5t9e may possess is di/ribut$ ov] a 
region  ( "s ?\s&s ( miles 9 ext5t1 :i* 
does n appe> to conta9  cont9u\s lodes  
or measures1 & 9 :i* !re are no real    

valleys or  riv]-bas9s4 ,putt+ all      
que/ions ( t>iff aside1 b consid]+ !    
con/ant l[]+ ( freights1 we ?9k !       
,arg5t9e w always f9d x  *eap] to obta9 
its supplies f abroad1 except su* z x c 
produce  economically1 r ?an attempt to 
embrace all indu/ries 9 its dreams  (   
greatness4    ,nei!r c we expect f !    
utilisation ( natural motive =ces a     
developm5t :i* might 9 "s degree        
comp5sate = ! abs5ce (  fuel4 ,!re are a
 few wat]falls 9 ,crdoba & 9 ,tucuman1 b
 su*  en]gy z !y might furni% w\ld h>dly
 all[ "o to hope mu* f  _! adaptation to
 indu/rial uses4 ,"o ( ! mo/ important (
 ^!  falls is t bel[ ! ,b>rage ,san     
,roque1 9 ! ,si]ra de ,crdoba2 x        
belongs to ! ,nor? ,am]ican ,company1   
8,luz y ,fu]za0 7,light & ,=ce74  ,!    
company's plant gives a yield ( ab\t    
#cjjj horse-p[]1 :i* is  employ$1 = !   
great] "p1 9 provid+ light & motive p[] 
to  ! t[n ( ,crdoba1 & also = !         
production ( c>bide ( calcium4  ,ano!r  
in/allation1 belong+ to ! ,molet        

,company1 has a capacity (  "s #gjj or  
#hjj horse-p[]1 :i* is employ$ 9 ! same 
manufacture4    ,! falls ( ! ,yguassu1  
on ! upp] ,p>ana1 "s #bcj miles above   
,corri5ts1 on ! conf9es ( ,brazil1      
,p>aguay & ! ,arg5t9e1 h  be5 describ$ z
 a m>vel ( nature4 ,x w\ld seem t ^!    
falls  repres5t a =ce ?ree times great] 
?an ,niag>a2 _! wid? is #ab1jjj  feet1  
or m ?an two miles1 ) a fall ( #bab     
feet4 ,un=tunately  ?is cat>act is on ! 
bord] ( ! ,arg5t9e t]ritory1 9 a region 
( =e/s accessible only ) difficulty1 & w
 probably fl[ =  _m ye>s yet be=e any "o
 pr(its by ?is enorm\s natural s\rce (  
p[]4    ,m9es4----,al?\gh ! indu/rial   
future ( ! ,arg5t9e is z yet by no      
means cle>1 we mu/ admit t dur+ ! la/   
f\r ye>s !re has be5  a liveli] movem5t 
9 fav\r ( gold1 silv]1 & copp] m9+1 :i* 
has result$ 9 ! flotation ( sev]al      
important limit$ companies4  ,x 0 to    
support ^! fir/ /eps t ! ,gov]nm5t built
 an a]ial  railway----"o ( ! bolde/     
works ev] attempt$ 9 ! :ole _w----to    

exploit ! ri* m9es ( ,famat9a4    8,ov] 
! :ole /ret* ( ! ea/]n slopes ( ! ,&es10
 says an  important (ficial             
publication#hd :i* we take = guide1 8f  
,bolivia  to ,ti]ra del ,fuego1 !       
exi/5ce ( num]\s m9]al-be>+ regions  is 
prov$2 notably 9 ! ,prov9ces ( ,m5doza1 
,san ,juan1 ,la ,rioja1  ,catam>ca1     
,salta1 ,jujuy1 ,tucuman1 ,crdoba1 &    
,san ,luis1 :]e traces (  anci5t m9]al  
work+s h be5 discov]$40#he    ,footnote 
#hd3 ,description sommaire de la        
,rpublique ,arg5t9e comme pays          
d'immigration1 #aijd4    ,footnote #he3 
,! ,arg5t9e lo/ mu* ( its m9]al weal? :5
 ,potozi  & ,la ,paz 7 lo/ to           
,bolivia4----,,trans4    ,!re are _m    
villages :i* ev] s9ce ! ,spani% ,conque/
 h  drawn _! su/5ance f ! gold & silv]  
:i* _! inhabitants  obta91 by rudim5t>y 
processes1 f ! b$s ( /ream or riv]1 &   
by pla9 m9+4 ,also1 despite !           
difficulties ( transport1 v>i\s         
well-organis$ companies h obta9$ v fair 
results f _!  work+s1 s9ce !y obta9$ _! 

concessions a few ye>s ago4 ,n[ t  !    
feel]s ( ! railway sy/ems h rea*$ ^!    
di/ricts1 & !  m9+ companies h e/abli%$ 
a]ial cable-ways to connect !m )  !     
m9es1 we c already p]ceive a great]     
vitality 9 ?is indu/ry4    ,9 addition  
to ! weal? ( ! ,cordill]a1 prospectors  
are discov]+  new lodes 9 ! int]ior ( ! 
c\ntry2 b1 z always happ5s1 m9]s  pref] 
to ga!r 9 already famili> di/ricts1 r   
?an und]take  long j\rneys1 & ! lab\r ( 
prospect+ at _! own exp5se4    ,!       
be/-kn[n m9es ( ! ,arg5t9e are di/ribut$
 z foll[s3----    ,9 ! ,prov9ce (       
,m5doza !re are m9es ( copp]1 silv]-be>+
  gal5a1 gold-be>+ qu>tz1 coal1 alaba/]1
 slate1 & m>ble1 &  wells ( petroleum2 9
 ! ,prov9ce ( ,san ,juan1 ( gold-be>+   
qu>tz1 silv]1 copp]1 antimony1 coal1    
sulphur1 & amian?us4#hf  ,9 view ( !    
developm5t :i* ?is region may und]go    
?r\gh !  exploitation ( ! coal-measures1
 ! ,great ,we/]n ,railway has decid$  to
 con/ruct a bran* l9e z f> z ! coal m9es
 ( ,salaga/a  7,m5doza74    ,footnote   

#hf3 ,amian?us----! be/ quality (       
asbe/os4----,,trans4    ,! ,prov9ce (   
,la ,rioja has be5 kn[n = a long "t =   
its ri*  m9es ( metallic silv]1 & also =
 its copp] m9es1 ^: ores  conta9 a high 
p]c5tage ( gold & silv]2 & = its gold   
8plac]0  m9es4 ,x is to facilitate !    
work+ ( ^! m9es t ! a]ial  cable-way is 
be+ con/ruct$1 :i* w unite ,c]ro de     
,famat9a &  ! m9+ c5tre ( ,*ilecito ) ! 
railways4 ,"h1 z ev]y:]e1  skill$ m9]s  
are some:at sc>ce4    ,! ,prov9ce (     
,catam>ca1 ! c5tre ( ! ,capillitas m9+  
c\ntry1  possesses copp] m9es ) a high  
p]c5tage ( silv] & gold1 :i*  h be5     
work$ = m ?an ?irty ye>s4 ,^! m9es1 :i* 
are1 x  appe>s1 v ri* 9 m9]als1 h be5   
acquir$ by a =eign company1  & w be !   
object ( an important ent]prise2 "h1    
too1 an a]ial  cable-way w be built to  
transport ! ore f ! m9es to a l[]       
level4    ,!re are also 9 ?is region two
 important smelt+ works2 8,le ,pilcian0 
& 8,la ,con/ancia10 :i* are buri$ 9 !   
dep?s ( ! =e/s (  c>ob-trees1 :i* furni%

 abundant fuel4 ,9 o!r p>ts are f\nd    
surface ve9s ( copp]1 silv]-be>+ gal5a1 
bismu?1 antimony1 mica1  gold-be>+      
qu>tz1 z well z 8plac]0 m9es &          
coal-measures4    ,! ,prov9ces ( ,salta 
& ,jujuy1 :i* possess ri* ve9s (        
aurif]\s qu>tz1 arg5tif]\s gal5a1 copp]1
 borate ( lime1 lignite  & petroleum1   
are fam\s = ! gold obta9$ f ! /reams t  
desc5d f _! m\nta9s4 ,und]tak+s h be5   
=m$ ) =eign  & native capital1 &        
pr(itable results are expect$4 ,!       
ext5sion  ( ! ,arg5t9e railways to      
,bolivia w /ill fur!r develop !         
exploitation ( m9+ di/ricts all ?r\gh   
?is region4    ,9 =m] times silv] m9es 7
 work$ 9 ! ,prov9ce ( ,tucuman4 ,9      
,aconquija also we f9d m9es ( copp] :i* 
mu/ be a cont9uation (  ^? ( ,catam>ca4 
,! ,prov9ces ( ,crdoba & ,san ,luis1    
besides asc]ta9$ ve9s (  gold-be>+      
qu>tz1 gal5a & copp]1 conta9 m9es (     
manganese &  wolfram1 & well-kn[n       
qu>ries ( m>ble1 & ( onyx1 bo? gre5 &  (
 o!r %ades4    ,9 ! ,t]ritories ( ,ti]ra

 del ,fuego & ,santa ,cruz ! s&s along  
! ,atlantic coa/ conta91 especially aft]
 /orms1 an abundance ( gold  9 p[d] &   
small nuggets1 ^: extraction gives      
employm5t to numb]s  ( work]s4#hg ,!re  
also are seams ( lignite & ( peat4      
,f9ally1 9  ,santa ,cruz !re are sev]al 
salt work+s1 ! produce be+ s5t to       
,bu5os ,ayres4    ,footnote #hg3 few    
ye>s ago a company 0 =m$ ) ,nor?        
,am]ican &  ,arg5t9e capital to "w ! s&s
 9 ?is mann] 9 ,ti]ra del ,fuego4    ,! 
,riv] ,*ubut1 9 ! ,t]ritory ( ,*ubut1   
br+s d[n f9e gold  along its b$1 z d its
 num]\s small tribut>ies1 :i* rise 9  ! 
,&ean slopes4 ,! pres5ce ( gold m ?an   
#ajj miles f !  ,cordill]a tempt$ "s    
coloni/s to organise an exp$ition2 at ! 
foot  ( ! m\nta9 !y f\nd gold 9 nuggets4
    ,ano!r company exploits ! salt pits 
( ! ,valdez ,p59sula1 &  ano!r ! qu>ry (
 flat granite slabs1 kn[n z ! ,atlas    
,qu>ry4    ,= _m ye>s n[ l>ge quantities
 ( gold h be5 f\nd 9 !  ri* 8plac]s0 ( !
 ,t]ritory ( ,neuqu51 :]e copp] also has

 be5  discov]$1 silv]-be>+ gal5a1 coal1 
& petroleum4 ,! gold tak5  out ( ! wa%]s
 ( ,villa ,mi*ic & ! neighb\rhood is    
e/imat$ at  #ccj lb4 avoirdupois        
annually4    ,9 ! ,t]ritory ( ,rio      
,negro !re are abundant qu>ries (       
gypsum1  lime/one1 & o!r build+         
mat]ials2 9 t ( ! ,pampa ,c5tral  copp] 
has be5 rec5tly discov]$ & is be+ work$2
 9 t (  ,misions !re is native copp]1   
iron1 & manganese2 9 t ( !  ,&es 7,pua  
de ,atacama71 !re are imm5se deposits ( 
borate ( lime1  z well z ve9s ( qu>tz & 
8plac]s40    ,consid]+ ! va/ ext5t ( ^! 
t]ritories1 :i* h nev] be5  s]i\sly     
explor$ except at a few po9ts1 we h e   
reason to  believe t x w be _m ye>s be=e
 we h ev5 an approximate  k ( ! m9]al   
weal? !y conta92 b ! data ga!r$ up to  !
 pres5t "t augur well = ! future ( ! m9+
 indu/ry 9 !  ,arg5t9e4    ,we w add    
f9ally1 z a fur!r reason = success1 !   
fact t !  law reg>d+ m9es is rem>kably  
lib]al2 ! ,/ate may n exploit !m  on its
 own acc\nt1 b conc$es !m to any adult  

applicant capable (  adm9i/]+ 8 own     
prop]ty4    ,! same m9+ laws are 9 =ce  
?r\gh\t ! c\ntry4 ,to acquire  a claim x
 suffices to pres5t a writt5 dem&1      
conta9+ an exact  indication ( !        
position & nature ( ! claim dem&$1 !    
details  ( its discov]y1 & all o!r      
useful in=mation1 accompani$ by a       
sample ( ! m9]al4 ,imm$iately ^u !      
pres5tation ( ?is dem&  ! adm9i/ration  
ent]s x ) ! date ( deposition1 9 ord]   
to prove ! "r ( priority2 & directly !  
concession has be5  survey$ & delimit$1 
! claimant has full rights 9 8 m9e & may
  dispose ( x z he wills4 ,! m9e is     
untax$1 & s are ! m9]al  products1 :e!r 
sold at home or abroad4 ,! only         
obligation impos$  ^u ! m9] is t he %all
 "w 8 m9e ) at lea/ f\r m9]s  dur+ #bcj 
days ( ! ye>2 if ?is condition be n     
fulfill$1 any  o!r p]son may dem& !     
concession ( ! ab&on$ m9e4#hh           
,footnote #hh3 ,s5ator ,dom+o ,p]ez has 
j laid be=e ,p>liam5t1 a  project$ law  
sub/itut+ a f9e or tax = ?is obligation4

    ,! ,electrical ,indu/ry4----,x is   
greatly to ! cr$it ( ! ,arg5t9e  t      
ev]y?+ t makes = progress1 = an increas$
 welf>e or  great] conv5i5ce1 is        
imm$iately appli$ by ! ,republic4 ,!    
latt]  quickly absorbs all improvem5ts  
&1 pr(it+ by ! exp]i5ce (  old] nations1
 imm$iately puts new proc$ures into     
practice1 in/ead (  l+]+ 9 ! rut (      
outworn sy/ems4 ,?us x 01 = example1 9  
! case ( ! electrical indu/ry4 ,!       
,arg5t9e has no ne$1 9 ?is  respect1 to 
envy ! mo/ advanc$ nations4 ,9 ,bu5os   
,ayres----= only  ! l>ge c5tres c be    
progressive to ?is ext5t----all !       
tramway &  electric light+ conc]ns are  
mo/ excell5tly equipp$1 & are 9 ?is     
matt] equal to ! be/ in/allations (     
,engl& or ! ,/ates4    ,! electric      
tramway companies1 ^: tracks cross      
,bu5os ,ayres 9 e  direction1 are sev5 9
 numb]1 =m+ a network ( l9es :i* are    
di/ribut$ z foll[s3----    ,!           
8,anglo-,arg5t9e0 ,company1 #ahh miles2 
! 8,capital0 ,company1 #cdg  miles2 !   

8,metropolitan0 ,company1 #aih miles2 ! 
8,gr& ,national10 #gfi  miles2 !        
8,compagnie ,lacroze de ,bu5os ,ayres10 
#dd miles2 ! 8,s\!rn  ,electric         
,tramways10 #di miles2 & ! 8,h>b\r &    
,city ( ,bu5os ,ayres10  #fh miles4     
,! great ev5t ( #aijh 0 ! amalgamation (
 ^! companies by !  8,anglo-,arg5t9e10  
:i* proposes to unite ^! l9es "u a s+le 
managem5t1 9 ord] to =m a va/ network1  
compris+ all ! pr9cipal  l9es1 ) !      
exception ( ! 8,compagnie ,lacroze0 & ! 
8,h>b\r  & ,city ( ,bu5os ,ayres40 ,!   
total capital inve/$ 9 ?is important    
und]tak+ am\nts to n less ?an           
#ad1jjj1jjj4    ,x is to be hop$ t ?is  
great f9ancial op]ation1 :i* w place  ! 
,anglo-,arg5t9e ,company at ! head ( !  
mo/ important tramway  companies ( ! _w1
 w n fail to b5efit ! public1 & t !     
,company w also turn its att5tion to    
improv+ its equipm5t & to  l[]+ its f>es
 to a uni=m rate4    ,on ! o!r h& !     
numb] ( pass5g]s c>ri$ by ! ,bu5os      
,ayres  tramways is con/antly increas+1 

z may be se5 9 ! foll[+  table3----     
,pass5g]s ,c>ri$4         ,gross        
,pr(its4      ,ye>4    ,horse           
,electric4      ,horse    ,electric4    
,total ,pr(its4           ,traction4    
,traction4    #aija   #ie1dcf1dba       
#cj1jhh1hjc    #hdh1cah   #bid1hbb      
#a1adc1adj    #aijb   #ib1fch1jbe       
#cc1eic1gcd     #hbg1igi    #ccd1jfj    
#a1afb1jci    #aijc   #ga1jdh1eai       
#fb1fgj1ggi     #fcf1hja    #eif1gai    
#a1bcc1ebj    #aijd   #fe1ecb1gde       
#hb1gdf1ceb     #ehg1jbb    #hje1jga    
#a1cgj1jic    #aije   #cd1dhf1edg       
#agd1dee1jbb     #dhi1gda  #a1jdi1idi   
#a1eci1fij    #aijf   #bd1ibg1jhi       
#age1ggc1aeh     #bcb1ijc  #a1efe1dgb   
#a1gih1cge    #aijg    #g1cch1efc       
#bag1gjb1ahc      #fg1fei  #a1ibf1jed   
#a1iic1gic    #aijh      #bic1bfi       
#bed1ghj1fbg       #a1ihj  #b1bbi1edg   
#b1bca1ebg    ,^! figures g to confirm  
all we h said z to ! enorm\s  developm5t
 ( capital 9 ! ,arg5t9e1 & ( its        
comm]cial activity4    ,electric        

,light+4----,9 ! matt] ( illum9ation1   
,bu5os ,ayres 0  e>ly discont5t$ ) ! old
 me?ods2 electricity is n[ pref]r$  bo? 
= public & private purposes4 ,today !re 
are #gba miles ( gas  pipes & #bcc miles
 ( electric cables4    ,! capital ( !   
electric light+ companies is e/imat$ at 
ne>ly  #b1jjj1jjj1 & _! output at       
#cj1ije horse-p[]4 ,! electrical supply 
is *iefly 9 ! h&s ( ! ,g]man            
,electricity ,company1 ) a capital  (   
#a1hej1jjj1 :i* has already absorb$ !   
two companies previ\sly  9 exi/5ce4 ,its
 equipm5t 0 furni%$ by ! fam\s firm (   
,siem5s  ,halske1 :i* /&s 9 ! front rank
 ( ,g]man electrical manufactur+  firms4
    ,telegraphs4----,ano!r m>k (        
progress is ! cont9ual ext5sion ( !     
telegraphic sy/em4 ,! national1         
prov9cial1 & private l9es toge!r        
repres5t to-day a l5g? ( #ca1bae miles1 
( :i* #ae1abe belong to !  ,/ate2 tw5ty 
ye>s ago ! mileage 0 b>ely half ?is     
figure4    ,z = telegraphic             
communication ) ! ext]ior1 !re are two  

=eign  cable companies1 "o possess+ !   
cable runn+ to ! ,unit$ ,/ates  via     
,galve/on1 & ! o!r t communicat+ )      
,europe via  ,madeira4 ,communication   
betwe5 ,london & ,bu5os ,ayres is n[    
e/abli%$  9 ab\t =ty-five m9utes1 :ile a
 few ye>s ago ! av]age 0 five  h\rs4    
,telephones4----,! telephone is us$ 9 ! 
capital & ! pr9cipal  t[ns----,ros>io1  
,crdoba1 ,santa ,f1 ,tucuman1 ,m5doza1  
etc4 ,bu5os ,ayres  is connect$ by      
telephone ) ,montevideo 7#abd miles71   
,ros>io 7#aij  miles71 & w %ortly be    
connect$ ) ,bahia ,blanca 7#dcg miles74 
,!  two companies e/abli%$ 9 ,bu5os     
,ayres1 ! 8,telephonic ,union ( !  ,rio 
de la ,plata0 & ! 8,co-op]ative         
,telephonic ,company10 repres5t a       
capital1 respectively1 ( #bdc1ifc &     
#ehb1jcb4    ,all ^! data1 :i* we m]ely 
m5tion 9 pass+1 g to prove t !  ,arg5t9e
 has assimilat$ all ! details (         
indu/rial progress1 ev5  9 _! mo/       
improv$ =ms4 ,exp]im5ts 9 wireless      
telegraphy are  n[ be+ made ) a view to 

communicat+ at long di/ance ) !  /eam]s 
leav+ or approa*+ ,bu5os ,ayres4        
,v>i\s ,indu/ries4----,at ! end ( #aijh1
 accord+ to ! /ati/ics  ( ! (ficial     
indu/rial c5sus ( t ye>1 :i* 0 und]tak5 
by  ! ,dep>tm5t ( ,comm]ce 9 ! ,m9i/ry (
 ,agriculture1 !re 71  9 ! city ( ,bu5os
 ,ayres1 #aj1cdi factories or work%ops1 
repres5t+  a capital ( #bc1ddc1add4 ,!  
sales ( ^! factories1 etc41 = #aijh1    
am\nt$ to #dg1jdh1ggc4 ,! raw mat]ial   
consum$ 0 wor? #be1bbc1fha4  ,! motive  
p[] employ$ 9 ^! factories 0 equival5t  
to #aje1ege  horse-p[]1 & ! numb] (     
work]s employ$ 0 #aah1cae4 ,( !  own]s1 
#adh p] c5t4 7 ( ,arg5t9e nationality4  
,if we comp>e ^! figures ) ^? ( !       
municipal c5sus ( #aijd1  we obta9 !    
foll[+ results3----                     
,c5sus ( #aijd4   ,c5sus ( #aijh4       
,numb] ( factories & work%ops           
#h1hig             #aj1cdi    ,capital  
employ$                      #h1gcc1abg 
#bc1ddc1add    ,sales                   
#af1adc1hcb        #dg1jdh1ggc          

,motive p[] consum$ 7,h4,p47            
#ai1deh            #ajc1ege    ,workm5  
employ$                        #fh1eab  
#aah1cae    ,raw mat]ial consum$        
----            #be1bbc1fha    ,ma/]s or
 own]s ( ,arg5t9e          #abce        
#adha      nationality 7p] c5t47        
,we see t ev5 9 f\r ye>s !re has be5 a  
rem>kable developm5t  ( ! indu/ries (   
,bu5os ,ayres4 ,?is developm5t is       
especially  demon/rat$ by ! increase ( !
 capital repres5t$ by ! sales (  m]*&ise
 or manufactur$ articles & by !         
horse-p[] employ$4 ,at  ! end ( f\r ye>s
 ! capital has increas$ by ne>ly #cjj p]
 c5t41  ! sales by ! same am\nt1 & ov]  
five times ! motive p[] is  employ$4    
,?is progress is c]ta9ly rem>kable1 b x 
does n p]haps truly  repres5t ! actual  
progress a*iev$4 ,! ,director ( !       
,c5sus1  ,seor ,ric>do ,pillado1 decl>es
 t 8! g5]al op9ion preval5t 9  ! (fices 
( ! c5sus dep>tm5t is t c]ta9 important 
items (  in=mation1 relat+ to matt]s (  
great int]e/1 h be5 conceal$  by int]e/$

 p]sons4 ,among su* we may cite ! value 
( output1 !  am\nts ( sales1 ! capital  
employ$1 ! numb] ( employs1 etc42  z !  
manufactur]s are anxi\s1 above all1 to  
%elt] !mselves  f a possible increase ( 
taxation or lic5ces40 ,s t 9 spite (  ! 
satisfactory results ( ! la/ c5sus1 9   
spite ( ! notable  increase ( weal? &   
indu/ry record$1 ! figures giv5 are f> f
  repres5t+ ! true significance ( !     
indu/ries ( ! capital city4    ,!       
results already giv5 may be classifi$ z 
foll[s1 "u !  head+s ( ! k9d ( indu/ry1 
capital employ$1 value ( produce1       
motive p[]1 & employs engag$3----       
,value     ,numb] (   ,motive           
,indu/ries4                             
,capital4        (         ,h&s     ,p[]
                                        
,production4  ,employ$4   7,h4,p474     
,gas light+1 electric light+1           
light+ in/allations1          #f1gab1dgj
   #b1bbg1cgf      #d1ged     #ff1cib   
& plant                                 
,alim5t>y products                      

#c1hgc1chf   #aj1ebj1ecb     #ad1bbg    
#aa1gef    ,clo?+ & toilette            
#c1bef1eab    #i1aef1ggd     #cg1bei    
#b1ehf    ,wov5 fabrics1 lea!r & furs   
#a1ifg1fgb    #e1jhd1jec     #aj1hfa    
#e1dea    ,metal "w1 etc4               
#a1eih1gbb    #b1iaf1gic     #aj1jij    
#d1caa    ,graphic arts1 pap]           
#a1dhi1ebe    #b1agh1bid      #h1bif    
#b1geh    ,woodwork1 cab9et-mak+1 etc4  
#a1dfa1ajc    #d1ccf1ied     #aa1gcf    
#e1egj    ,tobacco factories            
#fje1dhg    #b1bdi1hcf      #b1hbi      
#eci    ,*emical products               
#dcb1afj      #ged1bjg      #a1ggd      
#a1bca    ,build+                       
#djh1jef    #a1jig1bai      #d1dae      
#gai    ,art products1 ornam5ts1 etc4   
#cja1bdd      #gbi1ijc      #b1aii      
#cfg    ,v>i\s indu/ries                
#a1cfd1hha    #e1ggi1bjh      #i1hge    
#c1hie                                  
-----------  -----------                
--------------    --------------        
,totals                 #bh1dba1cah     

#dg1jcb1adf    #aah1cae    #aje1ege     
-----------  -----------                
--------------    --------------    ,!  
e/abli%m5t ( l>ge electric works :i*    
furni% curr5t at v  mod]ate rates1 z    
well z ! advantages ( electro-motors z  
comp>$  ) /eam-eng9es1 h l$ a numb] (   
indu/ries to adopt new sy/ems  (        
motive-p[]4 ,( a total ( #aje1ege       
horse-p[]1 #ab1eje are furni%$  by      
electricity1 #ij1fee by /eam1 #aici by  
gas1 & #dgf by naph?a4    ,among ^?     
indu/ries :i* are /ill 9 a /ate (       
infancy we mu/  m5tion ! *emical        
indu/ry2 ?is is limit$ to a few c&le &  
soap factories1 sulphuric & nitric-acid 
works1 sc5t di/ill]ies1  dye factories1 
etc41 ^: produce is insuffici5t to !    
ne$s ( !  c\ntry4    ,! mat* factories1 
on ! o!r h&1 furni% a good article & are
  suffici5t to ! c\ntry4 ,! consumption 
at pres5t exce$s #bjj million  boxes p] 
annum4    ,we mu/ also m5tion ! exi/5ce 
( a few pap]-mills1 glass furnaces1  &  
v>i\s works :]e c]ta9 agricultural      

necessities are produc$3  su* z iron    
wire1 f5c+1 etc41 & also c]ta9 :eel     
factories2 b  "h aga9 importation       
furni%es a great proportion ( ! articles
  consum$4                              
,,*apt] ,,iv                    ,,banks1
 ,,! ,,b\rse ,,or ,,/ock ,,ex*ange1 ,,& 
,,limit$ ,,companies                    
,,banks----,int]national "* ( ,arg5t9e  
bank+----,evolution (      bank+        
ma*9]y----,li/ ( ! pr9cipal banks1 )    
am\nt (      capital & bus9ess          
done----,conditions peculi> to ,arg5t9e 
bank+2 ! lack ( moveable                
res]ves----,rates ( int]e/ on           
acc\nt1 on deposit1 & on                
advances----,/ati/ics ( ! deposit       
acc\nts ( ! pr9cipal banks----,ex*ange  
op]ations3 _!      decrease s9ce !      
det]m9ation ( a fix$ monet>y ratio----,!
      ,cle>+ ,h\se2 ! importance ( its  
op]ations4    ,! ,bank ( !              
,nation----,its hi/ory----,! =mation (  
its      capital----,political int]f]5ce
 9 ! nom9ation ( its                    

,directors----,/ati/ics ( its           
acc\nts----,rapid increase (            
deposits----,difficulty ( realis+       
capital----,! resumption (      paym5ts4
    ,! ,bank ( ! ,prov9ce ( ,bu5os      
,ayres----,its reorganisation----,its   
pres5t prosp]ity4    ,mortgage & ,loan  
,banks----,hi/ory ( ! ,banque           
,hypo?caire (      ! ,prov9ce ( ,bu5os  
,ayres----,bankruptcy----,arrangem5t    
betwe5      ! bank & its                
cr$itors----,proposal (                 
reorganisation----,laws      relat+ to  
mortgage 9 ! ,arg5t9e----,! ,national   
,mortgage      ,bank2 /ati/ics ( bus9ess
 done----,jo9t-/ock loan companies2     
_! capital & am\nt ( bus9ess done4      
,,! ,,/ock ,,ex*ange                    
7,,b\rse7----,hi/ory ( ?is              
in/itution----,its      importance2 its 
functions2 am\nt ( bus9ess done----,!   
decrease 9 its transactions s9ce !      
cessation ( speculation      9 curr5cy  
or ! monet>y ratio4    ,! ,b\rse is a   
private e/abli%m5t----,its memb]%ip &   

its      regulations----,/ati/ics (     
bus9ess done dur+ ! la/      t5         
ye>s----,securities quot$ on ! ,bu5os   
,ayres ,b\rse----      ,decrease 9 !    
total am\nt ( bus9ess done dur+ ! la/   
five ye>s----,! monet>y re=m ( #aija z a
 factor ( ?is      decrease----,! place 
occupi$ by ! ,/ock ,ex*ange 9 ! life    
( ! nation4    ,jo9t-/ock               
,companies----,! developm5t ( jo9t-/ock 
companies----      ,legislation affect+ 
su* companies----,abuses committ$ 9 !   
=mation ( su* companies1 due to         
speculation----,/ati/ics (      capital 
inve/$ 9 jo9t-/ock companies be=e & aft]
 !      speculative crises (            
#ahij----,revival ( su* companies1 9 a  
s5se m consi/5t ) ! developm5t ( !      
c\ntry4      ,9 any sket* ( ! comm]cial 
life ( ! ,arg5t9e1 we mu/ include  !    
,b\rse & ! banks1 :i* play an important 
"p 9 ! bus9ess  life ( ! community1 ow+ 
to ! facilities :i* !y af=d to all  k9ds
 ( comm]cial transactions4    ,to-day   
su* transactions repres5t a consid]able 

figure1 & involve a  movem5t ( capital  
am\nt+ to scores ( millions4 ,!re is    
obvi\sly  ne$ ( an organis$ body design$
 to simplify ?is movem5t1 & to  place at
 ! disposal ( trade ! means ( effect+   
its ex*anges )  ! lea/ possible         
displacem5t ( capital4    ,banks4----,x 
0 inevitable t 9 ! ,arg5t9e ! evolution 
(  bank+ %\ld be t[>ds an int]national  
"*1 s9ce ! trade  ( ! ,republic is almo/
 entirely ) =eign c\ntries4 ,moreov]1   
?is trade is v l>gely 9 ! h&s ( =eign]s3
 ,fr5*1 ,engli%1  ,g]mans1 ,italians1   
,spani>ds1 ,belgians1 or ,am]icans f !  
,/ates2  :i* fact has result$ 9 !       
=mation1 9 ! city ( ,bu5os ,ayres1  (   
v>i\s gr\ps ( banks1 correspond+1 9     
respect ( _! f\nd]s  or _! capital1 to  
^! v>i\s nationalities4 ,ea* ( ^!       
e/abli%m5ts is 9 con/ant communication )
 ! c\ntry ( its  orig91 & seeks to ga!r 
r\nd x cli5ts ( its own nationality4    
,bo? 9 ! matt] ( importance & t (       
organisation ! banks  do+ bus9ess 9 !   
,arg5t9e leave no?+ to be desir$4 ,z we 

%all  pres5tly see1 ! sum ( ! capitals (
 all ^! banks am\nts to a  total ( ne>ly
 #bf1jjj1jjj2 a sum :i* appe>s to be    
amply suffici5t  = all ! pres5t         
requirem5ts ( trade4    ,work+ "u a     
sy/em ( free competition1 & h&l+ a      
consid]able  capital1 !y h be5 induc$ to
 (f] great] & great] facilities  to     
trade1 9 ord] to increase ! numb] ( _!  
cli5ts & ! volume  ( _! op]ations4      
,moreov]1 ! suppression ( ! gold premium
 has  remov$ "o ( _! *ief s\rces (      
pr(it2 s t !y h be5  =c$ to obta91 ?r\gh
 ! ext5sion & p]fection ( _! ord9>y     
bank+ op]ations1 ! comp5satory increase 
( bus9ess :i* all[s  !m to ma9ta9 !     
volume ( _! pr(its & _! divid5ds4    ,"o
 _c subject ^! banks to a rigid         
comp>ison2 ea* ( !m  conducts its       
bus9ess = ! b5efit ( cli5ts ( its own   
nationality1  & 9 consequ5ce mu/ acc$e  
to _! usages4 ,! ,engli% banks1 =       
example1 h z _! cli5ts railway          
companies1 a l>ge numb] (  export h\ses1
 & /eam%ip l9es1 on acc\nt ( ! ties :i* 

connect  !m ) ! ,london m>ket & its     
pr9cipal f9ancial gr\ps4 ,!  ,g]man     
,bank pr9cipally s]ves ,g]man indu/rial 
h\ses1 & also ,g]man  export]s4 ,! ,fr5*
 ,bank ( ! ,rio de la ,plata1 ow+ to its
 relations  ) ! ,p>is m>ket1 & its /rong
 position 9 ,bu5os ,ayres1 is (         
ine/imable s]vice to ,fr5* comm]ce 9 !  
,arg5t9e4 ,! ,italian  banks %>e ! cu/om
 ( ! ,italian colony1 :i*1 on acc\nt (  
its  num]ical importance1 gives rise to 
a great deal ( small bus9ess4    ,!     
,banco ,espaol del ,rio de la ,plata1   
:i* has bran* e/abli%m5ts  9 ,p>is1     
,london1 ,g5oa1 & ,madrid1 is 9 direct  
relation ) !  f9ancial circles ( ^?     
cities1 & facilitates all bank+         
op]ations  betwe5 ! v>i\s ,spani%-speak+
 c\ntries4 ,f\nd$ by ! f9anci]s  (      
,bu5os ,ayres1 & aft]w>ds enl>g$ by     
,fr5* capital1 ! ,spani%  bank1 :i* has 
admirable premises1 has succe$$ 9       
surr\nd+ itself  ) a cli5tle ( great l&$
 proprietors1 by (f]+ !m all  k9ds (    
facilities = ! conduct ( bus9ess        

op]ations connect$ )  ! sale ( national 
produce4 ,_! bran* e/abli%m5t 9 ,p>is is
 !  fav\rite bank ( ! num]\s ,arg5t9es  
:o g ye>ly to ,europe on  bus9ess or =  
pleasure4    ,9 ?is cong]ies ( banks !  
,arg5t9e is repres5t$ by two great      
e/abli%m5ts3 "o ( ^!1 ! ,banco de la    
,nacion ,arg5t9a1 is a  ,/ate in/itution
 :i*1 9 addition to ! bus9ess transact$ 
)  ! ,gov]nm5t1 runs ca% & deposit      
dep>tm5ts l o!r banks2  ! o!r is !      
,banco de la ,prov9cia de ,bu5os ,ayres1
 ^: orig9  0 9 ! recon/ruction ( !      
hi/oric bank ( ! same "n1 !  collapse ( 
:i* 0 provok$ by ! t]rible f9ancial     
crisis ( #ahij4  ,! excell5t results ( !
 la/ ?ree ye>s :i* we %all pres5tly     
consid] 9 detail1 all[ u to pr$ict a    
brilliant future = ?is  in/itution4     
,we %all give1 9 ! foll[+ table1 a li/ (
 ^! banks1 9 !  ord] ( _! e/abli%m5t1 ) 
details z to _! capital1 res]ves1       
transactions1 & divid5ds4    ,z lately z
 ! ye> #aijg1 x 0 extremely difficult to
 obta9 exact  in=mation z to ! op]ations

 ( f9ancial e/abli%m5ts1 z !re  0 no law
 oblig+ !m to publi% p]iodical /atem5ts 
( _!  position4 ,f ?is /ate ( affairs   
result$ ?is curi\s fact3 t  if "o wi%$  
to asc]ta9 ! situation or /udy !        
op]ations (  ! ,engli% banks1 =         
example----e/abli%m5ts :i* effect$ _!   
bus9ess transactions by ! aid ( funds   
deposit$ by inhabitants ( !             
,arg5t9e----"o 0 =c$ to resort to !     
records ( ! ,london ,/ock  ,ex*ange1 9  
ord] to exam9e ! reports & balance-%eets
 pres5t$  ea* ye> by ! adm9i/rative     
,bo>ds to ! %>ehold]s resid+ 9  ,engl&4 
,b1 v =tunately1 ?anks to a decision ( !
 ex-,m9i/]  ( ,f9ance1 ,dr ,eleodoro    
,lobos1 ?is omission has be5 rem$i$1 & x
  has be5 decre$ t all f9ancial         
e/abli%m5ts mu/ 9 future supply  !      
,m9i/ry ( ,f9ance1 dur+ ! fir/ days (   
ea* mon?1 ) an  explanatory balance-%eet
 giv+ details ( _! transactions4 ,?is   
in=mation is made public1 s t n only !  
,gov]nm5t1 b anyone  devot+ himself to !
 /udy ( comm]cial or f9ancial affairs1  

may  obta9 an exact k ( ! situation ( ! 
lead+ banks1 &  !nce ( ! m>ket1 or inde$
 ( ! c\ntry 9 g5]al4    ,all ^! banks "w
 ) a relatively l>ge capital1 :i* is    
mo/ly  deposit$4 ,to und]/& ! situation 
we mu/ rememb] t banks are  oblig$1 9 ! 
,arg5t9e1 to keep go+ by _! own means1 &
 are  n all[$ ! res\rce ( mobilis+ _!   
turnov] by r$isc\nt+  at ! ,bank ( !    
,nation4 ,! latt]1 inde$1 is r a        
competitor  ?an a prop2 s9ce x also     
seeks ! cu/om ( private cli5ts4 ,?us !  
funds at ! disposal ( ! banks consi/s ( 
_! own capital &  _! deposit            
acc\nts----^! latt] v>y+ greatly f "o   
p]iod to  ano!r----& !y _c b5efit by !  
supplem5t>y =ce aris+ f  a cr$it at !   
,national ,bank4                        
----------------------------------------
----------------------------------------
--------------                          
,capital                                
,,bank                  ,f\nd$          
------------------------   ,res]ve      
,la/                                    

9     ,subscrib$   ,deposit$     ,funds 
,divid5d                                
----------------------------------------
----------------------------------------
-------------    ,london & ,riv] ,plate 
,bank             #ahfb    #b1jjj1jjj   
#a1bjj1jjj  #a1bjj1jjj     #bj          
,london & ,brazilian ,bank              
#ahfb     #b1jjj1jjj   #a1jjj1jjj       
#a1jjj1jjj     #ae    ,briti% ,bank (   
,s\? ,am]ica           #ahfc            
#a1cjj1jjj     #fej1jjj     #fjj1jjj    
#ac    ,italia y ,rio de la ,plata      
#ahgb     #a1bjj1jjj   #a1bjj1jjj       
#bdb1fjj     #aj    ,espaol del ,rio de 
la ,plata             #ahhf             
#d1djj1jjj   #c1cdf1fga     #gch1hdh    
#ab    ,francs del ,rio de la ,plata    
#ahhf     #b1djj1jjj   #b1cej1cdj       
#adj1efb      #i    ,nuevo ,banco       
,italiano                    #ahhg      
#bfd1jjj     #bfd1jjj     #ajc1djj      
#ae    ,popul> ,arg5t9o                 
#ahhg       #dbi1hcf     #dbg1bea       
#aig1bif     #aa    ,anglo-,s\?-,am]ican

 ,bank               #ahhh              
#b1ejj1jjj   #a1bej1jjj     #gej1jjj    
#i    ,banco de la ,nacion ,arg5t9a     
#ahia     #i1fig1fjj   #i1fig1fjj       
#e1ccb1cai     ----    ,banco ,aleman   
,transatlantico             #ahic       
#a1jjj1jjj     #hhj1jjj     #aei1bcb    
#i    ,banco ,popul> ,italiano          
#ahii       #aaj1agj      #gi1geb       
#c1fif     ----    ,banco del ,rio de la
 ,plata               #aijb             
#hh1jjj      #hg1cdj       #f1hfd       
#aj    ,banco de ,cr$ito ,arg5t9o       
#aijd       #bdg1bhj     #adh1ghc       
----       ----    ,banco de la         
,prov9cia de ,bu5os-,ayres   #aijf      
#a1gfj1jjj   #a1gfj1jjj      #hi1cbj    
#aj    ,banco de ,galicia ,bu5os-,ayres 
#aije       #bfd1jjj     #bfd1jjj       
#b1dch      #d    ,erne/o ,tornqui/     
,co4 ,ltd4            #ahgd             
#a1ejj1jjj   #a1ejj1jjj     #bcj1bfc    
#aj                                     
----------------------------------------
----------------------------------------

-------------    ,?is lack ( fluidity z 
affect+ _! capital is d\bly inconv5i5t2 
x =ces ! banks always to keep _! ca%    
res]ves at a high level1  & also prev5ts
 _! f9d+ employm5t = _! deposit$        
funds----at  any rate 9 ! case ( acc\nts
 at sight4 ,)\t ?is faculty ( rapid     
mobilisation !y _c enl>ge1 by op]ations 
( %ort duration1 !  sums :i* !y receive 
9 deposit1 & consequ5tly _c all[ any    
appreciable int]e/ on t portion ( _!    
capital4 ,"s banks are at  pres5t pay+  
#a p] c5t4 on curr5t acc\nts2 o!rs1 &   
notably !  ,national ,bank1 all[ _!     
depositors no int]e/4 ,= deposit acc\nts
  at ?ree mon?s ! int]e/ is usually     
#c-a_/b p] c5t4    ,z = ! rates (       
disc\nt1 ^! h fall5 consid]ably 9 !  la/
 few ye>s2 p>tly on acc\nt ( ! increas+ 
competition betwe5  ! v>i\s f9ancial    
gr\ps1 & p>tly on acc\nt ( ! abundance (
  capital aft] sev]al ye>s ( good       
h>ve/s4 ,aft] /&+ = a long  "t at #g &  
#h p] c5t41 ! av]age rate = fir/        
signatures t5ds  n[adays to settle at #f

 p] c5t4    ,?is is a fact :i* may      
surprise ^? :o believe t ! monet>y      
situation ( a c\ntry is always affect$  
by ! premium on gold1 b we  %all see1 9 
! *apt] on f9ance1 t !re is1 z a matt] (
 fact1  an influx ( gold into ! c\ntry1 
& t its movable res\rces h  nev] be5 m  
abundant4 ,! circulation ( notes is n[  
gu>ante$ by a  ca% res]ve ( m ?an #fe p]
 c5t4    ,! banks receive deposits at   
sight1 at ?irty1 sixty1 n9ety1 & "o     
hundr$ & eighty days4 ,!y also receive  
deposits on ! 8sav+s-bank0  sy/em3 t is 
!y pay #c-a_/b or #d p] c5t4 ^u deposits
 n exce$+  #ejjj to #aj1jjj pia/res 9   
pap] money1 or #cjjj to #ejjj 9 gold    
7accord+ to ! p>ticul> bank7----t is1   
#ddj to #hhj 9 notes1 #fjj  to #ajjj 9  
gold----on condition t if ! money is    
)drawn "u sixty  days no int]e/ w be    
all[$4 ,aft] ! lapse ( sixty days !     
money  may be )drawn at ! w ( !         
depositor1 & ! int]e/ is add$  s9ce !   
day ( deposit4 ,small sav+s deposit$ on 
?is sy/em atta9  to consid]able         

proportions1 & ! public is becom+ m & m 
famili>is$ ) bus9ess ( ?is k9d4    ,"o  
item t diff]s v s5sibly f ,european     
usage is ! rate (  int]e/ *>g$ on curr5t
 debit acc\nts4 ,z ! ,arg5t9e has no law
  regulat+ ?is rate1 !re h be5 times1   
happily n[ pa/ by1 :5  ?is rate has be5 
z high z #aj & #ab p] c5t4 ,( late ye>s 
!  ,gov]nm5t has paid1 z a maximum1 #f  
to #g p] c5t4 & t 9 mom5ts  (           
disequilibrium1 :5 int]national         
complications 7 fe>$1 & !  bank rates _h
 ris5 9 ,engl& & else:]e4    ,= private 
individuals conditions are also easi]1  
on acc\nt (  competition1 & #g p] c5t4  
has become practically ! av]age rate4 ,9
  c]ta9 banks ! rate on debit acc\nts   
has ev5 fall5 z l[ z #f p]  c5t4    ,!  
foll[+ table indicates ! movem5ts ( !   
pr9cipal acc\nts1  dur+ ! ye>s          
#aijf-aijh1 9 ! case ( ! v>i\s banks :i*
  publi% _! balance-%eets1 9 ! ,arg5t9e4
    ,on an int]national m>ket l t (     
,bu5os ,ayres ex*ange op]ations  are    
naturally mo/ attractive4 ,s9ce !       

