Page:The Economic Journal Volume 1.djvu/556

 534 THE ECONOMIC JOURNAL 1888 being the years of the largest operations. The municipalities had followed the provinces into the European markets, and railway guarantees had been granted upon a constantly increasing scale. In 1889 the conversion scheme, by which a great number of "Bearer" securities would have become more or less fi.red, by their change into registered stocks, was attempted, with only partial success. In 1890, at the close of the year, the Baring arrangement became necessary, and the evils of the Celman administration were apparent. An admirable article by Mr. A. ]belot in the Revue des Deux ,liondes of the 1st December, 1890, ' La Rvolution de Buenos Ayres,' gives a graphic account of that event, and owing to the importance of its detail in which the financial depravity of the administration is set out, deserves to be carefully read by every person interested. A short sum- mary of the case so far presented, is that the Argentine Confederation had deservedly acquired the confidence of capitalists by the gooc faith of her statesmen in 1876 77; that negligence on the part of all but one of the issuing houses of 1880 90 had misled the public concerning the dangerous extent to which credit facilities accorded were abused administration. In 1874 the external Argentine debt was population of the Republic was 1,800,000. was being extended, and that the by President Celman and his about 10,000,000. The The exports and imports were about 6,500,000 to and from the United Kingdom. The receipts and expenditure, respectively, were about 3,700,000 and 4,000,000, of which the Ministry of Finance claimed over 2,000,000. Immigrants in 1863, returned at about 10,000, had grown in number to 80,000. At the present time the external Argentine sterling debt is 26,266,530, with the 5 per cent. German Loan of 1887, 2,500,000; in all, 28,766,530. There are Provincial Sterling Loans issued here 18,592,800, and on the Continent 7,419,760. The Municipal Loans are 4,358,980. The railway guarantees amount to an annual sum of 1,275,127. In 1889 the population of the Argentine Confederation exceeded 4,000,000. The exports and imports to and from the United Kingdom were about 13,000,000, and the receipts and expenditure, respectively, about 12,000,000 and 12,300,000. Immigrants. Emigrants. Net Gain. In 1885 were 108,722 .., ... 14,585 leaving 94,183 ,, 1886 ,, 98,116 ...... 13,907 ,, 79,299 ,, 1887 ,, 120,842 ...... 13,630 ,, 107,221 ,, 1888 ,, 155,032 ...... 16,842 ,, 138,790 ,, 1889 ,, 260,909 ...... 40,649 ,, 220,260 ,, 1890 ,, 138,407 ...... 83,503 ,, 54,904 In 1891, up to April, 6,639 out on balance.