Climate—Soil—Geographical situation of the Argentine; its boundaries, its area.

Climate of various districts. The prevailing winds. Nature of the soil; its fertility; adaptation to the culture of cereals and the raising of live-stock—Transformation of virgin into fertile land—The Pampa—The cultivable area—Conditions favourable to production—The plague of locusts.

Rivers—Their exceptionally favourable influence—The hydrographic system—Network of navigable river-ways: the Rio de la Plata, the Rio Parana—Conditions of navigability—Canals.

Ports—List of the principal ports, with a summary of their trade—Buenos Ayres: description of the port, its area, its capacity, tonnage; its docks—The Central Produce Market—Importance of Buenos Ayres in comparison with the great ports of the world—The port of La Plata—The port of Rosario; increase of its traffic; construction of the new harbour conceded to a French company—Bahia Blanca; its development—The decentralisation of traffic.

Rapid development of the railway system—Tabulation of its extension in each Province—Table showing the general results of its operation—List of the lines actually running.

List of railway companies, with the length of their roadways and their returns—The difficulty of obtaining these figures exactly—The tariffs of the railway companies—Form of concessions, and suppression of guarantees.

Comparison of the railway system of the Argentine with the railway systems of other countries—Proportion of mileage to area and population.

Extension of the system in the near future, owing to the numerous concessions granted—The mileage of these concessions—Insufficiency of plans and previous examination—Examination of the most important concessions for which the capital is already guaranteed—The dimensions which the railway system will attain after the concessions are realised—Programme of narrow-gauge construction; its value.

Meeting of the Argentine with the Chilian railways across the range of the Andes—The aerial mining railway in the Province of La Rioja.

Railways in relation to agricultural development—Insufficiency of transport at the moment of harvest; its causes and remedies—Necessity of a better organisation which shall respond to the stress of production.

Immigration is a vital problem for the Argentine—Table of the population per Province and per Territory. Its sparsity—The exceptional situation of the Argentine as the objective of European emigration—The poor results hitherto obtained through default of colonisation—The faulty division of the public lands—History of immigration in relation to colonisation—The nationality of immigrants.

Natural Conditions—The Constitution of Property—The three principal agricultural districts—The northern, central, and southern districts—The division of crops and their varieties.

The constitution of rural property—The division of property—The great estates, called “estancias,” and their size.

The drawbacks of large properties—The necessity of a better subdivision of the public lands—The division into lots of large tracts of land, in order to encourage colonisation—The system of exploiting property.

Agricultural Production—The progress realised in last seventeen years—Comparative yield of the chief products, wheat, flax, and maize—Lucerne; the importance of the crop and the excellent results obtained.

Increase of the area under seed—The total area cultivated in the agricultural years 1908-1909—The great agricultural belts.

The Province of Buenos Ayres, its agricultural development and its crops—The Province of Santa FÉ—The Province of CÓrdoba—The Territory of the Central Pampa.

Agricultural machinery, its importation from abroad, and especially from the United States.

The Agricultural Yield—The yield of the soil in the different Provinces—Exceptional results in certain districts—Detailed calculation of the yield of a wheat farm—Two instances of great wealth realised by immigrants to the Argentine.

The world’s wheat-harvest—Comparison between the statistics of consumption—The conditions of production in Russia and in the Argentine—Comparison with the United States, India and Canada—The prospects of the Argentine export trade in wheat.

The transformation of the old “estancia”—The principal stock-raising establishments; description, extent, number of heads of cattle and favourite breeds—The great “estancias” of the South and Patagonia.

Approximate area of the soil devoted to cattle and sheep; general estimate of the numbers of cattle and sheep—Results of the census of 1908.—The capital represented by Argentine stock-raising.

Difficulties in estimating this value—Principal factors of valuation—Examples taken from lucerne fields and the forests of quebracho—Despite adverse circumstances, and with a few exceptions, there has always been a tendency for the price of land to rise—Alienation of lands acquired by conquest from the Indians; their enormous present value—The rise of value dates from 1902, and has hitherto continued without relapse—The causes of this rise, and its rational principles, according to an authoritative opinion.

Examples of valuation drawn from the sales of public lands—The rise of prices in the Provinces of Buenos Ayres, CÓrdoba, Santa FÉ, and the Pampa, with figures indicating the prices realised in some large recent transactions.

Sugar-Cane—Area of plantations—Statistics of production—Legislation affecting sugar—Consumption.

Vines—Area of vineyards planted—Production, consumption—Imperfect quality—Competition of foreign imports.

