Page:The Annual Register 1899.djvu/407

 1899.] America. — Argentine Republic. [399

Governor presiding, the proposed Reciprocity Treaty with the United States was rejected as unworkable and unsatisfactory, by 16 votes to 4. The Convention signed at Washington on July 22 provided for the remission of 12£ per cent, of the duty on sugar imported into the United States. British Guiana and Jamaica, it was said, obtained terms that Trinidad would have accepted.

The revenue of Trinidad amounted last year to 615,372/. and the expenditure to 640,952/. Exports were 2,310,130/. Imports 2,283,054/. The main items of export were cocoa 812,272/., sugar 603,2851. and asphalte 113,817/. Sugar prospects were more hopeful than they were three years ago.

VII.— SOUTH AMERICA.

Argentine Republic. — In January the provinces of Entre Eios and San Luis concluded an agreement with their European creditors respecting the debts of those provinces. The Senate (July 4) ratified this agreement, arranging that the Government would deliver 814,000,000 national 4 per cent, bonds to cancel the provincial external liabilities. A similar arrangement to the amount of 600,000/. was made with regard to the provincial debt of Santa Fe. For the San Juan foreign debt national 4 per cent, bonds, with \ per cent, amortization, were signed to the amount of 350,000/., thereby cancelling 400,000/. of provincial bonds, including all interest due.

The Congress was opened on May 1, when President Boca delivered his message. He described his visit to the Patagonian territories and the need of railways there, as well as the passing of laws to prevent in that country the sale of large tracts of land to speculators. With regard to the currency he said it was absolutely necessary to put it on a sound basis. In order to abolish the constant fluctuations notes must be made exchange- able for gold.

The Budget for 1900 was presented to the Congress on May 29. The estimated expenditure was $32,000,000 gold, includ- ing $10,000,000 arrears, and $95,000,000 currency. Bevenue was estimated as equivalent to 17,000,000/.

An elaborate scheme for the conversion of the currency at the rate of forty-four cents per paper dollar was presented to Congress on August 31. It was much criticised. The Chamber of Deputies passed in October a Conversion Bill to prevent further appreciation of the currency, so as to protect home industries at the expense of foreign capital. Efforts were made to sell the Andine Bailway to help the Conversion Fund, but no tenders were offered.

The Puna de Atacama boundary award was given in March, part to Argentina and part to Chili.

It was said that a treaty was arranged this year between Brazil, Argentina and Chili for referring all difficulties between