suppression ( ! gold premium1  :i* has  
r$uc$ ! risks to a b>ely s5sible am\nt1 
^! op]ations  no long] reta9 _! old     
speculative "*2 b1 on ! o!r  h&1 !      
pr(its to be drawn f op]ations ( ?is k9d
 h greatly  dim9i%$1 s t bus9ess has    
ga9$ only 9 safety & ext5t4 ,we  may "h 
recall ! fact t speculations 9 gold1 :i*
 am\nt$ to  #a1bcd1jjj1jjj pia/res pap] 
7#ajh1eib1jjj7 9 ! ye> #ahii1 _h fall5  
to #baa1jjj pia/res 9 #aijd1 & h n[     
entirely ceas$4    ,moreov]1 9 ord] /ill
 fur!r to avoid all risks1 su* bus9ess  
is  n[ done by means ( cable transf]s1  
in/ead ( by *eques at "o mon?  f date z 
=m]ly2 ?us avoid+ z f> z possible any   
v>iation 9  ! rate ( ex*ange4 ,x is     
*iefly dur+ ! p]iod ( exportation t  ^! 
draw+ transactions become ( great       
importance4    ,ex*ange bus9ess is      
transact$ on a gold basis2 t is1 on !   
basis  ( ! gold pia/re1 :i* is equival5t
 to a doll>1 or to #e francs  ( ,fr5*   
money1 or #ds4 ( ,engli%2 z =           
settlem5ts1 !y are made  indiff]5tly 9  

gold or pap]1 on ! basis ( #dd c5tavos1 
or #dd ( a  pia/re 9 gold1 = "o pia/re 9
 pap]4    ,=m]ly ! rate ( ex*ange us$ to
 v>y v p]ceptibly ) !  seasons4 ,! banks
 us$ to buy dur+ ! export season1 :i* = 
gra9 & wool la/s f ,decemb] to ,m>*1 &  
consequ5tly pr(it$  by ! abundance ( !  
m>ket to discuss ! price4 ,!y !n sold to
  import h\ses dur+ ! slack season1     
sometimes mak+ a pr(it ( #f to  #aj     
c5times4 ,n[ competition has greatly    
r$uc$ ^! m>g9s1 :i*  sc>cely v>y at all1
 9 a normal season1 except to ! ext5t ( 
an  insignificant fraction4             
----------------------------------------
----------------------------------------
----------------------------------------
-                                       
,,millions ,,/]l+                       
----------------------------------------
----------------------------------------
---    ,,banks                          
,deposit$                      ,disc\nt$
                     ,ca% ,res]ves      
----------------------------------------

----------------------------------------
---                                     
,gold    ,pap]#hi              ,gold    
,pap]#hi             ,gold              
,pap]#hi                                
----------------------------------------
----------------------------------------
----------------------------------------
-      ,national ,arg5t9e               
#ed     #adggc                 #bf      
#aejjd                #ahf       #dfaa  
,spani% ( ! ,rio de la ,plata        #eb
     #ajjgf                 #eh         
#hbhi                 #bf       #bhd    
,fr5*  ( ! ,rio de la ,plata        #hh 
#dbjf                #aaf       #dafj   
#fb       #aaag    ,italian ( ! ,rio de 
la ,plata        #ch      #fbjd         
#h        #dbei                 #db     
#afde    ,new ,italian                  
#jh      #ahjd                 #af      
#iej                 #jb        #cfa    
,popul> ,arg5t9e                        
#jjd      #hja                 #ja      
#hji                 #jb        #bee    

,prov9ce ( ,bu5os ,ayres                
#ah      #deic                 #jdb     
#ciia                 #jd       #aahh   
,g]man ,transatlantic                   
#bf      #bcfg                 #id      
#beeb                 #cd        #ecc   
,anglo-,s\?-,am]ican                    
44        44                   44       
44                   44          44     
,briti%                                 
#bh      #bhhf                 #gf      
#befa                 #cj        #ggd   
,g]man                                  
#jb       #aji                 #jf      
#cbe                 #jf        #bii    
,london & ,brazilian                    
#af      #ffhh                 #eh      
#ede                 #ab        #ahe    
,london & ! ,rio de la ,plata           
#adf    #aaijf                #afd      
#gfbi                 #if       #cfjb   
,national ,arg5t9e                      
#ih     #afidj                 #d       
#ahhcb                #cfab      #dhdj  
,spani% ( ! ,rio de la ,plata        #cb

      #ihhj                 #ch         
#heec                 #cb       #cdgf   
,fr5*                               #ajd
      #chai                #abh         
#chde                 #gh       #aagi   
,italian                                
#cf      #fahf                 #gd      
#dfha                 #eb       #acbj   
,new ,italian                           
#a       #aihh                #bd       
#afja                 #jcf       #dic   
,popul> ,arg5t9e                     #jd
       #fie                 #jjjd       
#aahh                 #jc        #cbe   
,prov9ce ( ,bu5os ,ayres                
#ch      #diai                 #ah      
#dead                 #bb       #abcb   
,g]man ,transatlantic                   
#bh      #bdfd                 #if      
#bdbd                 #cb        #fic   
,anglo-,s\?-,am]ican                    
#af       #gcj                 #db      
#bagc                 #jd        #cjh   
,briti%-,s\?-,am]ican                #c 
#bici                 #gf       #bejh   

#f         #gdh    ,g]man-,s\?-,am]ican 
#bb       #bfd                 #bd      
#efc                 #bd        #ffj    
,london & ,brazilian                    
#ab       #gci                 #ed      
#fea                 #jh        #baa    
,london & ,rio de la ,plata             
#ad      #ajffe                #ab      
#fgac                #ajj       #cfcd   
,national ,arg5t9e                      
#ajf     #bjfja                 #d      
#badhc                #ded       #eidd  
,spani% ( ! ,rio de la ,plata        #dd
     #aajgg                 #ch         
#aajdd                 #ch       #cfhg  
,fr5* ( ! ,rio de la ,plata        #aah 
#djac                #ajb       #diai   
#fh        #hhj    ,italian ( ! ,rio de 
la ,plata        #cf      #ff           
#h        #dfii                 #eh     
#acjb    ,new ,italian                  
#jh      #bjid                 #af      
#ahgd                 #ja        #dac   
,popul> ,arg5t9e                        
#jaf      #hji                 #jjjb    

#addc                 #jb        #bgc   
,prov9ce ( ,bu5os ,ayres              #d
      #egaab                 #ab        
#eghh                 #jad      #acha   
,g]man ,transatlantic                   
#bcf     #cjec                 #hh      
#bcd                 #cff       #ijf    
,anglo-,s\?-,am]ican                    
#ad       #fjg                 #af      
#adfa                 #jh        #bee   
,briti%-,s\?-,am]ican                #ah
      #cbdg                 #df         
#bfjf                 #eb        #gci   
,g]man-,s\?-,am]ican                 #af
       #bfd                 #bh         
#gef                 #jf        #ada    
,london & ,brazilian                    
#ab       #gac                 #dd      
#ggd                 #ad        #bee    
,london & ,rio de la ,plata             
#abb     #ajhgg                 #ih     
#gaai                #ai        #cffi   
----------------------------------------
----------------------------------------
----------------------------------------

-    ,footnote #hi3 ,! am\nts "h giv5   
are1 ( c\rse1 ! actual1 n ! face values1
 ( ! notes4    ,aga91 ! sales ( money   
are n[ ext5d$ ov] a f> long] p]iod ?an  
be=e1 z ! export season itself has be5  
ext5d$ by new products1  su* z maize1   
*ill$ & froz5 meats1 etc41 :i* d n      
necess>ily  f9d _! outlet at ! same "t z
 ! re/ ( ! h>ve/4 ,?us !  banks h no    
long] any inc5tive to ho>d res]ves (    
money1 z !y  are no long] c]ta9 ( sell+ 
!m a few mon?s lat]4    ,all ^!         
conditions "h enum]at$ are ( c\rse      
subject to c]ta9  small v>iations1      
accord+ to ! k9d ( trade or indu/ry4 ,! 
l>ge  l&[n]1 ! grazi]1 ! f>m]1 !        
cattle-bre$]1 :o has no money  at 8     
disposal b t com+ f ! sale ( 8 products1
 c only  procure cr$it1 no matt] :at 8  
weal? may be 9 l&1 at a rate f>  high]  
?an t :i* is dem&$ ( ! l>ge comm]cial   
h\ses (  ,bu5os ,ayres4 ,b z we h       
especially attempt$ to demon/rate1 !    
,arg5t9e banks are to-day spl5didly     
equipp$ ) capital1 s organis$  z to     

assi/ comm]ce by s]vices ( _m k9ds1 &1  
f9ally1 _!  *>ges h be5 abat$1 by !     
action ( competition1 to rates :i*  "o  
w\ld h>dly expect to f9d 9 practice 9 a 
new c\ntry4#ij    ,footnote #ij3 ,!     
deposits 9 ! ,arg5t9e banks at pres5t   
am\nt to  ne>ly #hj1jjj1jjj4    ,z !    
late/ sign ( progress we may m5tion !   
e/abli%m5t ( !  ,cle>+-,h\se1 :i*       
comm5c$ op]ations 9 #ahic1 ^u ! model ( 
!  ,london ,cle>+-,h\se1 "u ! able      
managem5t ( ! "u-manag] (  ! ,bank (    
,london & ! ,rio de la ,plata1 ,mr      
,hogg4 ,?is in/itution1 z  its "n       
indicates1 s]ves to /rike ! balances ( !
 sums :i* !  v>i\s banks may owe "o     
ano!r1 ! balances only be+ actually paid
  ov]4 ,! total sum repres5t$ by !      
op]ations ( ! ,cle>+-,h\se  9 #aijh 0   
ov] #ceb1jjj1jjj4 ,?is figure includes !
 transactions (  ! pr9cipal banks (     
,bu5os ,ayres1 ) ! exception ( !        
,national  ,bank1 :i* does n make use ( 
! ,cle>+-,h\se4    ,betwe5 #ahic & #ahii
 ! bus9ess done at ! ,cle>+-,h\se       

und]w5t  a notable & cont9ual increase1 
& 9 #ahii am\nt$ to m ?an  #cej1jjj1jjj4
 ,s9ce t "t its op]ations tempor>ily    
decreas$ 9  value1 ow+ to ! suppression 
( ! gold premium1 :i* put an end  to    
ex*ange speculations1 :i* =m]ly kept !  
,cle>+-,h\se busy2  s t 9 #aijc & #aijd 
! total am\nt ( ! op]ations 0 b>ely     
#bfd1jjj4 ,s9ce #aijd1 h[ev]1 ^! figures
 h gradually increas$1  & 9 #aijg &     
#aijh !y once m exce$$ #cej1jjj1jjj4    
,to-day !  bus9ess is purely comm]cial1 
r5d]+ any exact comp>ison ) !  times :5 
speculation play$ ! pr9cipal "p         
extremely difficult4  ,b if we c\ld     
subtract ?is latt] elem5t we %\ld       
c]ta9ly f9d  t ! comp5sations bas$ on   
comm]cial op]ations h greatly  increas$1
 s9ce ! figures ( #ahii1 al?\gh less by 
^? repres5t+  speculative transactions1 
h n appreciably dim9i%$4    ,! ,bank ( !
 ,nation4----,to complete ?is acc\nt ( !
 banks (  ,bu5os ,ayres & _! op]ations1 
we mu/ give an acc\nt ( ! work+  ( ! mo/
 important ( !m all3 ! ,banco del       

,nacion4 ,?is bank is  ( especial       
int]e/1 on acc\nt ( its relations ) !   
,arg5t9e  ,gov]nm5t1 :i* gu>antees all  
its liabilities4    ,! ,bank ( ! ,nation
 came to bir? at an extremely critical  
mom5t 9  ! hi/ory ( ,arg5t9e cr$it &    
f9ance4 ,9 #ahij1 aft] ! d\ble          
political & f9ancial crisis :i* 0 !n    
affect+ ! c\ntry1 z  a consequ5ce ( !   
errors & abuses committ$ by !           
,gov]nm5ts1  at a "t :5 all ! (ficial   
cr$it e/abli%m5ts 9 ! c\ntry  lay       
moribund1 disorganis$1 & discr$it$1 !   
,gov]nm5t ( ,signor  ,pellegr9i1 call$ 9
 to inh]it ! confusion ( t :i* _h j     
fall51 f\nd itself fac$ ) t]rific       
problems4 ,x attempt$ to  solve ! bank+ 
problem by f\nd+ a new in/itution1 to   
:i* x  assign$ a capital ( #ej1jjj1jjj (
 pia/res----#d1djj1jjj----! %>es  to be 
(f]$ = public subscription4 ,to !       
subscrib]s x promis$  a c]ta9 int]v5tion
 9 ! adm9i/ration ( ! bank1 at ! same   
"t res]v+ to ! ,/ate ! "r ( appo9t+ !   
presid5t1 j  z ! ,fr5* ,gov]nm5t appo9ts

 ! presid5t ( ! ,bank ( ,france4  ,9    
ord] z f> z possible to gu>antee !      
%>ehold]s & ! public  aga9/ ! errors &  
abuses :i* _h =m]ly be5 s disa/r\s1  x  
e/abli%$ c]ta9 re/rictive rules 9 ! *>t]
 ( ! new  e/abli%m5t4    ,at ano!r "t   
!re 0 mu* discussion z to :e!r !        
,gov]nm5t (  ,signor ,pellegr9i1 ^:     
patriotic int5tions no "o d\bt$1 w\ld n 
h done bett] to rescue ! old ,national  
,bank1 :i* 0 tott]+  amid ! ru9s ( !    
crisis1 & ^: assets1 adm9i/]$ by !  new 
in/itution1 might h giv5 bett] results  
?an did liquidation1  ?us sav+ ! ,/ate  
mu* exp5se2 b ?is "q is no long] (      
imm$iate int]e/4    ,z 0 only to be     
fe>$1 ! public1 aft] ! spectacle ( su*  
/rik+ examples ( ! lam5table end to :i* 
(ficial banks are  liable 9 c\ntries =m$
 by ! *ances ( immigration1 & devoid  ( 
e/abli%$ traditions3 :]e9 !re exi/s no  
sanction = !  suppression ( und\bt$     
abuses3 ! public1 we %all see1 reg>d$ ! 
new in/itution ) mi/ru/1 & ab/a9$ f buy+
 %>es4 ,!  ,gov]nm5t1 disappo9t$ 9 its  

attempt1 0 compell$ to replace !  sy/em 
( public subscription by an issue (     
notes1 :i* expla9s :y  a purely (ficial 
bank 0 creat$1 in/ead ( ! mix$ bank :i* 
_h  be5 propos$4    ,realis+ t ! success
 ( a bank dep5ds f> m ^u ! confid5ce  ) 
:i* x inspires ! public ?an ^u its      
organic *>t]1 ,signor  ,pellegr9i's     
,gov]nm5t1 toge!r ) ^? t foll[$ x1 took 
c>e  to place at ! head ( ! ,banco del  
,nacion only m5 :o 7 capable1  by _!    
good judgm5t1 _! te*nical compet5ce 9   
bank+ bus9ess1  _! social position1 & _!
 k ( ! bus9ess _w1 (  giv+ pre/ige to ! 
e/abli%m5t1 & surr\nd+ x ) !  atmosph]e 
( respect & confid5ce :i* 0 necess>y to 
its success4  ,?us 9 spite ( its (ficial
 orig9 ! bank 0 able to f9d support 9   
public op9ion1 & to r5d] important      
s]vices to indu/ry & comm]ce4    ,a /udy
 ( ! acc\nts ( ?is e/abli%m5t1 dur+ !   
ye>s  #aijd-aijh1 reveals a /eady &     
prosp]\s progress1 :i* has  inconte/ably
 plac$ ! ,bank ( ! ,nation at ! head (  
all simil>  in/itutions4    ,a glance at

 ! foll[+ table w prove ?is4 ,x conta9s 
! balances  ( ! ?ree pr9cipal acc\nts1  
^u ! #ca/ ( ,decemb] ( ! five  ye>s f   
#aijd to #aijh inclusive4      ,ye>4    
,bills 9 ,h&4        ,ov]drafts 9       
,deposits4                              
,curr5t ,acc\nts4    #aijd              
#h1dhf1cbf              #ad1chd         
#ab1efa1ifi    #aije         #aa1hdb1faa
            #b1ehi1afg                  
#ae1eja1cdj    #aijf         #ac1cfd1ehe
            #a1ijg1hah                  
#ae1afc1igd    #aijg         #af1ejb1fba
            #b1gca1cad                  
#ah1jjh1eja    #aijh         #ai1jdi1gih
            #b1hig1jjh                  
#bj1gac1cge    ,we see f ^! figures t 9 
five ye>s ! bus9ess done has  increas$  
by m ?an #aj-a_/b millions ( p\nds2 !   
ov]drafts 9  curr5t acc\nts by ne>ly    
#cjj1jjj 79 f\r ye>s1 #aije-aijh71 & !  
deposits by m ?an #h1jjj1jjj4    ,!     
,bank ( ! ,nation has "o hundr$ & t5    
bran* e/abli%m5ts  scatt]$ all ov] !    
,arg5t9e1 & _! numb] is cont9ually      

increas+4 ,"h are ! figures relat+ to ! 
?ree pr9cipal acc\nts  9 ^! bran*       
e/abli%m5ts dur+ ! same p]iod3----      
,ye>4      ,bills 9 ,h&4                
,ov]drafts on       ,deposits4          
,curr5t ,acc\nts4    #aijd              
#e1aaa1dha             #c1gdd           
#e1ahg1ihb    #aije          #f1ihg1hdg 
#cdi1dbg           #f1hdb1eei    #aijf  
#h1eeg1ijj            #egj1cej          
#g1gjg1jja    #aijg          #i1hdh1gac 
#hfj1hii           #h1dcc1jjc    #aijh  
#aa1aif1fij            #gdd1aai         
#aj1baj1fej    ,we f9d "h1 among ! bran*
 e/abli%m5ts1 an increase ( ov]         
#f1jjj1jjj 9 ! bills 9 h&2 ne>ly        
#gdj1jjj 9 ! ov]drafts on  curr5t       
acc\nts2 & ov] #e1jjj1jjj on ! deposits4
    ,^! exce$+ly satisfactory results h 
be5 obta9$ by ! ,national  ,bank by     
means ( a nom9al capital ( #i1fhj1jjj4  
,we use ! phrase  8nom9al capital0 )    
int5tion1 = al?\gh ?is sum figures on  !
 balance-%eets ( ! bank1 we mu/ rememb] 
t 9 ?is capital  are includ$ ,/ate      

bonds1 :i* w\ld h furni%$1 _h !y be5    
negotiat$1 an available sum ( #c1bab1jjj
 9 pap]-money1 & t !  net pr(its ( ! ye>
 #aijh are also includ$1 am\nt+ to      
#fdd1jcf 9  pap]1 :i* by law mu/ g to   
increase ! 8,capital & ,res]ve ,funds40 
,! two acc\nts1 aft] ! d$uction ( ! sums
 accru+ to !m z  pr(it1 am\nt           
respectively to #i1fig1idf 9 pap]-money 
& #a1cjc1bdh  9 gold4 ,x foll[s f ?is t 
if ! ,banco del ,nacion1 in/ead (  be+  
an (ficial in/itution1 7 an ord9>y bank1
 x w\ld h be5  able to pay its %>ehold]s
 a divid5d ( #aj p] c5t4 ^u its paid-up 
%>es4    ,! data we h j giv5 prove      
abundantly t ! ,bank ( ! ,nation  has   
be5 direct$ by a h& z firm z x is       
prud5t1 & !re is e  reason to suppose t 
x w cont9ue 9 ! future to s]ve public & 
private int]e/s z well z x does to-day4 
,! =eca/ we pr$ict$  9 ! fir/ edition ( 
?is book w h prov$ mi/ak52 a =eca/  bas$
 ^u ! au?oritative op9ion ( an em95t    
,arg5t9e /atesman1  :o affirm$ t !      
(ficial banks 8bore )9 !m ! g]ms ( !    

moral & f9ancial ru9 ( ! c\ntry40 ,he   
ev5 add$ t "o %\ld  nev] 8incorporate a 
bank ) ! political adm9i/ration ( a     
,/ate1  because soon] or lat] x w be us$
 z a political weapon40    ,we mu/ "h   
pay our respects to ! memory ( ,dr      
,ramon ,santam>9a1 a  =m] presid5t ( !  
,adm9i/rative ,c\ncil ( ?is e/abli%m5t1 
^: premature dea? 0 a great loss to !   
bank & to ! c\ntry4 ,x  is1 inde$1 to 8 
intellig5t & circumspect managem5t (    
affairs t  we owe a great measure ( !   
happy results obta9$4    ,! ,bank ( !   
,prov9ce ( ,bu5os ,ayres4----,!re is 9 !
 ,arg5t9e  ano!r important f9ancial     
h\se3 ! ,banco de la ,prov9cia de       
,bu5os-,aires1 :i* has lately re-aris5 f
 its a%es1 by ! aid (  ! ,banco del     
,com]cio ,hispano-,am]icano4 ,?is also 0
 a victim ( all  k9ds ( abuses1 committ$
 to its detrim5t1 by ! adm9i/rations :i*
  successively direct$ x4    ,! bank 0  
reorganis$ 9 ,june #aijf1 ) a capital ( 
#a1gfj1jjj1  ( :i* sum half 0 furni%$ by
 ! ,gov]nm5t ( ! ,prov9ce &  half by !  

%>ehold]s1 ) ! proviso t ?is capital    
might be  increas$ to #d1djj1jjj1 :i* 0 
done at ! end ( #aijh4 ,accord+  to !   
bus9ess done by ?is bank f #aijf up to !
 pres5t "t1 we  may pr$ict = x a great  
future1 provid$ t its presid5ts1 le>n+  
f ! pa/1 gu>d x resolutely f ! influ5ce 
( political  /ruggles & ! demoralis+    
factions f :i* x has suff]$ 9  ! pa/4 ,!
 new e/abli%m5t enjoys all !            
pr]ogatives1 exemptions  & privileges   
:i* 7 accord$ to ! old bank2 x is !     
obligatory  receptacle 9 :i* are        
deposit$1 gratuit\sly1 ! funds ( !      
prov9cial adm9i/rations & ! c\rts4    ,!
 mo/ delicate po9t 9 ?is conjunction1   
namely1 ! mann] 9  :i* ! adm9i/ration ( 
! bank %\ld be conduct$1 has be5 s      
det]m9$ z to assure ! prepond]ance ( !  
private int]e/s ( !  %>ehold]s ( ! bank 
ov] ! (ficial int]e/s ( ! ,gov]nm5t4  ,!
 adm9i/ration ( ! bank is confid$ to a  
c\ncil1 compos$ ( a  presid5t appo9t$ by
 ! ,gov]nm5t ( ! ,prov9ce ( ,bu5os      
,ayres1  & twelve directors1 f\r ( :om  

are nom9at$ by ! ,gov]nm5t &  eight by !
 private %>ehold]s2 an arrangem5t :i*   
con/itutes an  excell5t gu>antee ( prop]
 managem5t4    ,f ! balance-%eets ( !   
la/ ?ree ye>s1 & ! figures  conta9$ 9 ! 
reports ( ! direct+ bo>d1 or ,c\ncil (  
,adm9i/ration1 we may judge ! activity  
display$ by ?is bank1 & !  progress     
realis$ s9ce its re-e/abli%m5t4    ,"h1 
= example1 are ! am\nts ( ! deposit     
acc\nts z tak5 ^u  ! #ca/ ( ,decemb] (  
ea* ye>1 f #aijf to #aijh inclusive1 z  
well  z ! bills 9 h& & ! ov]drafts on   
curr5t acc\nts4                         
,deposits4            ,bills            
,ov]drafts on    ,ye>4       ,pap]4#ia  
,gold4      9 ,h&4     ,curr5t ,acc\nts4
    #aijf      #d1faj1cji    #agi1dca   
#c1dai1hji        #dfg1cdb    #aijg     
#d1ibj1efa     #cif1ajh     #c1iec1ijc  
#efe1fgj    #aijh       #e1gaf1dda      
#dji1fij     #d1ghe1jdd         #dgg1caj
    ,footnote #ia3 ,actual value 9 gold4
    ,! ext5sive bus9ess done by ?is     
bank1 :i* is evid5t f !  prec$+ figures1

 has produc$ consid]able pr(its1 :i*    
am\nt$ to  #aji1bih 9 #aijf2 #bbj1eea 9 
#aijg2 & #bdf1hhd 9 #aijh4    ,9 ! latt]
 ye> ! net pr(its rea*$ an av]age (     
#adjb p] c5t4  ( ! total capital4 ,?is  
fl\ri%+ /ate ( affairs all[$ ( !  paym5t
 to ! %>ehold]s ( a divid5d ( #ie p]    
c5t4 9 #aijg & #aj  p] c5t4 9 #aijh1 )\t
 prejudice to ! res]ve funds1 :i* am\nt 
to #gc1ibj4    ,money-l5d+ or ,mortgage 
,banks 7,banques ,hypo?caires74 ,!re are
 two  great (ficial in/itutions ( ?is   
k9d 9 ! ,arg5t9e3 ! ,mortgage  ,bank    
,national is progress+ 9 a normal mann]2
 ! o!r1 !  ,mortgage ,bank ( ! ,prov9ce 
( ,bu5os ,ayres1 is pa9fully a*iev+  !  
process ( liquidation4    ,we mu/ expla9
 t ?is in/itution1 :i* work$ = a numb] (
 ye>s  ) av]age regul>ity1 collaps$     
viol5tly 9 #ahij1 on acc\nt ( !  sc&al\s
 abuses committ$ by ! managem5t 9 !     
matt] ( loans1 &  ! p]nici\s            
introduction ( electoral politics into !
 conduct (  bus9ess4 ,?is is "o ( ! mo/ 
lam5table pages ( ! adm9i/rative  &     

f9ancial hi/ory ( ! ,arg5t9e dur+ ! la/ 
few ye>s4    ,aft] num]\s ef=ts _h be5  
made at v>i\s times ) a view to  mak+ an
 arrangem5t betwe5 ! bank & its cr$itors
 by means  ( an ex*ange ( its bonds (   
mortgage = new bonds ( ! ,r5te          
,prov9ciale1 a satisfactory agreem5t 0  
at l5g? arrang$1 :i*  put an end to !   
irregul> situation ( ! bank1 9 a mann] z
  advantage\s = ! cr$itors z = !        
,prov9ce4    ,accord+ to ! report drawn 
up by ! repres5tative ( ! ,gov]nm5t1  ! 
liabilities ( ! bank am\nt$1 on #cj?    
,june #aijf1 to #ai1gbe1fcf2  & to set  
aga9/ ?is colossal debt ! bank possess$ 
! assets1  l>gely prec>i\s1 repres5t$ by
 #ejc loans on mortgage1 ( :i* !        
pr9cipal am\nt$ to #a1ifg1gjd1 :ile     
unpaid or ov]due int]e/  acc\nt$ =      
#f1efh1ddj2 or a nom9al total (         
#h1ecf1adj4    ,! assets also compris$  
c]ta9 o!r items1 am\nt+ to a total (    
#b1ahf1ahd4    ,"s ( ^! assets _h a real
 value & c\ld be consid]$ z capable  (  
realisation4 ,among ^! 73 ! money 9 !   

bank1 ! bank  premises1 ! mortgages1 & !
 special acc\nts ) ! ,prov9cial         
,gov]nm5t2 ^! items con/itut$ ! be/     
class ( assets4 ,!  rema9+ assets 7 m   
prec>i\s1 & _! inve/igation gave rise   
to s]i\s criticisms4    ,two classes (  
assets1 = example1 :i* 7 app>5tly (     
consid]able  importance----^? relat+ to 
hypo!c>y cr$it & to p]sonal  %>es----7  
f> f repres5t+ ! value :i* 0 %[n on !   
balance-%eet4    ,tak+ into acc\nt !    
probabilities ( ! realisation ( c]ta9   
classes ( assets1 9 case ( ne$1 a       
liability ( #ai1gbe1fcf 0  oppos$ by    
assets equival5t to #f1bdb1jci1 leav+ a 
deficit (  #ac1ehc1eie4 ,9 o!r words1 ! 
assets repres5t$ only #ca p] c5t4 (  !  
liabilities4    ,! ,gov]nm5t's          
repres5tative1 hav+ analys$ ! effective 
rev5ue  at ! disposal ( ! ,prov9ce1 &   
all[+ = ! probable progress  by :i* x   
might b5efit 9 ! imm$iate future1 decl>$
 t !  ,public ,treasury c\ld n put aside
 m ?an #cjh1jjj = ! purpose  ( gu>antee+
 ! divid5ds on ! %>es ( ! ,bank2 b t ?is

  sum w\ld probably be increas$ by      
#dd1jjj dur+ ! next five ye>s1  & by    
#dh1djj at ! end ( t5 ye>s2 ?us assur+ !
 cr$itors (  an int]e/ ( #c-a_/b p]     
c5t41 & a proportional amortisation (   
#a_/b  p] c5t4 ,an arrangem5t on ?is    
basis 0 propos$ to ! cr$itors (  ! ,bank
 at a g5]al meet+1 held at la ,plata 9  
,novemb] #aijf1 & 0  accept$4    ,we mu/
 add t at ! pres5t "t ! ,prov9cial      
,gov]nm5t is  consid]+ a s*eme design$  
to infuse new life into ! ,mortgage     
,bank4 ,?is sy/em consi/s ( f\nd+ a     
limit$ company 9 :i* bo?  public &      
private int]e/s w\ld be repres5t$2 a    
/ate ( affairs  v l t already 9 exi/5ce1
 & yield+ excell5t results1 9  ! case ( 
! ,bank ( ! ,prov9ce ( ,bu5os ,ayres4   
,! great (ficial e/abli%m5t = loans on  
mortgage 9 ! ,arg5t9e  is ! ,banco      
,hipotec>io ,nacional4 ,?is bank grants 
loans ^u real  e/ate 9 ! capital1       
prov9ces1 & national t]ritories4 ,x     
issues  c$ulas :i* be> an int]e/ ( #e to
 #f p] c5t41 ) an amortisation  rate (  

#a to #d p] c5t41 :i* are quot$ at ab\t 
p> on ! m>ket1 s  t ! hold]1 aft] !     
d$uction ( exp5ses & commissions1 obta9s
  a satisfactory int]e/4 ,! value (     
c$ulas 9 circulation at ! end  ( #aijh  
am\nt$ to #aa1hga1ajh 9 pap] 7actual    
value7 & #a1hgf1ecj 9  gold1            
respectively4    ,9 addition to ^!      
(ficial e/abli%m5ts1 !re are v>i\s      
private  companies1 f\nd$ by means (    
=eign capital1 :i* issue loans on  real 
e/ate 9 ! capital ( ! ,republic & on l& 
9 "s ( !  ,prov9ces4    ,accord+ to our 
in=mation1 ^! companies employ a capital
 ( ne>ly  #ae1jjj1jjj1 divid$ z foll[s3 
,arg5t9e ,railway ,loan ,co41 ,ltd4     
#hbg1fjj    ,riv] ,plate ,tru/ ,loan &  
,ag5cy ,co4              #b1gje1dbb     
,socit de ,crdit ,fonci] de ,santa ,f   
#eaa1abj    ,mortgage ,co4 ( ! ,riv]    
,plate                    #a1iig1gag    
,riv] ,plate & ,gal4 ,inve/m5t ,tru/    
,co4            #ejd1jjj    ,dut*       
,mortgage ,tru/ ( ! ,rio de la4 ,plata  
#bhf1aid    ,arg5t9e ,mortgage &        

,agricultural ,co4               #hj1jjj
    ,! ,/&>d                            
#eda1dhh    ,crdit ,fonci] ,arg5t9e     
#c1jaf1cdj    ,compagnie ,pa/orale      
,belge ,sud4-,am]ica9e                  
#a1cej1ajb    ,socit ,hypo?caire        
,belge-,arg5t9e               #a1ehc1acj
    ,banque ,hypo?caire ,franco-,arg5t9e
               #a1dhg1afj    ,socit     
,rurale de ,bahia ,blanca               
#c1ifj                                  
------------                            
#ad1hid1bcc                             
,high z ^! figures are1 h[ev]1 !y       
repres5t only a portion ( !  =eign      
capital employ$ 9 ?is class (           
transactions1 = consid]able  sums are   
advanc$ by private p]sons :o wi% to     
obta9 ! high int]e/  obta9able4    ,^!  
companies l5d only gold1 t !y may escape
 ! fluctuations (  ! pap]-money m>ket1 &
 usually limit _! op]ations to deal+  ) 
prop]ties 9 ! capital or 9 ! ,prov9ce ( 
,bu5os ,ayres1 do+  bus9ess ) ! re/ ( ! 
c\ntry only 9 a v limit$ degree4        

,al?\gh ,arg5t9e legislation is         
extremely advanc$ 9 ! matt] (  loans &  
mortgages1 ! l5d] fe>s1 9 ! case ( c]ta9
 prov9ces1  to enc\nt] difficulties 9   
practice1 or delays ( legal proc$ure 9  
! case ( =eclos+4 ,! int]e/ on          
mortgages1 :i* dur+ ! ye>  #aijh 0      
ma9ta9$ at ab\t #i p] c5t41 is to-day   
%[+ a t5d5cy to  fall1 on acc\nt ( !    
abundance ( money 9 ! ,bu5os ,ayres     
m>ket2  ! rate is n[ z l[ z #h p] c5t4  
,x is 9 ! capital ( ! ,arg5t9e t        
mortgage op]ations are mo/  active4     
,dur+ ! decade #ahhi-aijh ! am\nt (     
loans ^u prop]ty  rea*$ ! sum (         
#cg1bda1jjj4 ,?is am\nt 0 l5t ^u #dj1iif
  prop]ties2 & ( ?is total #g1fjc1jjj 0 
l5t 9 #aijh alone4 ,!  mortgages effect$
 ^u rural prop]ties1 ?r\gh\t ! entire   
,republic1  = ! ye>s #aijc to #aijg     
inclusive1 am\nt$ to #cg1ibj1jjj1 & !   
mortgag$ prop]ty am\nt$ to ne>ly        
#hj1jjj1jjj acres4 ,9 ?is total !       
,prov9ce ( ,bu5os ,ayres 0 repres5t$ by 
#af1hhj1jjj2 t ( ,santa ,f  by          

#c1bdj1jjj2 t ( ,crdoba by #f1bdj1jjj4  
,! ,arg5t9e ,republic possesses "o ( !  
mo/ p]fect sy/ems (  mortgage 9 exi/5ce 
among mod]n nations4 ,to prove ?is      
/atem5t  we ne$ only expla9 t ! ,arg5t9e
 laws d n recognise secret  mortgages2  
nor d !y admit any privileges 9 fav\r ( 
m>ri$ wom5 or  m9ors 9 respect ( special
 mortgages4 ,nei!r does su* a ?+ exi/  z
 a g5]al mortgage1 nor are !re any      
privileges tak+ prec$5ce  ov] ! "r ( !  
mortgagee4    ,! mortgage1 l e action   
:i* affects or modifies ! "r (  !       
proprietor ov] immovable prop]ty1 mu/ be
 sign$ be=e a not>y  & regi/]$ by !     
,cons]vator ( ,mortgages4 ,be=e draw+ up
 !  de$1 ! not>y mu/1 z 9 ! case (      
sales1 dem& a c]tificate  /at+ :e!r !   
prop]ty is or is n free f *>ges4 ,al?\gh
 !  "r ( ! proprietor is p]fect z to    
possession1 ! law t5ds to  give prop]ty 
a c]ta9 degree ( mobility2 ?us = ?is    
reason ! t]m  ( a sale ) p[] ( r$emption
 is ?ree ye>s1 ! t]m ( a lease  t5 ye>s1
 & t ( ! regi/ration ( a mortgage t5    

ye>s2 b all  ^! t]ms may be r5ew$ ^u    
expiration4 ,! t]m ( t5 ye>s 9 !  case (
 mortgages does n affect ! ,banco       
,hypotec>io ,national1 nor  ! ,banque   
,hypo?caire de ,bu5os ,ayres1 nor !     
,banque ,hypo?caire  de la ,capitale1 9 
virtue ( ! special laws :i* creat$ ^!   
in/itutions4    ,! ,b\rse or            
,ex*ange4----,! fir/ ,comm]cial ,ex*ange
 or ,b\rse1 or  let u r say ! fir/      
in/itution to fulfil ! functions ( an   
ex*ange or ,b\rse1 = we _c give t "n to 
! m>ket :i*  =m]ly exi/$ 9 ,bu5os       
,ayres1 0 inaugurat$ 9 #ahaj "u !  "n ( 
! ,*amb] ( ,comm]ce----,sala de         
,com]cio4 ,x 0 compos$  exclusively (   
memb]s ( ! ,engli% colony1 & (f]$ !m1   
besides  ! usual advantages ( su*       
e/abli%m5ts1 ! attraction ( a           
well-furni%$ libr>y4    ,! docum5ts     
available d n tell u h[ long ?is        
in/itution la/$1  nor :e!r at a lat]    
p]iod x op5$ its doors to ! ,arg5t9e    
elem5t nor :e!r1 be+ f9ally trans=m$1 x 
s]v$ z a basis =  ! organisation ( !    

ex*ange z x is to-day4 ,! only ?+ c]ta9 
is t 9 ,july #ahcd ! fir/ memb]s ( !    
association met 9 ! ,via  ,san ,m>t91   
!re to e/abli% ! ,b\rse1 ( :i* !        
inauguration took  place on ! #a/ (     
,decemb] foll[+4    ,be=e ?is date !re 0
 a f9ancial gr\p kn[n z ! 8,soci$ad     
,p>ticul> de ,corr$ores10 :i* 0 kn[n z !
 ,camuati1 & :i*  busi$ itself )        
m]cantile transactions4    ,! ,b\rse    
reta9$ its orig9al premises until ! ye> 
#ahfb1 :5 x  0 in/all$ 9 ano!r build+ 9 
! same /reet1 at pres5t occupi$  by !   
,caisse de ,conv]sion1 or ,bank (       
,ex*ange4    ,"s ye>s lat]1 ! premises  
be+ too small1 x 0 propos$ to build  o!r
 & f> l>g] premises1 suffici5t to meet !
 ev]-increas+  dem&s ( ! in/itution4 ,9 
#ahha an extraord9>y g5]al meet+ 0      
held1 ) a view to =m+ a company to      
und]take ! con/ruction (  premises to   
h\se ! 8,soci$ad ,bolsa de ,com]cio40 ,b
 ! company 0  n =m$ until #ahhc1 :5 x   
acquir$ ! site on :i* ! ,b\rse n[  /&s2 
& its (ficial inauguration took place   

two ye>s lat]4    ,s9ce !n ! ,comm]cial 
,ex*ange has enjoy$ a p]iod ( cont9u$   
prosp]ity2 x is to-day ! fir/ comm]cial 
c5tre ( ,lat9 ,am]ica4  ,x ex]cises a   
great influ5ce ov] ! comm]cial &        
economic life (  ! ,republic4 ,x is !   
sole e/abli%m5t ( its k9d1 hav+ judicial
  p[]s1 op5 to all m]cantile            
transactions1 & e/abli%+1 "u  ! /ress ( 
supply & dem&1 ! prices ( ! products (  
lab\r  or comm]ce4 ,hav+ ! p[] ( fix+ ! 
value ( m]*&ise by  quotations (        
pap]-money1 x is1 m ?an any o!r         
in/itution1  liable to exce$ its        
functions2 b x be>s )9 itself1 9 its    
admirable organisation1 ! means (       
repair+ its own errors & (  rema9+ !    
fai?ful regulator ( prices & values4    
,! mo/ eloqu5t comm5t>y ^u ! importance 
( ! op]ations  effect$ by ! ,b\rse de   
,comm]ce is ! simple enum]ation ( _!    
value at v>i\s p]iods1 = we !n realise !
 enorm\s developm5t  :i* !y h a*iev$ 9 a
 p]iod relatively %ort4 ,9 #ahhf !      
total ( ! bus9ess done 0 #agc1jjj1jjj   

pap]1 #cd1fjj1jjj face  value2 9 #ahhg x
 0 #bed1jjj1jjj 7#ej1hjj1jjj72 9 #ahhh  
#dcb1jjj1jjj  7#hf1djj1jjj72 9 #ahhi    
#dfi1jjj1jjj 7#ic1hjj1jjj74 ,! total    
value (  all bus9ess effect$1 liquidat$ 
or n1 ca% or cr$it1 dur+ !  ye>s #ahij &
 #ahia1 am\nt$ to #ah1jjj1jjj1jjj       
7#a1ehd1jjj1jjj7 &  #g1jjj1jjj1jjj      
7#faf1jjj1jjj71 respectively4#ib        
,footnote #ib3 ,! values be=e #aijj are 
face values1 z ! actual value  ( !      
pia/re note fluctuat$4 ,!y mu/ n be tak5
 z actual values  any m ?an 9 ! case (  
,indian rupees4----,,trans4    ,^!      
figures1 9 _! simplicity1 cov] ! hi/ory 
( an int]e/+  p]iod ( ! f9ancial life ( 
! c\ntry4 ,! wave ( speculation  :i*    
turn$ all m5's heads began to rise z    
e>ly z #ahhg1 & 9  #ahia 0 at its       
greate/ height2 x !n crumbl$ into foam1 
hav+  %att]$ ! mo/ deeply-root$ ( bank+ 
h\ses1 compromis$ !  national cr$it1    
*ang$ brilliant illusions into melan*oly
 realities1  & s[n desolation & ru9 9 _m
 a home4 ,aft] ! cata/rophe  ! total    

value ( bus9ess done rapidly fell1 & we 
see x fall+  viol5tly f "o ye> to       
ano!r----f ! #ah1jjj1jjj1jjj ( #ahij    
?r\gh ! #c1cgf1jjj1jjj ( #ahie1 to !    
#hce1jjj1jjj ( #aijj2 a ye>  :i*        
exp]i5c$ a condition ( affairs :i* 0    
de/9$ to produce a  b5efic5t influ5ce ^u
 ! economic life ( ! c\ntry4    ,9 ?is  
total ( #hce1jjj1jjj ( pap]-money we f9d
 t transactions 9  gold am\nt$ to       
#ggd1jjj1jjj pap] money1 correspond+ to 
#ff1hjj1jjj  ( gold negotiat$2 :ile 9   
#ahii1 ! :ole bus9ess done 9 ! ,b\rse   
/ill am\nt$ to ! respectable sum (      
#a1bie1jjj1jjj pap]1 ( :i*              
#a1bcd1jjj1jjj repres5t$ op]ations 9    
gold4 ,f "o ye> to ano!r  ! total sum ( 
! bus9ess transact$ 9 ! ,b\rse _h       
dim9i%$ by  #dfj1jjj1jjj 7pap]74    ,!  
pr9cipal cause ( ?is notable decrease 0 
! 8law ( monet>y  conv]sion40    ,?is   
law1 :i* has be5 9 =ce s9ce #ahij1 fix$ 
! value ( #dd  c5tavos1 or #dd gold1 = !
 future conv]sion ( pap]-money1 &       
enact$ t ! ,caisse de ,conv]sion %\ld   

receive ! gold & deliv]  pap]1 & vice   
v]sa1 at ?is same rate3 a rate equival5t
 to #bbgbg  p] c5t4 ,! effect ( ?is re=m
 0 ?us1 if n to de/roy1 at lea/  v      
l>gely to limit unbridl$ speculation1   
:i* made itself especially  felt 9 !    
value ( ! pap] pia/re4    ,speculation 9
 gold be+ suppress$1 ! volume ( bus9ess 
transact$  on ! ,b\rse de ,comm]ce (    
,bu5os ,ayres grew gradually less &     
less1  fall+ f9ally1 9 #aijd1 to        
#cg1cab1jjj pap]1 ( :i* #ai1ifh /ood  = 
gold4    ,aft] #aijd ! total sum ( ^!   
op]ations 0 /ill fur!r r$uc$1  ! figures
 = #aijh be+ incr$ibly l[4 ,?us ! total1
 :i* 9  #aije _h atta9$ #de1djj1jjj1    
rose to #eg1hjj1jjj 9 #aijf1 fell 9     
#aijg to #af1hhj1jjj1 & 9 #aijh to      
#ab1efj1jjj4 ,to-day ! activity (       
speculators is conc5trat$ ^u op]ations 9
 mortgage bonds & !  %>es ( v>i\s       
companies2 ea* class ( op]ations am\nt+ 
to "s  #e1jjj1jjj4 ,^! figures %[ t !   
,b\rse de ,comm]ce loses f day  to day  
"s "p ( its importance z ! regulat+     

c5tre ( m]cantile  transactions2 b x    
w\ld be an error to measure ! economic  
vitality  ( ! ,republic by ! am\nt (    
bus9ess effect$ on ! ,b\rse1 s9ce  an   
exam9ation ( ! situation %[s u t !      
,arg5t9e has nev]  kn[n a p]iod ( m     
obvi\s prosp]ity4           99       99 
99       99       99    ,hav+ expla9$ ! 
new phase ^u :i* ! ,bu5os ,ayres ,b\rse 
has  ent]$1 we mu/ n[ consid] its       
organisation & its usages1 & !          
regulations "u :i* x op]ates4    ,9 !   
fir/ place we mu/ rem>k t ! ,b\rse is n 
an (ficial  in/itution1 b a private     
e/abli%m5t1 f\nd$ & support$ by a       
limit$ liability company1 ! 8,bolso de  
,com]cio10 :i* is recognis$  z a        
judicial body4    ,9 contra/ to o!r     
,ex*anges1 & t ( ,new ,york 9 p>ticul>1 
! numb] ( %>ehold]s is unlimit$1 & v>ies
 f "t to "t4  ,9 #ahhf !re 7 #biei2 9   
#ahia1 #dija2 9 ,may #aije1 #cgji4 ,to  
become a  memb] ( ! ,b\rse "o mu/ be    
pres5t$ by two %>ehold]s1 admitt$  by ! 
,c\ncil ,*amb] or ,committee 7,*ambre   

