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ARGENTINE CONFEDERATION.

Branches of Expenditure

1869-70

Dollars

£

Ministry of the Interior

1,297,989

259,597

Foreign Affairs

111.440

22,280

Finance

8,452,726

1,690.545

Public Instruction

786,271

153.654

War Total estimated expenditure.

3.757,217

751,443

14,387,646

2,877,529

The budget for 1870-71, voted by the National Congress in the session of 1870, shewed an estimated revenue of 3,160,000/., and an expenditure of 3,200,000/., leaving a deficit of 40,000/., or 200,205/. less than the estimated deficit of 1869-70.

The public debt of the Argentine Confederation, divided into an external and an internal debt, was as follows, at the end of 1870, according to official returns: —

EXTERNAL. £

Old Buenos Ayres debt, 6 per cent, stock. . . 905,800

3 per cent, stock. . . 1,110,900

Loan authorised by Act of Congress of May 27, 1865. 2,500,000

October 1870. 6,000,000

Total external debt. . . 10,516,700

INTERNAL. £

Consolidated 6 per cent. Argentine Stock. . . 2,567.900

Buenos Ayres Public Stock (in paper currency). . 596.988

Parana Debt, 1858, including interest .... 433,309

Obligations to foreign creditors 18,852

Loan from Brazilian Government, 1851 .... 228.541

Loan from Brazilian Government, 1865-66. . . 400,000

Total internal debt. . . 4,245,597 Total debt. . 14,762,297

The greater part of the foreign loan of 1865, to the amount of 1,950,000/., was issued in June 1868, by Messrs. Baring Brothers, London, at the price of 72-^ for 100. It is at 6 per cent, interest, and to be repayable in 21 years. The loan of 1870, granted by Congress for the construction of railways and other public works, also at 6 per cent., is to be redeemed by an accumulative sinking fund of 2\ per cent.

Besides the liabilities above enumerated, there is a floating debt in treasury bills, to an unknown amount.

The above statement of the revenue and expenditure and debt of the Argentine Confederation refers to the national or general govern-