Tobacco—Area of plantations—Value of the product—Defective preparation.

The Mulberry—The culture of the silk-worm might be established in the Argentine, but at present exists only in an experimental condition.

MatÉ—Large consumption of this product.—Statistics of foreign importation—Districts suitable for its growth.

Cotton—Physical conditions proper to its growth—The first favourable results in the Argentine—Its introduction into Chaco—Lack of manual labour for the development of this industry.

Rubber—Existence of rubber plants in the Argentine—An unexploited source of wealth.

Arboriculture—On account of the diversity of the climate, all fruit-trees can be grown in the Argentine—The various fruits cultivated in different regions—Amelioration of the products. The trade in fruit—Its development possible on account of the inversion of seasons as compared with Europe—Refrigeration applied to the transport of fruit—Regions particularly suitable for fruit-growing.

The important part played by the foreign trade of the Argentine—Table of imports and exports during recent years—Explanation of their respective movements—Favourable condition of the commercial balance.

Method of ascertaining the statistics of exports and imports—Errors in evaluation—Notes on the import duties on various articles—Variations of the custom duties—Export duties; their transitory characters—The trade in bullion.

Imports.—Their classification according to their countries of origin—Value of imports from each country, with indications of the principal articles imported—The Argentine dependent upon other countries for a large number of manufactured articles—Concentration of imports at Buenos Ayres.

Exports.—Their classification according to origin—Value of exports from each district, with indications of the chief articles exported—Decadence of the French trade with the Argentine and its causes.

Tabulation, according to importance of the principal products exported by the Argentine—Remarkable increase in agricultural and pastoral exports—Search for new outlets.

Eventual denunciation of commercial treaties—Projected new treaty with France—Causes of the superiority of English, German, and North American trade in the Argentine over French trade.

“Dumping” in the Argentine—A new client for the Argentine—Japan—Elements which make for the development of commercial activity in the Argentine.

The commercial balance—Results of the commercial balance—Its prime importance in respect of the prosperity of the country—It is this balance which compensates the issue of capital for the benefit of the foreign debt.

The principal industries of the country are related to agriculture and cattle-breeding.

Sugar-planting, Boiling, etc.—Capital engaged—Tucuman the chief centre—Production and exportation—The sugar crisis—The Rosario Refinery.

Flour Export Trade—Capital invested—Equipment, steam flour-mills, grain-elevators—Production and exportation.

Refrigeration.—At present the chief industry of the country—Number of establishments—Table of exports of frozen and chilled meats—Capital invested—Development of the industry.

Dairy Industries.—The large establishments devoting themselves to these industries—Butter; cheese—Exports of butter; the development of which the dairy industries are capable.

Breweries.—Chief establishments—Production and consumption of beer during the years 1902-1907—Suppression of imports of foreign beer.

Spirits—Decreased production of spirits.

Looms, Tanneries.—Weaving and tanning are industries which at present exist in the Argentine only in a rudimentary condition, despite the conditions which are favourable to their development.

Quebracho Wood.—The centre of production—Applications—Companies engaged in the industry—Their results—Value of the products and the large profits to be expected.

Timber Trade.—Varieties of timber and hard woods.

Fisheries.—First results of this industry.

The Argentine has not entered the industrial age—She has no coal-mines in operation, no natural motive forces of any importance.

Mines.—Symptoms of the awakening of the mining industry—Numerous lodes in the Andes—The mines of La Rioja and Catamarca—Mines in other provinces and territories—Mining legislation.

Electric Industries.—Tramways; their development, their perfected equipment, and their profits—Progress of electric lighting—Telegraphs—Telephones.

Various Industries.—List of various industries established in Buenos Ayres, according to the last census, with the value of their products.

Comparison between the statistics of 1895 and those of 1904—Progress realised in 1908—Workshops and factories.

Banks—International character of Argentine banking—Evolution of banking machinery—List of the principal banks, with amount of capital and business done—Conditions peculiar to Argentine banking; the lack of movable reserves—Rates of interest on account, on deposit, and on advances—Statistics of the deposit accounts of the principal banks—Exchange operations: their decrease since the determination of a fixed monetary ratio—The Clearing House; the importance of its operations.

The Bank of the Nation.—Its history—The formation of its capital—Political interference in the nomination of its Directors—Statistics of its accounts—Rapid increase of deposits—Difficulty of realising capital—The resumption of payments.

The Bank of the Province of Buenos Ayres—Its reorganisation—Its present prosperity.