,syndicate71 & mu/ pay a  mod]ate       
entrance fee1 z well z an annual        
subscription4    ,accord+ to its rules1 
! object ( ! ,b\rse de ,comm]ce is to   
8(f] a place ( meet+ to ^! memb]s1 :]e  
!y may discuss &  effect all mann] (    
lawful bus9ess2 & to facilitate &       
negotiate  all comm]cial op]ations by   
giv+ !m security & legality40 ,x also   
und]takes to repres5t comm]ce &         
production 9 g5]al be=e !  au?orities ( 
! c\ntry1 or be=e private und]tak+s2 x  
supports  petitions relative to _!      
int]e/s1 9 ord] t laws ab\t to be       
propos$1 or ^? :i* are be+ adopt$1 %all 
be equitable & %all  fav\r ! developm5t 
( comm]cial transactions4 ,its object is
 bo? to  ensure ! unity ( comm]cial     
usages1 & 9 case ( ne$ to take !        
initiative 9 all que/ions ( economics   
:i* may affect comm]ce 9  g5]al4    ,!  
managem5t ( ! ,b\rse is effect$ by !    
,c\ncil ,*amb]----!  ,*ambre ,syndical  
de la ,b\rse1 :i* is entru/$ ) ! g5]al &
  (ficial repres5tation ( ! in/itution4 

,x is ?is au?ority :i*  p]mits or       
refuses ! (ficial quotation ( all /ocks1
 %>es1 loans1  etc41 issu$ accord+ to ! 
laws ( ! c\ntry ( _! orig9 & by  legally
 con/itut$ bodies4    ,! functions ( !  
/ockbrok] c only be fulfill$ by p]sons  
previ\sly au?oris$ by ! ,c\ncil ,*amb]1 
aft] !y h  accompli%$ c]ta9 =malities1 &
 h prov$ :e!r !y h  atta9$ _! legal     
majority1 h exp]i5ce ( bus9ess1 & h     
enjoy$ a good reputation1 all ( :i* mu/ 
be gu>ante$ by ?ree m5  ( bus9ess ( kn[n
 responsibility4 ,! numb] ( su* brok]s  
is n  limit$1 & may be increas$ or      
decreas$ accord+ to circum/ances4 ,9    
#aije1 = in/ance1 _! numb] 0 #che4 ,!y  
are n oblig$ to give  security nor to   
make any deposit z gu>antee be=e        
practis+2 !y  h m]ely to pay a small    
mon?ly subscription4    ,! regulations (
 ! ,b\rse conta9 sev]e provisions aga9/ 
brok]s  :o infr+e any ( ! num]\s        
prohibitions affect+ !m2 su* z  accept+ 
ord]s f cli5ts ^: id5tity has n be5     
prov$2 f  p]sons kn[n to be insolv5t1 or

 f incapable p]sons2 or act+ z          
int]m$i>y 9 negotiations :]e !re is     
reason to suspect t !  p>ties involv$   
are n proce$+ s]i\sly4 ,brok]s :o infr+e
 ^!  rules or o!rs----:o d n1 = example1
 meet _! engagem5ts----are  susp5d$ by !
 ,c\ncil ,*amb] ( ! ,ex*ange4    ,all   
op]ations mu/ be decl>$ 9 an audible    
voice by ! /ockbrok]  to ! record]      
7annotator71 9 ord] t ! latt] may       
inscribe  !m ^u ! blackbo>d4 ,! v5dor & 
! buy] mu/ !n ex*ange  memor&a1 9 ord] t
 ! transaction %all be def9itely        
confirm$  & made valid4 ,all            
transactions effect$ on ex*ange#ic dur+ 
(ficial  h\rs are copi$1 ) ! prices1 f !
 blackbo>d into ! ,j\rnal  ( ,sales2 ^! 
latt] be+ also publi%$ 9 ! ,bolet9 de la
 ,bolsa  de ,com]cio2 or1 z we %\ld say1
 ! ,/ock ,ex*ange ,bullet94 ,!          
settlem5t ( all transactions conclud$ is
 effect$ ?r\gh ! ,c\ncil  ,*amb]1 ) !   
aid ( ! ,bureau de ,liquidation1 or     
,settlem5t  ,(fice1 "u ! sup]vision ( an
 (ficial liquidator1 appo9t$  at a g5]al

 meet+ ( ! brok]s1 :o *>ges a p]c5tage  
on !  settlem5ts :i* he effects4#id     
,footnote #ic3 ,lit]ally1 8at !         
basket40----,,trans4    ,footnote #id3  
,! brok]age 9 #a_/d p] c5t4 on ! sale or
 pur*ase (  bonds1 %>es1 deb5tures1     
etc41 & is *>g$ on ! face 7or nom9al7   
value ( ! am\nt *ang+ h&s4 ,a *>ge (    
#a_/b p] c5t4 is also  made on all      
op]ations on ,ex*ange4    ,su* are !    
pr9cipal rules ( ! organic *>t] :i*     
regulates !  op]ations ( ! ,/ock        
,ex*ange ( ,bu5os ,ayres1 & su* is its  
me?od  ( op]ation4 ,let u n[ exam9e !   
total am\nt ( its op]ations  dur+ !     
p]iod #ahie-aijh1 & h[ !y may be        
analys$3----      ,ye>4                 
,pia/res 7,pap]74  ,p\nds 7,/]l+74      
#ahie                  #a1bdd1fjb1jeh   
----    #ahif                           
#a1chc1dgb1cbi            ----    #ahig 
#a1cjf1eca1fee            ----    #ahih 
#a1bai1cjd1hdf            ----          
-------------     ---------------       
,c>ry =w>d1  #e1aec1iaj1hhh      ,ye>4  

,pia/res 7,pap]74        ,p\nds 7,/]l+74
          ,br\ght =w>d1                 
#e1aec1iaj1hhh    #ahii                 
#a1bie1cjd1hdf                 ----     
#aijj                                   
#hcd1ihb1bad               #gc1dgh1dcdie
    #aija                               
#a1jjc1gji1ihd                          
#hh1cbf1dgf    #aijb                    
#hda1fbg1ecb                #gd1jfc1bbb 
#aijc                                   
#chc1ije1fbb                #cc1ghc1fid 
#aijd                                   
#dbc1ieg1cfa                #cg1cjh1bbg 
#aije                                   
#eae1fjg1caf                #de1cgc1ded 
#aijf                                   
#fee1fbd1eff                #eg1fid1ifa 
#aijg                                   
#aib1acj1efe                #af1ijg1dhi 
#aijh                                   
#adc1dff1ejb                #ab1fbe1jeb 
------------               -----------  
,total = #ad ye>s      #aa1ddd1cgg1cij  
7#i ,ye>s71 #dci1efa1jji                

,footnote #ie3 ,^! values are giv5 only 
f #aijj1 :5 ! value (  ! pia/re 0 fix$4 
,( ?is total an am\nt ( #hgbd millions (
 pia/res1 or #gfb p] c5t41  applies to  
metallic op]ations1 :i* kept speculation
 alive until !  monet>y law ( #ahii once
 & = all arre/$ ! v>y+ values (  pap]   
money4 ,if ?is law _h _h no o!r effect1 
?is result alone w\ld  h ju/ifi$ x z    
:olly b5eficial to ! int]e/s ( ! nation4
    ,9 ! quotations ( ! above p]iod     
mortgage bonds hold ! second  place2 !y 
repres5t ab\t #e p] c5t4    ,be+ dom9at$
 by ! _s ( speculation1 :i* exp5d$      
itself  pr9cipally1 inde$ almo/         
exclusively1 ^u monet>y transactions1 ! 
,b\rse _h no "t to devote itself to m   
legitimate bus9ess4 ,?us  ! public funds
 repres5t$ only "s #c p] c5t4 ( ?is     
total2 !n  came %>es & deb5tures ( v>i\s
 companies2 & la/ ( all bank+  %>es1 !  
am\nt ( ^! be+ insignificant4    ,!     
nom9al value ( all ! securities :i* 7   
quot$ on ! ,bu5os  ,ayres ,b\rse 9 #aijg
 am\nt$ to #eed1gia1icb pap] &          

#abg1gfc1ebe  gold1 or an actual total (
 #gd1cgd1cie1 & an analysis gives !     
foll[+ results3----                     
,doll>s 7,pap]74  ,doll>s 7,gold74      
,public funds & /ocks                   
#aeg1jbe1bie       #ce1jjj1jjj          
,national ,mortgage ,c$ulas             
#abi1chc1ajj       #aa1ddc1fjj          
,prov9cial ,mortgage ,c$ulas            
#abi1gde1fdb           ----    ,limit$  
,companies3 %>es       #acf1feg1ebj     
#gh1daf1cbj    ,deb5tures & c]tificates 
#a1ihj1cge        #b1ijc1fje            
------------     ------------    ,totals
                         #eed1gia1icb   
#abg1gfc1ebe                            
,^! two totals toge!r are equal to a sum
 ( #gd1cgd1cie4    ,9 ! fir/ edition (  
?is book we gave a summ>y ( ! nom9al    
value  ( all ! /ocks quot$ on ! ,bu5os  
,ayres ,/ock ,ex*ange 9 #aijd2 !  sum   
am\nt$ to #dfb millions pap] & #ch      
millions gold1 or a total (             
#eb1bef1jjj2 s t 9 ?ree ye>s ^! figures 
_h increas$ by #ic  millions pap] & #gj 

millions gold1 or ov] #bb1jjj1jjj4    ,x
 is p]missible to hope t 9 ! c\rse ( "t 
! ,bu5os ,ayres  ,ex*ange w atta9 a f>  
great] developm5t1 & t x w ev5  ex]cise 
"s /eady+ influ5ce on ! prices ( !      
public funds4  ,to-day _! real m>ket is 
9 ,london1 ,p>is1 or ,b]l91 s t !  cr$it
 ( ! c\ntry is affect$ by ! di/urb+     
ev5ts ( ,european  m>kets1 :ile ! ,bu5os
 ,ayres m>ket is devoid ( any comp5sat+ 
effect4    ,h[ev]1 x may be obs]v$ t :5 
a c\ntry beg9s to gr[ ri* &  to h m     
assets at its disposal1 ! public funds  
plac$ abroad %[  a t5d5cy t[>ds         
repatriation4 ,we h se5 ?is 9 ! case (  
,italy  & ,au/ria1 :i* _h an important  
=eign debt 9 ,france1 & h  consid]ably  
r$uc$ x dur+ ^! la/ t5 ye>s ( economic  
progress4    ,x w c]ta9ly be ! same 9 ! 
case ( ! ,arg5t9e :51 ?anks  to a s]ies 
( good h>ve/s1 its available or fluid   
assets h  increas$ beyond :at is        
absolutely necess>y = ! developm5t (    
agriculture4 ,inve/m5ts w be made n only
 9 l& or 9 live /ock1  b money w be     

inve/$ 9 /ocks & %>es z well1 & notably 
9  ! ,gov]nm5t /ock ( ! c\ntry4    ,z a 
symptom ( ?is t5d5cy1 we may m5tion t   
int]e/ on !  =eign debt1 ! c\pons = :i* 
h hi!rto be5 payable abroad  only1 is n[
 payable 9 ! ,arg5t9e z well1 9 ord] to 
facilitate  ! pur*ase ( ?is /ock 9 !    
,republic z a /aple inve/m5t4 ,!        
int]nal debt is also ! object ( m       
ext5sive op]ations1 n[ t  ! sev5te5     
loans :i* con/itut$ ! old debt h be5    
unifi$1  & n[ t a special call is to be 
made ^u ! int]nal cr$it (  ! c\nty ) a  
view to und]tak+ va/ public works4 ,to  
enl>ge !  m>ket = ?is ,gov]nm5t /ock !  
au?orities h j decid$ t  its c\pons %all
 be payable on ! pr9cipal =eign m>kets4 
,f9ally1 9 ! c\rse ( "t ! m>ket =       
indu/rial /ock1 bank  /ock1 & railway   
%>es w gradually become less re/rict$1 9
  proportion z ! public =tune becomes m 
ext5sively subdivid$1  in/ead ( be+     
conc5trat$1 z x is at pres5t1 9 a       
comp>atively  small numb] ( h&s4 ,! only
 ?+ t may compromise ?is future is  !   

excessive speculation :i* we f9d1       
unhappily only too (t51 9  a c\ntry :]e 
gambl+ is a dom9ant in/9ct4 ,?is excess1
 ) its  natural sequel 9 ! =m ( f9ancial
 crises1 might end by driv+ all  s]i\s  
cli5ts f ! ,b\rse1 & 9 de/roy+ !        
excell5t elem5ts  :i* ,bu5os ,ayres     
possesses = ! creation ( an important   
f9ancial  m>ket4    ,limit$             
,companies4----,9 ! va/ progressive     
movem5t :i* increases  9 =ce ye>ly      
?r\gh\t ! ,arg5t9e ,republic1 ! ,b\rse (
 ,bu5os  ,ayres has yet ano!r "p to     
play3 t is1 to facilitate ! =mation  (  
collectivities ( capital "u ! =m (      
jo9t-/ock companies1  s9ce ! _s (       
ent]prise exhibits itself by pref]5ce "u
 ?is  =m4 ,collective ef=t is to-day m &
 m replac+ individual  ef=t2 ! ,arg5t9e 
mu/ !re=e le>n h[ to employ ?is weapon  
( associat$ capital 9 ord] to promote   
new und]tak+s1 &1 by  popul>is+ movable 
values or securities by ! help ( !      
,b\rse1 to  raise up new res\rces to !  
c\ntry's pr(it4    ,our /udy ( ! *ief   

manife/ations ( ,arg5t9e life & its     
comm]cial ma*9]y w\ld ?us be incomplete 
if we did n give "s  acc\nt ( ! public  
companies ( ! ,arg5t9e1 ! legal         
=malities  dem&$ ( !m ^u _! =mation1 _! 
me*anism1 & !  vicissitudes ?r\gh :i* !y
 h pass$ at v>i\s int]e/+  p]iods (     
,arg5t9e hi/ory4    ,! con/itution (    
public companies is subject$ by !       
,comm]cial ,code  to rigid =malities1 9 
accordance ) ! mo/ advanc$ pr9ciples (  
univ]sal legislation ^u su* matt]s1 9   
ord] to assure _! prop]  op]ation z well
 z ! int]e/s ( ! %>ehold]s4    ,!       
indisp5sable conditions ( ! =mation (   
su* companies are  ! foll[+3 ! numb] (  
associates mu/ n be m ?an t52 !  capital
 ( ! v5ture1 or its fir/ issue1 mu/ n be
 less ?an #bj p]  c5t4 ( ! total1 & mu/ 
be entirely paid up2 ! %>ehold]s mu/    
contribute #aj p] c5t4 ( ! capital      
actually subscrib$1 a sum :i*  mu/ be   
deposit$ 9 an (ficial or private bank2 !
 company mu/ be  con/itut$ = a fix$ t]m1
 & mu/ be au?oris$ by ! ,gov]nm5t1  :i* 

_c refuse its au?orisation if !         
functions1 organisation1  & articles ( !
 company are 9 con=mity ) ! code1 & if  
its  object is n contr>y to ! public    
int]e/s4    ,to ga9 ! "r to publi% !    
prospectus appeal+ to possible          
%>ehold]s1 ! company mu/ also con=m to !
 foll[+ rules3 x  mu/ indicate ! date ( 
! provisional =mation ( ! company1  mu/ 
m5tion ! place :]e ! *>t] ( ! company 0 
drawn up  & regi/]$1 & :at j\rnals h    
publi%$ ! articles & !  ,gov]nm5tal     
au?orisation2 x mu/ give details ( !    
object ( !  company1 its capital1 !     
numb] ( %>es1 & ! conditions (          
subscription & paym5t2 x mu/ expla9 !   
exceptional advantages  claim$ by !     
f\nd]s ( ! company1 & convoke !         
subscrib]s to a  g5]al meet+1 :i* mu/   
take place )9 ?ree mon?s1 at :i* !      
company %all be def9itively con/itut$4  
,! law =mally =bids ! f\nd]s ( limit$   
companies to res]ve  any sum or         
advantage :atev]1 9 ! =m ( %>es1        
deb5tures1 or  f\nd]s' %>es1 9 ex*ange =

 concessions gratuit\sly grant$ by !    
,gov]nm5t4 ,x conc$es !m a maximum ( #aj
 p] c5t4 ( ! capital1 or  #aj p] c5t4 ( 
! realis$ & liquid pr(its dur+ a t]m :i*
 mu/  n exce$ t5 ye>s4    ,! f\nd]s or  
adm9i/rators ( any company are          
responsible1 jo9tly  & sev]ally & )\t   
any limit1 = all t has be5 done 9 !  "n 
( ! company up to ! "t ( its def9itive  
con/itution1  )\t appeal aga9/ ! latt]1 
if x take place4    ,if ! company be    
f9ally con/itut$1 ! exp5ses & !         
consequ5ces  ( all proce$+s und]tak5 to 
t end by ! f\nd]s w be *>g$  aga9/ !    
exclusive acc\nt ( ^! latt]1 nor w !y h 
any  resort or rec\rse to appeal aga9/ !
 subscrib]s4    ,9 ! case ( limit$      
companies :i* are n legally con/itut$1  
! f\nd]s1 adm9i/rators & repres5tatives 
are1 conjo9tly &  sev]ally & )\t limit1 
requir$ to re/ore any sums !y may h     
receiv$ = %>es issu$1 & also to pay !   
debts ( adm9i/ration  & ! losses t may  
be incurr$ by ?ird p>ties by ! failure  
to  fulfil obligations contract$ 9 ! "n 

( ! company4    ,once a limit$ company  
is con/itut$1 its adm9i/rators contract 
no  common or p]sonal responsibility = !
 engagem5ts ( ! company1 b  !y are      
responsible1 p]sonally & conjo9tly1 to !
 company & to  ?ird p>ties1 = ! failure 
( execution or ! improp] employm5t  ( _!
 m&ate1 & also = ! violation ( laws1    
regulations1 &  /atutes4    ,all        
companies are oblig$ to appo9t at lea/  
once a ye> a c5sor *os5  by ! g5]al     
meet+1 :o directly repres5ts !          
%>ehold]s1 & :o  sup]vises ! prop]      
conduct ( ! company1 & ! accompli%m5t ( 
! legal =malities :i* conc]n x4    ,!   
,comm]cial ,code conta9s _m o!r         
enactm5ts :i* t5d to ensure  ! correct &
 legal con/itution1 z well z ! prop]    
conduct1 (  limit$ companies3 b ^? we h 
cit$ w suffice to %[ t !  law-mak] has  
/riv5 to use ! utmo/ =esight1 ) ! object
 (  gu>antee+ ! int]e/s & ! capital     
confid$ to su* companies4    ,despite   
?is prud5ce & =esight1 we are =c$ to    
recognise t !  in/itution ( su*         

companies1 :i* con/itutes a p[]ful      
economic  lev] :5 !y are correctly      
adm9i/]$ & e/abli%$ ) a view to         
comm]cial & indu/rial utility1 is at    
pres5t discr$it$ on acc\nt  ( ! abuses  
committ$ 9 its "n at ! "t ( ! great     
crisis (  #ahij4    ,! in/itution (     
limit$ companies is s intimately        
connect$ )  ! f9ancial disa/]s ( t p]iod
 t its hi/ory is to a  c]ta9 ext5t !    
hi/ory ( speculation1 & x has suff]$ all
 !  vicissitudes ( speculation4    ,9   
#ahhb1 :5 ,bu5os ,ayres 0 f$]alis$ &    
became ! p]man5t  capital ( ! ,republic2
 :5 public tranquillity 0 confirm$1 )  !
 conviction t x w\ld be long be=e x 0   
di/urb$2 :5 !  public exp5diture 0      
increas$1 ?anks to ! employm5t ( cr$it &
  ! issue ( pap] curr5cy2 :51 9 %ort1 ! 
prospect ( univ]sal  prosp]ity _h awak5$
 en]gy & initiative2 !re began to pass  
?r\gh ! c\ntry a light breeze (         
speculation1 :i* 0 soon to  become a    
tempe/2 & ! limit$ company1 :i* until t 
"t _h  exi/$ 9 a mode/1 inconspicu\s    

degree1 quickly assum$ a great]         
importance1 ) a m def9ite1 m concrete   
=m4    ,! companies float$ 9 #ahhb & 9 !
 ?ree foll[+ ye>s 7 n  v num]\s1 & _!   
capital 0 insignificant z comp>$ )  !   
capital ( ^? t foll[$3 yet a v m>k$     
impulse t[>ds  progress 0 already       
p]ceptible1 z mu* 9 numb]s z 9 capital4 
,?us ! sum ( #aj million pia/res1 !     
am\nt ( ! nom9al capital  decl>$ by !   
limit$ companies 9 #ahhb1 rose to ne>ly 
#ac millions 9  #ahhe4    ,b z ! fev] ( 
speculation & affairs grew high] & ev]  
high]1  ?anks to ! aid ( ! cr$it too    
lib]ally grant$ by ! banks1  :e!r       
mortgage or money-l5d+ banks or o!rwise1
 & z at ! same  "t all ! pap] ?r[n ^u ! 
m>ket 0 imm$iately absorb$1 to  ! great 
pr(it ( ^? :o issu$ x1 ! limit$ company 
foll[$  ! upw>d m>*1 al?\gh ?is movem5t 
did n always correspond )  ! idea (     
progress4 ,?us we see ) surprise t f #ac
 millions  ( pia/res 7pap]7 9 #ahhe1 !  
capital ( ! companies rises to #cd      
millions 9 #ahhf1 to #ie millions 9     

#ahhg1 to #aif millions 9 #ahhh1 & 9    
#ahhi to #cgh millions2 & 9 ^! two latt]
 ye>s ! fev] has rea*$  ! p]iod (       
greate/ dang]4    ,9 #ahij !            
economic-f9ancial crisis1 long delay$ by
 artificial means1  bur/ ov] ! c\ntry ) 
t]rible =ce1 & a revolution broke out   
simultane\sly4 ,"u ! weight ( ?is d\ble 
disa/] ! bank+  h\ses tott]$ on _!      
f\ndations1 soon to fall 9 ru92 cr$it1  
p]sonal or secur$1 vani%$ absolutely2 ! 
pap] curr5cy1 already  depreciat$1 fell 
to a /ill l[] value2 indu/ry & comm]ce 7
  arre/$ 9 _! progress1 & ! :irligig (  
speculation1 :i* _h  s f> gone m]rily b 
giddily r\nd1 came to an abrupt /&/ill4 
,z  a natural reaction1 ! =mation (     
companies1 :i* speculation _h  /imulat$ 
to excess1 0 /rick5 ) an almo/ complete 
p>alysis2 s  t we see ! capital ( ^!    
companies1 :i* 9 #ahhi _h ris5 to  #cgh 
millions ( pia/res1 fall 9 #ahij to #aij
 millions1 & f9ally1 9  #ahia1 to !     
mode/ sum ( #ac millions4    ,^!1       
rapidly d5ot$1 are ! sali5t l9es ( a    

sket* ( !  vicissitudes ( speculation & 
! affairs ( ! capital dur+ !  la/ t5    
ye>s2 a picture :i* beg9s ) ! rosy t9ts 
( hope &  illusion1 & ends 9 ! sombre   
col\rs ( bankruptcy & ru94    ,! bran*es
 ( trade & indu/ry :i* are mo/ l>gely   
repres5t$ by  ! limit$ company =m ano!r 
"q ( int]e/4 ,x is c]ta9ly  v difficult 
to discov] ! true social idea :i* ^!    
companies  pursue at flotation1 = beh9d 
pomp\s titles :i* seem to express  a    
true national progress1 su* z !         
con/ruction ( h>b\rs1 !  f\ndation (    
colonies1 ! build+ or managem5t (       
railways or  tramways1 ! op5+ up ( new  
di/ricts by means ( canals1 etc41 !re   
lurks1 only too (t51 a m]e s*eme (      
speculation 9 %>es or l&4  ,judg+1      
h[ev]1 by ! actual op]ations effect$ by 
^! companies  dur+ ! c\rse ( _! exi/5ce1
 we c class !m accord+ to !  object     
decl>$ at ! "t ( flotation1 & at ! same 
"t give !  /ati/ics ( _! capital4    ,! 
capital ( all ! companies float$ s9ce   
#ahhb am\nts to #iej  millions ( pia/res

 7pap]71 or #hc1fjj1jjj4 ,( ?is sum     
#ad1cbj1jjj 0  frankly int5d$ to promote
 speculation 9 l&2 #ac1bjj1jjj 0 appli$ 
to railways 7includ+ ! pur*ase ( !      
railways ( ! ,prov9ce (  ,bu5os ,ayres72
 #ab1add1jjj to insurance 7a =m (       
employ+ capital mu*  9 vogue at ! "t71 &
 #ab1jef1jjj to bank+ affairs1 :i* 9 "s 
cases 7 only ! mask ( speculations 9    
/ock & 9 l&4    ,to make our sket*      
complete we ought to give1 in/ead ( !   
nom9al  capital decl>$ by ^! companies1 
! capital actually paid up2  z we "k t x
 is n e company t has at its disposal ! 
sum m5tion$ 9 its articles1 b t _m h to 
be cont5t )  ! paym5t ( "o or two       
in/alm5ts1 :ile o!rs _c ev5 f9d         
subscrib]s4 ,kn[+ ^! data1 & be+        
cognisant ( ! pres5t  condition ( !     
companies1 we %\ld !n be able to e/imate
 !  am\nt ( loss :i* !y h inflict$ ^u ! 
c\ntry4    ,un=tunately ?is inve/igation
 is impossible1 = lack ( in=mation1  &  
we c only /ate t millions ( p\nds (     
private =tunes 7  lo/ or /ol5 9 ! limit$

 companies ( ! p]iod4    ,aft] ! crisis 
( #ahij !re 01 z !re 0 b\nd to be1 a    
great  m5tal reaction2 especially 9     
matt]s relat+ to ! in/itution ( !       
limit$ company2 & ! latt] 0 s discr$it$ 
t = sev]al ye>s  n a p5ny c\ld be obta9$
 = inve/m5t 9 und]tak+s ( ! k9d4    ,b x
 0 n possible t su* an important elem5t 
( economic  progress %\ld be entirely   
suppress$ on acc\nt ( ! abuses committ$ 
9 its "n4 ,v sl[ly x came into fav\r    
once m2 b ?anks to !  lessons ( exp]i5ce
 ! new companies 7 conc]n$ 9 ! f\ndation
  ( und]tak+s ( g5u9e indu/rial &       
comm]cial value4 ,?us !  companies      
float$ 9 #aijb1 #aijc1 & #aijd repres5t$
 a nom9al capital  ( #hjc1igi1jjj pap]  
7#gj1iej1ceb actual value71 & ^? f\nd$ f
  #aije to #aijh 7inclusive7 _h a nom9al
 capital ( #gb1egc1dde1 :i* may  be     
analys$ z foll[s3----      ,l&          
#a1fgf1iei    ,railways                 
#f1jei1giag    ,insurance               
#ac1eic1ihae    ,banks                  
#i1bea1ieha    ,indu/ry                 

#g1bie1gicb    ,comm]ce                 
#f1hef1gfbc    ,agriculture & /ock-rais+
          #g1bah1egig    ,navigation    
#ddj1jjjj    ,colonisation &            
,immigration             #bjc1iifc      
,tramways                               
#e1aac1cjca    ,hygi5e                  
#efd1geie    ,telephones & telegraphs   
#a1cdi1ihch    ,m9es                    
#g1ccb1bhf    ,mortgage ,companies &    
,real ,e/ate    ,companies              
#d1jih1ddha    ,gas & electric light+   
#gei1bdi    ,sav+s ,banks               
#ffg1eihh                               
-------------    ,total                 
#gb1egc1dej                             
,! m]e li/ ( ! above inve/m5ts is en\gh 
to conv9ce u t  ! day ( m]ely           
speculative companies is ov]1 :5 %>es 7 
m]e  trave/ies1 m or less ju/ifi$1 z 9 !
 ye>s :i* prec$$ !  crisis ( #ahij4 ,n[ 
speculation 9 l& is repres5t$ by a sum (
 less  ?an #a1gjj1jjj2 :ile insurance is
 repres5t$ by ov] #ac millions1  banks  
by m ?an #i millions1 indu/ry by #g     

millions1 agriculture by #g  millions1 &
 m9es by ab\t ! same am\nt4 ,^! latt]   
inve/m5ts  belong to ! category (       
8eruptive0 /ock1 =1 l a volcanic        
eruption1 !y rise sudd5ly to great      
heights1 to fall1 a little lat]1  leav+ 
no?+ b smoke & a%es4    ,9 ! matt] (    
company =mation1 z 9 ! matt] ( op]ations
 (  ! ,b\rse1 we see t ! ,arg5t9e has   
re-ent]$ ! normal pa? (  progress4 ,"u  
^! two manife/ations1 :i* reflect !     
economic  activity ( ! c\ntry1 ! tide ( 
affairs cont9ues to increase1 b  ! _s ( 
speculation no long] turns x aside1 no  
long] und]m9es  ! organisation ( !      
nation's comm]ce4                       
,,"p ,,iv                               
,,arg5t9e ,,f9ance                      
,,*apt] ,i                              
,,! ,,arg5t9e ,,budget    ,! f9ancial   
situation----,cont9ual increase (       
national      exp5diture----,great &    
rapid progress s9ce                     
#ahia----;,insuffici5cy      ( ! means  
adopt$ to mod]ate ?is increase----,!    

,budget      ,extraord9>y & ! ,special  
,legislation ,budget4    ,causes ( ?is  
increase ( national exp5diture----,!    
increase (      adm9i/rative requirem5ts
 caus$ by an increas+ population2       
?is is ! mo/ natural cause1 & t mo/     
easily ju/ifi$----      ,increase ( !   
public debt----,! int]v5tion ( ! ,/ate z
      ! promot] or gu>antor ( important 
public und]tak+s----      ,exagg]at$    
milit>y exp5ses4    ,! total sum (      
national1 prov9cial1 & municipal        
exp5ses4      ,! proportion p]          
inhabitant----,comp>ison ) o!r =eign    
c\ntries 9 ! matt] ( adm9i/rative       
exp5ses4    ,! national rev5ue----,!    
rev5ue z organis$ by ! ,con/itution1    
& its analysis----,indirect             
taxation----,! cu/oms ! *ief      s\rce 
( rev5ue----,direct taxation2 its orig9 
9 !      ,arg5t9e2 its ju/ification2 its
 yield----,rev5ue ( !      indu/rial    
und]tak+s belong+ to ! ,/ate3 railways1 
sew]s1 po/s & telegraphs----,!          
exploitation ( ! ,/ate      l&s4        

,ela/icity ( ! receipts1 :i* foll[ !    
developm5t &      progress ( !          
c\ntry----,! accel]at$ increase (       
exp5diture1 & ! result+ *ronic          
deficit----,necessity (      s]i\s      
re=ms4      ,! ph5om5on ( an increase 9 
! national exp5diture3 a ph5om5on  :i*  
makes itself felt "u mon>*ies z well z  
"u republics1 9  ^? c\ntries :i* h long 
c5turies ( life beh9d !m1 z 9  ^? ^:    
indep5d5t exi/5ce has b>ely begun3 ?is  
ph5om5on is  felt 9 ! ,arg5t9e ,republic
 m ke5ly ?an 9 ! old] nations (         
,europe4 ,our book w\ld pres5t a s]i\s  
lacuna if we did n1 be=e  speak+ ( !    
increase ( ! ,arg5t9e budgets1 inquire  
fir/ ( all1  z closely z we c 9 a "w (  
in=mation1 :at are ! causes :i*  h l$ to
 ?is cont9ual increase 9 ! national     
exp5ses4 ,we mu/  "k1 9 %ort1 :e!r ?is  
increase is due to g5]al causes1 produc$
  by adm9i/rative necessities1 &        
connect$ ) ! m]e progress (  ! c\ntry1  
or :e!r on ! contr>y x arises f special 
factors1  peculi> to ! social &         

political conditions ( ! c\ntry1 & to  !
 practical defects ( its ,gov]nm5t4 ,if 
we exam9e ! am\nts (  ! ,arg5t9e budgets
 = a numb] ( ye>s1 we %all see t1 ) a   
few r>e exceptions1 !y h always         
increas$1 & at a m or less  extraord9>y 
rate4 ,ev5 9 ! ye>s :5 ! c\ntry 0 groan+
 "u  "s pr(\nd economic or f9ancial     
crisis ! same ?+ 0 to be  obs]v$4    ,n 
to g back too f> 9 our retrospective    
/udy1 let u take z a  po9t ( dep>ture ! 
ye> #ahia1 :i* ye> is a v]itable l&m>k 9
  ! hi/ory ( ! ,arg5t9e p1 s9ce x 0 9 t 
ye> t !  political & f9ancial crisis :i*
 broke ov] ! c\ntry atta9$ its  greate/ 
int5sity4 ,we f9d t 9 #ahia ! exp5diture
 au?oris$ by  ! national budget----n !  
exp5diture actually effect$1 ) :i*  we  
%all deal fur!r on----am\nt$ to         
#da1bcj1cdi pap] & #bj1cae1ddf  gold1 or
 "s #ca millions 9 gold1 or #f1bjj1jjj4 
,five ye>s lat]----9 #ahie----?is       
exp5diture _h increas$ to #gf1jjj1jjj   
pap] & #ae1jjj1jjj gold1 or #cg1jjj1jjj 
9 gold1 or #g1djj1jjj4 ,s9ce  !n1 ) r>e 

exceptions1 ! budgets h foll[$ an asc5d+
 scale4  ,if1 inde$1 we conc]n ourselves
 ) ! sums actually realis$1 in/ead  ( ^?
 propos$ by ! budgets1 we f9d t ! am\nts
 ( ! lat]  budgets are ^!3 9 #ahih1     
#ge1jjj1jjj gold & #aai1jjj1jjj pap]1   
or #aba1jjj1jjj 9 gold1 or #bd1bjj1jjj2 
9 #ahii1 #ca1jjj1jjj gold &             
#ajd1jjj1jjj pap]1 or #gg1jjj1jjj 9     
gold1 or #ae1djj1jjj2 9 #aijj1          
#bd1jjj1jjj gold & #aje1jjj1jjj pap]1 or
 #fi1jjj1jjj 9 gold1 or  #ac1hjj1jjj4   
,r$uc+ to gold ! sums e/imat$ 9 pap]1 we
 f9d t  s9ce #aija1 t is1 s9ce ! "t :5 !
 value ( ! curr5cy 0  e/abli%$ on a fix$
 basis1 ! foll[+ sums h be5 exp5d$3 9   
#aija1 #ad1bjj1jjj2 9 #aijb1            
#ag1fjj1jjj2 9 #aijc1 #ae1fjj1jjj2 9    
#aijd1  #ag1bjj1jjj2 9 #aijg1           
#bj1bjj1jjj2 9 #aijh1 #bj1bjj1jjj2 !re  
has ?us  be5 a rapid progress4    ,!    
budget = #aiji am\nts to #bgj1jjj1jjj   
pap]1 or #bc1hab1hjj4 ,9  ?is total are 
compris$ two items3 "o ( #ae millions ( 
pia/res 9  pap]1 value #a1cbj1jjj2 ! o!r

 ( #c millions1 or #bfd1jjj1 :i* are    
set aside to meet ! exp5ses ( ! ftes ( !
 fir/ ,c5t5>y  ( ! ,national            
,revolution4 ,if we subtract ^! two     
items1 :i* are  necessitat$ by          
extraord9>y exp5ses1 we f9d t ! increase
 ( !  adm9i/rative exp5diture ov] t (   
#aijh am\nts to #a1gfj1jjj4    ,we ought
 "h to rem>k t ^! figures d n include ! 
sums  realis$ by ! ,gov]nm5t by means ( 
! issue ( /ock3 a proc$ure  :i*         
con/itutes an int]e/+ *apt] ( ,arg5t9e  
f9ance4    ,we see1 f ^! data1 t !      
increase ( ! national exp5diture is  a  
con/ant1 almo/ an inevitable factor1 :i*
 occurs ye> by ye> 9 !  ,arg5t9e        
adm9i/ration4 ,x n[ rema9s = u to       
inquire if unavoidable  causes exi/ :i* 
=ce ! ,/ate to sp5d )\t reflection1 &1  
:5 funds are lack+1 to contract loans   
:i* griev\sly burd5 !  future2 or :e!r1 
on ! contr>y1 we h "h a fault root$ 9 ! 
soil ( new c\ntries :i* h no s]i\s      
adm9i/rative traditions1  & 9 :i* ! _s (
 ord] & economy has n yet gr[n to !     

/ature ( a national virtue4 ,9 !        
,arg5t9e ,republic ! increase  ( public 
exp5diture responds to causes :i* diff] 
f ^? :i*  are active 9 ! c\ntries (     
,europe2 ?\gh we d n say t !  latt] d n 
also ex]cise _! influ5ce4 ,a new c\ntry1
 inhabit$  by a sp>sely-settl$          
population1 9 possession ( a ri* b des]t
  t]ritory1 its economic organism z yet 
b>ely develop$1 ! ,arg5t9e  has n yet   
produc$ a class ( m5 practis$ 9 & prep>$
 =  practical adm9i/ration4 ,x is1 on ! 
contr>y1 afflict$ )  undiscipl9$        
political p>ties1 full ( impati5ce & (  
ideas (  progress :i* _c be imm$iately  
realis$4 ,x is n surpris+ t  9 !        
,arg5t9e ! increase ( public exp5diture 
responds to causes  unlike ^? to be     
obs]v$ 9 o!r ,/ates1 :i* numb] ! ye>s ( 
_! lives 9 c5turies2 :i* enjoy p]fect$  
adm9i/rations1 possess  a l>ge class (  
m5 prep>$ = ! sci5ce ( gov]nm5t &       
f9ance1  & ^: ne$s1 f> f increas+1 t5d  
to re/ra9 su* exp5diture4    ,s1        
consid]+ ! "q "u its mo/ g5]al aspect1  

we believe  we %all n dep>t v f> f !    
tru? if we sugge/1 z !  causes :i*      
produce ! con/ant increase ( ! ,arg5t9e 
budgets1  ! foll[+ facts3 7#a7 !        
increase ( adm9i/rative requirem5ts1    
caus$ by ! increase ( ! population2 7#b7
 ! increase ( ! public  debt2 7#c7 !    
depreciation ( ! curr5cy until a rec5t  
p]iod1 & !  increas+ de>ness ( !        
necessities ( life2 7#d7 national &     
=eign  w>s 7:i* causes n[ belong to     
hi/ory1 & h happily ceas$ to  ex]cise _!
 influ5ce 9 ! ,arg5t9e72 7#e7 !         
int]v5tion ( !  ,/ate z manag] or       
promot] ( exp5sive public works2 7#f7 ! 
co/ (  an imp]fect & exp5sive           
adm9i/rative ma*9]y1 & ! wa/efulness  ( 
! ,gov]nm5t & ( ,congress2 7#g7 a lack (
 control 9 ! h&l+  ( rev5ue &           
exp5diture2 7#h7 increas$ milit>y       
exp5diture4 ,"u  ?is la/ head+ we may   
include ! heavy exp5ses :i* ! ,gov]nm5t 
has be5 =c$ to meet 9 ord] to ma9ta9 !  
integrity ( its  fronti] & to avoid a w>
 ) ,*ili4 ,betwe5 #ahhi & #aijc x has   

employ$ = ?is purpose a sum (           
#ac1jjj1jjj4    ,a brief exam9ation (   
ea* ( ^! causes w suffice to %[ t  !y h 
be5 truly pres5t$1 & w also demon/rate !
 degree 9  :i* ! ph5om5on we are /udy+  
exhibits itself4    ,! influ5ce ( ! fir/
 factor is assur$ & indisputable2 x is  
en\gh to en\nce x2 x w be admitt$ )\t   
fur!r criticism4  ,! increase ( !       
,arg5t9e population1 al?\gh x is n      
precisely  all t might be desir$1       
because x is n equally di/ribut$1 be+   
l>g] on ! coa/ ?an 9 ! int]ior1 is none 
! less consid]able4  ,! fir/ national   
c5sus ( #ahfi gave a population (       
#a1hgg1jjj = !  :ole c\ntry2 t ( #ahie  
gave #d millions2 an increase ( m ?an   
#b1ajj1jjj1 or ( #dh p] c5t4 p] annum4  
,s9ce #ahie1 al?\gh ! ,con/itution ord]s
 a t5-ye>ly c5sus1 no  c5sus has        
actually be5 tak54 ,b accord+ to ! mo/  
reliable  calculations1 ! population ( !
 ,arg5t9e am\nts at pres5t to m  ?an #f 
millions ( inhabitants4    ,x is obvi\s 
t an increas$ population mu/ also mean  

an increas$  adm9i/rative exp5diture1 z 
m telegraphs are ne$$1 m bridges1       
roads1 & railways1 a l>g] police s]vice1
 m lawy]s & judges1  & m s*ools &       
tea*]s4 ,no s5sible p]son w\ld pret5d t 
! national exp5diture c\ld rema9        
un*ang$1 :ile all else 0  develop+ &    
prosp]+4 ,if ! national rev5ue increases
 at an  extraord9>y rate1 on acc\nt ( ! 
developm5t ( ! population1 x  is only   
logical t ! exp5diture %\ld increase    
likewise2 b 9 a  less proportion1 x is  
true1 z is prop] "u a good adm9i/ration4
    ,b ?is is n to say t x is p]missible
 = adm9i/rators  entru/$ ) ! annual duty
 ( pres5t+ an e/imate ( public          
exp5diture to d :at is occasionally     
done1 ) su* deplorable  results----to   
e/imate also 9 an exagg]at$ fa%ion !    
increase ( !  population1 9 ord] all ! m
 to inflate ! budget4 ,! pr(\nd         
f9ancial crisis1 :i* affect$ ! c\ntry 9 
#ahij1 _h no o!r cause4  ,ev]y?+ is     
risk$ by ! abuses ( (ficial exp5diture4 
,we h !  pro( ( ?is 9 ! fact t !        

