$47,600,000, gold, and the exports, $70,200,000, gold. This shows an increase, as compared with 1892, of 25 per cent in imports and 6 per cent in exports. The Buenos Aires Standard, however, asserts that the official valuations are to high and that the real figures would be, imports, $39,600,000, and exports, $46,800.000. The import trade shows an increase in every item except sugars. As regards exports there is a great fall in wool and an equally remarkable increase in grain.

The decrease in wool exports is $9,000,000, and the increase in grain $10,600,000.

According to the report of the Chief of the Bureau of Statistics, U. S. Treasury Department, for the fiscal year ending June 30, 1893, the imports of merchandise by the United States from the Argentine Republic and the exports from the United States to that country, during the fiscal years 1892 and 1893, were:

COMMERCIAL TREATY WITH FRANCE.

The official text of the treaties of commerce entered into, respectively, on the 4th of July and the 19th of August, 1892, between the Republic of Uruguay and the Argentine Republic with the French Republic was proclaimed at Paris on the 10th of June, 1893.

France and Uruguay reciprocally guarantee to each other treatment upon the footing of the most favored nation in everything relating to the "domiciliation and settlement of their respective citizens in their respective territories, and in all matters connected with commerce, navigation, the importation, exportation, and transit of merchandise, the assessment and payment of customs duties, and all acts and operations required for the carrying out of commerce or of any industry, and the payment of taxes or charges.”

But the Republic of Uruguay reserves the right to grant for her own benefit, and whenever deemed by her to be advisable, to either of her neighbors, Brazil, the Argentine Republic, or Paraguay, special commercial favors and advantages without thereby entitling France to claim the same privilege. This exception does not apply, however, to a certain number of articles, such as wines, manufactures of silk, wool, or cotton, passementerie articles, refined sugar, prepared skins and furs, leather or skin articles, house furniture, implements, machinery, and in general, all articles of merchandise similar to the French, which shall always fall under the general provision.

The coastwise trade in each country is also exempted from the operation of the treaty and left subject exclusively to the respective municipal legislation.

The Franco-Argentine treaty, which substantially contains no more than one provision, stipulates expressly that no favor or immunity of any kind shall ever be granted by either nation to the flag or the commerce of another nation without the same favor or immunity being per se and ipso facto granted to the flag or the commerce of the Argentine Republic or of France, and that in consequence thereof, citizens as well as vessels and merchandise of either country in the territory or within the jurisdiction of the other will ever be treated, especially in so far as customs duties are concerned, upon the same footing as the citizens, vessels, and merchandise most favored either by law or treaty.

Both treaties shall remain in force until the expiration of one year subsequent to the date in which either contracting party gives notice to the other of its desire to terminate the agreement.

NATIONAL FINANCES.

Of the national finances of the Republic, Consul Baker says:

The financial condition of the Government of the Argentine Republic is the great stumbling block in the way of the recovery of the country from the effects of the crisis, as, indeed, it was the prime cause of the crisis itself. It is difficult to know the true figures of the nation's liabilities, for the reason that there is a wide discrepancy in the statements made by different officials. Whatever may

be the exact figures, however, the outstanding obligations of the Government are sufficiently large to have placed at fault the financial ability of all the ministers of the treasury since ex-President Roca to provide the ways and means to protect them.

After an elaborate review of the subject Mr. Baker sums up the situation at the close of the year 1892 as follows:

We have

(1) An outstanding issue of cédulas, national and provincial, amounting to $362,680,000, on which the interest has not been paid for, two years, and for which the banks have a moratorium [deferred claim] for four years.

(2) An outstanding issue of national bank notes amounting to $283,764,862, for the redemption of which, after the default of the banks, the Government assumed the liability of the banks by a law making them legal tender (curso legal) in the payment of debts, said notes now being worth about 30 cents on the dollar and the bonds by which they are secured being worth about 50 cents on the dollar.

(3) A bonded national indebtedness amounting to over $400,000,000, the interest on the greater portion of which had been arranged to be paid for three years by the issue of other bonds.

A special report made to the British Foreign Office in November, 1892, gives the following table, showing national debt and revenue compared according to Argentine statistics for the years 1870-'91:

Bull. 67- -10

Since 1889, the revenue has declined while the national debt has increased. It was mentioned before that the service on the whole debt (including “cédulas" and municipal loans) was £7,767,000, or nearly double the revenue of the Republic in 1891. Comparing the years 1870 and 1891, we find the revenue has only increased 35 per cent while the population has probably increased 110 per cent in that period. The revenue per inhabitant to-day is about £1, whereas in 1870 it was about £1,125.

The Review of the River Plate for August 5, 1893, states that the ad referendum agreement between Señor Dominguez, the Argentine envoy, and Lord Rothschild, relating to the Argentine debt agreement, was signed on July 3. The total debt provided for under this agreement is £44,152,975. The total interest to be paid from July 12, 1893, to July 12, 1898, is £1,565,000 per annum. In subsequent years, gradual approximation to the payment of full interest on all the loans is to be made, and after January, 12, 1901, the full sum for interest and sinking funds is to be provided.

From the budget submitted to the Argentine Congress in August, 1893, it appears that the actual service of the public debt in 1894. will require :

"The National Government," says the Finance Minister, "feel justified in congratulating the Argentine people on the resumed service of the foreign debt in hard coin, on a reduced scale of interest, as conceded by the London bondholders, which is, moreover, of great benefit to the treasury. The fatal effects of the illomened moratorium of 1891 are in this manner remedied."

According to information from Buenos Aires, dated October 12, 1893, the National Finance Minister, Dr. Terry, in a statement to Congress, referred at length to the financial situation, and pointed out improvements in the resources of the country. The production is increasing, and the State, he declared, will be able to fulfill its engagements. He subsequently laid upon the table the bills announced by Government dealing with the finances. These measures favor the adoption of the Romero agreement with the Rothschild Committee, and propose the destruction by fire of $130,000,000 of free bank bonds, besides paper currency. By means of economies in the estimates, the minister calculates that the budget for 1894 will show a surplus of $4,000,000 in paper. He also promises to settle the railway guaranties. No further debt will be contracted, and no further stocks of any kind will be issued. Further issues of currency will be prohibited, and provision will be made in the budget of ordinary expenditure for burning annually currency to the amount of not less than six millions, which may be increased to twelve millions.