Mortgage and Loan-Banks.—History of the Banque HypothÉcaire of the Province of Buenos Ayres—Bankruptcy—Arrangement between the bank and its creditors—Proposal of reorganisation—Laws relating to mortgage in the Argentine—The National Mortgage Bank; statistics of business done—Joint-stock loan companies; their capital and amount of business done.

The Stock Exchange (Bourse).—History of this institution—Its importance; its functions; amount of business done—The decrease in its transactions since the cessation of speculation in currency or the monetary ratio.

The Bourse is a private establishment—Its membership and its regulations—Statistics of business done during the last ten years—Securities quoted on the Buenos Ayres Bourse—Decrease in the total amount of business done during the last five years—The monetary reform of 1901 as a factory of this decrease—The place occupied by the Stock Exchange in the life of the nation.

Joint-Stock Companies.—The development of joint-stock companies—Legislation affecting such companies—Abuses committed in the formation of such companies, due to speculation—Statistics of capital invested in joint-stock companies before and after the speculative crises of 1890—Revival of such companies, in a sense more consistent with the development of the country.

The financial situation—Continual increase of national expenditure—Great and rapid progress since 1891—Insufficiency of the means adopted to moderate this increase—The Budget Extraordinary and the Special Legislation Budget.

Causes of this increase of national expenditure—The increase of administrative requirements caused by an increasing population; this is the most natural cause, and that most easily justified—Increase of the public debt—The intervention of the State as the promoter or guarantor of important public undertakings—Exaggerated military expenses.

The total sum of national, provincial, and municipal expenses. The proportion per inhabitant—Comparison with other foreign countries in the matter of administrative expenses.

The national revenue—The revenue as organised by the Constitution, and its analysis—Indirect taxation—The customs the chief source of revenue—Direct taxation; its origin in the Argentine; its justification; its yield—Revenue of the industrial undertakings belonging to the State: railways, sewers, posts and telegraphs—The exploitation of the State lands.

Elasticity of the receipts, which follow the development and progress of the country—The accelerated increase of expenditure, and the resulting chronic deficit—Necessity of serious reforms.

Statistics of the public debt on the 1st January 1909—History of the public debt—The first loans.

The financial crisis—Consolidated loans—The Romero arrangement—Loan for the redemption of guarantees—The internal public debt—The total of the Argentine public debt, and its annual cost in dividends and redemption—The proportion of financial charges as compared to other budgetary expenses.

The burden of the public debt is heavy, but not unduly heavy in relation to the productive power of the country—The necessity of restraining further issues and of converting old debts—The efforts of the Argentine to improve her credit.

The persistence of the double currency—The history of paper money—The origins of the premium on gold, and its almost continual increase—The year 1890 and the depreciation of the currency—The causes of this depreciation; abuses in the issue of paper, caused by a bad financial and administrative policy.

Remedies suggested—Rosa’s law fixing the value of paper money and establishing a Caisse de Conversion—Opposition to this law—Its beneficent effect upon agriculture and stock-raising, which had especial need of a stable medium of exchange—Reserve fund created with a view to converting paper money; its vicissitudes in the past and its present constitution—The present monetary situation.

The principles on which the establishment of this institution is based—The necessity of a rapid redemption of fiduciary money—The doubtful success of this programme—New issues of notes—New attributes of the Caisse dating from 1899—The exchange of paper for gold and vice versa—The development of this system of exchange—The authority attaching to the Caisse.

The Inventory of Movable Property or Securities—The capital represented by movable properties, stocks, bonds, shares, etc., is the only kind of capital which lends itself to statistics—The great groups of movable properties: National Funds, Railway Shares, Insurance Companies, Foreign Banks, Mortgage Companies, and agricultural and industrial undertakings.

The nominal amount of capital represented by movable values—Table of the annual revenues of the same, and the sinking fund—Division of this revenue among the different countries having capital invested in the Argentine.

English capital—The importance of English investments in all branches of Argentine activity—The benefits of a reaction in favour of Argentine capital—French capital; its small value compared to English capital—German capital and its rapid increase—Approximate valuation of that portion of revenue remaining in the Argentine, and of that which goes to the various nations having capital invested in the country.

The Balance-Sheet—The assets are principally composed of exportation values; the liabilities, by the value of imports—The revenue of investments exported to foreign countries, and the total of the sums expended by the Argentines abroad—Table giving a summarised Balance-sheet and the balance in favour of the Argentine—International exchanges and the importation of gold confirm this favourable situation—Argentine capital will presently play a more important part in the country as compared with foreign capital.