economic possibilities ( ! c\ntry  h    
nev] be5 s great z 9 ^! mom5ts (        
f9ancial crisis4    ,! cont9ual increase
 ( ! public debt is ano!r ( ! causes (  
exagg]at$ budgets4 ,s9ce ! fir/ loan (  
#a1jjj1jjj1 contract$ by  ! ,prov9ce (  
,bu5os ,ayres 9 #ahbb1 :i* 0 lat]       
transf]r$ to !  acc\nt ( ! nation1 until
 ! pres5t "t1 :51 if no new loans  h be5
 contract$1 at lea/ ! ,gov]nm5t has put 
into circulation  millions ( /ock :i* x 
0 hold+ 9 res]ve1 ! public debt has     
done no?+ b increase1 & 9 consid]able   
proportions1 atta9+  9 #aiji to an am\nt
 ( #cga1jjj1jjj gold & #bcg1jjj1jjj     
pap]1  or #ie1jjj1jjj 9 all2 & ?is1 )\t 
includ+ ! la/ loan (  #aj1jjj1jjj       
contract$ by ! ,gov]nm5t 9 ,m>* #aiji4  
,ano!r p]man5t cause ( ! increase (     
public exp5diture is t  :i* arises f !  
int]v5tion ( ! ,/ate1 z gu>antor or     
promot]  ( co/ly public works4    ,!    
,arg5t9e ,con/itution has v wisely      
in/ruct$ ,congress to  8promote !       
introduction & ! e/abli%m5t ( v>i\s     

indu/ries &  ( immigration2 !           
con/ruction ( railways & navigable      
wat]ways2 !  colonisation ( ! l&s       
belong+ to ! nation1 & ! importation (  
=eign capital & ! exploitation ( ! riv]s
 ( ! int]ior1 by  means ( protective    
laws1 tempor>y concessions1 privileges1 
& aw>ds1  :i* %all be an inc5tive to    
emulation40    ,9 ^! s5t5ces ! writ]s 7 
inspir$ only by ! embryonic  condition (
 ! c\ntry = :i* !y legislat$4 ,9 !      
old-e/abli%$ ,european nations1 :]e     
great accumulations ( capital  exi/1 :]e
 ev]y?+ is done by p]sonal initiative1  
:]e !  comm]cial & indu/rial _s is      
highly develop$1 _m ( !  prescriptions (
 ! ,arg5t9e ,con/itution w\ld be useless
 or out (  date4 ,b "h1 :]e capital is  
only beg9n+ to exi/1 z a result (  !    
l>ge comm]cial balance left ov] f ea*   
ye> ( int]national  trade2 "h :]e1 to   
use ! phrase ( an ,arg5t9e ?9k]1 8we    
are naturally ri* b economically poor10 
! ,/ate has to turn to  all trades2 x   
has to g into bus9ess z contractor1     

enc\rage !  e/abli%m5t ( indu/ries by   
means ( premiums or b\nties1 &  /imulate
 ! introduction ( capital & (           
immigrants4    ,! la/ ( ! causes we h   
cit$ z det]m9+ ! increase (  public     
exp5diture 9 ! ,arg5t9e1 is ! increase (
 milit>y  exp5ses4 ,we d n "h ref] to ! 
extraord9>y exp5ses :i* !  ,gov]nm5t _h 
to support = a numb] ( ye>s1 9 ord] to  
acquire !  elem5ts ( naval & t]ritorial 
def5ce :]e) to meet ! possible          
aggressions ( a neighb\r+ ,/ate1 b !    
ord9>y annual exp5ses =  ! upkeep ( !   
army & ! navy4    ,up to #aijb ^!       
exp5ses foll[$ a scale ( accel]at$      
increase1  & ! c\ntry met !m z a        
necess>y sacrifice1 dom9at$ by !        
conviction t by ?is means x c\ld evade !
 great] calamities ( a  w>2 & quiet$ at 
! same "t by ! promises :i* 7 giv5 t    
once ! dang] _h pass$ ! exp5ses w\ld    
naturally decrease4    ,unhappily x 0 n 
s4 ,al?\gh ! int]national horizon 0 cle>
  ( ! cl\d :i* _h ?reat5$ to di/urb !   
tranquillity ( !  c\ntry1 ! army & navy 

e/imates %[$ no signs ( abatem5t2 on  ! 
contr>y1 !y %[$ a t5d5cy to increase4   
,?us 9 #aijb1 :5  ! int]national "q 0 9 
an acute /age1 & a rupture 0  mom5t>ily 
expect$1 ^! e/imates am\nt$ to          
#b1haf1jjj4    ,n[1 9 #aiji1 ) peace &  
tranquillity reign+ on all sides1  !    
w>-budget /ill am\nts to #a1ihj1jjj1 & !
 naval budget to  #a1deb1jjj2 or to m   
?an #c1djj1jjj 9 all4 ,we repeat t ^!   
are  ord9>y1 n extraord9>y budgets1 ^:  
am\nt is always consid]able1  & :i* h to
 be met by means ( sums rais$ by special
 f9ancial  laws1 or au?oris$ by simple  
resolutions ( ! ,cab9et or ,c\ncil (    
,m9i/]s4    ,to ^! milit>y exp5ses we   
mu/ add ! sums requir$ to pay !  retir+ 
gratuities ( (fic]s1 & ^! already am\nt 
to a v]itable  army4 ,^! gratuities1    
grant$ "u ! provisions ( an irrational  
law1 h contribut$ to deprive ! army ( a 
l>ge numb] ( soldi]s  :o might /ill be  
s]v+ ) hon\r & di/9ction4    ,b l>ge z  
^! exp5ses are1 !y are altoge!r eclips$ 
by !  exorbitant sum ( #ad1ibj1jjj vot$ 

by ,congress 9 #aijh1 :i*1 divid$  into 
eight annuities1 is de/9$ = ! pur*ase ( 
munitions ( w>1  %ips1 etc4    ,!       
,arg5t9e1 by cons5t+ to su* exp5ses1 :i*
 are z excessive z  !y are unju/ifi$1 is
 ?us delib]ately ent]+ ^u ! policy (    
arm$ peace1 :i* has produc$ su*         
lam5table results among ! nations  (    
,europe4           99       99       99 
99       99    ,! figures we h already  
giv51 :i* relate to ! ,national ,budget1
  repres5t a portion only ( ! exp5ses   
:i* weigh ^u ! inhabitants  ( ! c\ntry2 
= !y d n include ^? am\nts requisite = !
  support ( ! prov9cial & municipal     
adm9i/rations ( ! entire  ,republic4 ,! 
am\nt ( all ! budgets                   
toge!r----national1 prov9cial  &        
municipal----am\nt$1 9 #aijh1 to        
#bi1bjj1jjj4    ,ea* "o ( ! six-million 
inhabitants ( ! ,arg5t9e mu/ ?us        
annually contribute ne>ly #e t[>ds !    
support ( ! public  adm9i/rations4 ,b 9 
reality ?is contribution is /ill heavi]1
  z ! exp5ses :i* figure 9 ! budget are 

only a "p ( !  adm9i/rative exp5ses1 &  
we mu/ /ill add ! exp5diture au?oris$   
by special laws or resolutions ( !      
,cab9et4    ,?is proportion ( #e p]     
inhabitant is enorm\s2 to und]/& h[     
l>ge x is1 we mu/ comp>e x ) ! am\nts   
*>g$ 9 o!r &  m advanc$ c\ntries4 ,on ! 
o!r h& x is /at$ t "s #cj  p] c5t4 ( !  
:ole national exp5diture is absorb$ by !
 sal>ies  ( ! adm9i/rative employs1     
function>ies1 m9i/]s1 etc41 & by        
p5sions & retir+ gratuities4    ,comm5t+
 ^u ?is abnormal situation1 a sometime  
,m9i/] ( ,f9ance  rem>k$ "s ye>s ago1 9 
an (ficial docum5t :i* attract$         
att5tion by ! en]gy & s9c]ity ) :i* x 0 
writt53----    8,our budgets h con/antly
 increas$ ( late ye>s4 ,x is notori\s  t
 ! p]sonnel ( ! ,adm9i/ration is        
excessive1 j z x is  notori\s t useless 
& exp5sive s9ecures h be5 creat$1 )  !  
sole object ( giv+ places to p]sons ^:  
influ5ce has be5  su* t ! ,/ate has     
und]tak5 to support !m4 ,bureaucracy is 
increas+2 indu/ry1 comm]ce1 & all !     

sph]es ( free endeav\r &  ( individual  
ef=t are ab&on$ by ! sons ( ! c\ntry1 :o
 seek  sal>i$ employm5t or ! ex]cise (  
int]m$i>y pr(essions :i*  dem& no ef=t4 
,! numb] ( "y m5 :o wa/e _! "t 9 seek+  
a place1 in/ead ( devot+ _! activities  
to "w1 9 a c\ntry  :i* (f]s weal? to all
 :o w employ a little en]gy1 a little   
p]sev]ance1 is surpris+4 ,b all want an 
easy life1 ev5 ?\gh x be  poor & )\t    
horizon2 all wi% to live on ! budget1 & 
9 ord] to  ga9 _! object !y exhibit all 
k9ds ( +5uity2 !y g seek+               
recomm5dations1 & employ e means at _!  
disposal4    8,?is ho/ ( p]t9aci\s      
begg>s ( place results 9 ! creation (   
new employm5ts & new s]vices1 all       
equally useless4 ,! national  &         
prov9cial adm9i/rations pay m ?an       
#fe1jjj1jjj 9 sal>ies  & p5sions4 ,ea*  
inhabitant contributes six gold5        
doll>s----#a1  #ds4----t[>ds ! upkeep ( 
an army ( employs1 :i* is an enorm\s    
sum4 ,! public s]vices ( o!r c\ntries   
co/1 p] inhabitant3 9  ,switz]l&1 #ds4  

#if;d42 9 ! ,unit$ ,/ates1 #fs4 #dh;d42 
9 ,engl&1  #hs4 #bhh;d42 9 ,holl&1 #is42
 9 ,au/ria1 #aas4 #bhh;d42 9 ,belgium1  
#abs4 #jdh;d42 9 ,g]many1 #abs4 #jif;d42
 9 ,italy1 #aes4 #if;d42 & 9  ,france   
#ais4 #bhh;d4 ,^! figures1 tak5 f ,paul 
,des*anel's "w on  ,dec5tralisation1 %[ 
u t we h out/ripp$ all o!r nations 9  ! 
matt] ( exp5diture on ! adm9i/ration2   
ev5 ,france & ,italy1  :]e bureaucracy  
is reg>d$ z a calamity & z "o ( ! causes
 (  _! economic decad5ce4    8,we mu/   
*eck ?is avalan*e by suppress+ all      
useless employm5ts &  all sup]flu\s     
s]vices4 ,x is ess5tial to turn our "y  
m5 aside  f _! pres5t pa?1 9 ord] t     
necessity %all =ce !m to  ex]cise _!    
en]gies 9 ! va/ field :i* is (f]$ !m by 
a  new c\ntry1 full ( natural weal?1 ) a
 f]tile soil & a b5ign  climate40#if    
,footnote #if3 ,see ,mmoires des        
,f9ances de #ahhi1 by ,j4 ,m4 ,rosa1    
,vol4  ,,ii41 p4 #agd4    ,! reaction   
:i* ,seor ,rosa1 9 8 g5u9e patriotism1  
_h hop$ =1  took place a little aft] 8  

dep>ture f ! ,m9i/ry ( ,f9ance2 b       
unhappily its direction 0 ! rev]se ( t  
he anticipat$4    ,we h exam9$ ! exp5ses
 ( ! public adm9i/rations2 we h  measur$
 ! weight ( ! public debt2 we mu/ n[    
exam9e ! treasury  receipts1 9 ord] to  
discov] :at are ! mo/ important s\rces (
 !  rev5ues :i* fill x1 & :at ela/icity 
!y possess4    ,! ,arg5t9e ,con/itu5ts1 
aft] hav+ expla9$1 9 ! s5t5ti\s         
preamble :i* s]ves z a preface to _!    
great political code1 :at  place 0 !irs 
:o 7 build+ ! great edifice ( ! ,/ate1  
turn$  to consid] f :at s\rces ! rev5ues
 = ! ,treasury might be  drawn1 9 ord]  
to satisfy ! necessities ( !            
adm9i/ration ( !  c\ntry4    ,to ?is    
effect !y enact$ t ^! res\rces %\ld be3 
8,! taxes  ^u imports & exports2 ! sale 
or allocation ( l&s =m+ "p  ( ! national
 t]ritory2 ! po/al rev5ues1 & ! o!r     
taxes1  :i* ! ,g5]al ,congress w impose 
equitably & 9 proportion to !           
population2 also su* loans & cr$it      
op]ations z ! same ,congress  %all      

decree = ! urg5t ne$s ( ! nation1 or =  
und]tak+s (  national utility40         
7,article #d74    ,has ! =esight ( !    
,con/itu5ts 9 e/abli%+ ^! s\rces  (     
rev5ue be5 ju/ifi$8 or1 9 o!r words1 7 !
 elem5ts (  rev5ue creat$ by !          
fundam5tal *>t] efficaci\s8 ,a little   
/udy  ( ! sy/em ( ,arg5t9e rev5ue w %[ t
 ( all ^! s\rces  enum]at$1 ! only ones 
t h a p]man5t & f]tile exi/5ce  are ^?  
relat+ to ! cu/oms receipts2 t is1 to ! 
duties (  export & import4 ,! o!rs ei!r 
give poor & unc]ta9 results1  su* z !   
sale & allocation ( national l&s2 or are
 ( a p]il\s  nature & to be us$ )       
re/ra9t1 su* z loans & transactions on  
cr$it2 or !y are drawn f s]vices :i*    
produce rev5ue only )9  n>r[ limits1 su*
 z ! ,po/s4    ,besides ! s\rces appo9t$
 by ! ,con/itution = normal requirem5ts 
& ord9>y p]iods1 ! same *>t] enum]ates  
ano!r s\rce to be  resort$ to 9         
exceptional cases or = purposes (       
def5ce1 :5 !  common security & ! g5]al 
welf>e ( ! ,/ate may dem& x4 ,?is  s\rce

 is ! imposition ( 8direct taxes1 dur+ a
 fix$ p]iod1 &  equally proportion$ all 
ov] ! ,republic40    ,x foll[s f ^!     
limits t ! pr9cipal effective s\rce (   
rev5ue int5d$ by ! ,con/itution to =m ! 
,f$]al ,treasury is  t ( indirect       
taxation4 ,s f> ! new fundam5tal code   
has n only  foll[$ ! example ( !        
pr9cipal nations1 & he>k5$ to !  c\nsel 
( economic sci5ce1 b has also put into  
effect an em95tly  practical & f>-see+  
proc$ure4    ,seor ,alb]di1 :o ( all    
writ]s has mo/ pr(\ndly /udi$ ! sy/em  (
 rev5ue e/abli%$ by ! ,arg5t9e          
,con/itution1 has /at$ t  indirect      
taxation is ! mo/ fruitful fiscal       
res\rce1 z is prov$  by ! cu/oms        
rev5ues1 :i* are relatively great] ?an  
^? (  all o!r taxes put toge!r4 ,!      
indirect tax1 adds ,seor ,alb]di1 is    
relatively ! mo/ equitable1 z e "o pays 
accord+ to 8 ta/es  & 8 p[]s (          
consumption2 ! =eign] z well z ! son ( !
  soil4#ig    ,footnote #ig3 ,see       
,si/ema econmico y r5t/ico1 ,obras de   

,alb]di1  ,vol4 ,,iv1 p4 #dai4    ,z we 
h se51 ! ,con/itution 0 f>-see+ & lucid 
9 its  def9ition ( ! "* ( ! rev5ues ( ! 
,national ,treasury3  t is1 9 fix+ ^u ! 
cu/oms duties1 ! sale & allocation (    
l&1 ! products ( ! ,po/s1 & o!r         
contributions to be impos$  by ,congress
 = normal situations 9 a proportional & 
equitable  mann]2 & also 9 decid+ ^u !  
imposition ( direct taxation  = det]m9$ 
p]iods1 & relatively equal all ov] !    
c\ntry1 =  exceptional & abnormal times4
    ,accord+ to ! comm5tator quot$      
above1 :5 ! ,con/itution left  ,congress
 ! faculty ( e/abli%+1 equitably & 9 due
 proportion1  taxes ( o!r k9ds1 & ab/a9$
 f nam+ !m or limit+ !m  to a fix$      
numb]1 x 0 because x wi%$ to give !     
legislature !  "r ( adopt+ all ^?       
recognis$ by economic sci5ce1 9 ord] t  
!y might be impos$ accord+ to !         
pr9ciples ( ! ,con/itution  itself4     
,if we n[ ca/ an eye ov] ! table ( !    
national rev5ue1 we %all  see t 9 #aijh 
! nation collect$1 9 ! =m ( direct      

taxes1  ! sum ( #ehc1cdd2 9 ! =m (      
indirect taxes1 #d1hjc1ibj2 =  !        
remun]ation ( s]vices1 a sum (          
#a1jbc1ddj1 :i* _h n !  "* ( direct     
taxation2 z ! usufruct ( l& belong+ to !
  national doma91 & ! pr(its ( national 
und]tak+s1 #b1eaj1bdj2  & z capitation  
fees1 #h1jjj4 ,we mu/ also include 9 !  
receipts !  sums contribut$ by "s ( !   
prov9ces1 & by ! ,national ,bank1  to ! 
s]vice ( ! national debt2 gu>ante$1 on  
_! acc\nt1 by  ! ,national ,treasury4   
,if we add toge!r all ^! sums1 :i* = "o 
reason or ano!r 7 plac$ to ! acc\nt ( ! 
nation 9 #aijh1 we  arrive at a g5]al   
total ( #bb1cib1afj4    ,?is rev5ue may 
be analys$ z foll[s3----    ,! gr\p (   
direct taxes is =m$ by ! l&-tax ( ! city
 (  ,bu5os ,ayres & ( ! ,national       
,t]ritories1 :i* figures 9 !            
balance-%eet z a sum ( #cbj1cbj4 ,9     
reality ! product ( ?is tax  is         
great]----am\nt+ to m ?an #faf1jjj----;b
 ! nation is by law  compell$ to give a 
c]ta9 proportion ( ?is sum to !         

,municipality  & ano!r to ! ,national   
,c\ncil ( ,education2 :at rema9s :5 ^!  
obligations are satisfi$ belongs to !   
,gov]nm5t4 ,! comm]cial &  indu/rial    
lic5ces ( ! ,f$]al capital & ! ,national
 ,t]ritories  =m ! second class ( direct
 taxes1 _! yield be+ #bde1ebj2 b1  z 9 !
 case ( ! l& tax1 ! ,gov]nm5t has to    
give "p ( ?is  sum to ! city & "p to !  
,c\ncil ( ,education4    ,! indirect    
taxes are ^? :i* produce ! l>ge/ yield3 
!y  include ! cu/oms duties ^u imports1 
:i* 9 #aijh yield$  #ab1jcf1jjj4 ,!     
consul> duties br\ght 9 #ajj1jjj2 /amps 
& fees  acc\nt$ = #aah1jjj4    ,besides 
! res\rces furni%$ by ! indirect impo/s 
( ! cu/oms1  !re has s9ce #ahia exi/$ 9 
! ,arg5t9e ano!r k9d ( indirect  int]nal
 duty1 :i* is *>g$ ^u consumption1 & :i*
 e day  acquires a great] importance1 9 
proportion z ! c\ntry is develop$  & z  
weal? & population increase4    ,^!     
duties 7 e/abli%$ at a critical mom5t ( 
! c\ntry's  hi/ory1 & !y m>k a degree ( 
evolution 9 ! f9ancial sy/em  ( !       

c\ntry4 ,9 #ahia1 :5 ! liquidation      
comm5c$ ( !  great f9ancial crisis :i*  
_h completely ov]turn$ ! economic       
organisation ( ! ,arg5t9e1 ! /r5g? ( !  
c\ntry 0 brok51  ! ,treasury 0 empty1 & 
!re exi/$ a public debt :i* 0 all !  m  
griev\s 9 t ! pap] curr5cy 0 absolutely 
inconv]tible1  & decreas$ 9 value daily1
 9 ! mid/ ( all ! difficulties :i*      
*>act]is$ t t]rible "t4#ih    ,footnote 
#ih3 ,see ,memoria del ,m9i/]io de      
,haci5da1 #ahij1 p4 #gb4    ,?is        
ov]:elm+ situation result$ 9 !          
e/abli%m5t ( indirect  int]nal impo/s2 t
 is1 ! bran* ( taxation :i* is levi$ on 
! national indu/ry & national           
production2 b :i* is1 9 all  contempor>y
 nations1 "o ( ! mo/ fruitful s\rces (  
rev5ue2 !  m s z its collection dem&s   
few sacrifices on ! "p ( ^? :o  pay x4  
,! realisation ( ?is =tunate idea1 :i*  
effect$ an important  innovation 9 !    
rev5ue sy/em1 0 due to ! adm9i/ration ( 
,seor ,c>los ,pellegr9i1 9 :i*          
,v9c5t-,fidel ,lopez 0 ,m9i/] (         

,f9ance1 & 0 p]haps ! mo/ important &   
m]itori\s act ( !  adm9i/ration4        
,dur+ ?is fir/ ye> ( #ahia1 ! receipts  
furni%$ by ?is bran*  ( taxation did n  
atta9 to ! expect$ results2 !y am\nt$   
only  to #bbd1fhb1 di/ribut$ z foll[s3  
,alcohols1 #abc1eaa2 be]1 #bc1edi2      
mat*es1 #gf1fag2 banks & companies1     
#ihb2 total1 #bbd1ffj4 ,out ( a  total  
collection ( #ge1eja1jgg pap] & #dig1abj
 gold1 or #f1gdc1eah1  ! yield ( int]nal
 duties am\nt$ only to #c4bi p] c5t4    
,f\r  ye>s lat]1 aft] ! adm9i/ration (  
int]nal duties _h und]gone  consid]able 
modifications & improvem5ts1 s t ! sy/em
 (  collection _h become m exact1 ^!    
impo/s furni%$ ! ,treasury  ) #fgf1idf1 
:i* out ( a total collection (          
#bi1hje1fea 9 gold  & #bh1ieh1dfj 9     
pap]1 or #aa1ega1jgf1 am\nt$ to #ehe p] 
c5t4 (  ! :ole4    ,9 #ahig ! budget    
vot$ by ,congress increas$ ! g5]al      
rev5ue to be  collect$ to #cc1dib1jjj 9 
gold & #dg1hce1jjj 9 pap] 7d$uct+ f  ?is
 la/ sum #ab millions ( pap] produc$ by 

! %>es ( ! ,national  ,bank & #b        
millions z ! pr(its ( ! ,bank ( !       
,nation71 or 9 all  #adh1jjj1jjj4 ,!    
yield ( int]nal duties _h increas$ to   
#ai1cfj1jjj1  or #ac p] c5t4 ( ! :ole   
rev5ue4    ,9 #aijh ! dome/ic impo/s    
produc$ #d1jjj1jjj1 or #ag p] c5t4 ( a  
total collection ( #bb1djj1jjj4 ,! *ief 
elem5t ( ?is rev5ue 0  furni%$ by ! duty
 on ! consumption ( alcohol1 :i* produc$
  #a1dif1jjj4 ,! tobacco duty came      
second ) a yield ( #a1gfj1jjj4  ,mat*es 
yield$ #bfi1jjj2 be]1 #cjh1jjj2         
insurances1 #fa1fjj4 ,^!  figures %[ h[ 
rapid has be5 ! increase ( ! rev5ue f   
int]nal  duties on consumption4    ,if  
we disreg>d t portion ( ! rev5ue :i* is 
rais$ by impo/s1  & exam9e ! yield ( !  
indu/rial und]tak+s exploit$ by !       
nation1 we %all f9d t z yet !y are f> f 
con/itut+ any real  res\rce = !         
,treasury1 & f> f comp5sat+ ! l>ge      
am\nts  ( capital employ$4 ,comp>+ !    
yield ( ^! und]tak+s ) !  work+ exp5ses1
 we f9d t ! balance1 z a g5]al ?+1 is on

 !  los+ side4    ,?is is ! case ) ! f\r
 railways belong+ to ! nation1 ^:       
yield1 9 #aije1 0 #a1jab1jjj4 ,! work+  
exp5ses1 ! r5ewal (  roll+-/ock1 &      
repairs ( ! p]man5t way1 completely     
absorb$ !  rev5ue4 ,we mu/ hope t ?is   
ru9\s /ate ( ?+s w disappe>  pres5tly1  
:5 ! network ( ,/ate railways is        
complet$1 & ! l9es  unite important     
c5tres ( production1 & ! sy/em (        
adm9i/ration  is p]fect$4    ,aft] ?is  
mis]able result we may po9t ) relative  
satisfaction  to ano!r important        
indu/rial und]tak+ ( ! ,gov]nm5t3 !     
sanitation works ( ! city ( ,bu5os      
,ayres4 ,ap>t f ! hygi5ic  advantage1   
:i* is already v evid5t1 ! f9ancial     
results are  wor?y ( att5tion1 z !y %[ t
 ?is und]tak+ w v %ortly  cov]1 if n !  
:ole1 at lea/ a portion ( ! int]e/ on ! 
capital employ$4    ,! ord9>y work+     
exp5ses ( ?is und]tak+ am\nt$ 9 #aijh to
  #beh1bjb1 :ile ! rev5ue am\nt$ to     
#fgc1bjj4 ,?is left a balance 9  fav\r (
 ! ,treasury ( #dae1jjj1 ( :i* a great  

"p 0 employ$1  by virtue ( special laws1
 9 ! enl>gem5t ( ^! works1 :i*          
enl>gem5t w /ill fur!r increase !       
rev5ue4 ,! f9ancial result  ( ?is       
und]tak+ is a conclusive pro( t su*     
ent]prises1 :5  direct$ ) me?od &       
intellig5ce1 are always pr(itable to !  
,/ate4    ,! ,po/al ,s]vice1 :i* !      
au?ors ( ! ,con/itution expect$ to be  a
 consid]able res\rce1 has hi!rto giv5   
only negative results2 !  receipts h n  
hi!rto cov]$ ! work+ exp5ses4 ,! ord9>y 
exp5ses ( ! ,dep>tm5t ( ,po/s &         
,telegraphs 7 #a1add1jjj 9  #aijh1 :ile 
! effective receipts = ! same ye> 7 only
 #icf1cbj2  giv+ a deficit ( #bjg1fhj4  
,9 reality ?is deficit 0 f> great]1     
because fre% exp5diture 0 necessitat$ by
 ! con/ruction &  repairs ( telegraphic 
l9es1 & c]ta9 purely nom9al receipts1   
aris+ f ! frank+ ( (ficial              
correspond5ce1 7 put on !  cr$it acc\nt4
    ,if we n[ proce$ to exam9e ! rev5ue 
d]iv$ f ! national  e/ates1 we f9d t its
 mo/ important item proce$s f ! sale &  

allocation ( ! public l&s4 ,?is rev5ue1 
:i* figures among ^?  enum]at$ by !     
fundam5tal *>t] z =m+ ! res\rces ( !    
,treasury1 has by no means produc$ :at x
 %\ld1 ow+ to ! lack (  me?od or =esight
 9 ! managem5t ( ?is important          
adm9i/rative  dep>tm5t4 ,9 #aijh ?is    
s\rce produc$ only #bgh1jhj2 & ?is sum  
repres5ts a consid]able increase ov]    
previ\s ye>s1 especially ov]  ! ye>     
#aijd1 :5 ! rev5ue 0 only #bg1cfh4 ,b :5
 we take  ! fact into acc\nt t ! nation 
/ill possesses #bab millions (  acres ( 
l&1 :i* are situat$ 9 t]ritories ^:     
population is  rapidly increas+1 & :i* w
 %ortly be well s]v$ ) railways1  we    
p]ceive at once t ^! l&s1 :i* are a     
p[]ful s\rce (  attraction to           
immigrants1 may also 9 "t become a v    
important s\rce  ( rev5ue4    ,! rev5ue 
d]iv$ f ! exploitation ( indu/rial      
und]tak+s  & f ! national doma9s be+ ?us
 elim9at$ f ! li/ (  effective rev5ues1 
z be+ nom9al or insignificant1 we see t 
!  nation has no o!r positive res\rces  

?an ! cu/oms duties &  impo/s ^u        
consumption4 ,?is expla9s ! developm5t (
 ! budgets  ( ! la/ few ye>s1 9 :i* !   
dome/ic & indirect duties h  increas$ ! 
fiscal receipts4#ii    ,footnote #ii3   
,see ,memoria del ,m9i/]io de ,haci5da1 
#ahie1 ,vols4 ,,ix4  & ,,xi4    ,"o ( ! 
*>act]i/ics ( ! pres5t situation ( !    
,arg5t9e  is ! rem>kable ela/icity      
display$ by ! increase ( ! fiscal       
res\rces4 ,at ! pres5t "t few c\ntries 9
 ! _w pres5t a  simil> spectacle4 ,"h1 m
 ?an 9 any o!r c\ntry1 ! (ficial        
rev5ues are 9 direct relation to !      
result ( ! h>ve/s & !  exportation ( !  
products ( ! ran*2 s t ! table ( fiscal 
receipts is a k9d ( infallible b>omet]1 
:i* measures ! degree (  weal? &        
prosp]ity ( ! g5]al population4         
,if----n to g back too f> 9 our         
inve/igations----we take ! ?irte5  ye>s 
f #ahie to #aijh z an example1 & if we  
conv]t into gold !  sums receiv$ 9 pap]1
 accord+ to ! av]age rate ( ex*ange =   
ea* ( ^! ye>s1 we f9d1 9 ! fir/ place1 t

 9 #ahie !  ,treasury receiv$           
#g1fjj1jjj4 ,s9ce !n ^! figures h       
increas$  9 rapid progression2 pass+ f  
#g1fjj1jjj to #h1fjj1jjj2 !nce  to      
#aj1jjj1jjj2 !nce to #aj1fjj1jjj2 !nce  
to #ad1fjj1jjj2 b 9  #aijj1 ?r\gh       
economic causes su* z ! loss ( h>ve/s1  
an?rax1  ! clos+ ( ,engli% ports to     
,arg5t9e live-/ock1 jo9$ to su*         
political causes z ! fe> ( complications
 ) ,*ili1 ! rev5ues  fell to            
#ac1jjj1jjj4 ,b progress 0 n long 9     
e/abli%+ itself  anew2 9 #aijd1 ! rev5ue
 0 #ae1bjj1jjj2 9 #aijg1 #ba1bjj1jjj2 & 
9  #aijh1 #bb1djj1jjj1 :i* is ! highe/  
figure ! adm9i/ration has  ev] kn[n4    
,to appreciate ?is enorm\s progress at  
its true wor?1 we mu/ take  ! fact into 
acc\nt t x 0 precisely dur+ ^! ye>s t  !
 nation releas$ sev]al s\rces ( rev5ue  
:i* _h previ\sly  be5 tax$2 su* z duties
 levi$ on ! export ( natural products1  
& on natural or artificial w9es1 &      
additional duties levi$ on              
importations1 all ( :i* repres5t$ a     

respectable numb] ( millions  p] annum4 
,?us 9 ?irte5 ye>s1 f #ahie to #aijh1 ! 
fiscal receipts h  increas$ by          
#ad1hjj1jjj1 or by #aid p] c5t4    ,su* 
a result _c b be satisfy+1 & x w\ld be !
 mo/ eloqu5t  pro( ( ! int5se vitality (
 ! ,arg5t9e f9ances 7 x n =  ! /ill m   
rapid increase ( (ficial exp5diture4    
,?is also has  increas$1 rapidly &      
enorm\sly1 m (t5 ?an n exce$+ !  rev5ue1
 & leav+ ea* ye> a m or less important  
deficit1 :i*1  accumulat+ f "o ye> to   
ano!r1 has f9ally to be conv]t$ into  a 
consolidat$ debt1 :e!r =eign or dome/ic4
 8,! practical result  ( ! budgets f    
#ahfc to ! pres5t "t10 says an (ficial  
docum5t1  8has be5 an un9t]rupt$ s]ies (
 deficits40#ajj    ,9 ! face ( ?is      
situation ! patriotic advice :i* !      
,m9i/] (  ,f9ance1 ,j4 ,m4 ,rosa1 gave !
 ,gov]nm5t & ! ,congress 9 a memorable  
docum5t "s ye>s ago1 is m ?an ev]       
applicable4    8,we mu/ d our utmo/ to  
economise10 he said1 8by re/ra9+        
ourselves  & r$uc+ our exp5ses to !     

absolutely indisp5sable4 ,x is only  by 
apply+ ourselves to ! "w ( simplify+ our
 adm9i/rative  s]vices1 by suppress+    
useless =malities & sup]flu\s           
employm5ts1  by scrut9is+ ! lea/ details
 ( ! public exp5diture1 t we  %all      
succe$ 9 mak+ l>ge economies4 ,x is     
c]ta9 t to purge  ! adm9i/ration ( its  
anci5t vices1 to sweep away all useless 
appo9tm5ts1 to refuse to f9d vacant     
places at ! bidd+ ( p[] &  influ5ce1 &  
to e/abli% ! /ricte/ rules ( economy1 is
 a task  ( no mean difficulty2 b we _c  
/op to ?9k ( ! animosity &  ! v9dictive 
temp] :i* x may ar\se :5 duty r5d]s su* 
conduct  necess>y40#ajj    ,footnote    
#ajj3 ,see ,memoria del ,dep>tam5to de  
,haci5da de #ahii1 by  ,joseph ,m4      
,rosa4    ,if ,arg5t9a truly wi%es1 n to
 compromise h] l(ty de/9ies1 b  to rema9
 a c5tre ( attraction to ! lab\r]s or ! 
dis9h]it$  *ildr5 ( fate to :om %e (f]s 
! res\rces ( h] fruitful soil2  if %e   
aspires to be1 9 ! tw5tie? c5tury1 !    
great c5tre ( !  _w's emigration1 z 7 ! 

,unit$ ,/ates 9 ! n9ete5? c5tury1  %e   
mu/ obta9 an adm9i/ration bo? me?odical 
& economical2 c>eful  ( ! public moneys1
 & at ! same "t op5 to all mat]ial      
progress4  ,x is ?us t %e w w9 !        
confid5ce ( m5 & ( capital2 t  is1 ( !  
two elem5ts :i* %e mu/ /ill multiply 9  
ord] to become  a great nation4         
,,*apt] ,,ii                            
,,! ,,public ,,debt    ,/ati/ics ( !    
public debt on ! #a/ ,janu>y            
#aiji----;,hi/ory (      ! public       
debt----,! fir/ loans4    ,! f9ancial   
crisis----,consolidat$ loans----,!      
,rom]o arrangem5t----      ,loan = !    
rescission ( gu>antees----,! int]nal    
public      debt----,! total ( !        
,arg5t9e public debt1 & its annual      
co/ 9 divid5ds & r$emption----,!        
proportion ( f9ancial      *>ges z      
comp>$ to o!r budget>y exp5ses4    ,!   
burd5 ( ! public debt is heavy1 b n     
unduly heavy 9      relation to !       
productive p[] ( ! c\ntry----,!         
necessity      ( re/ra9+ fur!r issues & 

( conv]t+ old debts----,!      ef=ts ( !
 ,arg5t9e to improve h] cr$it4      ,all
 ! vicissitudes ?r\gh :i* ! ,arg5t9e has
 pass$ 9 ! c\rse  ( ! n9ete5? c5tury h  
left _! traces ^u ! hi/ory ( !          
,national ,debt4 ,to ! legitimate uses (
 cr$it h be5 jo9$ abuses2  b all ?is n[ 
belongs to ! pa/1 & we d n int5d1 9 a   
book  deal+ ) matt]s z !y are1 to rec\nt
 ?is hi/ory at l5g?1 nor  to comm5t ^u x
 nor criticise x4    ,! consolidat$     
,national ,debt1 on ! #a/ ,july #aiji1  
am\nt$ to  #fb1hib1dbh4 ,x may be       
analys$ z foll[s3----                   
,,=eign ,,debt4#aja                     
,circulation             ,annual ,co/1  
on #a/ ,janu>y #aiji4          ,int]e/  
& ,amortisation4                        
,loans at #e p] c5t4                    
#bc1cej1acigf          #a1gjb1ehebi     
,loans at #d-a_/b p] c5t4               
#g1fig1bfbhh            #eaf1adgdb      
,loans at #d p] c5t4                    
#bi1hbj1cabgi          #a1ded1dfefd     
,loans at #c-a_/b p] c5t4               

#b1jjd1gajdj            #aba1bchji      
--------------         -------------    
,total                                  
#fb1hhb1dbehc         #c1gid1dcfdd      
,footnote #aja3 ,by #ae? ,septemb]      
#aiji1 ! am\nt ( ! debt _h be5  r$uc$ to
 ! foll[+ figures3 #e p] c5t41          
#bb1gjb1ccj2 #d-a_/b p]  c5t41          
#g1egi1ehj3 #d p] c5t41 #bi1gbh1efb2 #c 
p] c5t41 #a1ibj1jjj2  total1            
#fa1icj1dgb4    ,9 ! total giv5 above is
 an important sum ( :i* ! co/1 ?\gh     
ent]$ 9 ! ,national ,budget1 is really  
borne by ! v>i\s prov9ces4  ,items 9 ?is
 am\nt are a sum ( #f1hjj1jjj1 = :i* !  
,prov9ce (  ,bu5os ,ayres is            
responsible2 ! #c1jjj1jjj ( ! conv]sion 
loan (  ,santa ,f2 #b1hjj1jjj tak5 up by
 ,entre ,rios2 & ! ,crdoba conv]sion    
loan ( #a1jjj1jjj2 :ile ,m5doza acc\nts 
= #fjj1jjj & ! ,national  ,bank 9       
liquidation1 = #a1hjj1jjj4 ,?is         
e/abli%m5t1 al?\gh  belong+ to !        
,gov]nm5t1 be>s ! co/ ( its debt out (  
its own  res\rces4 ,elim9at+ ^!         

#af1jjj1jjj1 we f9d t ! ext]nal debt1   
^: co/ is borne by ! ,treasury1 am\nts n
 to ne>ly #fc1jjj1jjj1  b to            
#dg1jjj1jjj4    ,we %all ultimately h   
occasion to inquire h[ f> ?is debt      
weighs  ^u ! res\rces ( ! ,treasury1 :at
 ! burd5 p] inhabitant  am\nts to1 & h[ 
x /&s 9 relation to ! debts ( o!r       
c\ntries4 ,= ! mom5t we mu/ glance      
backw>d 9 ord] to realise  ! hi/orical  
conditions "u :i* ?is debt 0 contract$1 
& :at  its de/9ation has be54#ajb ,!    
fir/ cr$it transaction effect$ by  !    
,republic abroad 0 conclud$ a few ye>s  
aft] ! ,decl>ation (  ,indep5d5ce4 ,9   
#ahbb ! ,prov9ce ( ,bu5os ,ayres1 :i* _h
 always  be5 ! he>t & head ( !          
,republic1 tak+ its place1 inde$1  "u   
c]ta9 conditions1 & "u o!rs repres5t+ x 
9 =eign  c\ntries1 0 =tunate 9 hav+ at  
its head a progressive ,gov]nm5t1  :i*1 
by its pr(itable initiative1 has left   
in]adicable traces beh9d  x4 ,!         
,presid5t 0 ,g5]al ,m>t9o ,rodriguez2 ! 
,m9i/]s includ$  ,b]nad9o ,rivadavia &  

,manuelo-,josepho ,g>cia4    ,footnote  
#ajb3 ,see1 9 ,! ,nor? ,am]ican ,review 
= ,may #aijb1 an  article by ,seor      
,alb]to ,m>t9ez1 entitl$3 8,national    
,debts ( !  ,_w4 ,,ix4 ,public ,debt (  
,arg5t9a40    ,?is ,gov]nm5t ca/ its    
eyes ov] ! empty surface ( ! va/        
,arg5t9e t]ritory2 x saw imm5se weal?   
unexploit$1 = lack ( !  necess>y        
elem5ts2 x realis$ its great ne$ (      
mat]ial progress1  & und]/ood1 ) a j &  
clairvoyant judgm5t1 t ( all ^!  ne$s ! 
mo/ urg5t 7 ! con/ruction ( a port = !  
ex*ange (  products ) ! outside _w1 !   
in/alm5t ( a wat] supply :i*  w\ld      
ensure heal? to ! inhabitants1 & !      
e/abli%m5t ( villages  along ! l9e ( !  
new fronti]1 s]v+ z des]t outpo/s1 &    
con/itut+ a milit>y pale to )/& & conf9e
 ! irruptions (  ! savage ,indians4     
,= ! realisation ( ^! !n important      
und]tak+s ( public  utility ! ,gov]nm5t 
( #ahbb resolv$ to obta9 ! necess>y     
res\rces1 by rais+ a loan ( a million   
/]l+1 giv+ z  consid]ation a divid5d (  

#f p] c5t4 & an annual r$emption ( #a p]
  c5t42 ! ,h\se ( ,b>+ to act z ag5ts = 
! loan4 ,unhappily !  executive p[]     
employ$ ! res\rces furni%$ by ?is       
transaction 9  f\nd+ a bank :i* _h a v  
%ort exi/5ce1 & ! int5d$ public  works 7
 n effect$4 ,m ?an half a c5tury elaps$ 
be=e _!  realisation4    ,! loan 0 issu$
 9 #ahbd1 & 0 tak5 up 9 entirety at a   
disc\nt  ( #cj p] c5t41 s t ! ,gov]nm5t 
receiv$ #gjj1jjj4 ,= _m  ye>s1 at ! "t (
 ! ,rozas tyranny1 & dur+ ! ensu+ p]iod 
( national dissolution1 ! paym5ts on ?is
 loan 7 susp5d$2 n  until #ahef1 :5 !   
tyranny 0 ov]?r[n & ! ,arg5t9e nation   
recon/itut$1 did ! ,gov]nm5t ( ,bu5os   
,ayres in/ruct ,norb]to de la  ,rie/ra  
to come to an und]/&+ ) ! cr$itors1 & to
 (f] !m  ! punctual paym5t n only ( !   
future divid5ds1 z !y fell due1  b also 
( all ^? ov]due1 on def]r$ /ock at #aas4
 #b;d41 at #b p]  c5t4 int]e/1 ) an     
annual r$emption ( #a_/b p] c5t4 ,?is   
debt is  today ext+ui%$1 & has left no  
traces on ! budget4    ,! second loan   

contract$ by ! nation aft] its          
reorganisation  0 int5d$ to cov] !      
exp5ses ( ! w> to :i* x _h be5          
unreasonably provok$ by ! tyrant (      
,p>aguay 9 #ahfe2 & ?is loan  has also  
disappe>$ f ! l$g] ( ! public debt4     
,! ?ird national loan 0 contract$ 9     
#ahgj1 ! sum be+ #a1jdb1igh1  "u !      
,presid5cy ( ,seor ,s>mi5to2 & ! capital
 0 requir$ =  ! accompli%m5t ( public   
works4 ,?is loan & t prec$+ x 7  f9ally 
conv]t$ into o!rs :i* c>ri$ a l[]       
int]e/4    ,!n ^! transactions 7 foll[$ 
by o!rs1 ( :i* we w briefly  enum]ate ! 
details4    ,! railway loan1 au?oris$ by
 ! law ( ! #bnd ( ,octob] #ahhj1 0  to  
raise ! sum ( #ab1jjj1jjj2 a sum requir$
 = ! ext5sion ( !  ,c5tral ,nor?        
,railway z f> z ! t[n ( ,jujuy1 ! ,&ean 
l9e z f>  z ,san ,juan1 & = ! bran* l9e 
to ,santiago de l',e/]o4 ,x bore  #f p] 
c5t4 int]e/1 ) an annual r$emption ( #a 
p] c5t4 ,x 0  issu$ 9 ,london1 9 ,june  
#ahha1 = ! am\nt ( #b1dej1jjj1 at a     
price  ( #ia p] c5t4    ,! loan entitl$ 

8,! ,public ,national ,funds10 :i* 0    
decre$ by !  laws ( #ab? ,octob] & #bh? 
,june #ahhc1 enabl$ ! ,gov]nm5t to pay  
= ! %>es 9 ! ,national ,bank 7to-day 9  
liquidation71 :i* x  _h acquir$4 ,?is   
loan1 be>+ #e p] c5t4 int]e/ & #a p]    
c5t4  r$emption1 0 issu$ 9 ,may #ahhd1  
by ,b>+ ,bro!rs1 at a disc\nt (  #hde p]
 c5t41 & am\nt$ to #a1fhc1ajj4    ,!    
loan entitl$ 8,h>b\r ,works ( !         
,capital10 au?oris$ by ! law  ( #bg?    
,octob] #ahhb1 0 contract$ = !          
con/ruction ( ! new  h>b\r :i* ! city ( 
,bu5os ,ayres requir$ = ! developm5t (  
h] =eign trade4 ,an issue ( #bj1jjj1jjj 
9 gold 0 decre$1 be>+ #f  p] c5t4       
int]e/1 ) #a p] c5t4 r$emption4    ,!   
8,public ,works0 loan 0 creat$ by ! law 
( #ba/ ,octob] #ahhe2 its  am\nt 0      
#h1djj1jjj1 & its object ! unification (
 c]ta9 loans  requir$ = v>i\s und]tak+s4
 ,! %>es bore #e p] c5t4 int]e/  ) an   
annual r$emption ( #a p] c5t4 ,! sum    
issu$ 0 #h1ccc1jjj1  ( :i* #d1jjj1jjj 0 
plac$ 9 ,london1 9 ,janu>y #ahhf1 at #hj

 p]  c5t41 & ! rema9d] 9 ,janu>y #ahhg  
at #he-a_/b p] c5t4 ,?is loan  0        
gu>ante$1 z f> z ! int]e/ 0 conc]n$1 by 
! cu/oms  rev5ue1 & ! repres5tatives ( !
 inve/ors _h on ?is pretext  res]v$     
c]ta9 rights ( control ov] !            
adm9i/ration ( ?is  rev5ue4    ,!       
8,c5tral ,nor!rn ,railway ,loan0 0      
divid$ into two s]ies4 ,!  fir/1        
au?oris$ by ! law ( #i? ,octob] #ahhf1 0
 ( #d1jjj1jjj2  b ( ?is sum only        
#c1ifh1bjj 0 issu$1 z foll[s3 to        
,london1 9  ,june #ahhg1 #a1cjj1jjj at  
#iae p] c5t42 9 ,april #ahhh1 #a1ejj1jjj
  at #id p] c5t42 9 ,may #ahhi1         
#a1afh1bjj at #ig p] c5t4 ,! second     
s]ies1 au?oris$ by ! law ( #cj? ,octob] 
#ahhi1 am\nt$ 9 all to  #c1jjj1jjj1 (   
:i* only #b1igf1jjj 0 issu$4 ,! two     
loans bore  an int]e/ ( #e p] c5t4 & a  
r$emption ( #a p] c5t42 !y 7  contract$ 
to all[ ( ! prolongation ( ! ,c5tral    
,nor!rn ,railway4    ,! 8,national      
,bank0 loan1 creat$ 9 virtue ( ! law (  
#bnd ,decemb]  #ahhf1 au?oris$ an issue 

( #b1jeh1bjj1 to enable ! ,gov]nm5t to  
pay  ! debt :i* x _h contract$ t[>ds !  
said ,bank4 ,! bonds 7  issu$ at #ij p] 
c5t42 !y bore an annual int]e/ ( #e p]  
c5t41 )  a r$emption ( #a p] c5t4    ,! 
8,treasury ,bonds ,conv]sion0 loan1     
au?oris$ by ! law ( #ba/ ,june  #ahhg1 0
 employ$1 z its description indicates1 9
 ! consolidation  ( a debt contract$ = a
 %ort t]m4 ,! issue requir$ 0 #e1jgh1ccj
  pap]1 b only #fbd1jjj 0 actually      
realis$4#ajc ,! /ock c>ri$ an  annual   
rev5ue ( #e p] c5t41 ) #a p] c5t4       
r$emption1 :ile ! old  ,treasury ,bonds 
h an int]e/ ( #i p] c5t4    ,footnote   
#ajc3 ,! sum ( #e1jgh1ccj is equival5t  
at ! pres5t  disc\nt ( pap] to #ddf1hgc2
 9 #ahhg ! value ( ! pap] pia/re 0      
high]4----,,trans4    ,! loan contract$ 
by virtue ( ! law ( #ae? ,augu/ #ahhg 0 
int5d$  to balance c]ta9 debts on ! "p (
 ! ,national ,gov]nm5t t[>ds  !         
,gov]nm5t ( ! ,prov9ce ( ,bu5os ,ayres4 
,! issue 0 "o (  #c1igc1gjj1 ! int]e/   
be+ #d-a_/b p] c5t4 & ! r$emption #a p] 

c5t42 x 0 tak5 up at #ij p] c5t4    ,!  
8,conv]sion ( ,debts0 loan1 at #f p]    
c5t41 contract$ 9 virtue  ( ! law ( #bnd
 ,augu/ #ahhh1 0 an op]ation (          
consolidation &  reorganisation ( debts4
 ,! issue am\nt$ to #e1bij1jjj4 ,!      
bonds1  :i* yield$ #d-a_/b p] c5t41 ) #a
 p] c5t4 r$emption1 7  negotiat$ 9      
,london1 9 ,febru>y #ahhi1 at #ij p]    
c5t4    ,! 8,conv]sion ( ,h>d ,doll>s0  
loan 0 issu$ 9 virtue ( ! law (  #bnd   
,july #ahhi1 :i* au?oris$ an issue (    
#b1fjj1jjj to be appli$ to  ! conv]sion 
( debts contract$ 9 h>d pia/res4 ,! new 
/ock 0 to  yield an int]e/ ( #c-a_/b p] 
c5t41 ) #a p] c5t4 r$emption4 ,!  issue 
actually am\nt$ to #b1fei1ejj4    ,!    
8,consolidation ,loan0 7au?oris$ #bd?   
,janu>y #ahia7 0 "o (  ! mo/ important  
cr$it transactions ev] effect$ 9 !      
,arg5t9e  ,republic3 a transaction :i*  
evokes memories ( a critical p]iod :i*  
we ought briefly to recall4    ,:5      
,signor ,pellegr9i's ,gov]nm5t came to  
p[]1 on ! #f? ,augu/  #ahij1 ! c\ntry 0 

suff]+ f a political upheaval1 & at !   
same "t 0 ent]+ ^u a "t ( sev]e f9ancial
 crisis1 8! mo/  viol5t1 ! mo/ desp]ate 
crisis :i* has ev] afflict$ ! ,republic1
  & put its hon\r to ! te/10 accord+ to 
! words ( ,v9c5zio  ,lopez1 ! em95t     
f9ance ,m9i/] ( t adm9i/ration4    ,!   
,treasury _h exhau/$ its res\rces1 9    
ord] to increase &  support ! funds ( ! 
,national ,bank1 ^: debt to ! ,gov]nm5t 
am\nt$ to #dg1dia1dhcajd 9 pap]1 &      
#b1ebh1bbd 9 gold1 :ile its  debt to    
=eign cr$itors am\nt$ to #c1gjh1jcg1 &  
to home cr$itors  #b1cbh1hjj4           
,footnote #ajd3 ,?is am\nt is n r$uc$ to
 gold1 ! rate ( ex*ange  n be+ fix$ at !
 "t4----,,trans4    ,if ! situation ( ! 
,national ,bank1 :i* s]v$ z !           
,gov]nm5t's  treasury1 0 s]i\s1 t ( !   
,national ,mortgage ,bank & t ( !  ,city
 ( ,bu5os ,ayres 7 no less grave4 ,!    
fir/ ow$ #a1fij1hcc 9  pap] & #aaa1dge 9
 gold 9 divid5ds1 & ! second 0 dra9$ dry
  by its debts1 am\nt+ to #cd1fdf1ecc   
pap] & #ib1cci gold at home1 z  well z  

#a1ifj1jjj abroad4    ,f ! outset !     
,gov]nm5t conc5trat$ all its ef=ts ^u ! 
solution ( ^! ?ree grave problems4 ,x   
propos$ ! recon/itution  ( ! ,national  
,bank2 x w\ld enable ! ,mortgage ,bank  
to cont9ue  op]ations1 *iefly by repay+ 
! advances :i* x _h made to !  ,/ate2 & 
assi/ ! ,city ( ,bu5os ,ayres to meet   
its engagem5ts 9  respect ( ! int]e/ ( !
 =eign debt1 con/ra9+ x to collect  &   
employ ! municipal rev5ues 9 a m        
me?odical mann]4    ,! prime object (   
?is important transaction 0 8to give !  
c\ntry  a p]iod ( economic repose1 by   
provisionally susp5d+ ! removals  (     
metallic curr5cy = ! liquidation ( !    
nation's =eign  engagem5ts10 z !        
,gov]nm5t decl>$ 9 ! message :i*        
accompani$  its proposal4 ,to a*ieve ?is
 end1 ! creation ( a consolidation  loan
 0 propos$1 am\nt+ to #ab1jjj1jjj1 &    
increas$ lat] on to  #ae1jjj1jjj ^u !   
advice ( ! l5d]s1 ! result be+ de/9$1  =
 a p]iod ( ?ree ye>s1 = employm5t 9 pay+
 ! int]e/  on ! nation's loans & 9      

reliev+ ! ,treasury ( ! burd5 (         
gu>antee+ ! divid5ds ( ! railways4    ,9
 accordance ) agreem5ts conclud$ betwe5 
! ,gov]nm5t ( !  ,republic & ! bank+    
h\ses :i* und]took to negotiate ! loan1 
! banks und]took to accept1 dur+ a p]iod
 ( ?ree ye>s1 z  consid]ation = ! debt1 
& = ! effectual gu>antee+ ( !  railways1
 bonds ( ! loan itself2 & und]took1     
moreov]1 to accept  !m at p>4 ,! issue  
ea* ye> 0 to be proportional to ! sum   
necess>y to pay ! int]e/ on ! debt4     
,! nation1 on ! o!r h&1 und]took to set 
aside = ! paym5t  ( ! int]e/ on ! said  
loan #f p] c5t4 ( ! cu/oms receipts1    
:i* 7 subject$ to a mon?ly levy ( !     
am\nt requir$1 ! am\nt  affect$ by !    
prior rights ( ! loan ( #ahhe be+ d$uct$
 fir/4    ,! nation also engag$ n to    
increase its =eign debts1 :e!r by       
borr[+ or giv+ gu>antees1 dur+ ! ?ree   
ye>s fix$ = !  issue ( ! loan4    ,!    
total am\nt au?oris$ 0 #ae1jjj1jjj1 !   
int]e/ #f p] c5t41  & r$emption 0 to    
comm5ce at ! end ( ?ree ye>s1 to be     

complet$  9 ?irty ye>s4 ,c\pons c\ld be 
paid to ! ,/ate 9 settlem5t (  cu/oms   
duties4 ,( ! above nom9al sum1 only     
#g1fia1gbe 0 actually  rais$1 #g1cjh1bge
 rema9+ unissu$ = ! foll[+ reasons3---- 
,"u ! adm9i/ration ( ,seor ,sa5z ,pea1  
:5 ,seor ,rom]o 0  in/all$ 9 ! ,m9i/ry (
 ,f9ance on ! #ab? ,octob] #ahib he f\nd
  ! ,consolidation ,loan 9 process (    
issue1 ! /ock be+ sold at ne$1  ! #f p] 
c5t4 bonds be+ gu>ante$ by ! cu/oms     
receipts2 !y 7  !n sell+ 9 ,london at   
ab\t #fc p] c5t4 ,seor ,rom]o e/imat$ t 
if ! sy/em ( pay+ debts by means ( debts
 is g5]ally a ru9\s  "o1 x 0 especially 
s 9 ?is case1 :]e ! transaction 0 be+   
effect$ by means ( bonds s badly        
depreciat$ z ^? ( ?is loan4    ,! fir/  
important act ( ?is ,presid5cy 0 to make
 an arrangem5t  ) ! repres5tatives ( !  
be>]s ( ! =eign debt1 by :i*  !y cons5t$
 to a r$uc$ int]e/ = five ye>s----t is1 
until  #ahih----! r$emption *>ge be+    
susp5d$ simultane\sly4 ,9 !  foll[+     
ye>s1 f #ab? ,july #ahih to #ab? ,janu>y

 #aija1 ! full  int]e/ alone 0 to be    
resum$1 & f #aija ! paym5t ( !          
r$emption *>ge w\ld also be resum$4     
,z a consequ5ce ( ?is arrangem5t1 x 0   
decid$ to issue no fur!r  /ock ( ! loan1
 ev5 9 cases :]e ! issue 0 au?oris$3 z1 
= example1 9 ! effective gu>antee (     
railway /ock4 ,hold]s (  ! latt] w\ld   
receive paym5t on ! basis ( ! price at  
:i* !  %>es 7 quot$4 ,?is is :y !       
,consolidation loan issue ( #ahia 0     
conf9$ to ! sum already cit$4    ,!     
8,travaux de salubrit10 or ,wat] ,supply
 & ,dra9age loan1 au?oris$  by ! law (  
#cj? ,janu>y #ahia1 to ! ext5t (        
#f1gej1jjj1 9 bonds  be>+ #e p] c5t4    
int]e/ & #a p] c5t4 r$emption1 0 creat$ 
"u ! foll[+ conditions3----    ,!       
,gov]nm5t ( ,seor ,ju>ez ,celman1 :i*   
prec$$ t ( ,signor  ,pellegr9i1 0       
inspir$ by ! ,sp5c]ian doctr9e1 :i*     
ass]ts z a  pr9ciple t ! ,/ate is always
 a bad adm9i/rator1 & fell into         
f9ancial & adm9i/rative errors :i* 7 to 
co/ ! c\ntry de>  inde$4 ,?us x resolv$ 

to place 9 ! h&s ( individuals all !    
indu/rial ent]prises und]tak5 by !      
nation1 among :i* 0 !  s*eme = supply+ !
 city ( ,bu5os ,ayres ) wat] &          
facilitat+  ! elim9ation ( its fil? &   
sewage4    ,e "o v soon saw1 h[ev]1 t a 
s]i\s mi/ake _h be5  made4 ,! individual
 firm entru/$ ) ^! important s]vices 0  
exclusively preoccupi$ 9 exploit+ !     
public1 & its me?ods  result$ 9 prote/s 
& resi/ance on ! "p ( ! inhabitants  (  
,bu5os ,ayres4 ,on #f? ,augu/ #ahij1 !  
,gov]nm5t1 ,pellegr9i  be+ presid5t1    
came to ! conclusion t x 0 its duty z an
  adm9i/ration1 & 0 also a matt] (      
political effici5cy1 to place  !        
sanitation works 9 ! h&s ( ! ,/ate once 
m2 & ) ?is  object x obta9$ an          
au?orisation to contract a loan (       
#f1gej1jjj1 at  #e p] c5t4 & #a p] c5t4 
r$emption4 ,su* 0 ! orig9 ( ?is loan1  (
 :i* /ock to ! value ( #f1cgd1iie 0     
issu$4    ,! 8,rescission ( ,railway    
,gu>antees0 loan1 au?oris$ by ! laws (  
#aj? ,janu>y #ahif & #cj? ,decemb]      

#ahih1 0 contract$ to disbur!n  ! ,/ate 
( ! heavy obligations :i* weigh$ ^u x z 
a result  ( hav+ gu>ante$ an int]e/ ( #f
 p] c5t4 on enorm\s capitals  employ$ 9 
! con/ruction ( railways4 ,) ?is object 
#aa1fii1ieg  wor? ( /ock 0 creat$1 &    
issu$ at #d p] c5t4 & #a_/b p] c5t4     
,! loan = ! 8,conv]sion ( ,prov9cial    
,debts10 creat$ by ! law (  #h? ,augu/  
#ahif1 0 ju/ifi$ by ! highe/            
consid]ations ( national  solid>ity1 & (
 ! def5ce ( ,arg5t9e cr$it abroad4    ,!
 enorm\s debts contract$ by ! ,prov9ces1
 unau?oris$ &  uncontroll$ by ! c5tral  
p[]1 quickly result$ 9 a v]itable       
bankruptcy1 at ! end ( a p]iod ( wa/e & 
folly1 ( un*eck$ &  uncalculat+ exp5se4 
,! nation1 :i* _h 9 no way int]v5$ 9 !  
matt] ( ^!  loans1 & _h contract$ no    
obligations :atev] on _! behalf1  might 
/rictly h refus$ to accept any          
responsibility = su* heavy  liabilities2
 b x is indubitable t ! insolv5t        
condition ( !  ,prov9ces 9 ! ,european  
m>kets might h affect$ ! cr$it (  !     

nation1 ! latt] be+1 9 =eign eyes1      
involv$ 9 all ^!  individual failures4  
,:at ,presid5t ,qu9tana said 9 8        
inaugural address on ! subject (  !     
peace ( ! ,prov9ces1 :i* is also ! peace
 ( ! ,/ate1 may  also1 ) no less reason1
 apply to cr$it4    ,on ! o!r h&1 !     
nation c\ld n rema9 indiff]5t to !      
prec>i\s situation creat$ by ! susp5sion
 ( paym5t 9 !  ,prov9ces4 ,z practically
 all _! rev5ues 7 already pl$g$1 s  t !y
 c\ld n pay int]e/ on _! debts = _m     
ye>s1 ! legal  action ( _! cr$itors     
might fett] _! adm9i/rations1 oppose    
s]i\s ob/acles to ! developm5t ( _!     
s\rces ( weal? &  production1 &1 9 %ort1
 inflict s]i\s damage ^u ! entire       
c\ntry4    ,^! v s]i\s consid]ations    
decid$ ! public p[]s to l5d !  ,prov9ces
 _! aid1 s t ! latt] might make         
equitable arrangem5ts  ) _! =eign       
cr$itors1 & z f> z possible free        
!mselves f  su* heavy liabilities4      
,^! arrangem5ts 7 = ! mo/ "p effect$ by 
ex*ang+ !  #d-a_/b p] c5t4 /ock (       

int]ior debt :i* ! ,prov9ces promis$    
aga9/ #d p] c5t4 /ock ( ! =eign debt1   
:i* ! nation remitt$  to ! cr$itors ( ! 
,prov9ces4    ,! total ( ^! prov9cial   
debts am\nt$ to #cj1cee1aij1 & !        
nation1 = ! complete liquidation ( !    
same1 gave #d p] c5t4  /ock1 be>+ a     
r$emption *>ge ( #a_/b p] c5t41 to !    
value (  #ag1aii1hii4 ,! int]e/ & annual
 r$emption *>ges ( ?is /ock  am\nt$ to  
#ggc1iie4    ,on ! o!r h& ! nation      
acquir$ by ?is arrangem5t #d-a_/b p]    
c5t4 /ock ( ! loan kn[n z ! ,gu>ante$   
,banks loan to ! value  ( #i1age1bcc1 ! 
int]e/ & r$emption *>ge 7( #a p] c5t47  
am\nt+ annually to #ejd1fch4 ,add+ to   
?is sum t ( #bcb1jjj1 z  ! contribution 
( ! ,prov9ce ( ,bu5os ,ayres1 & #ea1bbj 
furni%$  by ! ,prov9ce ( ,entre ,rios1  
we h a total ( #hbg1heh annually4  ,!   
ex*ange ( ! int]nal aga9/ ! ext]nal debt
 ?us produc$ a  tempor>y pr(it ( #ec1hfc
 p] annum2 we say tempor>y1 because ! #d
  p] c5t4 /ock has a lat] date (        
r$emption ?an ! #d-a_/b p] c5t4    ,!   

8,conv]sion ( ,municipal ,/ock0 loan1   
au?oris$ by ! laws ( #be?  ,septemb]    
#ahig & #ae? ,decemb] #ahih1 0 rais$1 to
 ! ext5t (  #a1edj1jjj1 by ! issue (    
/ock at #d p] c5t4 & #a_/b p] c5t4 ,!   
result ( ?is issue 0 de/9$ to pay :at   
/ill rema9$ ow+ to !  cr$itors ( !      
,national ,bank 9 liquidation4    ,! law
 ( #e? ,janu>y #ahii au?oris$ a loan (  
#f1jjj1jjj1 int5d$ to  balance ! debts (
 ! ,public ,treasury2 ! alcohol duty be+
 (f]$  z gu>antee to ! ext5t ( #hjj1jjj 
p] annum2 b hi!rto ! loan  has n be5    
negotiat$1 & !re is no long] any "q (   
?is  issue4    ,su*1 briefly detail$1   
are ! antec$5ts ( ! v>i\s =eign loans   
contract$ by ! ,arg5t9e nation4 ,z = !  
dome/ic consolidat$  debt 9 #aije1 x 0 !
 object ( a complete reorganisation1 s t
  to-day ! hi/ory ( its orig9s is n (   
mu* practical int]e/4 ,x  am\nt$1 on #a/
 ,janu>y #aiji1 to #g1fci1gfj 9 gold &  
#i1aii1eha 9  pap]1 ( :i* #f1ijj1jjj 0 9
 gold & #g1gjj1jjj 9 pap] 9 #e p]  c5t4 
/ock1 #gaj1fbj 9 gold 9 #d-a_/b p] c5t4 

/ock1 & #hhj1jjj  9 pap] 9 #f p] c5t4   
/ock4 ,?is gives u a total 79 gold7 (   
#af1hci1cda1 on :i* ! *>ge 9 int]e/ &   
r$emption absorbs an  annual sum (      
#a1jjd1dde4    ,"h is ! analysis ( !    
int]nal debt3                           
,,int]nal ,,debt1 #a/ ,janu>y #aiji4    
,gold4                     ,pap]4       
---------_/------------                 
------------_/------------              
,/ock 9   ,int]e/ &   ,/ock 9    ,int]e/
 &                         ,circulation4
 ,s9k+ ,fund4 ,circulation4 ,s9k+ ,fund4
    #f p] c5t4 loan1         ----       
----         #hhj1jjj      #eh1jhj    #e
 p] c5t4 loan1     #f1ibi1adj           
#dbb1ajj   #ah1ijh1adj    #a1aaj1hih    
#d-a_/b p] c5t4 loan1    #gaj1fbj       
#dj1gej      ----            ----       
--------------------                    
----------------  -----------           
--------------------    ,totals         
#g1fci1gfj      #dfb1heb  #ai1ghh1adj   
#a1afh1igh                              
--------------------                    

----------------  -----------           
--------------------    ,z we expla9$ 9 
our fir/ edition1 ! fir/ action ( !     
,gov]nm5t  :i* assum$ p[] 9 ,octob]     
#aijd 0 to conv]t ! v>i\s loans  ( !    
int]nal debt1 :i* bore an int]e/ ( #f p]
 c5t41 &  amortisation *>ges ( #f1 #d1  
#c & #b p] c5t41 into "o s+le loan  at  
#e p] c5t41 ) a r$emption *>ge ( #a p]  
c5t4 ,?is op]ation  gave ! foll[+       
results3 ,! am\nt ( #f p] c5t4 /ock1    
includ+  ,national ,bank /ock1 am\nt$ to
 #e1hhh1hha1 or #ff1iah1cjj pap]4 ,(    
?is total #ej1had1jjj1 or #d1dga1fcb 7  
conv]t$ 9 ! ,arg5t9e &  #ffd1hhd 9      
,europe1 or 9 all #e1acf1eaf2 ! balance 
!n am\nt+ only  to #gcj1ahd4 ,! result 0
 t ! av]age price obta9$ = conv]t$  /ock
 0 #hg4ei p] c5t41 & = unconv]t$ /ock   
#ab4dj p] c5t4#aje    ,footnote #aje3 ,!
 foll[+ figures relative to ! ,arg5t9e  
=eign  loans tak5 f ! ,inve/m5t ,h&book 
( ! ,int]national ,/ock  ,ex*ange1 may  
int]e/ ! read]4----,,trans4    ,arg5t9e 
#e p] c5t4 ,/ock 7#ahhf-g73 ,au?oris$1  

#h1bij1ajj3 issu$ or  subscrib$1        
#f1cjf1ejj4 ,price on #a/ ,janu>y #aiaj1
 #aje-a_/b4    ,arg5t9e #d-a_/b ,/]l+   
,loan 7#ahhh-i73 ,au?oris$1 #e1bfc1efj2 
issu$1  #d1cbb1jfj4 ,price on #a/       
,janu>y #aiaj1 #ajj4    ,arg5t9e #c-a_/b
 p] c5t4 ,ext]nal ,bonds 7#ahhi73       
,au?oris$1 #b1fci1ejj2  issu$           
#a1ibc1afj4 ,price on #a/ ,janu>y #aiaj1
 #hj4    ,arg5t9e #d p] c5t4 ,railway   
,rescission 7#ahie73 ,au?oris$1         
#aa1fjg1ajj2  issu$ #aj1bje1ajj4 ,price 
on #a/ ,janu>y #aiaj1 #ig-a_/d4         
,arg5t9e #d p] c5t4 ,gold ,bonds        
7#aijj73 ,au?oris$1 #b1hbh1eae2 issu$1  
#b1geb1hee4 ,price on #a/ ,janu>y #aiaj1
 #ia4    ,arg5t9e ,c$ulas1 ,s]ies ,b4   
7#ahhf74 ,^! are c]tificates to be>]    
issu$ by ! ,national ,mortgage ,bank 9  
lieu ( ca% l5t to borr[]s  on real      
e/ate4 ,!y 7 fir/ issu$ 9 #ahhf1 :5 a   
total (  #ej1jjj1jjj 0 issu$ 9 ?ree     
s]ies1 ,a1 ,b1 & ,c4 ,!y are r$eemable  
by s9k+ funds ( #a p] c5t41 & "u        
,article #fj ( its organic law  !       

,national ,mortgage ,bank has to add to 
^! funds ! sums 9 ca%  receiv$ f its    
debtors on acc\nt ( advances ( capital  
or sale (  prop]ties4 ,c$ulas are       
gu>ante$ by ! nation4    ,9 circulation1
 #ca/ ,augu/ #aiji1 #a1age1bej4         
,cancell$4 #ac1hbd1gej4  ,int]e/1 #g p] 
c5t4 ,prices h v>i$ f #bd-a_/d to       
#dh-c_/d4 ,price on  #a/ ,janu>y #aiaj1 
#dd-a_/b4    ,bu5os ,ayres ,wat] ,supply
 & ,dra9age ,bonds 7#ahib74 ,au?oris$1  
#f1cbd1djj4 ,pres5t am\nt1 #e1fbj1hbj4  
,! op]ation ( ! ,s9k+ ,fund  9 ,janu>y  
#aiaj w fur!r r$uce ?is am\nt4 ,prices h
 v>i$ f  #eb-c_/h to #ajf4 ,price on #a/
 ,janu>y #aiaj1 #ajf4    ,bu5os ,ayres  
,/]l+ ,bond #c to #c-a_/b p] c5t4       
,au?oris$1 #aj1bif1jjj2  issu$1         
#i1gif1jjj4 ,price on #a/ ,janu>y #aiaj1
 #fi-c_/d4    ,al?\gh ! ,m9i/] :o       
effect$ ?is op]ation1 exce$+ ! advice  (
 compet5t p]sons1 or r defy+ _! judgm5t1
 took x ^u  himself to issue a f]v5t    
panegyric ( 8 transactions 9 an (ficial 
docum5t1 we none ! less consid] t !     

fundam5tal defect (  ?is conv]sion lay 9
 hav+ l>gely r$uc$ ! amortisation rate  
( "s ( ^! loans1 br++ !m d[n f #f p]    
c5t41 #d p]  c5t41 #c p] c5t41 & #b p]  
c5t41 to a uni=m rate ( #a p] c5t42  z !
 s9k+-fund1 z a g5]al ?+1 9 ! case ( all
 f9ancial  adm9i/rations1 & especially (
 ^? ( a c\ntry )\t any  great exp]i5ce (
 gov]nm5t1 is a re/ra9+ factor1 a limit 
:i*  ,gov]nm5ts & ,p>liam5ts impose ^u  
!mselves1 9 ord] n to  sp5d all !y      
collect4 ,)\t ?is money-box1 ?is 8wooll5
 /ock+0  ( ,gov]nm5tal sav+s1 z ,m4     
,neym>ck call$ x1 x is c]ta9 t  !re w\ld
 be no trace 9 ! ,arg5t9e ,treasury (   
all ! millions x  has paid 9            
amortisation dur+ ! la/ few ye>s2 s t ! 
pres5t  g5]ation w\ld h ca/ ^u ! %\ld]s 
( ! com+ g5]ation a  f> heavi] burd5 ?an
 t ! latt] w inh]it z ?+s are4          
,return+ to ! ext]nal debt1 we may /ate 
t among ! loans  :i* figure 9 ! national
 liabilities are eight1 ) a capital (   
#bc1cej1aci1 at #e p] c5t4 int]e/2 two1 
) a capital ( #g1fig1bfc1  at #d-a_/b p]

 c5t42 elev5 ) a capital ( #bi1hdj1cae1 
at #d p] c5t41  & "o ( #b1jjd1gaj at    
#c-a_/b p] c5t4    ,! public debt1      
ext]nal & int]nal1 am\nts to !          
foll[+3----      ,ext]nal debt          
#fb1hib1dbh    ,int]nal debt            
#af1hci1cfe                             
-----------                             
#gi1gca1gic    ,let u see to :at ext5t !
 int]e/ on ?is debt weighs ^u !         
,budget3----      ,ext]nal debt         
#c1gid1dcf    ,int]nal debt             
#a1jjd1dde                              
--------------------      ,total on #a/ 
,janu>y #aiji    #d1gih1hha             
--------------------    ,9 ! tabulation 
( ! =eign debt we h n includ$ ! new loan
  ( #aj1jjj1jjj1 ! /ock be+ kn[n z      
8,arg5t9e ,int]nal ,cr$it1  #aiji10 be>+
 #e p] c5t4 int]e/ & a #a p]c5t4        
consolidat$ s9k+  fund1 :i* ! national  
,gov]nm5t has j rais$ 9 ,europe4 ,?is   
loan1  :i* 0 readily tak5 up1 0 divid$ 9
 ! foll[+ proportions3  ,engl&1         
#b1ifj1jjj2 ,france1 #c1bjj1jjj2 !      

,unit$ ,/ates1 #b1jjj1jjj2  ,g]many1    
#a1fdj1jjj4    ,tak+ ?is new loan into  
acc\nt ! total ( ! ext]nal debt is      
#gb1hib1dbh4    ,! v>i\s am\nts ( int]e/
 payable on ! :ole ,national ,debt1     
ext]nal & int]nal1 conv]t$ into gold at 
! rate ( #ds4 p]  pia/re1 repres5t a    
total ( #d1ggh1hhb4 ,z we h /at$ be=e1  
?is  burd5 does n weigh exclusively on !
 ,treasury2 we mu/ d$uct f  x ! int]e/  
paid by ! ,prov9ces & ! ,national ,bank1
 or1 a sum  ( #fhg1fbh1 s t ! int]e/    
paid by ! nation am\nts 9 fact to       
#d1aaa1bec4 ,comp>+ ?is figure ) ! total
 ( ! g5]al budget1  we f9d t ! int]e/ on
 ! ,national ,debt am\nts to #becd p]   
c5t4  ( ! total exp5diture1 ( :i* #bbc  
p] c5t4 weighs exclusively on  ! nation4
 ,f9ally1 we mu/ n =get t l>ge sums     
includ$ 9 !  budget are paid into ! s9k+
 fund at a rate :i* %\ld rapidly        
decrease ! debt2 a factor :i* evid5tly  
mu/ be reckon$ z a  comp5sation4    ,9 !
 face ( ?is enorm\s debt are we to      
conclude1 ) c]ta9  au?ors ( repute1 t :5

 ! paym5t ( ! int]e/ on ! public  debt  
absorbs m ?an #dj p] c5t4 ( a nation's  
rev5ue1 t nation is  9 ! mo/ s]i\s      
situation1 n f> remov$ f bankruptcy8    
,c]ta9ly ! !ories ( ^! g5tlem5 are bas$ 
^u valuable data1  :i* are d$uc$ f !    
sci5ce ( f9ance1 or tak5 f ! actual     
examples ( c]ta9 nations2 b x is also   
c]ta9 t ^! !ories  h be5 =mulat$ ) ! m9d
 direct$ t[>d ,european c\ntries1  9 :i*
 population1 weal?1 & all ! ph5om5a (   
social life are  evolv$ 9 a sl[ &       
h>moni\s mann]2 b = c\ntries l !        
,arg5t9e1 c\ntries ) enorm\s natural    
res\rces1 subject to sudd5  increases ( 
weal? & population1 :]e all             
manife/ations ( progress  are abrupt1   
su* !ories are n true4    ,aga91 9 ord] 
to e/imate ju/ly ! ext5t to :i* ?is debt
  weighs ^u ! nation1 we mu/ take acc\nt
 ( ! special conditions  "u :i* ?is debt
 0 creat$2 a factor :i* makes           
int]national  comp>isons difficult4 ,x  
is n en\gh to "k only ! total ( !       
,national ,debt 9 ord] to compreh5d !   

f9ancial position ( a ,/ate2  = x may   
well happ51 z 9 ! case ( ,au/ralia1 t ! 
capital  ( ! loans =m+ ! debt has be5   
employ$ 9 productive "w1 !  yield ( :i* 
contributes to increase ! ,treasury     
receipts4    ,nei!r c ! am\nt ( debt p] 
inhabitant give u a true idea ( !       
f9ancial vitality ( a c\ntry2 = j z a   
giv5 burd5 may cru% "o  man1 :ile ano!r 
c be> x ) ease1 s1 accord+ to ! physical
  res\rces ( ei!r1 "o nation may support
 a debt ) ease :i* w\ld  utt]ly ov]come 
ano!r4#ajf    ,footnote #ajf3 ,m4 ,alfr$
 ,neym>ck has %[n h[ brok5 a re$ is any 
argum5t bas$ ^u ! am\nt ( debt p]       
inhabitant1 & h[ void (  any sci5tific  
basis4    8,we h successively pass$ 9   
review ! v>i\s c\ntries ( ,europe1  & by
 bas+ our argum5ts ^u facts & exact     
figures we ?9k we h  demon/rat$ t 9 !   
evaluation ( a nation's cr$it1 ( ! price
 (  its /ocks & _! rate (               
capitalisation1 ! figure #8p]           
inhabitant'  has no value & no          
significance4 ,su* /ati/ics1 :i* are m  

or less  us$ ev]y:]e1 9 ,france &       
abroad1 by =ce ( habit & r\t9e1 are     
absolutely incorrect & incomplete2 !y h 
only "o sure result3 !y  infect ! _s (  
judgm5t ( ^? :o rely on !m40----,9 !    
j\rnal  ,le ,r5ti]1 = ! #g?1 #ag?1 &    
#bg? ( ,septemb] & ! #g? (  ,octob]     
#aijd4    ,! weight ( ! ,national ,debt 
mu/ be e/imat$ by its relations  ) !    
economic sy/em & ! conditions ( national
 developm5t4  ,= example1 9 mak+ su* an 
e/imate ) reg>d to ! ,arg5t9e  debt1 we 
f9d t side by side ) ! increase ( ?is   
debt !re  is a notable increase ( !     
national weal?1 :i* %\ld keep all       
cr$itors tranquil & satisfi$ z to !     
liquidation ( ! obligations  contract$  
t[>ds !m on ! "p ( ! ,/ate1 al?\gh ^!   
obligations might at fir/ sight appe>   
out ( proportion to ! means (  ! ,/ate4 
,if we take1 z a m>k ( national weal?1 !
 value ( products export$1  we h !      
foll[+ figures to g by3 betwe5 #ahij &  
#ahii !  value ( ! ,arg5t9e exports rose
 f #bj1afc1fjj to #cf1ihc1bjj4  ,9 #aijc

 x am\nt$ to #dd1jjj1jjj2 9 #aijd to    
#eb1hjj1jjj2 9 #aije to  #fd1djj1jjj2 9 
#aijf to #eh1djj1jjj2 9 #aijg to        
#ei1bjj1jjj2 & 9 #aijh  to #gc1bjj1jjj4 
,side by side ) ! exportable products ! 
rev5ues ( ! nation  h also a*iev$ an    
extraord9>y expansion1 :i* has enabl$  !
 ,gov]nm5t to complete important public 
works1 to p]fect its  adm9i/ration1 to  
acquire & equip ! fir/ fleet 9 ,s\?     
,am]ica1 to  spread prim>y & second>y   
education ?r\gh its t]ritory1 & to pu%  
its civilis+ ag5cies to ! utmo/ limits (
 ! c\ntry4    ,9 #ahih ! ord9>y gold    
receipts rose to #f1daf1ddj1 :ile 9     
#aijc !y  am\nt$ to #h1hgi1dbj1 & 9     
#aijd to #i1cde1gjh3 b 9 #ahii !re      
exi/$ additional importation duties1 :i*
 are n[ suppress$4 ,9 #aijg  ! receipts 
9 gold am\nt$ to #ab1ijj1jjj1 & 9 #aijh 
#ac1fjj1jjj4    ,! same increase is to  
be obs]v$ 9 ! receipts collect$ 9 pap]  
money4 ,9 #ahih !y am\nt$ to #d1bja1die2
 9 #aijc to #e1gji1gdi2 & 9  #aijd !y   
rose to #f1jhf1gec1 al?\gh ! duty on w9e

 _h be5 remov$  dur+ ! fir/ half ( !    
ye>4 ,9 #aijg ^! receipts am\nt$  to    
#h1caf1jjj1 & 9 #aijh to #h1gef1jjj2    
figures :i* repres5t an  enorm\s        
progress4    ,?us a c\ntry 9 :i* !      
national res\rces & ^? ( ! ,ex*equ]     
increase 9 s rapid a progression1 is    
evid5tly 9 a position to  support1 )\t  
mu* anxiety z reg>ds ! future1 ! burd5 (
 its  ,national ,debt1 h[ev] enorm\s !  
latt] might appe>4    ,b su*            
consid]ations mu/ n1 ( c\rse1 incite !  
,adm9i/ration  to violate ! f9ancial    
pr9ciples ( me?od & economy1 nor lead x 
to increase ! public exp5diture at an   
unju/ifiable pace1 9 ord] to  meet      
p>asitic requirem5ts1 or satisfy        
electoral dem&s4 ,:at gives  rise to su*
 fe>s is t :5 !re is ne$ = works ( a    
c]ta9  degree ( importance1 su* z w\ld  
give a /imulus to ! mat]ial  progress ( 
! c\ntry1 or at lea/ to end[ ! c\ntry ) 
new  build+s & con/ructive works1 !     
budget nev] comes to ! rescue1  & ! end 
is always an issue ( int]nal /ock4    ,(

 late ye>s ! ,republic has enjoy$ a     
pa/oral & agricultural yield  su* z x   
has nev] se5 9 its economic exi/5ce4    
,?is d\ble yield1  ! result ( en]gy     
fav\r$ by climate1 0 n only rem>kable = 
abundance1 b ! prices :i* x comm&$ 9 !  
int]national m>kets  7 ! highe/ t h ev] 
be5 kn[n up to ! pres5t4 ,all w\ld  seem
 to indicate t 9 consequ5ce ( ?is       
abundance ! ,arg5t9e  ,treasury w\ld    
ov]fl[ ) money2 t x w\ld be 9 a position
 to  meet all ! curr5t exp5ses (        
adm9i/ration1 & also _m ( !  extraord9>y
 exp5ses :i* are dem&$ by a nation 9    
process (  =mation = ! /imulation ( its 
mat]ial progress4    ,unhappily x has n 
be5 s4 ,! ord9>y rev5ue1 l ! national   
production1 has exhibit$ a m>vell\s     
ela/icity3 b 9 spite ( t  x has n be5   
en\gh to cov] ! ord9>y exp5ses4         
,turn+ f ! %ad[s t obscure ! picture ( !
 f9ancial &  economic situation1 we may1
 9 spite ( all1 conclude t inve/ors :o  
h plac$ _! capital 9 ,arg5t9e loans may 
be fully reassur$ t  ! int]e/ w be      

scrupul\sly =?com+4 ,al?\gh ! majority (
  ! loans h be5 employ$ 9 o!r ways ?an  
^? int5d$ at !  "t ( _! issue1 x is none
 ! less true t by _! aid c]ta9  works ( 
national utility h be5 effect$1 :i* c\ld
 n h  be5 realis$ )\t su* res\rces4 ,to 
cite only two1 let u recall  ! fact t ! 
nation has sp5t #aj1igf1cjd 9 !         
con/ruction (  railways2 :ile ! ,bu5os  
,ayres ,wat] ,supply & ,dra9age ,works  
absorb$  #f1ecj1jjj4    ,aga91 z ! great
 ,arg5t9e f9anci] ,seor ,tornqui/ has   
said1 we mu/  n =get t al?\gh ! c\ntry  
avoid$ a w> ) ,*ili x 0 only  by all[+  
#ae1jjj1jjj to be swall[$ up 9 %ips &   
armam5ts2 &  ?is 0 done )\t rec\rse to !
 outside _w = loans1 aft] n  less ?an   
#d1jjj1jjj _h be5 absorb$ by milit>y    
prep>ations 9 !  int]ior4 ,^! sums1     
repres5t+ ne>ly a qu>t] ( ! pres5t debt1
  7 sp5t to avoid a fratricidal w>1 :i* 
w\ld h co/ u t5 times  z de>ly4    ,ap>t
 f ! fruitful application ( loans1 !    
cr$itors ( !  ,arg5t9e mu/ also consid] 
! sacrifices made by v>i\s ,gov]nm5ts   

to def5d & uphold ! f9ancial cr$it ( !  
,republic4 ,! s]vice  ( ! fir/ loan     
contract$ by ! nation----t ( #ahbd----01
 z we  "k1 susp5d$ dur+ ! melan*oly     
p]iod ( tyranny & national  dissolution2
 b h>dly 0 ! ,arg5t9e family reunit$1   
h>dly 0  a regul> ,gov]nm5t e/abli%$1 :5
 ! latt] ha/5$ to resume  ! liquidation 
( ! liabilities :i* _h be5 contract$4   
,presid5t  ,avellan$a1 9 a solemn mom5t1
 has eloqu5tly recall$ ! facts3----     
8,!re is a new nation 9 ! process (     
bir?1 possess$ ( !  s5tim5t ( its own   
greatness2 ei!r by a pu]ile halluc9ation
 or by  ! revelation ( its de/9y4 ,x has
 b>ely =m$ a ,gov]nm5t2 b  already x    
imag9es va/ s*emes2 x asks & obta9s     
money f ,london2  = capital1 al?\gh %e  
is repres5t$ z h>d & hav+ no b[els (    
compassion1 kn[s (t5 a sudd5 t5d]ness = 
dreams4    8,b ! dreams ( ?is p are     
quickly de/roy$3 !n foll[s  an>*y1 ) its
 long & lam5table lapses ( self-k3      
an>*y1  into :i* "y societies fall1 by !
 v weakness ( _! native  elem5ts2 until 

at l5g? !y are seiz$ by ! iron h&s (    
tyranny1  z 0 inde$ ! fate ( ,arg5t9a4  
,& a tyranny t endur$ =  tw5ty ye>s6    
,wret*$ nation6 ,unhappy ,arg5t9a6 ,h]  
voice 0 all b  dumb1 fail+ 9 ! dep?s ( t
 abyss6444    8,! bonds ( t debt 7 quot$
 on ! ,london ,ex*ange2 b 9  "t !y 7    
quot$ no m1 = !y _h at l5g? lo/ all     
value2  ev5 _! "n 0 eras$4 ,a day came1 
h[ev]1 :5 ! *ildr5 (  ,arg5t9a's        
cr$itors w5t to se>* = _! bonds among   
=gott5  pap]s2 & ! bonds 7 r$eem$4 ,= _m
 t 0 a day (  legitimate surprise2 !    
be>]s _h (f]$ _! pap] to _! debtors  at 
any price2 b n[ !y 7 told t !y w\ld     
receive its writt5  value4 ,x 0 en\gh = 
!m t !y %\ld be paid 9 future2 b  !y 7  
told t ev5 ! arre>s ( int]e/ &          
amortisation %\ld  be arrang$ by means (
 new /ock1 :i* 0 kn[n z ,def]r$ ,bonds4 
8,:51 among its assets1 a nation        
possesses su* a trait 9 its life z      
?is----a trait unique 9 ! f9ancial      
hi/ory ( ! nations----x has !  "r to    
hold its head erect1 affirm+ its hon\r &

 its cr$it40    ,s9ce t date1 & dur+    
?irty-six ye>s1 ! c\ntry scrupul\sly    
paid ! int]e/ on its debt1 until !      
disa/r\s ye> ( #ahij1 :51  z a result ( 
! f9ancial & political crisis1 ! mo/    
viol5t !  c\ntry _h ev] suff]$1 ! paym5t
 ( ! =eign debt began to be  a matt] (  
s]i\s consid]ation = ! ,adm9i/ration4   
,_m s*emes  7 propos$ to help ! ,/ate   
tide ov] t difficult "t2 b none  ( !m   
includ$ ! repudiation ( ! debt4 ,!      
,gov]nm5t !n at !  head ( affairs       
accept$ ! mo/ on]\s ( ^! s*emes1 because
 x  0 t :i* 0 mo/ to ! advantage ( its  
cr$itors4    ,! arrangem5t !n decid$ on1
 kn[n z ! ,morituri loan1 or ,morgan    
loan1 has be5 ! subject ( sev]e         
criticism2 b "o ?+ 0 n  & w n be debat$1
 namely1 ! noble & patriotic int5tion   
:i*  inspir$ ! au?ors ( ?is transaction1
 & resolv$ !m to safegu>d  ! wor?y      
traditions ( ,arg5t9e cr$it4 ,by        
respect+ _! =eign  liabilities !y s]v$ !
 true/ int]e/s ( _! c\ntry1 &  respect$ 
also ! _s ( ! ,con/itution1 :i* holds t 

cr$it1  & =eign cr$it 9 p>ticul>1 %\ld  
be ! great con/itutional  res\rce1 plac$
 9 ! h&s ( ,gov]nm5ts 8= ! urg5t ne$s ( 
!  nation1 or = und]tak+s ( national    
ability40                               
,,*apt] ,,iii                           
,,! ,,d\ble ,,curr5cy    ,! p]si/5ce ( !
 d\ble curr5cy----,! hi/ory ( pap]      
money----      ,! orig9s ( ! premium on 
gold1 & its almo/ cont9ual              
increase----,! ye> #ahij & !            
depreciation ( ! curr5cy----      ,!    
causes ( ?is depreciation2 abuses 9 !   
issue ( pap]1      caus$ by a bad       
f9ancial & adm9i/rative policy4         
,rem$ies sugge/$----,rosa's law fix+ !  
value ( pap] money &      e/abli%+ a    
,caisse de ,conv]sion----,opposition to 
?is law----      ,its b5efic5t effect ^u
 agriculture & /ock-rais+1 :i*      _h  
especial ne$ ( a /able m$ium (          
ex*ange----,res]ve fund      creat$ ) a 
view to conv]t+ pap] money2 its         
vicissitudes      9 ! pa/ & its pres5t  
con/itution----,! pres5t monet>y        

situation4      ,9 ! f9ancial hi/ory ( !
 nations !re are few examples (         
c\ntries 9 :i* ! ph5om5on ( two /&>ds ( 
curr5cy has  manife/$ itself s p]si/5tly
 & = s long a p]iod z 9 !  ,arg5t9e     
,republic4 ,?is is "o ( ! gloomie/ pages
 ( its pa/1  on :i* are record$ all !   
errors ( its rul]s1 all ! abuses (      
speculation1 & all ! faults (           
adm9i/ration ^: co/ ! pres5t  g5]ation  
has be5 pay+ s9ce ! op5+ ( ! tw5tie?    
c5tury4    ,s9ce ! #bg? ( ,may #ahbj1 ! 
date on :i* ! ,junta (  ,repres5tatives 
au?oris$ a gradual issue ( pap] money1 &
 ano!r  issue ( r$eemable & endorsable  
notes1 ! latt] to be appli$ to !  paym5t
 ( debts contract$ 9 ! "n ( all !       
,prov9ces dur+ !  previ\s               
,adm9i/rations2 s9ce #ahbj1 we 7 say+1  
until ! pres5t  "t1 !re h be5 few ye>s  
inde$ dur+ :i* ! ,republic has n  be5 "u
 ! empire ( a d\ble curr5cy4#ajg        
,footnote #ajg3 ,9 #ahbj ! issue ( pap] 
money 0 #dj1jjj pia/res p]  mon?1 & t ( 
! notes 0 ! same4    ,our pap] money1   

says an ,arg5t9e publici/1 orig9at$ 9 an
 issue  ( #bij1jjj pia/res by ! ,banque 
d',escompte1 creat$ 9 virtue ( a  law ( 
! ,prov9ce ( ,bu5os ,ayres1 dat$ ! #bbnd
 ( ,june #ahbb4 ,f\r  ye>s lat]1 :5 on !
 #bj? ( ,janu>y #ahbf ! ,disc\nt ,bank 0
  trans=m$ into ! ,national ,bank1 !    
issue am\nt$ to #b1fid1hef4  ,:5 !      
,national ,bank 0 9 turn conv]t$ into ! 
,m9t1 elev5  ye>s lat]----t is1 on ! #a/
 ( ,janu>y #ahcg----! issue _h already  
am\nt$ to #ae1bhc1edj4 ,sev5te5 ye>s    
lat]1 :5 ! ,m9t 0  trans=m$ into !      
,prov9cial ,bank 7#a/ ,janu>y #ahed71 ! 
issue  am\nt$ to #bjc1iae1bjf4 ,dur+ !  
tw5ty-sev5 ye>s :i* elaps$  betwe5 !    
creation ( ?is bank & ! pass+ ( !       
monet>y law (  #ahha1 ! successive      
issues ( ,national & ,prov9cial         
,gov]nm5ts _h  increas$ ! mass (        
inconv]tible pap] to ! sum (            
#hhb1jga1aef4    ,x 0 !n1 ) gold at     
#bejj p] c5t41 t ! ,gov]nm5t began to   
recall all ?is mass ( pap]1 replac+ x by
 ano!r issue1 ( :i*  ! "o pia/re notes  

ex*ang$ aga9/ #be1 or a pia/re's wor? ( 
!  issue :i* 0 de/9$ to disappe>4       
,?is op]ation1 :i* at a bl[ r$uc$ ! pap]
 curr5cy to a  tw5ty-fif? "p ( its      
orig9al am\nt1 also br\ght gold to      
p>4#ajh    ,footnote #ajh3 ,see ,las    
vicisitudes de nue/ra mon$a jiduci>ia en
 los  ultimos #fe aos 7#ahbf-ahij71 by  
,f4 ,latz9a4    ,9 #ahfa ! depreciation 
( pap] t\*$ its l[e/ po9t3 #bdhc pia/re 
notes 7 giv5 = #ajj 9 gold4 ,! premium 0
 ?us #bchc p] c5t4    ,b ! read] mu/ n  
take ?is to be ! only surprise t !      
hi/ory ( ! d\ble /&>d has 9 /ore2 o!rs1 
/ill great]1  rema9 to be told4 ,9 #ahfb
 ! depreciation 0 ev5 l[]1 ! premium    
rea*+ #bdef p] c5t41 & #beef pia/re     
notes be+ giv5 = #ajj 9  gold4    ,!    
premium cont9u$ to rule high until      
#ahfg1 be+ #befi p] c5t4 9  #ahfc2 #bghd
 p] c5t4 9 #ahfd1 #beig p] c5t4 9 #ahfe1
 & #bdjf p] c5t4  9 #ahff4    ,we /at$ j
 n[ t ! ,republic1 dur+ a long p]iod (  
hi/ory1  nev] escap$ f ! inconv5i5ces ( 
depreciat$ pap] save  practically on two

 occasions1 :i* 7 unhappily ( only too  
%ort  a duration4 ,! fir/ occasion 0 :5 
,adolfo ,als9a 0 ,gov]nor  ( ! ,prov9ce 
( ,bu5os ,ayres4 ,! 8,bureau ( ,bank    
,ex*anges0 0  e/abli%$1 its mission be+ 
to ex*ange "o pia/re 9 gold aga9/ #be  9
 pap]1 & vice v]sa4 ,?is ,bureau 0 9    
op]ation f ,febru>y  #ahfg to ,may      
#ahgf1 ! date ( ! susp5sion ( metallic  
conv]sion4    ,aft] ?is p]iod ! value ( 
pap] money decl9$ anew4 ,9 ,may #ahgf  !
 gold5 co9 0 wor? #bh pia/re notes2 9   
,june1 #cj2 9 ,july1 #cc2 9  ,decemb]1  
#bi4    ,9 #ahgg ! av]age value ( a     
gold5 pia/re 0 #bi pia/re notes2 t  is1 
#ajj pia/res 9 gold repres5t$ #bijj     
notes2 9 #ahgh ! ratio 0  #cahg2 9      
#ahgi1 #cbbj2 9 #ahhj1 #cjee2 9 #ahha1  
#bgjf4    ,x 0 at ?is "t t ! second     
exception occurr$1 m>k+ ano!r  *eck to !
 con/ant depreciation ( pap]4    ,9     
,novemb] #ahha1 "u ! ,presid5cy ( ,g5]al
 ,roca1 ,seor ,rom]o  be+ ,m9i/] (      
,f9ance1 a law 0 promulgat$ e/abli%+ a  
bimetallic /&>d 9 ! ,arg5t9e4 ,! monet>y

 unit 0 to be !  pia/re ( gold or (     
silv]2 ! fir/ weigh+ #bd4i gra9s ,troy1 
&  ! second #chc4h gra9s1 bo? be+ alloys
 conta9+ n9e-t5?s (  ! pure metal4 ,?is 
law also e/abli%$ ! metallic conv]sion (
  depreciat$ notes4    ,?is op]ation 0 a
 b5efic5t advance 9 ! economic &        
f9ancial  sy/em ( ! c\ntry2 = by        
e/abli%+ metallic conv]sion x gave      
/ability to ! legal in/rum5t ( monet>y  
transactions1 & also  contribut$ to     
e/abli% an enviable /ate ( affairs dur+ 
! ye>s  #ahhc & #ahhd1 :i* gave rise to 
! rosie/ hopes = ! future4 ,b  by an    
irony ( fate ! v ,gov]nm5t :i* _h       
suppress$ ! d\ble  /&>d f\nd itself =c$ 
to re-e/abli% x 9 ,janu>y #ahhe4 ,x     
%\ld be rem>k$ t at ?is "t ,seor ,rom]o 
0 no long] ,m9i/]  ( ,f9ance4    ,!     
c\ntry be+ once m ab&on$ to ! mis]able  
sy/em (  inconv]tibility1 ! depreciation
 ( pap] began its d[nw>d progress1      
recall+ ! too celebrat$ case ( !        
assignats1 a case "o w\ld  h ?\ght      
impossible ( recurr5ce 9 "t ( peace &   

among a p  t _h suff]$ no cata/rophe =  
_m ye>s4    ,9 ,june #ahhe ! premium    
rose to #ej p] c5t42 9 #ahhf1 x 0 #ci p]
  c5t42 9 #ahhg1 #ce p] c5t42 9 ,july   
#ahhh #ec p] c5t41 f9ally1 9  #ahhi1 x  
proce$$ by leaps & b\nds2 #ej p] c5t4 9 
,janu>y1 x 0  #ec p] c5t4 a mon? lat]2 9
 ,m>* x 0 #ee p] c5t41 ris+ to #abj  p] 
c5t4 9 ,septemb] & ,octob]1 & #acj p]   
c5t4 9 ,novemb] &  ,decemb]1 despite !  
empirical measures ( alleviation adopt$1
 amid  viol5t disputes1 by ! ,m9i/] (   
,f9ance4    ,?us ! ,republic ent]$ on ! 
ye> #ahij2 a ye> ( grave political  &   
f9ancial disa/]4 ,on ! "o h& 0 !        
revolution>y movem5t1  prep>$ by !      
connivance ( "p ( ! army & ! navy2 on ! 
o!r h&1 ! cru%+ depreciation ( pap]1    
end+ 9 an absolute  cata/rophe :i*      
affect$ bo? public & private =tunes4    
,9 ! mon? ( ,april ( t ye> ! premium    
increas$ to #bae p]  c5t42 t is1 #ajj   
pia/res 9 gold 7 equival5t to #cae 9    
pap]4  ,9 ,july1 :5 ! revolution broke  
out1 x /ood at #bag p] c5t4 ,9  ,novemb]

 ! ,gov]nm5t :i* replac$ t :i* _h be5   
attack$  by ! insurg5ts prohibit$ !     
quotation ( gold4 ,nev]!less1 !  premium
 rose to #bbe p] c5t1 & rema9$ at t     
figure until ,decemb]4    ,we mu/       
rememb] t1 9 spite ( ! d[nfall ( pap]1 !
 economic  vitality ( ! ,republic _h    
suff]$ no s]i\s bl[2 no w> _h brok5     
out1 no int]national complication _h    
occurr$2 !re 01 9 %ort1  no organic     
cause to :i* ! premium c\ld be          
attribut$4 ,c]ta9ly1  ! comm]cial       
balance 0 unfav\rable2 b t ph5om5on has 
n !  significance g5]ally attribut$ to  
x4 ,! true causes ( ?is cru%+  /ate (   
affairs 7 exclusively ( a f9ancial &    
adm9i/rative  nature4 ,x 0 ! inevitable 
result ( ! mann] 9 :i* pap] money  _h   
be5 issu$ to s]ve ! ne$s ( ! ,gov]nm5t1 
& to fe$ !  furnace ( speculation4 ,"o  
_c =get t at ! end ( #ahhf !  total     
issue ( pap] am\nt$ to #hj1bea1chj2 t 9 
less ?an two ye>s  x 0 ne>ly d\bl$1     
am\nt+ to #adg1ejc1iaa2 :ile 9 #ahij !  
pap]  curr5cy rea*$ ! figure (          

#aif1hhb1ejj4 ,b ?is situation1 pa9ful  
z x 01 c\ld n be sudd5ly *ang$ = !      
bett]2 o!r causes (  a l nature 7 ab\t  
to int5sify x4 ,! new ,presid5t1 :o came
  into p[] aft] ! revolution>y outbreak 
f\nd himself =c$1 by  v>i\s             
circum/ances1 to increase ! exi/+       
circulation ( pap]4  ,! new issues      
am\nt$ to #aej1jjj1jjj4    ,z 0 only to 
be expect$1 su* an issue on ! back ( !  
exi/+  pap] curr5cy1 :i* exce$$         
#aif1jjj1jjj1 c\ld only produce a       
disa/r\s fall 9 pap]4 ,its depreciation 
t\*$ ! l[e/ po9t 9  ! hi/ory ( !        
,arg5t9e1 or ( any o!r c\ntry dur+ !    
second  half ( ! n9ete5? c5tury2 !      
blackbo>d ( ! ,/ock ,ex*ange  %[$ an    
ex*ange value ( #dfd p] c5t4 or a       
premium ( #cfd p] c5t41  9 ! ?ird week (
 ,octob] #ahia4 ,?is 0 ! record (       
monet>y  depreciation4    ,aft] #ahib ! 
mon?ly quotation ( gold1 9 relation to  
pap]1  oscillat$ betwe5 #cei & #bij 9   
#ahic2 #dcc & #cjg 9 #ahid2 #cgg & #caa 
9 #ahie2 #ceb & #bff 9 #ahif2 #cag &    

#bgd 9 #ahig4    ,we see f ^! figures t 
^! conditions are abnormal1             
extraord9>y2 & yet1 ow+ to _! long      
duration1 !y are almo/  "p ( ! normal   
life ( ! ,republic4 ,x is !re=e a matt] 
(  int]e/ to /udy ! causes ( su*        
ph5om5a1 9 ord] to decide  :e!r !y are  
inh]5t 9 ! p]iod ( trans=mation ?r\gh   
:i*  ! c\ntry is pass+1 9 :i* case x    
w\ld be idle to attempt any  re=m at    
pres5t1 or :e!r !y c be controll$ or    
*eck$ by !  employm5t ( means c\nsell$  
by sci5ce & confirm$ by exp]i5ce4       
,accord+ to ! judgm5t ( c]ta9 p]sons :o 
h devot$ !mselves  to ! /udy ( economic 
que/ions1 ! causes :i*1 9 ! ,republic1  
produce ! d\ble /&>d1 are ( a p]man5t   
"*1 prop] to !  p]iod ( =mation ?r\gh   
:i* ! c\ntry is pass+4 ,x is ev5  said t
 s long z ,arg5t9a has n a capital ( h] 
own ) :i*  to float h]self 9 ! full tide
 ( affairs----su* a capital z is !      
result ( ye>s or c5turies (             
prosp]ity----s long w %e be a debtor    
among ! nations1 & ! sy/em ( ! d\ble    

curr5cy mu/ cont9ue4    ,we ourselves   
are ( op9ion t ! causes :i* h produc$1 &
  n[ ma9ta9 ! inconv]sion ( ! fiduci>y  
curr5cy1 are ( a v  diff]5t "* to ^?    
impli$ by ! above judgm5t2 & t if  we   
consid] ! economic /ate ( ! c\ntry at ! 
mom5t :5 !  d\ble /&>d 0 e/abli%$1 we   
%all f9d t x 0 9 no way  responsible = !
 ph5om5on ( depreciat$ curr5cy4 ,! true 
cause is  ! necessities ( ! ,gov]nm5t2  
det]m9$ ei!r by factors beyond  ! range 
( debate1 su*1 = example1 z ! ev5tuality
 ( a =eign  w>1 or by less ju/ifiable   
reasons1 su* z deficits 9 ! budget &    
reckless issues ( pap]4 ,9 bo? cases !  
pr9t+-presses ( !  (ficial banks h be5  
set to "w1 9 ord] to tide ! ,gov]nm5t   
ov] a difficult passage1 at ! risk (    
vitiat+ ! in/rum5t (  national cr$it by 
! efflux ( inconv]tible pap]4    ,^?    
int]e/$ %\ld read ! hi/ory ( ! fir/     
issues1 expos$ 9  a ma/]ly mann] by     
,seor ,augu/9 de ,v$ia1 9 8 "w on !     
,national  ,bank2 !y w see t ! excessive
 issue ( notes _c be expla9$  or ju/ifi$

 by ! p]iod ( economic =mation :i* !    
c\ntry has  pass$ ?r\gh4 ,we mu/ se>* = 
o!r causes 9 ord] to expla9 ?is  long & 
un=tunate p]iod ( inconv]sion1 :i* la/$1
 ) a few  ye>s' respite2 f #ahbj d[n to 
#aije4    ,:at1 = example1 7 ! reasons  
:i* det]m9$ ! premium on  gold 9 #ahhe1 
"u ! fir/ ,presid5cy ( ,g5]al ,roca8 ,0 
x1 by  any *ance1 t any economic        
calamity fell ^u ! c\ntry8 ,7  ! h>ve/s 
lo/8 or 0 !re a =eign w>1 or ev5 "o ( ^?
  revolution>y ris+s s common among !   
,s\? ,am]ican nations8 ,did !  g]ms ( "s
 epidemic invade ! c\ntry1 decimat+ !   
population by  disease & pov]ty8 ,0 !re 
any viol5t & ru9\s fall 9 ! m>ket       
prices ( ,arg5t9e products8    ,no?+ ( !
 k9d befell4 ,! ,gov]nm5t itself1 9 !   
message 9  :i* x solicit$ ! ratification
 ( ! d\ble /&>d1 t 8!  national         
production1 ! valuation & ! degree (    
culture ( !  soil1 _h consolidat$ !     
national cr$it40 ,! crops 7 abundant2  &
 _! prices1 9 =eign m>kets1 7 m ?an     
fair4 ,! ,republic  0 at peace1 at home 

& abroad2 ?us realis+ "o ( ! dreams (  !
 pat]nal adm9i/ration :i* direct$ its   
de/9ies4 ,z = !  public heal?1 x suff]$ 
no p]ceptible eclipse 9 all ! ,arg5t9e  
,t]ritory4    ,x has also be5 said t !  
comm]cial balances 7 unfav\rable to  !  
,arg5t9e3 a c\ntry at once a debtor & a 
c5tre ( immigration4  ,& x has be5      
ass]t$1 too1 t ! ,republic suff]$ f a   
sudd5  increase ( gr[?1 )\t hav+ beh9d x
 any res]ves ( accumulat$  capital4     
,! affirmation t ! depreciation ( !     
curr5cy1 & 9 consequ5ce  ! e/abli%m5t ( 
a d\ble /&>d1 arose f unfav\rable       
comm]cial balances1 has no sci5tific    
basis & is n support$ by  precise       
demon/ration4    8,none ( ! c\ntries :i*
 h suff]$ ! mis=tune ( a  depreciat$    
curr5cy h rea*$ t condition purely on   
acc\nt  ( adv]se balances10 z a ,spani% 
economi/1 ,seor ,ed\>do ,sans y         
,esc>t91 has said ) ju/ice4 ,all        
c\ntries h suff]$ f ?is  evil1 on acc\nt
 ( monet>y *anges1 & ! ,arg5t9e is only 
!  late/ example4 ,france t[>ds ! end ( 

! eighte5? c5tury1 ,engl&  f #agig to   
#ahba1 ,au/ria & ,russia s9ce ! beg9n+ (
 ! la/  c5tury1 ! ,unit$ ,/ates f #ahfb 
to #ahgh1 ,italy s9ce #ahge1 ,p>aguay   
s9ce #ahgj1 & ! ,hispano-,am]ican       
,republics = ! la/ tw5ty-five  ye>s3 all
 ^! c\ntries h suff]$ f monet>y         
p]turbations1  "s ?r\gh ! abuse ( pap]  
money or ! excess ( ! fiduci>y          
circulation1 o!rs ?r\gh ! v>iations ( ! 
relation ( gold to  silv]4 ,9 none ( ^! 
c\ntries did ! crisis take ! =m ( !     
consequ5ce ( unfav\rable comm]cial      
balances4    ,we f9d1 9 fact1 t x is n !
 case t economic causes1 result+  ei!r f
 ! =mative p]iod ! c\ntry has trav]s$1  
or f its  lack ( accumulat$ capital1 h  
contribut$ & are /ill contribut+  9 !   
,arg5t9e ,republic to prolong ! sy/em ( 
inconv]sion2 !  causes are exclusively  
f9ancial & adm9i/rative1 z we h already 
ma9ta9$4#aji    ,footnote #aji3 ,! fam\s
 ,italian economi/1 ,eteocle ,lor9i1    
ma9ta9$  9 a book :i* he publi%$ 9 #aijb
 7,la ,republica ,arg5t9a e i suoi      

maggiori problemi di ,economia e di     
,f9anza74 t ! ,republic has  nev]       
possess$ money1 b only a simple legal   
t5d] or in/rum5t (  ex*ange4    ,hav+   
glanc$ at ! circum/ances :i* h det]m9$ !
 /ate (  monet>y inconv]sion :i* has    
afflict$ ! c\ntry ev] s9ce x  became a  
nation1 we mu/ n[ exam9e ! rem$ies :i* !
 public  p[]s h sugge/$ 9 ! hope ( em]g+
 f ?is dete/able /ate  ( affairs4    ,e 
presid5cy has decl>$ its firm int5tion (
 r$eem+ or r$uc+  ! pap] curr5cy 9      
circulation2 b none ( !m has obta9$     
results  t we c really reg>d z f9al4    
,( all ! attempts to t]m9ate ! condition
 ( inconv]tibility1  to give /ability to
 ! curr5cy1 & to prep>e1 9 a m or less  
proximate future1 = ! e/abli%m5t ( a    
sane monet>y sy/em1 !  mo/ e>ne/ &      
sci5tific1 & t :i* _h ! happie/ results1
 0  t :i* emanat$ f ! proposal pres5t$  
to ,congress 9 ,augu/  #ahii by !       
ex-,m9i/] ( ,f9ance1 ,seor ,jos-,m>ia   
,rosa1 :i* has  s9ce !n become law3 !   
pres5t law ( ! conv]sion ( ! fiduci>y   

curr5cy4    ,! s*eme ( re=m ( ?is em95t 
/atesman 0 work$ out on !  foll[+       
basis3----        #a4 ,imm$iately to fix
 ! rate at :i* ! future conv]sion w\ld  
be effect$1 9 con=mity ) ! actual &     
contempor>y value        ( ! curr5cy4 ,!
 fix+ ( a def9ite rate 0 necess>y       
9 ord] to consolidate ! !n exi/+ /ate ( 
affairs1 to        suppress ! premium1 &
 to give transactions a positive basis1 
)\t indef9itely ret>d+ ! possibility (  
conv]sion2 &        also to prep>e = !  
liquidation ( old issues1 & to deliv]   
! c\ntry to "s ext5t f ! gigantic burd5 
( its issues4        #b4 ,to =m a l>ge  
metallic fund to gu>antee ?is conv]sion 
& to        make x possible = money to  
become /able dur+ ?is p]iod4        #c4 
,to ma9ta9 a fix$ /&>d by ^! two        
means3----            7a7 ,! creation1 9
 ! ,caisse de ,conv]sion1 ( a           
bureau op]at+ z an automatic regulator1 
9 con=mity            ) ! tightness or  
slackness ( money1 & accord+            
to ! necessities ( ! m>ket2 ?us mak+    

ela/ic !            pap] curr5cy1 !     
circulation ( :i* might increase        
or decrease1 on acc\nt ( ! quantity (   
gold giv5 out            9 ex*ange4     
7b7 ,! int]v5tion ( ! ,bank ( ! ,nation 
9 matt]s            ( int]national      
ex*anges4    ,x 0 on ^! l9es t ! ,m9i/] 
drew up1 & ,congress adopt$1 a  law :i* 
enact$ t ! nation %\ld conv]t1 dur+ a   
fix$ p]iod1  at a conv5i5t "t1 ! :ole   
fiduci>y circulation into ,arg5t9e  gold
 co9age1 at ! rate ( "o pap] pia/re =   
#dd c5tavos ( a gold  pia/re4 ,?is same 
law ord]$ ! =mation ( a ,conv]sion      
,fund1 )  res\rces :i* x enum]at$2 &    
f9ally x e/abli%$ 9 ! ,caisse  de       
,conv]sion a bureau = ! ex*ange ( pap]  
into gold & vice  v]sa to all :o might  
apply1 at ! rate ( "o pap] pia/re = 4#dd
  ( a gold pia/re4    ,few laws h be5 s 
b5eficial z ?is law ( monet>y conv]sion 
0  to ! ,arg5t9e ,republic4 ,! pres5t   
prosp]\s economic conditions (  ! c\ntry
 are ! "w ( ?is law2 x con/itutes !     
glory ( ,roca's  ,gov]nm5t1 :i* gave x  

bir? & enjoy$ its fir/ fruits4    ,yet  
we mu/ emphasise ! fact t ?is law1 s    
b5eficial to !  public1 0 at ! outset   
repudiat$ n only by ! ,presid5t1 :o1 to 
avoid subscrib+ to x1 =c$ 8 ,m9i/] to   
s5d 9 8 resignation1  b also by !       
pr9cipal organs ( ! press1 at ! head (  
:i* 0  t important j\rnal ,la ,nacion1 &
 aga9 by ! ,pr(essor ( ,f9ance  at !    
,univ]sity----,m4 ,t]ry----:o 0 all =   
conv]sion on a slid+  scale2 t is1 = !  
wor/ me?od conceivable1 z by ma9ta9+ !  
condition ( in/ability he w\ld h adj\rn$
 ! "q in/ead (  solv+ x4 ,b ?anks to !  
r>e en]gy & ! intellig5t propag&a  (    
,seor ,rosa1 ! sole au?or ( ! law1      
effectually support$  by ,s5ator        
,pellegr9i & ,seor ,tornqui/1 ?is       
important /ep 0  accompli%$1 despite all
 ! ob/acles :i* b>r$ ! way4    ,9 a v   
%ort "t ?is law1 s /rongly oppos$ be=e  
its bir?1  produc$ m>vell\sly b5eficial 
effects ^u ! economic life ( !          
,republic4 ,x gave /ability to !        
curr5cy2 t is1 x end[$ !  ,arg5t9e ) "o 

( ! greate/ bless+s a comm]cial &       
productive  nation c enjoy4    ,to be   
conv9c$ ( ?is fact x is en\gh to run !  
eye ov] ! column  ( metallic quotations 
on ! ,ex*ange1 publi%$ 9 ! 8,/ati/ical  
,annual ( ! ,city ( ,bu5os ,ayres40#aaj 
,footnote #aaj3 ,annuaire /ati/ique de  
la ,villa de ,bu5os ,ayres4----,!       
transactions 9 metallic values effect$  
on ! ,bu5os ,ayres ,ex*ange 9  #ahii    
7be=e ! pass+ ( ! law71 am\nt$ 9 value  
to #aji1hag1aaf1  or #a1bcd1egi1cgj     
pap]1 :ile 9 #aijh !re 7 none4 ,any "o  
wi%+  to ex*ange gold = pap] or pap] =  
gold to-day1 goes to ! ,caisse  de      
,conv]sion1 :]e ! ex*ange is effect$ )\t
 any *>ge4    ,?is law has kill$        
speculation on ex*ange values1 :i* be=e 
x 0  pass$ _h assum$ sc&al\s            
proportions1 & w5t f> to develop+       
?r\gh\t ! c\ntry t passion = gambl+ :i* 
is ev5 n[ a  corrod+ canc] at ! he>t ( !
 "y ,republic4#aaa    ,footnote #aaa3 ,z
 ! ,annuaire /ati/ique decl>es1 9 !     
c\rse (  ! ye> #aijh no less ?an        

#h1afj1jjj *ang$ h&s ov] ! sale &       
pur*ase ( lott]y tickets & bett+ on     
racehorses4 ,?is is an evil  t may gr[  
into a national calamity if no?+ is done
 to arre/ x2  & we see ) pleasure t !   
,gov]nm5t has /at$ its int5tion (       
pres5t+ to ,congress ! draft ( a law    
prohibit+ lott]ies4    ,?is law also    
provid$ = ! =mation ( a ,conv]sion      
,fund1 :i*  0 a p[]ful factor----si vis 
pacem p>a bellum----9 ! pacific         
solution ( ! old fronti] dispute )      
,*ili4 ,?is fund am\nts  to-day to      
#e1ajj1jjj deposit$ 9 ! ,bank ( !       
,nation1 & w\ld1  )\t ?is f>-sight$ law1
 h be5 swall[$ up 9 ! :irlpool (        
adm9i/rative exp5ses4    ,la/ly1 ! law (
 monet>y conv]sion has be5 ! salvation (
  agriculture & /ock-rais+1 ! two *ief  
s\rces ( national weal?1  by prev5t+ !  
too rapid *ange 9 ! value ( pap]1 :i* is
  a result t des]ves to be consid]$ )   
att5tion4 ,! law 0  promulgat$ at a "t  
:5 a l>ge h>ve/ 0 expect$1 & :51 f  t v 
cause1 ! depreciation ( pap] viol5tly   

increas$1 ! value  fall+ f #bgh 9 ,augu/
 #ahih to #bjf 9 ,decemb] ( ! same ye>4 
,x  is c]ta9 t at ?is rate !            
depreciation w\ld f9ally h t\*$  #aej1  
to ! great] pr(it ( ! speculators4      
,:at w\ld h happ5$ _h ! monet>y         
situation alt]$ s  rapidly8 ,! ,arg5t9e 
agriculturali/ or /ock-rais]1 hav+ paid 
all ! exp5ses ( production ) gold at    
ab\t #cjj p] c5t41 w\ld  h be5 =c$1 by  
reason ( ! rapid depreciation ( pap]1 to
  sell 8 products at a price :i* w\ld no
 long] comp5sate him  = 8 increas$      
exp5diture4 ,?is w\ld inevitably h ru9$ 
!  produc]----t is1 ! pr9cipal artisan (
 ! national =tune4 ,f>  f op5+ up new   
l&s ) 8 pl\gh%>e1 z hi!rto _h always    
be5 ! case1 he w\ld h ab&on$ ! l&       
already "u cultivation4    ,we ne$ n    
describe ! disa/] :i* w\ld h ov]come !  
c\ntry  "u su* conditions z ^!3 ! loss (
 cr$it bo? at home &  abroad4 ,! /ream (
 immigration w\ld h be5 susp5d$2        
emigration1  on ! contr>y1 w\ld h       
increas$1 tak+ ! =m ( a v]itable        

exodus1 ev5 ( a flight2 & ea* impov]i%$ 
& disillusion$  emigrant1 z he left !   
,arg5t9e1 w\ld h proclaim$ t !  c\ntry 0
 ru9$4 ,z a result ! ,arg5t9e w\ld h be5
 = ye>s  p>tially depopulat$1 or at lea/
 depriv$ ( ! new recruits :i*           
immigration br+s 91 & ( :om x has su*   
ne$ 9 ord] to realise  ! value ( m virg9
 t]ritory4    ,worse /ill3 once ! h>ve/ 
0 sold1 at prices :i* c\ld no long]  be 
calculat$ on ! basis ( ! co/1 gold1 n[  
fre$ f all  re/ra9t1 l a balloon ^:     
moor+ is brok51 w\ld h resum$  its upw>d
 j\rney4 ,! melan*oly spectacle ( #ahij 
& #ahia w\ld  h be5 repeat$2 gold w\ld h
 ris5 by leaps & b\nds1 9  contradictory
 & incalculable ru%es1 f9ally to rea* ! 
limits t  mean bankruptcy4#aab          
,footnote #aab3 ,we rememb] t gold1 :i* 
on ! #i? ( ,augu/ #ahij  /ood at #ce p] 
c5t4 :5 a new ,gov]nm5t came into p[]1  
_h ris5  to #dbe p] c5t4 by ,may #ahia1 
& 9 ,octob] ( ! same ye> t\*$  #dfd p]  
c5t42 ! highe/ premium ev] kn[n 9 ! long
 hi/ory ( !  d\ble /&>d dur+ ! la/ half 

( ! n9ete5? c5tury4 ,9 !  ,unit$ ,/ates 
dur+ ! w> ( secession1 ! premium on gold
 rose to  #bhf p] c5t4 only 7on ,july ! 
#d? #ahfd74    ,su* are ! disa/r\s      
results :i* w\ld h ensu$ _h n !  law (  
monet>y conv]sion come j 9 "t to re/ra9 
! rapid  depreciation ( pap]1 & to give 
money ! /ability x mu/ possess  if x is 
to be ! fai?ful & precise in/rum5t (    
comm]cial  transactions1 ! common       
measure ( all ex*anges4 ,su* 7 !        
b5efic5t results :i* foll[$ %ortly ^u ! 
op]ation ( !  law2 & we c only regret t 
x has n always be5 und]/ood &  appli$ ) 
suffici5t =ce by ^? :o 7 responsible =  
putt+  x into practice4 ,! ,gov]nm5ts   
:i* h foll[$ s9ce !n h n  always foll[$ 
! ideal ( economy & scrupul\s           
adm9i/ration :i*  %\ld ensure ! success 
( ?is important re=m4 ,none ! less1 !   
,conv]sion ,fund am\nts to-day to       
#e1ajj1jjj4    ,accord+ to ! figures =  
,octob] #aiji ! monet>y situation ( !   
c\ntry may be summ$ up z foll[s3----    
,! total ( notes 9 circulation am\nts to

 #fhf1bia1gjd pap]1  equival5t to       
#fj1cic1fgj4 ,! ,conv]sion ,fund (      
#e1ajj1jjj 9 gold1  add$ to #cd1geb1jeh 
on deposit 9 ! ,caisse de ,conv]sion &  
to !  #ad1jgc1eae deposit$ 9 ! v>i\s    
banks ( ! capital1 =ms a total  (       
#ec1ibe1egc4 ,x foll[s f ^! eloqu5t     
figures t ! fiduci>y  circulation1      
notes1 nickel1 & copp]1 is gu>ante$ 9   
,arg5t9a by  an actual value ( #fe4i p] 
c5t4 ( its total2 ! notes alone are     
gu>ante$ by #hi p] c5t4 ( gold4         
,unquiet spirits f "t to "t1 includ+ !  
enemies ( monet>y  re=m1 ann\nce _!     
op9ion 9 ! press t ?is law %\ld be      
modifi$4 ,q lately ! well-kn[n j\rnal   
,la ,nacion1 :i* is  di/+ui%$ by !      
con/ancy & f]v\r ) :i* x attacks ?is    
b5efic5t measure1 has op5$ its columns  
to an enquiry1 9 ord] to  obta9 ! op9ion
 ( ! public1 or at lea/ ( p]sons        
compet5t 9  su* matt]s4 ,happily        
common-s5se triumph$2 ! law rema9s      
intact1  cont9u+ to b5efit ! :ole       
national economy4                       

,,*apt] ,,iv                            
,,! ,,caisse ,,de ,,conv]sion    ,!     
pr9ciples on :i* ! e/abli%m5t ( ?is     
in/itution is      bas$----,! necessity 
( a rapid r$emption ( fiduci>y money----
      ,! imp]fect success ( ?is         
programme----,new issues ( notes----    
,new attributes ( ! ,caisse dat+ f      
#ahii----,! ex*ange      ( pap] = gold &
 vice v]sa----,! developm5t ( ?is       
sy/em ( ex*ange----,! au?ority atta*+ to
 ! ,caisse4      ,among ! (ficial       
in/itutions :i* are closely connect$ ) !
  issue & r$emption ( pap] money1 !     
,caisse de ,conv]sion dem&s  a special  
place1 on acc\nt ( ! important "p :i* x 
plays 9  ! f9ancial life ( ! ,republic4 
,?is e/abli%m5t 0 creat$ 9  #ahij1 at a 
mom5t p>ticul>ly critical = ! cr$it ( ! 
c\ntry1  :5 ! t]rible crisis occurr$ :i*
 ru9$ sev]al banks &  result$ 9 a       
depreciation ( ! fiduci>y curr5cy :i*   
exce$$ all  expectation4 ,! ,gov]nm5t   
:i* presid$ ov] ! de/9ies ( !  c\ntry   
und]/ood t x 0 necess>y1 9 ord] to      

ameliorate su* a  situation1 to put "s  
means into practice :i* %\ld ensure a m 
gradual movem5t ( pap]1 its r$uction 9  
no matt] :at =m1 & its  future          
conv]tibility )9 a %ort & def9ite p]iod1
 z ! message  decl>$ :i* accompani$ !   
draft ( ! law submitt$ to ,congress4    
,9 ob$i5ce to ^! excell5t pr9ciples (   
f9ancial & bank+  policy1 x propos$ !   
creation ( a ,junta or a special        
,directorate1  8indep5d5t 9 its action1 
& unit+ ! necess>y faculties = !        
recov]y1 adm9i/ration1 & application ( !
 elem5ts t mu/ be  confid$ to x = !     
effectual accompli%m5t ( its important  
mission40    ,an 8important mission0 x 0
 inde$ t 0 confid$ to ! ,junta by  law2 
= ?is body 0 to see ! gradual conv]sion 
& r$emption (  pap] money1 sup]vise !   
/rict execution ( all ! laws relat+ to  
pap] money1 & ov]see all issues ( !     
same4    ,) ! object ( effect+1 soon] or
 lat]1 ! actual & effective  conv]sion (
 pap] money1 ! law creat$ a 8,conv]sion 
,fund10  compos$ ( ! metallic res]ves ( 

! gu>ante$ banks1 ! sums =  :i* ^! same 
banks w\ld be debitors on acc\nt ( !    
value (  /ock b\ght z gu>antees1 !      
public funds issu$ to gu>antee !  bank  
issues1 & all ! sums :i*1 9 virtue ( o!r
 legislative  enactm5ts1 might be de/9$ 
to ! conv]sion ( bank pap]1 &           
especially ^? proce$+ f economies made  
out ( ! g5]al  budgets4    ,! ,executive
 atta*$ a special significance to ?is   
fund1 propos+ to  use x to great        
advantage 9 ! future2 if ! succe$+      
,gov]nm5ts  _h ! wisdom to ma9ta9 !     
elem5ts indisp5sable to ! regul>        
circulation ( ! national curr5cy4    ,^!
 details prove t ! fundam5tal idea at ! 
bottom ( !  creation ( ! ,caisse de     
,conv]sion 0 t ( effect+1 by its  help1 
& by utilis+ ! res\rces ) :i* x 0 end[$1
 a rapid  r$emption ( pap] money4 ,?is  
int5tion1 moreov]1 0 solemnly  affirm$  
at home & abroad :5 ! contract 0 sign$ )
 !  ,engli% bank]s = ! issue 9 #ahia ( !
 loan kn[n z ! 8,fund+  ,loan10 am\nt+  
to #ae1jjj1jjj2 9 virtue ( :i* loan !   

,gov]nm5t  und]took to )draw f          
circulation1 dur+ ea* ( ! ye>s #ahia1   
#ahib1 & #ahic1 #ae1jjj1jjj 9 notes1 or 
#de1jjj1jjj 9 ! ?ree ye>s4    ,unhappily
 ! ,gov]nm5t's good int5tions _h no     
practical issue2 !  ,caisse de          
,conv]sion1 f ! fir/ mom5ts ( its       
exi/5ce1 f\nd x  impossible to fulfil   
its object4    ,s ! proposal to )draw   
#ae1jjj1jjj a ye> w5t no fur!r ?an a    
beautiful ideal2 x nev] took def9ite    
%ape z a reality4 ,9 #ahia  #a1fif1fgf 9
 pap] 7 burn$2 !y came f an additional  
cu/oms  duty on c]ta9 imports4 ,9 #ahib 
#a1dfc1dbd1 hav+ ! same orig91 7        
dispos$ ( 9 ! same way4 ,besides ?is a  
sum ( #c1eaa1fjj1 provid$  by ! paym5ts 
made by ! ,national ,bank & ! ,bank ( ! 
,prov9ce  ( ,bu5os ,ayres on acc\nt (   
#ce1aaf1jjj l5t !m by ! ,gov]nm5t  9    
ord] to help !m out ( a greatly         
emb>rass$ condition1 0 also  burn$4 ,!  
balance-%eet ( receipts & exp5ditures   
drawn up e  ye> by ! ,comptabilit       
,gnrale records only #a1bdh1jcb z burn$ 

9 #ahia1 & #c1ehf1bee 9 #ahib1 or       
#d1hcd1bhg 9 two ye>s2 a v  diff]5t sum 
to ! #cj millions :i* ! ,gov]nm5t _h    
promis$ to  )draw4    ,?us ! ,caisse de 
,conv]sion1 f :i* ! ,m9i/] ( ,f9ance  _h
 hop$ s mu*1 fail$ at its bir?1 & z an  
in/itution gave no  positive results4 ,s
 x 0 n necess>y1 z ! ,m9i/] ( ,f9ance1  
,seor ,v4 ,f4 ,lopez1 pleasantly rem>k$1
 to await ! appreciation (  future      
,gov]nm5ts4    ,b ?is is n all2 in/ead (
 r$eem+ ! promis$ quantities (  fiduci>y
 money1 ! ,gov]nm5t :i* 0 !n direct+ !  
de/9ies  ( ! c\ntry----we mu/ believe t 
x 0 compell$ by circum/ances1  :i* are s
 (t5 m pot5t ?an ! human w----!         
,gov]nm5t  actually f\nd itself =c$ to  
increase ! total ( pap] 9  circulation  
by emitt+1 = v>i\s reasons1 fur!r issues
 ( notes4    ,dom9at$ by circum/ances1 x
 issu$ 9 #ahij #ce1aaf1jjj1 9 ord] to   
legalise ! excess ( an issue deliv]$ to 
! ,national ,bank & !  ,bank ( !        
,prov9ce ( ,bu5os ,ayres4 ,9 ! c\rse ( !
 same ye> x  creat$ an issue ( #fj      

millions m1 9 ord] to furni% ! ,national
  ,bank ) #be millions1 ! ,national     
,mortgage ,bank ) #be millions1  & !    
,city ( ,bu5os ,ayres ) #aj millions4 ,9
 #ahia x issu$ #ej  millions 9 ord] to  
f\nd ! ,bank ( ! ,arg5t9e ,nation1 &    
f9ally  #e millions m = ! ,mortgage     
,bank4 ,9 %ort1 urg$ by necessity1 !    
,gov]nm5t creat$ #aej1jjj1jjj ( pap] 9  
two ye>s1 :i* on ! top  ( a previ\s     
issue ( #afa1gff1eij 9 pap] 0 naturally 
foll[$ by  disa/r\s results4    ,!      
,gov]nm5t :i* took *>ge ( ! adm9i/ration
 9 #ahib also  manife/$1 9 its          
programme1 its firm int5tion ( increas+ 
! value  ( pap] money by its gradual    
r$emption2 an op]ation :i* w\ld1  (     
c\rse1 be ! duty ( ! ,caisse de         
,conv]sion4 ,to ?is end x  includ$ !    
necess>y sums 9 ! budget1 & #hfe1dbf 7  
burn$ 9  #ahic & #h1jjj1cid 9 #ahid4 ,b 
! results obta9$ by ?is measure  7 f> f 
respond+ to ! hopes :i* 7 f\nd$ ^u x2   
al?\gh ! ,gov]nm5t religi\sly & ) mu*   
solemnity1 burn$ on  ! #ae? ( ea* mon? a

 det]m9$ sum ( pap] money----usually    
half a  million----! value ( pap]1 f> f 
ris+1 fell fur!r & fur!r  bel[ t ( gold4
    ,! ,gov]nm5t f9ally saw t its plan 0
 useless2 & ha/5$ to  expla9 itself by !
 m\? ( its ,m9i/] ( ,f9ance1 :o decl>$ t
  8! executive p[] recognises t !       
)drawal ( eight millions (  pia/res p]  
annum _c fundam5tally alt] ! price ( our
 pap]2 b  :at x does affirm is t ?is    
quantity w be suffici5t1 provid$  !     
production ( ! c\ntry increases1 provid$
 t ! exports exce$  ! imports2 t is to  
say1 provid$ t ! int]national balances  
are  9 fav\r ( ! ,republic40    ,we may 
say 9 pass+ t ^! two desir$ factors 7   
realis$2 b  n ! expect$ advantage1 = !  
,gov]nm5t aga9 made ! mi/ake (  issu+   
#ae millions ( int]nal /ock1 be>+ int]e/
 7#a1cbj1jjj71  :ile at ! same "t x     
ext+ui%$ ano!r debt1 also dome/ic1 :i*  
did n be> int]e/4    ,all ^! details    
prove 9 a conclusive fa%ion t ! orig9al 
&  organic functions ( ! ,caisse de     
,conv]sion 7 inv]t$ f !  "t ( its       

creation2 conv]t+ t in/itution into a   
factor (  depression 9 all t conc]n$ !  
pap] curr5cy1 in/ead ( be+ !  in/rum5t (
 increas+ its value4    ,aft] ?is date !
 ,caisse op]at$ z a second>y & h>mless  
dep>tm5t ( ! public ,adm9i/ration2 lead+
 an almo/ =gott5  exi/5ce1 until ! ye>  
#ahii1 :5 ! law ( monet>y conv]sion 0   
pass$1 :i* entru/$ x ) two missions (   
great importance1 :i*  7 de/9$ to       
ex]cise a b5efic5t influ5ce ^u !        
fiduci>y  circulation1 & !re=e ^u !     
economic life ( ! ,republic4    ,"o ( ^!
 two missions _h z its object !         
e/abli%m5t ( an  (fice = ! ex*ange (    
pap] into gold & vice v]sa1 at ! rate  (
 #b4bgbg pia/res 9 pap] = #a pia/re 9   
gold4 ,! o!r consi/$  9 =m+ a ,conv]sion
 ,fund1 to :i* m or less important      
res\rces  7 assign$4 ,?is fund am\nt$ 9 
#aijb to #b1djj1jjj 9 gold1 b at  a     
mom5t :5 an int]national complication 0 
believ$ to be imm95t  ?is sum 0 plac$ at
 ! disposal ( ! ,gov]nm5t by            
au?orisation (  ,congress4    ,!        

,gov]nm5t ev5tually return$ #b1jjj1jjj (
 ?is sum1 & s9ce  !n ! fund has         
con/antly increas$1 am\nt+ 9 #aijg to   
#e1ajj1jjj1  z we /at$ :5 speak+1 9 !   
passages relat+ to ! issues (  pap]     
money affect$ by ! ,caisse de           
,conv]sion1 ( ! results ( !  application
 ( ?is new law4    ,! law to :i* we are 
ref]r+ 0 put into execution on ! #i?  ( 
,decemb] #ahii4 ,on t day ! fir/        
transaction "u ! new law  0 effect$2 !  
,caisse receiv$ #ajj pia/res 9 gold1 9  
ex*ange  = :i* x return$ ! equival5t 9  
notes1 9 ! proportion ( #dd  c5tavos (  
gold to a pia/re note4 ,! balance drawn 
on ! #ca/ (  ,decemb] %[$ ! exi/5ce (   
#bib4f 9 gold4 ,at ?is same date !      
fiduci>y curr5cy 9 circulation am\nt$ 9 
all to #bie1adi1gce4    ,let u n[ look  
into ! op]ations ( ! ,caisse de         
,conv]sion aft]  ?is date4    ,dur+ !   
ye> #aijj #ah1cih1ddi 7#c1fgi1fij7 9    
gold 0 receiv$2 b  z ?is sum 0 ev5tually
 )drawn ! fiduci>y circulation soon     
rea*$ its =m] figure4    ,9 #aija !re 0 

no?+ done2 t is1 ! ,caisse receiv$ no   
gold4    ,9 #aijb sc>cely any?+ 0 done2 
#dbji 0 receiv$1 & #cfcf 0  paid out1   
leav+ a balance ( #egc4 ,! op]ations =  
#aijb began 9  ,octob]1 dur+ :i* mon? ! 
,caisse receiv$ #fh1 #abs42 x paid  out 
#fg1 #abs41 s t #a rema9$4 ,9 ,novemb] !
 tak+s increas$  to #adig1 & ! outgo+s 7
 #adff1 leav+ a balance ( #ca4 ,9       
,decemb] #bfci 7 tak5 & #bajb issu$1    
leav+ a balance ( #ecg4    ,only 9 #aijc
 did ! op]ations ( ! ,caisse de         
,conv]sion am\nt to  any?+4 ,! two      
pr9cipal causes ( ?is /ate ( affairs 71 
fir/ly  ! settlem5t ( ! fronti] dispute 
) ,*ili1 a "q :i* _h  caus$ s]i\s al>m1 
& _h result$ 9 enorm\s (ficial exp5ses  
dur+ ! few previ\s ye>s2 & secondly !   
size ( ! comm]cial  balances4 ,be>+ ?is 
9 m9d1 x is n surpris+ t ! am\nt (  gold
 9 ! ,caisse de ,conv]sion1 &1          
consequ5tly ! issues (  pap] money1 %\ld
 h comm5c$ to increase & h cont9u$ to d 
s until !y rea*$ ! proportions :i* !y h 
s9ce atta9$4    ,9 #aijc #i1bjh1bhd 9   

gold 0 tak51 & #a1egf1fbe paid out2     
leav+  #g1fdh1bbi4 ,! busie/ mon?s 7    
,april1 :5 #b1eai1jdh 0 tak51 &  ,m>*1  
:5 ! tak+s 7 #a1gch1cie4 ,! l>ge/       
outgo+s 7 9  ,m>* & ,july1 am\nt+       
respectively to #bci1acc & #bbb1ajd4    
,9 succe$+ ye>s ! metallic res]ve ( !   
,caisse de ,conv]sion  has cont9ually   
increas$1 ?anks to ! fav\rable s5se ( ! 
economic  balances ( ! nation's trade1 &
 ! capital :i* has ent]$ !  ,republic1  
to be employ$ 9 ! e/abli%m5t ( new      
indu/ries1 or !  creation ( railways1   
tramways1 etc4    ,at ! "t ( writ+ !    
metallic res]ve ( ! ,caisse de          
,conv]sion  has lately increas$ to      
#cd1geb1jeh1 :i*1 add$ to ! #e1ajj1jjj (
  ! ,conv]sion ,fund1 gives a total (   
#ci1heb1jeh4 ,! proportion (  ^! res]ves
 to ! pap] curr5cy 9 circulation is     
to-day #fe4i p]  c5t4    ,accord+ to !  
law ! increase ( ! metallic balance 9 ! 
,caisse  de ,conv]sion has inevitably   
caus$1 z a natural consequ5ce1 !        
p>allel increase ( ! issues ( notes1    

nickel1 & silv]1 ( :i*  ! am\nt 9       
circulation increas$ to #fhh1agg1iih on 
#ca/ ,octob] #aiji1  or #cic1jbh1bfg m  
?an on #ca/ ,decemb] #ahii1 ! ye> 9 :i* 
!  law ( monet>y conv]sion 0 vot$1 & 9  
:i* ! same circulation  am\nt$ to       
#bie1adi1gca4    ,! rapidity ) :i* !    
emission ( pap] has increas$ has caus$  
c]ta9 j\rnals1 & especially ^? :i* h be5
 prom95t 9  attack+ ! law ( monet>y     
conv]sion 7^: b5eficial effects !y  7   
yet p[]less to d5y7 to raise cries (    
al>m1 ?9k+ to see  9 ?is increase a     
future economic p]il1 or ! se$s ( a     
dang]\s  crisis1 due to ! inflation :i*1
 9 _! judgm5t1 is produc$ by  su*       
issues4 ,b x is easy to prove t ^! al>ms
 are n ju/ifi$  f ! mom5t :5 su* issues 
are gu>ante$ by a correspond+  deposit (
 metallic curr5cy 9 ! ,caisse de        
,conv]sion4 ,moreov]1  a v little       
reflection w %[ t "o _c help admitt+ t  
?is gold1 be+ ! product ( ! ev]-increas+
 economic balances  ( ! c\ntry1 w affect
 ! monet>y situation equally if in/ead (

  be+ 9 res]ve 9 ! ,caisse de ,conv]sion
 x is to be f\nd 9 !  /rong-rooms (     
private banks4    ,z we may see f ^!    
data1 ! ,caisse de ,conv]sion has       
completely  *ang$ its rle4 ,x has ab&on$
 its orig9al function1 :i* 0  confid$ to
 x by ! law2 namely1 ! r$emption ( !    
fiduci>y  curr5cy & ! re-e/abli%m5t ( ! 
monet>y equilibrium :5  de/roy$ by      
excessive issues ( pap]4 ,to-day ?is    
in/itution is m]ely  a purely me*anical 
dep>tm5t ( ! ,adm9i/ration1 & its       
functions  might be fulfill$1 at any    
rate !oretically1 by o!r adm9i/rative   
dep>tm5ts :i* are closely connect$ ) x4 
,,*apt] ,v                ,,!           
,,balance-,,%eet ,,( ,,! ,,arg5t9e      
,,accord+ ,,to                          
,,! ,,inv5tory ,,( ,,securities    ,,!  
,,inv5tory ,,( ,,movable ,,prop]ty ,,or 
,,securities----,! capital              
repres5t$ by movable prop]ties1 /ocks1  
bonds1 %>es1 etc41      is ! only k9d ( 
capital :i* l5ds itself to /ati/ics---- 
,! great gr\ps ( movable prop]ties3     

,national ,funds1 ,railway      ,%>es1  
,insurance ,companies1 ,=eign ,banks1   
,mortgage ,companies1      &            
agricultural & indu/rial und]tak+s4     
,! nom9al am\nt ( capital repres5t$ by  
movable values----,table      ( ! annual
 rev5ues ( ! same1 & ! s9k+ fund----    
,division ( ?is rev5ue among ! diff]5t  
c\ntries hav+      capital inve/$ 9 !   
,arg5t9e4    ,engli% capital----,!      
importance ( ,engli% inve/m5ts 9 all    
bran*es ( ,arg5t9e activity----,!       
b5efits ( a reaction 9      fav\r (     
,arg5t9e capital----,fr5* capital2 its  
small value      comp>$ to ,engli%      
capital----,g]man capital & its rapid   
increase----,approximate valuation ( t  
portion ( rev5ue      rema9+ 9 !        
,arg5t9e1 & ( t :i* goes to !      v>i\s
 nations hav+ capital inve/$ 9 ! c\ntry4
    ,,! ,,balance-,,%eet----,! assets   
are pr9cipally compos$ (                
exportation values2 ! liabilities1 !    
value ( imports----      ,! rev5ue (    
inve/m5ts export$ to =eign c\ntries1 &  

! total ( ! sums exp5d$ by ! ,arg5t9e   
abroad----,table      giv+ a summ>is$   
,balance-%eet & ! balance 9 fav\r (     
! ,arg5t9e----,int]national ex*anges & !
 importation (      gold confirm ?is    
fav\rable situation----,arg5t9e capital 
w      pres5tly play a m important "p 9 
! c\ntry z comp>$      ) =eign capital4 
,,! ,,inv5tory ,,( ,,movable ,,values   
,! "t has come to sum up our            
conclusions1 & we _c d bett] ?an        
attempt to pres5t ! figures ( ! movem5ts
 ( ! capital inve/$  9 ! ,arg5t9e1 & by 
/at+1 z f> z possible1 its yield4 ,we h 
already _h occasion to decl>e t ,europe 
has n turn$ h] att5tion  to ! "y ,s\?   
,am]ican ,republic = s5tim5tal reasons1 
nor on  acc\nt ( ! beauty ( h] political
 in/itutions nor ! spl5d\r (  h]        
l&scapes4 ,:at int]e/s ! g5]al public is
 ! extraction (  ! ri*es ( ! ,arg5t9e   
soil2 ! economic & indu/rial expansion  
( ! c\ntry1 & its fitness z a field =   
inve/m5t & orig9al  ent]prise4    ,to   
respond to ?is m5tal attitude we h ?\ght

 x prop] to und]take  a dry & imp>tial  
inquiry into ! value ( ! capital inve/$ 
9 !  ,arg5t9e1 & ! total ( its yield4   
,capital repres5t$ by movable  values is
 ! only factor :i* has 9 "s s5se an     
(ficial exi/5ce  :i* is am5able to      
control2 x l5ds itself to /ati/ics      
suffici5tly  precise to all[ ( our      
e/imat+1 f ?is po9t ( view1 ! weal?  ( a
 c\ntry2 & x is consequ5tly 9 ?is       
direction t we may  se>* = a /&>d ) :i* 
to comp>e ! fav\rable e/imates  express$
 9 our prec$+ *apt]s on ! subject ( !   
developm5t &  prosp]ity ( ! ,arg5t9e    
,republic4    ,?is inv5tory w lead u to 
o!r data1 :i* are equally in/ructive4   
,9 review+ ! movable values & 9 e/imat+ 
_! yield we %all at  ! same "t exam9e   
into ! g5]al movem5t ( =eign capital &  
its e>n+s1 s t we %all be able          
approximately to /ate ! am\nt  & !      
pr(its ( ! capital inve/$ by ! v>i\s    
,european nations  :i* h dealt ) ?is    
c\ntry4    ,by ! aid ( ^! /ati/ics we   
%all f9ally see ! situation  ( !        

,arg5t9e1 :i* ! results ( its =eign     
trade h %[n  u only imp]fectly1 9 its   
true light4 ,al?\gh ! c\ntry has an     
extremely fav\rable comm]cial balance1  
:i* 9 #aijh 0 n less ?an  #bd1jjj1jjj1  
?is sum has to support enorm\s *>ges = !
 paym5t  ( int]e/ on loans plac$ abroad3
 ! divid5ds ( railway companies1  (     
bank+ h\ses1 ( all mann] ( l& companies1
 ( comm]cial &  indu/rial companies1 ^: 
%>ehold]s are abroad1 etc4 etc4 ,^! are 
! sums we are try+ to det]m9e1 9 ord] to
 draw up z exactly z  possible !        
balance-%eet ( ! ,arg5t9e4    ,?is *apt]
 w !re=e be devot$ to e/imat+ on ! "o h&
 :at  ! c\ntry owes to =eign capital1 & 
on ! o!r h& :at pr(it  =eign capital    
draws f its inve/m5t 9 ! ,arg5t9e4 ,x is
 to "s  ext5t ! curr5t acc\nt ( ,europe 
& ! ,arg5t9e t we wi%  to pres5t1 tak+ z
 our basis ! movable values1 :i* are !  
only  s]i\s data ^u :i* we c base our   
inquiry4#aac    ,footnote #aac3 ,9 ?is  
book we make use ( ! figures :i* ,seor  
,alb]to ,m>t9ez communicat$ to !        

,int]national ,/ati/ical ,congress1     
held 9 ,p>is 9 ,july #aiji4    ,! nom9al
 total ( ,arg5t9e movable values        
subscrib$ up to ! #ba/  ,decemb] #aijh 0
 #dgd1cif1ice 79 gold71 ( :i* sum       
#bai1eac1cii  repres5ts %>es1           
#ajd1ejb1afc bonds1 & #aej1cha1egb !    
public debt  ( ! ,nation1 ! ,prov9ces1 !
 municipalities1 ! capital ( ,/ate      
railways1 & ! capital ( ! ,bank ( !     
,nation4    ,if we comp>e ^! figures ) !
 inv5tory ( ! movable values  exi/+ at !
 end ( ,decemb] #aijd1 we %all f9d an   
increase (  #aeg1agc1eee4 ,b if we take 
acc\nt ( ! fact t 9 ! fir/  am\nt !     
c$ulas ( ! ,prov9ce ( ,bu5os ,ayres     
figure to ! value  ( #ae1djj1jjj1 :ile 9
 ! second !y am\nt to #aj1djj1jjj only  
7!  am\nt ( %>es admitt$ to conv]sion by
 ! ,gov]nm5t71 we see t  ! diff]5ce is  
consid]ably great]4    ,?is increase    
does n arise exclusively f ! new %>es   
issu$ by  companies creat$ dur+ ! la/   
two ye>s2 a l>ge proportion is due to   
exi/+ companies1 :i* h at la/ decid$ to 

furni% ! in=mation  dem&$ 9 view ( ?is  
new inv5tory4 ,b a c]ta9 numb] (        
companies  /ill rema9 outside !         
inv5tory1 ^: /ock w\ld increase ! total 
by #e or #f million p\nds4    ,"h is !  
li/ ( ! /ock 9 circulation on ! #ca/    
,decemb] #aijh3        ,summ>y (        
,securities 9 ,circulation on #ca/      
,decemb] #aijh1                        &
 _! ,subscrib$ ,capital4                
----------------------------------------
----------------------------------------
---------------------------             
,,%>es1 ,,securities ,,etc4             
,%>es4      ,deb5tures4     ,bonds4     
,totals4                                
----------------------------------------
----------------------------------------
-----------------------    ,ext]nal     
,national ,debt     7approximate values7
       ----            ----             
#fb1hib1dbh   #fb1hib1dbh    ,int]nal   
,national ,debt                         
----            ----         #af1hci1cda
    #af1hci1cda    ,ext]nal ,debt ( !   

,prov9ce ( ,bu5os ,ayres         ----   
----         #aa1bhi1fjj    #aa1bhi1fjj 
,int]nal ,debt ( ! ,prov9ce ( ,bu5os    
,ayres         ----            ----     
#e1cfi1gfj     #e1cfi1gfj    ,int]nal   
,debt ( ! ,prov9ce ( ,santa ,f          
----            ----          #a1aji1jgd
     #a1aji1jgd    ,int]nal ,debt ( !   
,prov9ce ( ,entre ,rios           ----  
----            #cde1cea       #cde1cea 
,int]nal ,debt ( ! ,prov9ce ( ,tucuman  
----            ----            #aie1gfe
       #aie1gfe    ,municipal ,debt ( ! 
,city ( ,bu5os ,ayres            ----   
----          #e1jgh1ijj     #e1jgh1ijj 
,municipal ,debt ( ! ,city ( ,ros>io    
----            ----          #a1hej1jjj
     #a1hej1jjj    ,municipal ,debt ( ! 
,city ( ,crdoba                 ----    
----            #ghj1jjj       #ghj1jjj 
,municipal ,debt ( ! ,city ( ,santa ,f  
----            ----            #bcf1jjj
       #bcf1jjj    ,municipal ,debt ( ! 
,city ( ,bahia ,blanca            ----  
----            #aaj1jjj       #aaj1jjj 

,national ,mortgage ,c$ulas             
----            ----         #ad1ggi1hje
    #ad1ggi1hje    ,bank ( ! ,arg5t9e   
,nation                          ----   
----          #i1fig1idg     #i1fig1idg 
,/ate ,railways                         
----            ----         #bj1jjj1jjj
    #bj1jjj1jjj    ,private ,railway    
,companies                              
#aja1ehg1icb   #gf1gce1ajg       ----   
#agh1cbc1jci    ,tramway ,companies     
#ad1aeh1fdd     #g1bcj1iha       ----   
#ba1chh1fbe    ,national ,bank ( !      
,capital                                
#af1ade1fec       #bhi1jdd       ----   
#af1dcd1fig    ,mortgage & ,agricultural
 ,loan ,companies            #h1hfe1hff 
#g1ghh1cgh       ----                   
#af1fed1bdd    ,gas & ,electric ,light+ 
,companies                #h1abb1aff    
#c1dee1aii       ----                   
#aa1egg1cfe    ,h>b\rs1 ,docks & ,quays 
#e1bgf1ceh      #e1jif1eba       ----   
#aj1cgb1hgi    ,anglo-,saxon ,banks ( ! 
,capital                   #f1ccb1djj   

----            ----          #f1ccb1djj
    ,agricultural & ,/ock-rais+         
,companies           #h1bhb1igh         
#ddc1jeh       ----          #h1gbf1jcf 
,sav+s ,banks1 ,build+ ,societies1      
,annuity                                
,companies                              
#g1jaf1jfg         #hh1jjj       ----   
#g1ajd1jfg    ,=e/al ,exploitation      
#e1eej1hhj        #eig1ijj       ----   
#f1adh1ghj    ,m9+ ,exploitation        
#c1ieh1ffc        #ach1ced       ----   
#d1jig1jag    ,refrig]ator ,companies   
#c1bij1ace        #gjc1ghj       ----   
#c1iic1iae    ,telegraph ,companies     
7wireless includ$71                     
,telephones1 etc4                       
#b1dca1jjd        #cjb1djj       ----   
#b1ggc1djd    ,national ,insurance      
,companies                              
#b1gbc1aia        ----            ----  
#b1gbc1aia    ,brew]ies                 
#a1ghj1igb        #ceb1hjj       ----   
#b1acc1ggb    ,transport ,companies 7,l&
 & ,sea7                 #b1jfa1ahg     

----            ----          #b1jfa1ahg
    ,local ,prov9cial ,banks            
#a1hcb1acc        ----            ----  
#a1hcb1acc    ,sug> ,ref9]ies           
#a1aih1def        #ehh1cfh       ----   
#a1ghf1hbd    ,m>kets                   
#a1aig1hbj        #dbc1cfj       ----   
#a1fba1ahj    ,dairy ,companies         
#fif1ghd         #af1cfj       ----     
#gac1add    ,hotels1 ,!atres1 ,clubs1   
etc4                        #faj1cha    
----            ----            #faj1cha
    ,metallurgical ,companies           
#egg1ajj        ----            ----    
#egg1ajj    ,fl\r ,mills                
#dbe1cdj         #de1aeh       ----     
#dgj1dih    ,v>i\s ,indu/rial ,companies
                       #g1eee1bcb       
#fj1jjj       ----          #g1faj1bcb  
,v>i\s ,comm]cial ,companies            
#c1gic1hia        ----            ----  
----                                    
----------------------------------------
---------------                         
,(ficial ,totals   #bai1eac1fci         

#ajd1ejb1abc  #aej1cha1egb  #dgd1cif1ice
                                        
----------------------------------------
---------------    ,! l>ge/ gr\p (      
inve/m5ts is con/itut$ by ! capital     
repres5t$ by ! private railway          
companies1 :i* am\nts to  #agh1jjj1jjj1 
aga9/ #aaa1fjj1jjj 9 #aijd4 ,?is capital
 increases daily1  & consid]+ !         
developm5t ( ! network ( railways all   
ov] !  c\ntry1 x is n fanta/ic to       
prophesy t 9 a %ort "t ?is sum  w rea* !
 figure ( p]haps #bjj1jjj1jjj4    ,!    
second l>ge gr\p consi/s ( ! securities 
repres5t+ !  ,ext]nal ,national ,debt1  
:i* on ! #ca/ ,decemb] #aijh /ood at    
#fb1ijj1jjj1 or #g1djj1jjj l[] ?an t ( !
 debt 9 circulation on  #a/ ,july #aije4
 ,?is dim9ution arises f ! r$emption (  
bonds by  means ( ! #f p] c5t4 ,fund+   
,loan1 ( :i* ! total 0 #e1fjj1jjj4      
,if to ! am\nt ( ?is debt we add ! sums 
repres5t$ by ! ext]nal  debt ( c]ta9    
cities1 ! int]nal debt ( ! nation1 & !  
int]nal  debt ( "s ( ! ,prov9ces1 we f9d

 t ! entire ,arg5t9e ,national  ,debt   
=ms a total ( #acj1jjj1jjj4 ,we ne$ n   
exam9e at great]  l5g?s ! composition & 
value ( ^! two gr\ps ( securities1 z  we
 h already dealt ) !m 9 special *apt]s4 
,z = ! insurance companies & =eign      
banks1 any e/imate ( _!  capital is     
difficult2 b x is o!rwise 9 ! case ( !  
mortgage  companies4 ,! capital :i* ^!  
companies h inve/$ 9 !  ,arg5t9e is n[ (
 a nom9al value ( m ?an #af1ejj1jjj4 ,b 
?is  is only a small portion ( ! =eign  
capital inve/$ 9 mortgages 9  !         
,arg5t9e2 = ! high int]e/ e>n$ by ?is   
class ( inve/m5t1  :i* a %ort "t back   
rose to #aj p] c5t41 has attract$ l>ge  
sums  ( =eign money :i* h be5 inve/$    
privately4 ,seor ,tornqui/  e/imates !  
=eign capital ?us put out 9 mortgages at
 #i1jjj1jjj4    ,we mu/ call att5tion to
 ! int]e/+ fact t ! am\nt ( =eign       
capital inve/$ 9 ! agricultural & o!r   
rural und]tak+s (  ! ,arg5t9e increases 
day by day4 ,at ! end ( #aijh ?is       
capital  am\nt$ to #h1gbf1jcg1 ( :i* !  

great] "p 0 ! prop]ty  ( ,briti%        
subjects1 :o fir/ devot$ _! en]gies to  
agriculture  & /ock-rais+ 9 ! ,arg5t9e a
 comp>atively long "t ago4 ,x  is !     
,engli% :o h be5 ! mo/ active ag5ts ( ! 
rapid &  extraord9>y progress ( ,arg5t9e
 /ock-rais+1 especially 9 all t  relates
 to ! selection ( bre$s & ! be/ mann] ( 
fe$+4    ,among ! indu/rial und]tak+s1 t
 :i* has ( late ye>s assum$  ! greate/  
importance is ! froz5 or *ill$-meat     
indu/ry----!  refrig]at+ indu/ry4 ,!re  
are n[ n9e refrig]at+ e/abli%m5ts1  ) a 
subscrib$ capital ( #c1iic1iae4 ,o!r    
indu/rial und]tak+s1  su* z sug>        
factories1 brew]ies1 quebra*o mills1 &  
m9es1 are  beg9n+ to take a significant 
place 9 ! li/ ( ,arg5t9e securities4    
,! nom9al total ( all movable values be+
 e/imat$1 at ! end (  #aijh1 at         
#dgd1cif1icc1 ! "q :i* n[ occurs is1    
,:at is !  annual yield ( ^! securities8
 ,?is is ! mo/ difficult po9t ( our     
inquiry1 & "o we c answ] only by        
approximate e/imates4    ,:ile x is     

simplicity itself to calculate ! int]e/ 
on ! bonds (  ! public debt1 :e!r       
ext]nal or dome/ic1 x is any?+ b easy   
to calculate 9 all cases ! divid5ds paid
 by ea* company to its  %>ehold]s4 ,"s  
companies d n publi% balance-%eets1 &   
o!rs  conf\nd ! pr(its realis$ 9 !      
,arg5t9e ) ! pr(its e>n$ by  _! =eign   
h\ses or headqu>t]s4    ,z f> z our     
pres5t k goes1 ! rev5ue ( ! securities  
we  h m5tion$ may be e/imat$ to be z    
foll[s3----              ,annual        
,rev5ue1 ( ! ,securities ( ! ,arg5t9e   
,republic1 #ca/ ,decemb] #aijh4         
,,"n ,,or ,,nature ,,( ,,securities4    
,rev5ue 9                               
,p\nds ,/]l+4      ,ext]nal ,national   
,debt                                   
#c1bji1gbgb    ,int]nal ,national ,debt 
#hdc1hgid    ,municipal ,debt ( ,bu5os  
,ayres                                  
#aif1aced    ,municipal ,debt ( ,santa  
,f                                      
#a1fcfj    ,municipal ,debt ( ,ros>io   
#abj1jjjj    ,municipal ,debt ( ,crdoba 

#ai1ejjj    ,municipal ,debt ( ,bahia   
,blanca                                 
#f1fjjj    ,ext]nal ,debt ( ! ,prov9ce (
 ,bu5os ,ayres                 #cfh1ibhj
    ,int]nal ,debt ( ! ,prov9ce ( ,bu5os
 ,ayres                 #bee1ijdj       
,c$ulas ( ! ,national ,mortgage ,bank   
#hgb1jeaf    ,debts ( ! ,prov9ces (     
,tucuman & ,entre ,rios                 
#bi1jacd    ,debt ( ! ,prov9ce ( ,santa 
,f                                      
#fg1gdej    ,railway ,companies         
#h1dbc1eajh    ,national ,banks ( !     
,capital                                
#a1aca1diif    ,anglo-,saxon ,banks ( ! 
,capital                                
#ghh1fhjh    ,local ,prov9cial ,banks   
#ec1gbef    ,mortgage & ,agricultural   
,loan ,companies                        
#a1jdd1hdgb    ,tramway ,companies      
#ijg1fjch    ,gas & ,electric ,companies
                                        
#hjd1eghb    ,telegraph & ,telephone    
,companies                              
#ig1dghf    ,h>b\rs1 ,docks & ,quays    

#bic1ddgh    ,sav+s ,banks1 ,build+     
,societies1 ,annuity & ,insurance       
,companies                              
#bed1hebb    ,agricultural & ,/ock-rais+
 ,companies                             
#dif1cjib    ,=e/al ,exploitation       
,companies                              
#ahh1ejej    ,refrig]at+ ,companies     
#bbi1fedb    ,m>kets                    
#afe1bdch    ,m9+ ,companies            
#bc1hafh    ,national ,insurance        
,companies                              
#aib1jdjd    ,sug> ,ref9]ies            
#afe1aedf    ,brew]ies                  
#agd1bdij    ,dairy ,companies          
#ca1hhbf    ,metallurgical ,companies   
#dj1fjej    ,transport ,companies       
#bea1ghcb    ,hotel & ,!atre ,companies 
#ei1ccbf    ,mills & ,gran>ies          
#cc1gfeb    ,v>i\s ,indu/ries           
#afi1bech    ,g5]al ,comm]cial          
,companies                              
#ada1iegb                               
-------------                           
#bb1add1icib                            

,n[ :at1 approximately1 are ! am\nts (  
securities or movable values  belong+ to
 =eign]s & to natives ( ! ,arg5t9e8 ,su*
 is !  "q we mu/ n[ set ourselves1 z "o 
( ! mo/ important relat+  to ! c\ntry's 
future4 ,bless$ ) an imm5se area (      
t]ritory1  mi/ress ( enorm\s & unexhau/$
 natural weal?1 & peopl$ by only  #f    
millions ( inhabitants1 ! ,arg5t9e is a 
nation /ill 9 process (  =mation4 ,%e   
attracts m5 & money f all qu>t]s ( !    
globe2 =  %e promises g5]\s paym5t =    
initiative & = lab\r4    ,f ! economic  
/&po9t1 !n1 x is ( enorm\s importance = 
!  ,arg5t9e :e!r ! rev5ue ( h]          
securities goes to p]sons resid+  9 !   
c\ntry1 or :e!r1 on ! o!r h&1 x goes    
abroad1 ?us  unfav\rably affect+ !      
result ( h] comm]cial transactions1 &   
?reat5+ to upset ! balance (            
int]national paym5ts4    ,9 ! case ( a  
c\ntry :i* exi/s "u ! special conditions
 :i*  affect ! ,arg5t9e1 :]e !re are no 
accumulations ( capital1 :]e  ! _s (    
ent]prise is n v highly develop$1 & :]e 

e  comm]cial or indu/rial und]tak+ ( any
 importance has to look to !  out] _w = 
support1 ! total ( ! sums :i* leave !   
c\ntry  ea* ye> to pay = import$        
articles1 to meet ! int]e/ on !         
,national ,debt1 to pay ! divid5ds on ! 
%>es ( limit$ companies1  & ! pr(its (  
private und]tak+s1 ! int]e/ on capital  
out on  loan1 :e!r on mortgage or       
o!rwise secur$1 & f9ally to remun]ate   
capital inve/$ & employ$ 9 ! ?\s&       
diff]5t ways peculi> to  ?is p]iod (    
rapid int]communication----! total ( all
 ^! sums mu/  be v great2 some?+1 inde$1
 l a metallic riv] roll+ across  !      
ocean4    ,s mu* be+ grant$1 ! mom5t has
 come to pres5t ! problem3 ( !  #bb     
million p\nds requir$ to pay ! int]e/ on
 loans1 ! s9k+-fund  *>ges = _!         
r$emption1 & ! divid5ds ( hundr$s (     
companies1  :at is ! proportion :i* ea* 
ye> leaves ! ,arg5t9e to become  sp5t or
 inve/$ abroad1 assur+ ! own]s ( bonds &
 %>es !  be/ "p ( ! rev5ue ( a di/ant   
c\ntry1 a c\ntry end[$ ) a  f]tile soil1

 9 :i* indu/ry has a great future await+
 x8 ,& :at  proportion ( ?is total      
rema9s 9 ! c\ntry8    ,to solve ?is     
problem1 x w\ld be necess>y to foll[ !  
track ( ea*  ( ! %>es or bonds issu$1 9 
ord] to discov] ! de/9ation (  ea*2 &   
?is is :at we %all attempt to d1 ) !    
help ( !  pr9cipal bank+ h\ses & ! great
 comm]cial h\ses 9 f9ancial  relations )
 ! out] _w4    ,al?\gh all e/imates on  
su* a subject mu/ re/ ^u ! slighte/     
f\ndations1 & _c be accept$ z precise   
/ati/ics1 we d n  hesitate to give a few
 figures z an indication wor?y ( cr$5ce1
 be+  drawn f ! be/ possible s\rces4    
,to proce$ ) due me?od1 let u beg9 ) !  
mo/ important  division ( ! =eign       
capital inve/$ 9 ! ,arg5t9e1 namely1    
,engli% capital1 :i* 0 ! fir/ to come f 
abroad to /imulate !  progress ( !      
c\ntry4 ,accord+ to an inv5tory made by 
! bank+  h\se ( ,tornqui/  ,co41 :i* has
 will+ly giv5 u ! in=mation  we requir$1
 ! capital import$ f ,engl& & inve/$ 9  
,arg5t9e  securities am\nts to m ?an    

#bij1jjj1jjj1 di/ribut$ z foll[s3----   
,engli% ,capital ,inve/$ 9 ! ,arg5t9e4  
,capital4       ,int]e/4                
,loans----,gov]nm5tal1 ,prov9cial1      
,municipal     #fc1hed1fdch             
#c1jdf1eihb    ,railways                
#aff1cfj1fhcb    #h1jdi1dcah    ,banks  
#g1hfb1djjj      #gje1jifj              
,agricultural ,loans & ,mortgages       
#f1hdg1baff      #bei1gcbb    ,tramways 
#bj1bhd1gjef      #hge1fjch             
,electricity                            
#e1aeb1eijd      #bhg1fheb              
,agriculture & /ock-rais+               
#d1jah1iigh      #bdh1bjdh    ,v>i\s    
inve/m5ts                               
#ad1gbi1gjhh      #ghe1ihfd             
--------------  -------------           
#bia1aaj1idfj  #ad1beh1cchd             
,?us ?is sum ( #bia1aaj1idf /]l+        
repres5ts an annual rev5ue (            
#ad1beh1cch4    ,to cont9ue3 9 seek+ to 
f9d ! true am\nt ( ! economic           
int]national balance1 we %\ld h to      
include 9 ! inv5tory (  ,engli% capital 

b\nd to ! ,arg5t9e by comm]cial         
transactions !  l>ge numb] ( /eam]s :i* 
run betwe5 ,briti% & ,arg5t9e ports1  ^:
 value might be repres5t$ by a sum n    
less ?an #aj1jjj1jjj4    ,if ?is be add$
 to ! sum already obta9$1 we f9d t !    
,engli%  capital inve/$ 9 ! ,arg5t9e or 
b\nd to ! c\ntry by comm]cial  ties is n
 less ?an #cjj1jjj1jjj3 ! rev5ue ( :i*1 
e/imat$ at  an av]age ( #f p] c5t41     
repres5ts a sum ( #ah1jjj1jjj p] annum1 
entirely paid out ( ! production & !    
economic =ces ( !  ,arg5t9e4    ,to te/ 
! accuracy ( ?is e/imate we may m5tion t
 accord+ to  a consci5ti\s /udy (       
,engli% capital z plac$ 9 ! pr9cipal    
c\ntries ( ! globe1 a /udy publi%$ 9    
#aiji 9 ! ,economi/1 !  sums inve/$ 9 ! 
,arg5t9e am\nt to #bed1jjj1jjj3 a figure
 n v  diff]5t f t we h already giv54    
,b let u be cont5t = ! mom5t to realise 
t ! kn[n  inv5tori$ rev5ue on bonds &   
%>es belong+ to ,briti% companies or    
,briti% subjects resid+ or situat$ 9    
,engl& am\nts to #ad1jjj1jjj  aft] !    

d$uction ( ! portion rema9+ 9 ! h&s (   
,engli%m5  resid+ 9 ! ,arg5t9e2 & 9 !   
pres5ce ( su* figures let u  m$itate = a
 mom5t on ! social & economic           
consequ5ces ( su* a  fact4    ,engli%   
capital1 s9ce ! dawn ( ! organisation ( 
,arg5t9a1 has  be5 ! great propulsive   
ag5t ( all national progress4 ,9 #ahbb1 
:5  %e 0 /ill insignificant bo? 9 ri*es 
& 9 population1 ,arg5t9a  knock$ = !    
fir/ "t on ! doors ( ,briti% capitali/s1
 ask+  !m to l5d a million p\nds to be  
us$ = ! con/ruction ( a  h>b\r1 = !     
in/alm5t ( wat]works 9 h] capital1 & = !
  f\ndation ( cities2 projects :i* 7    
nev] execut$2 = x 0 )  ?is loan z x 0 to
 be aft]w>ds ) _m o!r ,arg5t9e loans4   
,! funds dem&$ on cr$it 7 n employ$ to  
fur!r ! object =  :i* !y 7 solicit$4    
,aft] ?is fir/ loan all o!r ,arg5t9e    
loans 7 subscrib$ by ,briti% capital4   
,moreov]1 no indu/rial or comm]cial     
und]tak+ has be5 e/abli%$  9 ?is c\ntry 
b x has gone to seek ! brea? ( life 9 ! 
f9ancial h\ses ( ! ,city4 ,pr(essor     

,eteocle ,lor9i said ) reason1  9       
comm5t+ on ?is fact 9 8 book1 ,il       
,debito ,publico ,arg5t9o3  8,all !     
indu/rial1 comm]cial1 agricultural & m9+
 companies :i*  furni% our ,arg5t9e     
/ati/ics be> ! =eign m>k1 limit$2 s  t  
"o ends by gett+ ! impression t "o is   
/udy+ a purely  ,engli% colony1 = "o    
f9ds ?is limit$ ^u all species (        
manufactures2 limit$ aft] ! /atem5t (   
capitals2 all und]tak+s  are limit$2    
insurance is limit$2 ! circulation &    
di/ribution  ( ,arg5t9e weal? is        
limit$40    ,:atev] may be ! importance 
( ! limit$ company1 x is by no means  to
 ! int]e/ ( ! ,arg5t9e to decl>e w> ^u  
=eign capital2  %e %\ld1 on ! contr>y1  
respect ! f>-see+ provisions ( h]       
,con/itution1 :i* imposes ^u ,congress !
 duty ( enc\rag+ !  introduction ( =eign
 capital conjo9tly ) a =eign population1
  because bo? are vital elem5ts ( !     
national developm5t & progress4  ,b :ile
 we respect ?is tradition we feel t !   
,gov]nm5t %\ld1  9 c\nt]action1 endeav\r

 to /imulate ! application ( ,arg5t9e   
capital to comm]cial or indu/rial       
ent]prises1 9 ord] t ! entire  res\rces 
( ! c\ntry %all n be develop$ = ! sole  
pr(it (  ! =eign]4    ,pr(essor ,lor9i1 
:om we h j quot$1 is ( ! same op9ion4   
8,we  are c]ta9ly n ( ^?10 he says1 8:o 
compla9 ( ! introduction  ( =eign       
capital4 ,! m ! latt] is import$1 ! m x 
gives  employm5t1 & increases yet m !   
weal? & welf>e ( ! c\ntry4  ,b we mu/   
also add t z m capital arrives f )\t1 s 
!  paym5ts :i* ! c\ntry has to make = ! 
use ( x gr[ l>g]1  & = ?is reason ! :ole
 f9ancial policy ( ! ,gov]nm5t & !      
,arg5t9e %\ld h z its object !          
introduction ( ! sev]e/  economy & !    
greate/ possible ?rift2 n only t        
engagem5ts  contract$ may be hon\rably  
met1 b t 9 c\rse ( "t we may  =m a      
national capital1 capable ( compet+ )   
=eign capital1 (  r$uc+ its pret5sions1 
& ev5 ( replac+ x little by little1     
%\ld ! latt]1 = any reason :atsoev]1 be 
compell$ to emigrate 9  virtue ( causes 

=eign to ! economic laws ( ! c\ntry40   
,aft] ,engl& ,france /&s 9 ! fir/ rank (
 ^? ,european nations  :i* h _h fai? 9 !
 future ( ! ,arg5t9e1 & h risk$ !       
inve/m5t ( _! capital 9 ?is "y & weal?y 
/ate4 ,unhappily  ! total am\nt ( ,fr5* 
capital inve/$ has n be5 augm5t$1 z  "o 
might h hop$1 by ! political & comm]cial
 ties :i* = _m  ye>s h unit$ ! two      
c\ntries1 or by ! f]tile opportunities  
:i* ! ,republic has to (f] to ! activity
 & ent]pris+ _s  ( ! ,lat9 races4    ,! 
nom9al total ( ,arg5t9e securities quot$
 on ! ,p>is ,b\rse  am\nt$1 on ! #ca/ ( 
,decemb] #aijg1 to ! value (            
#gh1iii1cjh1  :i* sum may be analys$ z  
foll[s3----      ,/ate funds            
#eb1ccb1cjf    ,banks                   
#aj1cce1fhj    ,transport               
#ab1hjb1bij    ,m9es                    
#edh1igh    ,v>i\s                      
#b1ihj1jjj                              
-----------                             
#gh1iii1bed                             
,to prev5t an errone\s int]pretation ( !

 above figures1 x %\ld  be /at$ t ?is   
total does n repres5t ! value ( !       
securities  actually held by ,fr5*m51 b 
only ! securities quot$ on ! ,b\rse1    
:i* is a v diff]5t matt]4 ,= example1 ! 
,fr5* ,bank ( ! ,rio  de la ,plata      
figures 9 ?is total to ! ext5t (        
#b1djj1jjj1 ! am\nt  ( its capital      
actually subscrib$1 al?\gh sc>cely a    
qu>t] ( x  circulates 9 ,france4    ,on 
! o!r h& !re is a v consid]able quantity
 ( ,arg5t9e  securities belong+ to      
capitali/s or inve/ors liv+ 9 ,france2  
securities :i* are n quot$ on ! ,b\rse &
 are n deposit$ 9  any bank4 ,we may    
cite z an example ! la/ loan (          
#aj1jjj1jjj1 issu$  "u ! title (        
8,int]nal ,arg5t9e ,cr$it #aiji40 ,( ?is
 am\nt  #c1djj1jjj 0 subscrib$ 9        
,france1 yet ! bonds ( ?is loan1 on     
acc\nt ( a diff]5ce ) ! ,fr5* ,gov]nm5t1
 h n yet be5  quot$ on ! ,p>is ,b\rse4  
,we are ?us ju/ifi$ 9 conclud+ t ! am\nt
 we h giv5 z  repres5t+ ! value ( ! /ock
 held by ,fr5*m5----#gh1iih1hed----;is  

approximately correct2 & t ! two factors
 :i* affect ! matt]  9 opposite s5ses   
may be tak5 to cancel "o ano!r4    ,we  
mu/ also note ! fact t ! majority (     
,gov]nm5t funds f9d z  l>ge a m>ket 9   
,london z 9 ,p>is4 ,= example1 ! #d p]  
c5t4 loan  ( #ahig-aijj1 :i* 0 entirely 
issu$ 9 ,london1 0 only admitt$ to      
quotation on ! ,bank]s' ,ex*ange ( ,p>is
 9 #aijc4    ,9 ! bank+ dep>tm5t1 ! %>es
 ( ! ,spani% ,bank ( ! ,rio de  la      
,plata & ! ,fr5* ,bank ( ,la ,plata 7   
only introduc$ to !  ,p>is ,b\rse at !  
beg9n+ ( #aijh2 ! pr9cipal m>ket = ^!   
%>es is /ill at ,bu5os ,ayres4    ,9 !  
transport dep>tm5t1 ! ,g5]al ,company ( 
! ,tramways (  ,bu5os ,ayres1 :i* has a 
capital ( #a1hjj1jjj1 c only be         
repres5t$  9 ,france by a v small       
proportion ( ?is capital2 ! %>es h  be5 
issu$ pr9cipally 9 ,brussels1 ,london & 
,b]l94    ,we mu/ rememb] t ,fr5*       
influ5ce 9 ! ,arg5t9e has be5 active  = 
a long "t & 9 v>i\s ways4 ,x 0          
especially ! immigration  ( ! wor?y     

inhabitants ( ! ,fr5* ,pyr5ees :i* fir/ 
set 9  t[>ds ! ,rio de la ,plata1 :]e ! 
,fr5*m5 inve/$ _! en]gies  9 _m         
remun]ative dep>tm5ts ( lab\r2 "s becom+
 f>m]s1 "s  cattle-bre$]s1 "s giv+      
!mselves to indu/rial "w1 "s to trade  9
 ! cities2 ?us contribut+ to !          
developm5t ( ! weal? ( !  c\ntry4 ,!    
,fr5* m]cantile m>9e 0 also ! fir/ to   
e/abli% &  ma9ta9 a rapid & easy        
transport betwe5 ,fr5* & ,arg5t9e ports1
  ?us p]man5tly unit+ ! two c\ntries4   
,z = ,fr5* comm]ce1 x reta9$1 z lately z
 #ahhd1 a place 9 !  fir/ rank ) reg>d  
to ! ex*ange ( manufactur$ articles or !
  products ( ! soil1 ! trade be+ c>ri$  
on especially ?r\gh  ! m$ium ( ! ,rio da
 la ,plata2 inde$ !re 0 a "t :5 ,fr5*   
comm]ce repres5t$ #ea p] c5t4 ( ! total 
trade ( ! ,arg5t9e1  :ile n[ x is       
responsible = only #bjg p] c5t4 ( !     
total value (  ,arg5t9e imports &       
exports unit$4    ,we may !re=e consid] 
t ! "p play$ by ,fr5* capital 9         
,arg5t9e affairs is mu* too small z     

comp>$ to ! function (  ,engli% capital1
 & we mu/ regret t ,france is n m deeply
  int]e/$ 9 ! great movem5t t[>ds       
national prosp]ity4    ,aft] ,france !  
,european nation :i* has inve/$ ! l>ge/ 
am\nt  ( capital 9 ! ,arg5t9e1 & :i* has
 fully und]/ood ! true  importance ( !  
latt] c\ntry1 is ,g]many4    ,9 !       
rem>kable increase & expansion ( h]     
indu/ries ,g]many has  n =gott5 ! %ores 
( ! ,rio de la ,plata4 ,%e has ent]$ ^u 
a  /ruggle ) ,engl&2 all h] electrical &
 *emical und]tak+s h  tak5 root2        
factories h sprung up due entirely to   
,g]man capital2 a  ,g]man ,transatlantic
 ,bank has be5 e/abli%$ 9 ,bu5os ,ayres2
 !  ,hamburg ,s\? ,am]ican ,company     
flies its ensign on ! ocean1 swiftly    
c>ry+ pass5g]s & m]*&ise betwe5 ! two   
cont95ts2 a ,g]man  electrical company  
has e/abli%$ its p[]-h\ses 9 ! ,arg5t9e 
capital2 an extract ( meat company is   
draw+ its pr(its f !  live-/ock indu/ry2
 sev]al quebra*o mills h be5 f\nd$2 _m  
o!r factories h be5 e/abli%$1 & !       

,g]mans h ?us absorb$  a l>ge proportion
 ( ! ,arg5t9e export trade4#aad ,!      
comm]cial  relations betwe5 ,g]many & ! 
,arg5t9e increase ea* day4 ,tw5ty  ye>s 
ago ! ex*anges betwe5 ! two c\ntries    
repres5t$ h>dly #aid  p] c5t4 ( ! g5]al 
=eign trade ( ! ,arg5t9e----at a "t :5  
,france possess$ #ea p] c5t4 in/ead ( h]
 pres5t #bjg p] c5t4 (  ! trade----:ile 
9 #aijh ! ex*anges ) ,g]many am\nt$ to  
#bcd p]  c5t4 ( ! entire trade4         
,footnote #aad3 ,9 ! c\rse ( ! ye> #aijh
 !re left ,bu5os ,ayres1  9 ! vessels ( 
v>i\s l9es1 #aj1hje fir/-class pass5g]s 
=  ,europe1 ( :om #bgej left by ! ,g]man
 ,company ( ,hamburg2 #bjda by  ! ,royal
 ,mail ,/eam ,packet ,co42 #aaic by !   
,messag]ies ,m>itimes2  #gia by !       
,transports ,m>itimes  vapeur2 #gaa by !
 ,g5]al ,italian  ,navigation ,co42 #fhh
 by ,la ,vloce2 #ehh by ! ,italia2 #eef 
by !  ,lloyd ,sab&o2 #cgg by ! ,lloyd   
,italiano2 #cdj by ! ,spani%            
,transatlantic2 & ! re/ by vessels (    
v>i\s less important l9es4    ,:at is ! 

total value ( ! ,g]man capital inve/$ 9 
! ,arg5t9e  ,republic8 ,x is n easy to  
say ) /rict accuracy2 b accord+ to  ! v 
au!ntic in=mation ( c]ta9 ,bu5os ,ayres 
bank]s we may  reckon t ! ,g]man capital
 employ$ 9 ! banks1 comm]cial h\ses1    
e/ancias1 & indu/rial conc]ns1 & 9 !    
,g]man ,electrical  ,company1 ! electric
 tramways1 etc41 etc41 am\nts to        
#dj1jjj1jjj4 ,if  to ?is capital we add 
t repres5t$ by ! vessels "u ! ,g]man    
flag1 :i* ma9ta9 an active communication
 ) ! ,rio de la ,plata1  obta9+ a l>ge  
proportion ( ! be/ cli5ts1 ! total ( !  
,g]man  capital employ$ 9 ! ,arg5t9e    
am\nts to "s #fj1jjj1jjj4    ,) ^! data 
9 h&1 & an approximate k ( ! am\nt (    
=eign capital inve/$ 9 ?is c\ntry 9     
%>es1 bonds1 & o!r  securities1 namely  
"s #chd1jjj1jjj1 z well z its           
approximate rev5ue1  :i* 9 r\nd figures 
is ab\t #ah1jjj1jjj1 plus #a1fjj1jjj z !
  g5]al s9k+ fund *>ge1 or 9 all ab\t   
#ai1fjj1jjj1 we may draw  ! foll[+      
conclusions3----    ,we "k t ! rev5ue ( 

! bonds held by ! ,engli% capitali/s1   
includ+ ! s9k+ fund1 am\nts to          
#ad1aeh1ccg4 ,aga91 ! am\nt  necess>y to
 pay ! int]e/ on ! bonds ( ! ,national  
,debt1 c$ulas1  deb5tures1 & %>es held  
by ,fr5*1 ,g]man1 & ,belgian inve/ors1  
may  be e/imat$ at #c1fih1ggi2 s t ( !  
total rev5ue ( #ah1dic1hif  produc$ by !
 ,republic1 !re rema9s 9 ! c\ntry a     
balance (  #d1bhg1hbj4                  
,,! ,,balance-,,%eet    ,no?+ is m      
difficult ?an to br+ toge!r ! con/itu5t 
elem5ts  ( a national balance-%eet1 on  
acc\nt ( ! complexity ( !  necess>y     
facts :i* (t5 escape ! net ( !          
/ati/ician4 ,beg9n+  ) ! mo/ important  
elem5ts ( ?is balance1 &1 s x seems1 !  
mo/ pla9ly visible----^? =m$ by !       
movem5t ( exports & imports  ?r\gh !    
cu/oms----& end+ ) ! mo/ insignificant  
facts1 !re  are /ill a l>ge numb] (     
factors = :i* x is impossible to all[4  
,tak+ a broad view ( ! matt]1 we mu/    
fir/ ( all obs]ve t !  e/imates by :i*  
we f9ally decide t t :i* leaves a       

c\ntry1  :e!r 9 m]*&ise or 9 specie1 is 
( great] value ?an t :i*  ent]s x1 are  
extremely arbitr>y4 ,! pr9cipal means ( 
appreciation  is ! table drawn up by !  
,cu/oms ,adm9i/ration ^u c>goes leav+  &
 ent]+ ! c\ntry1 b ! results drawn f ?is
 table are  inevitably approximate4 ,on 
! "o h& ! decl>ations ^u :i*  !         
valuations are bas$ are always          
untru/wor?y1 z !y are made  by          
individuals :o are int]e/$ 9 dim9i%+ !  
actual values (  _! consignm5ts4 ,on !  
o!r h&1 !y are influ5c$ by a ?\s&  o!r  
circum/ances :i* ! cu/oms _c take into  
acc\nt1 su* z  %ipwrecks & un=tunate    
comm]cial transactions4    ,moreov]1    
m]*&ise export$ is usually valu$ by !   
cu/oms at  ! mom5t ( leav+ ! port (     
emb>kation2 t is1 :5 x has  s f> paid   
only v small sums = c>riage &           
transportation4  ,import$ m]*&ise1 on ! 
o!r h&1 is valu$ at ! "t ( its          
disemb>kation1 9 ! ports ( arrival or   
de/9ation1 :5 x is  already burd5$ by   
all ! exp5ses incid5t to a long voyage2 

su* z  freight1 insurance1 brok]age1    
etc4    ,x v (t5 foll[s t 9 calculat+ ! 
results ( a giv5  transaction1 & 9      
suppos+1 moreov]1 t ! e/imates are      
p]fectly  correct1 we (t5 f9d a         
p]ceptible diff]5ce betwe5 ! comp>ative 
figures ( exportation & importation1 :i*
 mu/ be settl$ 7s x  is (t5 suppos$7 by 
a paym5t ( ca%1 :]eas 9 reality ! :ole  
transaction consi/s ( a simple ex*ange (
 comm]cial products4#aae    ,footnote   
#aae3 ,see ,n\veau ,dictionnaire        
d',economie ,politique1 ,article        
,balance du ,comm]ce1 by ,georges       
,mi*el4    ,besides ^! g5]al causes (   
error 9 ! calculation ( ! pr9cipal      
elem5ts ( ! ,arg5t9e balance-%eet1 !re  
are o!rs affect+ !  ,arg5t9e :i* we     
might call local1 :i* arise f ! mann] 9 
:i*  ! cu/oms e/imate ! m]*&ise import$4
 ,we h se5 t !  ,cu/oms ,adm9i/ration   
bases ! collection ( duties ^u a        
valuation  t>iff1 ! exagg]ations ( :i* h
 giv5 rise to ! livelie/  compla9ts4 ,z 
= ! /ati/ics ( ! exports ( national     

produce1  !y are bas$ ^u ! m>ket prices4
    ,z = ! =eign capital inve/$ 9       
securities1 etc41 we "k its  value )9 a 
fair degree ( approximation4 ,b x is q  
o!rwise  ) ! l>ge masses ( =eign capital
 employ$ or inve/$ privately1  :e!r 9   
mortgages1 comm]cial ent]prises1 urban  
or rural prop]ties1  or 9 a ?\s& o!r    
directions2 we "k nei!r ! total am\nt   
nor ! int]e/1 nor pr(its :i* x produces4
 ,^! pr(its are a  p]man5t cause (      
unc]ta9ty ) respect to ! e/abli%m5t ( ! 
national balance-%eet4    ,ap>t f ^!    
causes already enum]at$ !re is yet "o   
o!r  :i* des]ves to be tak5 into acc\nt2
 x consi/s ( ! sums :i*  ,europeans :o  
are e/abli%$ or h become enri*$ 9 !     
,arg5t9e  s5d ea* ye> to _! families    
abroad4 ,we h1 unhappily1 no means (    
e/imat+ ! importance ( ?is sum4         
,f9ally1 a cause ( inaccuracy :i* is    
felt at pres5t z x nev] has  be5 be=e1  
has its rise 9 ! ev]-increas+ numb] (   
natives ( !  ,arg5t9e :o leave _! c\ntry
 = ,europe1 _! purses well l9$1  &      

!mselves ready to sp5d _! money 9       
sup]fluities or luxuries1  or 9 travell+
 f place to place4    ,accord+ to !     
in=mation furni%$ u by ! ag5ts ( v>i\s  
/eam%ip companies1 #aj1hje fir/-class   
pass5g]s left ! ,arg5t9e =  ,europe 9   
#aijh1 9 se>* ( m or less co/ly         
amusem5t4    ,:at w "o ( ^! ri* ,s\?    
,am]icans sp5d abroad8 ,h[ f> d  ! mass 
( !m contribute to increase ! sum :i* ! 
c\ntry pays  out across ! ocean e ye>8  
,x is difficult to guess2 b if we       
e/imate1 z we mod]ately may1 t ea* ( !m 
sp5ds ab\t #ajjj1  we may add on ?is    
c\nt only a sum ( #a1jhj1ejj to ! debit 
side (  ! ,arg5t9e balance4 ,on ! o!r   
h&1 we h n includ$ among !  ye>ly       
liabilities ! enorm\s sums :i* ! c\ntry 
pays ea* ye>  9 ocean freight *>ges1    
because 9 fix+ ! sale price ( export$   
products ! freight has already be5      
d$uct$1 z well z insurance1  brok]age1  
commissions1 ! co/ ( :>fage1 etc41 etc4 
,b to give "s  idea ( ! importance ( ^! 
sums x is en\gh to say t1 accord+  to   

e/imates wor?y ( evid5ce1 ! ,arg5t9e    
,republic paid 9 freight1  9 ! ye>      
#aijh1 = ! transport ( "s #f million    
tons ( l9se$1  :eat1 & maize1 at ! rate 
( #a p] ton ( gra91 a sum ( ab\t        
#f1ejj1jjj4    ,^! figures hav+ be5     
consid]$1 we may n[ e/abli% z foll[s !  
basis ( ! economic balance ( !          
,arg5t9e3----    ,! ,cr$it side is =m$ 9
 ! fir/ place by ! value ( ! exports1   
:i* 9 #aijh increas$ to #gc1bjj1jjj2 !n 
by ! great & incessant  consignm5ts (   
capital on ! "p ( already exi/+         
companies1 or new  ones :i* are =m$ to  
exploit railways1 tramways1 or o!r      
indu/rial  und]tak+s1 or to und]take !  
mortgag+ ( l&$ prop]ty4 ,an  economic   
j\rnal1 mu* valu$ 9 ,bu5os ,ayres1 !    
,bu5os-,aires ,h&els  ,zeitung1 e/imates
 at #h1jjj1jjj ! am\nt ( fre% capital   
:i*  ent]s ! c\ntry ea* ye>4 ,! ?ird    
class ( assets is con/itut$  by ! sums  
br\ght into ! c\ntry by immigrants1 :i* 
are e/imat$  at #a1hjj1jjj4 ,! total (  
all ^! sums am\nts to ! consid]able     

figure ( #hc1jjj1jjj4    ,on ! ,debit   
side we mu/ fir/ ( all place ! value (  
imports1 :i*  9 #aijh am\nt$ to         
#ed1fjj1jjj1 includ+ ! l>ge arrivals (  
railway  & tramway mat]ial :i* ! c\ntry 
has n to pay = imm$iately1 z  x obta9s  
!m ^u long cr$it2 ?is item is           
consequ5tly mu* small]  9 reality ?an x 
appe>s at fir/ sight4 ,!n comes ! int]e/
 on  ! =eign capital inve/$ 9 ! ,arg5t9e
 ,republic 9 bonds ( !  ,national ,debt1
 9 railway %>es1 tramway %>es1 & v>i\s  
o!r  und]tak+s4    ,we h se5 t ! rev5ue 
( all ^! securities issu$ by or 9       
direct relation ) ! ,arg5t9e ,republic  
am\nts to #bb1jjj1jjj1  & t ( ?is sum   
#d1cjj1jjj rema9s 9 ! ,arg5t9e2 we !re=e
  conclude t #ah1jjj1jjj leaves ! c\ntry
 ea* ye> z remun]ation  = inve/m5ts4    
,!n we h also to ent] ^u ! debit side a 
total ( #hd1djj1jjj  :i* 8seems to leave
 ! c\ntry0 ea* ye> 9 paym5t ( ! debts   
contract$ ) =eign c\ntries4 ,b 9 reality
 ?is sum is p]ceptibly  less1 = !       
reasons we h m5tion$ above1 s t we may  

r$uce x  to #hj1jjj1jjj4    ,n[1 if we  
place side by side ! ,debit & ,cr$it ( !
 nation's  economic balance acc\nt1 we  
%all f9d t 9 ! ye> #aijh !re 0 a        
fav\rable balance ( n less ?an          
#c1jjj1jjj4    ,x is und5iable t ?is    
fav\rable balance has 9 fact be5 obta9$1
  n only 9 #aijh b also 9 previ\s ye>s1 
= !re exi/ two  irrefragable pro(s ( !  
fact3 ! rates ( int]national ex*ange1   
always fav\rable to ! ,arg5t9e1 & !     
un9t]rupt$ /ream (  metallic curr5cy :i*
 fl[s t[>ds ! ,rio de la ,plata4 8,!    
/ate (  ex*ange10 z ,gos*5 has said 9 8 
"w on ! subject1 8(f]s u !  means (     
asc]ta9+ n only ! /ate ( ! comm]cial    
atmosph]e1 by  indicat+ ! proximity (   
di/urb+ curr5ts1 b x also indicates  !m 
9 su* a mann] t by int]pret+ !m         
c>efully1 we may *oose  ! l9e ( conduct 
to be foll[$ 9 ord] to /e] cle> ( dang]1
 &  to avoid ! precipitate results (    
panic40#aaf    ,footnote #aaf3 ,c4 ,i4  
,gos*51 ,!ory ( ,=eign ,ex*anges4    8,!
 att5tive obs]vation ( ex*anges10 says !

 economi/ ,foville1  confirm+ by ^!     
words ! ass]tion ( ! exp]t j cit$1      
8suffices to indicate to ! m9ds ( ^?    
compet5t :e!r !  monet>y /ock ( a c\ntry
 is 9 process ( increas+1 or :e!r1 on  !
 contr>y1 !re is an escape ( curr5cy    
t[>ds ! out] _w4  ,ex*ange tells u 9 :i*
 direction bullion is be+ attract$1 at a
  giv5 mom5t1 j z ! wea!rcock tells u ! 
direction ( !  w9d40#aag    ,footnote   
#aag3 ,see 9 ! ,bullet9 de l',in/itut   
,int]national de  ,/ati/ique1 ,vol4     
,,xv41 #aijf1 p4 #bjj3 ,les ,elm5ts de  
la balance  conomique des peuples1 by   
,a4 de ,foville4    ,n[ if we exam9e !  
table %[+ ! int]national v>iations (    
ex*ange dur+ ! la/ five ye>s we %all f9d
 t ! latt] are on  ! :ole high above p>2
 9 ,decemb] #aijf & ,janu>y #aijg       
especially  !y atta9$ consid]able       
figures :i* h nev] s9ce be5 surpass$4   
,z = ! importation ( bullion & ! visible
 exi/5ce ( gold  9 ! c\ntry1 x w s]ve   
our purpose to "k t accord+ to  !       
(ficial figures !re 0 on ! #ca/ (       

,decemb] #aijg a total  ( #bi1jfj1jjj 9 
! c\ntry1 :i* 0 di/ribut$ z foll[s3     
#ba1jbj1jjj 9 ! ,caisse de ,conv]sion1 &
 #h1jdj1jjj 9 ! v>i\s  banks1 includ+ ! 
,conv]sion ,funds4 ,a ye> lat]1 on !    
#ca/ (  ,decemb] #aijh1 ^! figures      
atta9$ a total ( #cd1hfj1jjj1 ( :i*     
#be1cdj1jjj 0 9 ! ,caisse1 & #i1ebj1jjj 
9 ! v>i\s banks4  ,b 9 ! c\rse ( ! ye>  
#aiji ?is upw>d movem5t has be5 ev5  m  
evid5t1 s9ce ! total am\nt ( gold 9 !   
,republic on ! #a/  ( ,novemb] #aiji 0  
no less ?an #ec1hjj1jjj1 ( :i*          
#cd1hjj1jjj 0  9 ! ,caisse & #ai1bjj1jjj
 9 ! banks or ! ,conv]sion ,fund4  ,x is
 already !re=e c]ta91 if we are to judge
 by ! important  consignm5ts ( gold     
actually on ! way to ! ,arg5t9e1 t by ! 
end ( #aiji ! ,republic w possess       
metallic funds to ! am\nt ( at  lea/    
#ef1jjj1jjj4    ,we h se5 :at a "p =eign
 capital has tak5 9 realis+ !  economic 
value ( ! ,arg5t9e & ! influ5ce x has   
ex]t$ 9  develop+ ! c\ntry4 ,x is       
employ$ 9 ! greate/ v>iety ( ways3  9   

,/ate loans1 railways1 & e bran* (      
indu/ry4 ,to x we owe  h>b\rs &         
railways2 t is1 ! pr9cipal factors (    
economic weal?2  x is =eign capital1    
inve/$ 9 navigation companies1 :i* puts 
!  ,arg5t9e 9 t\* ) all ! nations :i*   
consume h] products4    ,h[ev]1 plac+   
ourselves at ! /&po9t ( ! laws (        
evolution  :i* preside ov] ! de/9ies ( !
 nations1 we mu/ admit t1  9 view ( !   
pres5t prosp]ity ( ! c\ntry1 !          
int]v5tion (  =eign capital 9 ! affairs 
( ! ,republic mu/ daily less51 9        
proportion z a national res]ve ( capital
 collects2 z has happ5$  9 ! ,unit$     
,/ates1 & 9 all /ates :i* are 9 ! fir/  
rank  ( civilisation4 ,b ! t]m ( ?is    
economic movem5t is /ill f>  remov$1 &  
until ! day arrives1 =eign capital w 9  
all security  cont9ue to f9d employm5t 9
 navigation & 9 public works1 & also  9 
^? nasc5t indu/ries :i* are beg9n+ to   
exploit ! m9]al  weal? ( ! ,republic4   
,,conclusions      ,?is volume does n   
call = a long summ>y2 = we h1 we        

believe1  9 ! c\rse ( our enquiry1 ?r[n 
suffici5t light ^u !  *>act]i/ic aspects
 ( ! situation ( ! ,arg5t9e to enable ! 
read] to judge ( ! place x n[ holds 9 ! 
_w-m>ket among !  great produc+ nations4
 ,b :at does rema9 = u to d is to sum up
  9 broad t\*es ! fundam5tal progress   
realis$ 9 ! la/ few ye>s2  a degree (   
progress to :i* ! c\ntry is indebt$ =   
its mod]n  prosp]ity1 & :i* be>s ! se$s 
( its future developm5t4    ,fir/ly1 to 
deal ) ! matt] ( int]national politics1 
we mu/  rememb] ! solution ( ! fronti]  
dispute ) ,*ili1 :i* =  m ?an fifty ye>s
 0 a cause ( al>m z well z ( exp5se1 &  
:i* _h ?reat5$ to become embitt]$ to !  
ext5t ( arre/+ !  /ream ( ,european     
immigration & ,european capital s       
necess>y = !  improvem5t ( ! ,arg5t9e   
soil4 ,! example af=d$ by ^! two        
,republics ( ,s\? ,am]ica1 :i* ( _! own 
initiative _h rec\rse to  arbitration1 r
 ?an f9ally settle _! diff]5ce by a     
resort to  arms1 & !n pl$g$ "o ano!r to 
delete gradually f _! budgets  !        

unfruitful item ( milit>y exp5diture1   
surely indicates t a new  _s is awake 9 
! ,arg5t9e1 & t %e looks to pursue h]   
future  de/9ies along ! pa?s ( peace &  
indu/ry4    ,9 ! matt] ( economics !    
capital fact consi/s 9 ! enorm\s        
expansion ( ! two fundam5tal indu/ries (
 ! c\ntry----agriculture  & /ock-rais+4 
,to measure ! gr\nd cov]$1 x is en\gh to
 m5tion  t 9 #aijj ! total value ( !    
products ( /ock-rais+ 0 only            
#ab1bjj1jjj1 :ile 9 #aijd ?is value _h  
increas$ to #ba1jjj1jjj1  & 9 #aijh to  
#bb1bjj1jjj4 ,x has be5 ! same ) !      
products  ( agriculture2 9 n9e ye>s _!  
export value has increas$ f  #ad1fjj1jjj
 to #dh1jjj1jjj4    ,"u ! /imulus ( ?is 
progress an int5se vitality has manife/$
  itself 9 e dep>tm5t ( national        
activity2 ! p[] (  consumption ( !      
,arg5t9e1 z measur$ by ! /ati/ics (     
importation1 has l>gely increas$2       
prop]ty has 9 _m places atta9$  t5 times
 its =m] value2 comm]cial transactions (
 e k9d h  increas$2 & new indu/ries1    

su*1 = in/ance1 z ! refrig]ative        
indu/ry1 h be5 creat$ & are prosp]+4 ,x 
is !re=e  evid5t t ! dom9ant *>act]i/ic 
( ! pres5t situation (  ! ,arg5t9e f !  
economic po9t ( view mu/ be s\ght 9 !   
rem>kable expansion ( all ! =ces (      
production4    ,! mo/ eloqu5t pro( ( ?is
 economic prosp]ity has j be5  furni%$  
by ! late c5sus ( agricultural & pa/oral
 ent]prises1  effect$ 9 #aijh by ,seor  
,m>t9ez4 ,! total value ( ^!  und]tak+s1
 repres5t+ ! bett] "p ( ! national      
weal?1  atta9s1 z ! table on ! foll[+   
page w %[1 ! figure (  #ggc1jjj1jjj4    
,n[1 to speak ( f9ancial matt]s1 !re is 
a ?ird factor1 :i* came  v opportunely  
to consolidate ! results ( ! wond]ful   
expansion we  h spok5 (----! law (      
monet>y conv]sion4 ,:ile x 0 lay+ !     
f\ndations ( ! future conv]sion ( !     
fiduci>y circulation1 ?is  law creat$ a 
res]ve fund to make x pres5tly          
practicable1 & s gave  /ability to !    
in/rum5t ( ex*anges2 suppress+ ! gold   
premium1  s prejudicial to bus9ess1 &   

support+ ! prosp]ity ( ! c\ntry  by a   
fix$ & common-s5se curr5cy2 a support   
:i* ! c\ntry ne$$  9 ord] t x might     
develop )\t *ecks & %ocks1 b "o x _h    
hi!rto lack$4 ,no measure has contribut$
 m ?an ?is to ! relief  & improvem5t (  
,arg5t9e cr$it1 & to ! increas$ value ( 
!  public funds1 :i* w be=e long result 
9 ! "w ( f9ancial  reorganisation4    ,!
 results ( ?is happy conjunction (      
political1 economic1 &  f9ancial facts 7
 n long to seek2 = 9 less ?an five ye>s 
!  ,arg5t9e pass$ f a /ate ( *ronic     
crisis to ! fulle/ prosp]ity  kn[n s9ce 
h] exi/5ce z a nation4 ,b to pres]ve all
 ! b5efits  ( ! progress accompli%$ ! "y
 ,republic has /ill "o task to  fulfil3 
to =tify dome/ic peace1 to p]fect h]    
political sy/em1 &  to improve h]       
pr9ciples ( adm9i/ration2 conditions    
indisp5sable  to ! assur$ & normal      
developm5t ( ! c\ntry & its future      
greatness4         ,! ,total ,value ( ! 
,agricultural & ,pa/oral ,f>ms          
& ,e/ates ( ! ,arg5t9e ,republic#aah    

7,accord+ to ! ,agricultural ,c5sus (   
,may #aijh74    ,footnote #aah3 ,!      
details are 9 r\nd figures1 ! totals    
(ficial4                                
----------------------------------------
----------------------------------------
---------                  ,l5g? (      
,,values ,,9 ,,p\nds ,,/]l+4            
,,prov9ces ,,& ,iron ,wire              
----------------------------------------
--------------------     ,,t]ritories   
,f5c+                                   
,ma*9es                   79 ,miles74   
,soil4      ,animals4  ,fix$ ,plant4 &  
,tools4 ,total ,value4                  
----------------------------------------
----------------------------------------
-----    ,bu5os ,ayres   #bbd1ejj       
#cbf1cad1jjj #fe1hjc1jjjbb1eii1jjj      
#g1cag1jjj #dbb1jcc1jjj    ,santa ,f    
#fh1hjj     #ib1ihf1jjj  #aa1gad1jjj    
#f1acd1jjj   #c1ahb1jjj  #aad1jaf1jjj   
,entre ,rios      #di1fjj               
#bd1dhc1jjj  #aj1eej1jjj  #c1fhf1jjj    
#a1agi1jjj   #ci1hih1jjj    ,corri5ts   

#dj1fjj      #c1aij1jjj   #g1iej1jjj    
#a1eac1jjj     #bcj1cjj   #ab1hhc1cjj   
,crdoba         #gc1hjj     #ch1cjf1jjj 
#aj1abh1jjj  #e1icd1jjj   #b1dai1jjj    
#eg1hcg1jjj    ,san ,luis        #ad1jjj
      #f1jdg1jjj   #b1aai1gjj           
#a1bgj1jjj     #bjb1jjj    #i1fch1ijj   
,santiago         #e1efj      #d1dgb1jjj
   #b1abh1jjj    #hia1jjj     #add1jjj  
#g1fce1jjj    ,tucuman          #i1dhj  
#d1deg1jjj   #a1eja1jjj  #b1aae1jjj     
#aib1jjj   #ac1bfe1jjj    ,m5doza       
#e1ajj     #dj1jde1jjj   #a1beg1jjj     
#b1ceb1jjj     #bcj1jjj   #dc1hdd1jjj   
,san ,juan         #c1afj               
#c1dfb1jjj     #daa1jjj  #a1fjb1jjj     
#abf1jjj    #e1fja1jjj    ,la ,rioja    
#gaf      #c1agj1jjj   #a1jfa1jjj       
#hji1jjj      #cf1aij    #e1jgf1aij     
,catam>ca        #a1hcj      #c1bbc1jjj 
#gie1jjj  #a1cdh1jjj      #bf1jjj       
#e1cib1jjj    ,salta            #c1fjj  
#c1jbd1jjj   #a1gef1jjj    #gfb1jjj     
#gh1fej    #e1fbj1fej    ,jujuy         
#a1dfj        #bjj1jjj     #egg1jjj     

#bda1hjj      #ai1fjj    #a1jch1djj     
,*aco            #a1fhj        #gbf1jjj 
#ffi1jjj    #aee1gjj      #cg1hjj       
#a1chh1ejj    ,*ubut           #b1bfj   
#fef1jjj   #a1fdb1jjj    #ccd1jjj       
#fa1jgj    #b1fdc1jgj    ,=mosa         
#cfj        #cea1jjj     #eef1jjj       
#acd1jjj      #ae1jjj    #a1jef1jjj     
,la ,pampa       #aac1dcj               
#aj1ijh1jjj   #c1fic1jjj  #a1chb1jjj    
#edb1jjj   #ag1ebe1jjj    ,los ,&es     
#baa           ----        #cf1ijj      
#ce1bjj        ----         #ga1ijj     
,misions         #b1bdj        #fce1jjj 
#baf1jjj    #bcc1jjj      #bb1hjj       
#a1ajf1hjj    ,neuqu5            #cih   
#hai1jjj     #hhg1jjj    #ahi1jjj       
#ce1dij    #a1icj1dij    ,rio ,negro    
#aj1ebj      #b1gci1jjj   #b1ddj1jjj    
#hfc1jjj     #afh1jjj    #f1baj1jjj     
,santa ,cruz       #f1efj               
#a1jjc1jjj     #hij1jjj    #eih1jjj     
#cb1fjj    #b1ebc1fjj    ,ti]ra del     
,fuego          #b1gjj        #abe1jjj  
#dfj1jjj    #bfi1jjj      #ba1gjj       

#hge1gjj                                
----------------------------------------
--------------------------------        
#fdb1jfe                                
#ega1efc1dcjacj1agi1gjjee1dgg1ejj       
#af1cba1bgj #ggc1eda1icj                
,illu/ration3 ,,map ,,( ,,arg5t9a ,,&   
,,adjo9+ ,,/ates4 ,transcrib]'s  ,note3 
,our apologies = ! poor quality4        
,,index        ,agriculture1 peculi>ity 
( production1 #aji 7#abe-aec72          
pr9cipal regions1 #abe2      *ief crops1
 #abf2      size ( hold+s1 #abg-i2      
l& ag5cies1 #acj-a2      usual l& t5ure1
 #acb2      dep5d5t on railways1 #acb2  
produce 7tables71 #ace1 #acf1 #acg      
7table72      increase ( s[n l&s1 #aci2 
/ati/ics ( area 7table71 #adj-a2        
pr(its ( 7tables71 #adg-aea2      :eat1 
#aed-afa2      agricultural exports     
7table71 #bbg3      total value (       
agricultural & pa/oral hold+s1 #cgb     
,agricultural c5sus1 see ,c5sus         
,agricultural indu/ries1 see ,indu/ries 
,agricultural ma*9]y1 see ,ma*9]y       

,am]ica1 see ,unit$ ,/ates      ,&es1   
climate (1 #gc      ,area1 ( ,arg5t9e1  
#gb2      cultivable1 #gf      ,arg5t9e 
nationality1 !1 #ei-fh      ,arg5t9e    
,republic1 ! position (1 #ga2           
b\nd>ies1 #ga2      area1 #gb2          
climate1 #gb-d2      soil1 #gd-f2       
sc\rge ( locu/s1 #gg2      riv]s1 #gg2  
almo/ a des]t nation1 #aae2             
production ( :eat 91 #aed-afa2          
=eign trade1 #baa-bcd      ,au/ria1     
trade )1 #bbf        ,bahia ,blanca1    
port (1 #hi-ij      ,balance-,%eet1 !1 (
 ! ,arg5t9e1 7#cdi-cgb72      securities
 9 circulation 7table71 #ceb2           
rev5ue ( same 7table71 #cee-cef2        
int]e/ paid on =eign capital1 #ceg2     
table ( ,engli% capital1 #ceh2      (   
,fr5*1 #cfa2      ,g]man1 #cfc2         
fav\rable balance1 #cfg2      total     
value ( f>ms & e/ates1 #cgb      ,banks1
 7#bfa-bgh72      balance-%eets (1      
#bfd-bfh2      nature ( bus9ess1        
#bff-gj2      cle>+-h\se1 #bgj2         
balance-%eet ( ! bank ( ! ,prov9ce (    

,bu5os ,ayres1 #bga2      see ,mortgage 
,banks      ,bank ( ! ,nation1 !1 #bgj2 
balance-%eets1 #bgb      ,belgium1 trade
 ) ! ,arg5t9e1 #bai-bbe      ,b\nd>ies (
 ! ,republic1 #ga      ,b\rse1 !        
7#bgh-bhf72      ext5t ( op]ations1     
#bhj-a2      organisation (1 #bgf2      
regulations1 #bhc2      table (         
op]ations1 #bhc-d2      value (         
securities quot$1 #bhd      ,brazil1    
trade ) ! ,arg5t9e1 #bai1 #bbe          
,brew]ies1 #bdb 7table71 #bdc           
,budget1 ! 7#bie-cji72      am\nts (1   
#bif2      cause ( excessive budgets1   
#bii-cjd2      composition (1 #cje      
,bu5os ,ayres1 #hc2      h>b\rs (1 #ha2 
m>ket (1 ) /ati/ics 7table71 #hd-e2     
port1 inw>d & outw>d trade (1 #he       
7table72      importance z a port1 #hf4 
,bu5os ,ayres1 prov9ce (1 #adb          
,bullion1 imports & exports ( 7table71  
#bah      ,butt]1 exports ( 7table71    
#bda-b        ,canada1 :eat production1 
#afj-a2      immigration policy1 #afa   
,capital1 =eign1 inve/$ 9 ! ,arg5t9e1   

#cea2      ,engli%1 #ceh2      ,fr5*1   
#cja2      ,g]man1 #cjc      ,cattle1   
numb]s ( 7table71 #baa      ,c5sus1     
agricultural1 ( #aije1 #abg2      (     
#aijh1 #abh2      ( #ahhh1 #acd2      ( 
/ock ( ye>s #ahhh1 #ahie & #aijh1 #afi2 
( #aijh1 #aga2      ( cattle1 #ahie &   
#aijh1 #agb2      #ahie & #aijh1 #bda-b2
      ( l&1 #aijh1 #cgb      ,c]eals1   
conge/ion (1 on railways1 #aji2         
%ipp+ (1 #aaj2      w>eh\s$ at railway  
/ations1 #aab2      :]e gr[n1 #abf2     
area "u1 #adb-d      ,colonisation1     
comm5cem5t (1 #aaf2      comp>ative     
failure ( policy1 #aag1 #aba            
,colonis+ ag5cies1 #aca      ,comm]ce1  
see ,=eign ,trade2      comm]cial       
balance 7table71 #bab1 #bcb-d           
,companies1 see ,limit$ ,companies      
,concessions1 h>b\r1 #hh2      railway1 
#ii      ,conv]sion1 ,caisse de         
7#cdb-cdh72      conv]sion fund1 #cac2  
failure at fir/1 #cac-e2      op]ation  
"u new laws1 #cdg2      metallic res]ve 
(1 #cdg2      pres5t functions (1 #cah  

,crdoba1 #adb-d      ,cotton1 #aii-bja2 
pr(its1 #bjj      ,curr5cy1 ! d\ble     
7#ccj-cda72      orig9 (1 #ccj-a2       
depreciation ( pap]1 #cca-b2            
bimetallic /&>d e/abli%$ & suppress$1   
#ccb2      gold premium1 #ccb-c2        
excessive issues ( pap]1 #ccd2      law 
( conv]sion1 #ccg2      speculation 9   
ex*ange kill$ by1 #cci2      monet>y    
situation ( ! c\ntry1 #cda4      ,see   
,caisse de ,conv]sion        ,dairy     
indu/ry1 #bdj 7table71 #bda1 #bdb       
,electric light+1 #beg      ,electrical 
indu/ry1 !1 #bef2      tramways1 #bef2  
7table71 #beg      ,engl&1 :eat import$ 
by1 f ,canada1 #afa      ,e/ancias1     
model1 #afc-afg      ,ex*ange1 see      
,d\ble ,curr5cy      ,exports1 see      
,trade4 ,tables (1 #afj2      ( :eat1   
#aei2      ( g5]al1 #bac1 #bba2      (  
meat1 #bci2      ( butt]1 #bda          
,f9ance1 see ,balance-,%eet ( !         
,arg5t9e4      ,f9ancial crisis1 !1     
#bhi-bia      ,fi%]ies1 #bdh      ,fl\r 
exports1 #bcg      ,=eign trade         

7#baa-bcd7      ,france1 trade ) !      
,arg5t9e1 #bai1 #bbd2      ,fr5* t>iffs 
highly unfav\rable to ! ,arg5t9e1 #bbc2 
decad5ce ( trade1 #bbc-d1 #bbi          
,fruit-f>m+1 #bjb1 #bjg        ,g]many1 
trade ) ! ,arg5t9e1 #bai1 #bbb          
,great ,brita91 trade ) ! ,arg5t9e1     
#bai1 #bbb        ,h>b\rs1 see also     
,ports1 developm5t (1 #hc               
,immigration1 7#aac-aba72      supremely
 ne$$1 #aad2      p>adise (1 #aae2      
/ati/ics (1 #aah-i2      /ati/ics (     
7table71 #abj2      difficulty exp]i5c$ 
by immigrants :o wi% to buy l&1 #aba2   
mi/ak5 policy1 #aba2      9 ,canada1    
#afa      ,imports1 see ,trade & ,tables
 (1 #bai1 #bbf      ,indu/ries1         
,agricultural 7#ahg-bjg72               
sug>-plant+ & mak+1 #ahg-aib2           
pr(its 7table71 #ahi2      v9e-gr[+ &   
w9e-mak+ 7table71 #aib-aie2             
tobacco-plant+1 #aie2      acres plant$ 
7table71 #aif2      cultivation ( !     
mulb]ry & s]iculture1 #aif-g2      ! mat
 indu/ry1 #aig-h2      imports 7table71 

#aih2      cotton-plant+1 #aii-bja2     
:]e gr[n1 #aii2      pr(its1 #bjj2      
oil1 #bja2      rubb]1 #bja2            
fruit-gr[+1 #bjb-bjg      ,indu/ries    
7#bce-bdi72      dep5d5t on agriculture 
& /ock-rais+1 #bce2      sug> factories1
 #bcf-g2      fl\r-mill+1 #bcg2         
refrig]at+ indu/ry1 #bch2      7table71 
#bci2      dairy indu/ry1 #bdj2 7table71
 #bda-b2      brew]ies1 #bdb2 7table71  
#bdc2      weav+1 #bdd2      tann+1     
#bdd2      ! quebra*o indu/ry1 #bdd-bdh2
      timb]1 #bdh2      fi%]ies1 #bdh2  
m9+1 #bea-e2      electrical1 #bef2     
7table71 #beg2      electric light+1    
#beg2 7tables71 #beh-i      ,italy1     
trade ) ! ,arg5t9e1 #bai1 #bbf          
,japan1 trade )1 #bcj-a        ,lab\r1  
great opportunities (1 #aae      ,l&1   
vici\s sy/em ( own]%ip1 #aah2           
prev5ts colonisation1 #aba2      av]age 
size ( hold+s1 #abg-i2      national    
possessions & enorm\s private hold+s1   
#abi2      l& law ( #aijg1 #acj2        
sy/em ( t5ure1 #acb2      ag5cies1 #aca2

      auctions1 #aca-c2      areas 9    
cultivation1 #acd2      rise 9 value1   
#aci2      values (1 & sales1 #agd-ahe  
,limit$ ,companies 7#bhf-bib72          
con/itution (1 #bhf-h2      ! crisis (  
#ahij1 #bhi-bia2      table ( capital   
inve/$ 91 #bia      ,l9se$1 pr(its (1   
#aej      ,locu/s1 #gg      ,luc]ne1    
#acg-h2      use ( 9 /ock-rais+1 #afb2  
affects value ( soil1 #agd              
,ma*9]y1 agricultural 7table71 #add-e2  
tables1 #adf1 #adh      ,m>kets1 ,bu5os 
,ayres 7table71 #hd      ,mat1 #aig-h2  
:]e ga!r$1 #aig2      imports1 #aih     
,mtayage1 #acc1 #ach      ,m9es         
7#bej-e72      gold1 silv]1 copp]1 coal1
 antimony1 sulphur1 etc41 #bec-d2       
m9+ laws1 #bee      ,mortgage ,banks1   
#bge-bgh      ,mulb]ry1 cultivation &   
use (1 #aif-g        ,national debt1 !  
7#cab-cbi72      tabulat$ am\nt (1 #cab2
      fir/ loans1 #cad2      fur!r      
loans1 #cae-cba2      table ( int]nal   
debt1 #cbb2      total debt1 #cbc2      
int]e/ on1 #cbd      ,nationality1 !    

,arg5t9e1 #ei-fh        ,pampa1 !1 #ge1 
#add2      production ( :eat p] acre1   
#aeg      ,pamp]o1 !1 #gc      ,p>ana1  
,rio1 !1 #gi2      navigable value &    
dr$g+ (1 #hj-a2      ports on !1 #hb1   
#hh-i      ,plata1 ,la1 port (1 #hf     
,plata1 ,rio de la1 #gi      ,plate1    
riv]1 see ,plata      ,population1      
d5sity ( 7table71 #aac-d2 #aag          
,ports1 #hb2      /ati/ics ( 7table71   
#hc2      on ! ,p>ana1 #hb2      ,bu5os 
,ayres1 trade ( 7table71 #he2      see  
,plata1 #hf2      ,bahia ,blanca1 #hi   
,prop]ty1 l>ge private1 #abi            
,prov9ces1 population (1 #aac-d2        
produce (1 #acg        ,quebra*o wood1  
effect on value ( l&1 #gd-e2      !     
quebra*o indu/ry1 #bdd-bdh              
,railways 7#ia-aab72      mileage (     
7table71 #ic2      g5]al /ati/ics       
7table71 #id2      com=t & equipm5t1    
#ie2      /ati/ics 7table71 #if-g2      
rev5ues (1 #ih2      adm9i/ration &     
t>iffs 7table71 #ih-i2      co/ (1 #ii2 
concessions1 #ii2      gu>antees1 #ii2  

mileage1 #ajj-a2      comp>ative mileage
 7table71 #ajb2      project$ l9es1     
#ajc-d2      ,gov]nm5t policy1 #ajd2    
future developm5t1 #ajf2      celebrat$ 
a]ial railway1 #ajg2      indisp5sable  
auxili>y ( production1 #ajh2            
conge/ion ( traffic1 #aji2      mileage 
& capacity ( c>s 7table71 #aaa2         
w>eh\s+ by1 #aab      ,ra9fall1 #gc     
,refrig]at+ indu/ry1 #bch2      7table71
 #bci      ,rev5ue1 #cje-caj            
,riv]s1 #gg-hb      ,ros>io1 capacity z 
port1 #hj-ha2      second port (        
,arg5t9e1 #hg-h      ,rubb]1 #bja-b     
,santa ,f1 #adb-c      ,seasons1 #gb    
,s]iculture1 #aif-g      ,%ipp+1 #aaj   
,s\? ,africa1 trade )1 #bbe      ,spa91 
trade ) ! ,arg5t9e1 #bai      ,/ock     
,ex*ange1 !1 see ,b\rse                 
,/ock-rais+1 7#afb-agc71 #abe2      :]e 
foll[$1 #abg2      probable decay ( old 
l>ge e/ancias1 #acj2      indu/ry       
und]go+ modification1 #afb2      use (  
luc]ne 91 #afb2      acc\nt ( model     
e/abli%m5ts1 #afc-afg2      bre$s (     

horses1 #afc2      cattle1 #afc2        
%eep1 #afd1 etc41 seq42      importation
 ( p$igree animals1 #afh2      /ati/ics 
7tables71 #afi1 #aga1 #agb1 #agc2       
value ( /ock 7tables71 #agb1 #agc       
,sug> 7#ahg-aib72      :]e gr[n1 #ahg-h2
      pr(its 7table71 #ahi2      size ( 
h>ve/s1 #aia2      b\nties1 #aie1 #bcf-g
        ,tann+1 #bdd      ,t>iffs1      
#bae-bag      ,taxes1 direct & indirect1
 #cje-cjh      ,telegraphs1 #beg        
,telephones1 #beh      ,temp]ature1 #gb 
,t]ritories1 national1 population (1    
#aac-d 7table72      private prop]ty 91 
#abi      ,textile indu/ries1 #bdd      
,timb] trade1 #bdh      ,tobacco1       
#aie-aif      ,trade1 =eign 7#baa-bcd72 
exports & imports 7table71 #bac2        
excess ( exports 7table71 #bad2         
metallic imports 7table71 #bah2         
imports ) c\ntries ( orig9 7table71     
#bah2      ,imports 7table71 #bbj2      
exports 7table71 #bba2      comm]cial   
balance1 #bcb-d2      see indu/ries     
7#bcd-bdi72      9 *ill$ or froz5 meat  

7table71 #bci2      value ( exports1    
#cbf      ,trade1 see ,indu/ries        
,traffic1 ?r\gh ports 7table71 #hc2     
railways1 #hi-aab2      %ipp+1 #aaj     
,tramways1 horse & electric1 #bef2      
7table71 #beg        ,unit$ ,/ates1     
:eat1 production ( 7table71 #aeh2       
exportation ( 7table71 #aei2      trade 
) ! ,arg5t9e1 #bai1 #bbi      ,uruguay  
,riv]1 #gi        ,valuation ( ,soil    
7#agd-ahf71 see ,l& ,v9es1 #abg         
7#aib-e72      :]e gr[n1 #aib           
,:al+1 #bdh      ,:eat 7#aed-afa72      
/ati/ics (1 #acf1acg 7table72           
pr(its ( gr[+ 7tables71 #adh-i2         
production ( 7tables71 #aed-e2          
production p] acre1 #aeg2               
production 9 ,u4,s4,a4 7table71 #aeh2   
yield p] acre 91 #aeh2      exportation 
( 7table71 #aei2      exportation f     
,arg5t9e & ,india 7table71 #afj2      9 
,canada1 #afj-a      ,w9e1 #aic2        
imports (1 #aic2      consumption (1    
#aic-d2      production ( 7table71 #aid2
      capital1 #aie                     

,,li/ ,,( ,,tabul> ,,/ati/ics           
,,page      ,traffic pass+ ?r\gh        
,arg5t9e ports1 #aijg-h                 
#hc    ,produce ent]+ ,bu5os ,ayres     
m>ket1 #aije-h                          
#he    ,inw>d & outw>d trade ( port (   
,bu5os ,ayres                      #he  
,railways1 mileage (                    
#ic    ,railways1 g5]al /ati/ics (      
#id    ,railways1 gauge1 mileage &      
divid5ds                                
#if-g    ,railways1 freight1 co/ (      
#ii    ,railways1 mileage (1 comp>ative 
#ajb    ,railways1 roll+ /ock & its     
capacity                                
#aaa    ,population ( ,prov9ces &       
,t]ritories                             
#aac-d    ,immigration & emigration1    
#aijd-h                                 
#abj    ,immigration #ahig-aijh         
#abj    ,progress ( c]eal production1   
#ahhh-aije                              
#ace    ,production ( c]eals1 p] prov9ce
                                  #acg  
,area ( l& "u cultivation 9 five regions

                       #ada    ,imports 
( agricultural ma*9]y                   
#adf    ,agricultural ma*9]y requir$ by 
f>m] cultivat+ #bej      acres ( :eat   
#adh    ,approximate exp5ses & pr(its ( 
! same                         #adi     
,:eat1 ! _w's production1 #ahid-aijg    
#aed    ,:eat1 di/ribution ( crops1     
#ahid-aijg                              
#aee    ,:eat1 produc$ 9 ! ,unit$       
,/ates1 #ahgg-aijg                      
#aeh    ,:eat1 export$ f ! ,unit$       
,/ates1 #ahgi-aijb                      
#aei    ,:eat1 ,arg5t9e & ,indian       
exportation comp>$                      
#afj    ,c5sus1 cattle1 etc41 accord+   
to1 #ahhh1 #ahie1 #aijh                 
#afi    ,c5sus1 numb] ( diff]5t animals 
accord+ to                     #aga     
,cattle1 analytical /ati/ics (1 #aijh   
#aga    ,cattle1 horses1 etc41 values (1
 #ahie1 #aijh                           
#agb    ,cattle1 horses1 etc41 table (  
national & comp>ative      possessions  
#agb    ,cattle1 horses1 etc41 table (  

national & comp>ative values       #agc 
,sug>-cane1 outgo+s & receipts on #ab   
acres                       #ahi        
,w9e1 national & comp>ative production (
                         #aie           
,tobacco1 area plant$ )1 #ahie1 #aijg   
#aif    ,mat1 importation (             
#aih    ,trade3 exports1 imports1       
population & comm]cial      balance1    
#ahfa-aijh                              
#bac    ,trade3 exports1 excess (       
#bad    ,trade3 exports & imports (     
bullion                                 
#bah    ,imports & c\ntries ( orig91    
#aijf-aiji                              
#bah    ,imports analysis (1 #aijf-aiji 
#bbj    ,exports1 de/9ation (1          
#aijf-aiji                              
#bba    ,exports1 increase ( v>i\s      
bran*es1 #aijf-aiji                     
#bbg    ,exports1 ( meat1 *ill$ & froz5 
#bbi    ,exports1 ( butt]               
#bda-b    ,brew]ies1 consumption &      
production1 #aijb-aijg                  
#bdc    ,tramways1 horse & electric1 (  

,bu5os ,ayres1      increase ( tak+s1   
#aija-aijh                              
#beg    ,factories1 /ati/ics (          
#beh    ,indu/ries1 v>i\s               
#bei    ,banks1 acc\nts ( pr9cipal      
#bfd    ,banks1 /ati/ics (              
#bfh    ,bank ( ! ,nation1 acc\nts (1   
#aijd-aijh                              
#bgb    ,bank ( ! ,prov9ce ( ,bu5os     
,ayres1 acc\nts (1 #aijf-aijh           
#bgd    ,banks1 mortgage1 capital (     
#bgg    ,b\rse1 op]ations (1 #ahie-aijh 
#bhc-d    ,b\rse1 value ( securities    
quot$ on                                
#bhd    ,companies1 float$ 9 #aije-h1   
capital (                               
#bia    ,debt1 national or public1 #aiji
                                        
#cab    ,debt1 int]nal1 #aiji           
#cbb    ,debt1 ext]nal & int]nal        
#cbc    ,debt1 int]e/ on                
#cbd    ,securities1 summ>y ( ,arg5t9e &
 capital1 repres5t$ by       #ceb-c     
,securities1 rev5ue ( ,arg5t9e          
#cee-f    ,capital1 ,engli%1 inve/$ 9   

,arg5t9e                                
#ceh    ,capital1 ,fr5*1 inve/$ 9       
,arg5t9e                                
#cfa    ,agricultural & pa/oral prop]ty1
 total value (1 #aijh             #cgb  
99       99       99       99       99  
,,col/ons ,,limit$1 ,,pr9t]s1 ,,ed9burgh
           99       99       99       99
       99                               
,,transcrib]',s ,,am5dm5ts              
,transcrib]'s ,note3    ,blank pages h  
be5 delet$4    ,footnotes h be5 mov$ s z
 to foll[ ! ref]5c+ p>agraph4           
,p>agraph =matt+ has be5 made consi/5t4 
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