Thus, in eight years, the foreign trade has far more than doubled. In former days the results of feverish development were by no means an unmixed benefit. Immense sums had been invested in railways and other enterprises, and the Mortgage Bank of the Province of Buenos Aires recklessly lent money upon land and credit was inflated. Everybody thought that unbounded riches were either in their possession or within reach, and the inevitable collapse followed. The difficulties were aggravated by the fluctuating state of the currency. At present the paper dollar circulates with a tolerably steady value of about 1s. 9d. There is a scheme for establishing a gold currency, and the gold held by the Conversion Office amounts to 132,769,134 dollars gold. The note circulation is over 500,000,000 dollars paper. In December, 1891, the Banco de La Nacion Argentina was opened with a capital of 50,000,000 dollars, now increased to 90,000,000. The Bank may lend money to the National Government, but the total amount is not to exceed 6,000,000 dollars, and it has no authority to place loans in other quarters. The exports now demand our consideration. In 1908 the main items were:-- Agricultural products £48,013,032 Pastoral products 27,023,691 Forest products 1,269,446 Fish and Game 99,726 A more detailed investigation of the figures shows that of wheat 3,636,294 tons were exported, of maize 1,711,804, of linseed 1,055,650, of oats 440,041. The shipments of wool were 175,538 tons, of frozen beef 180,915, of jerked beef 6,650. Quebracho wood stood at 254,571 tons, quebracho at 48,162, and hay at 32,078. Hides were largely exported. For 1908 the following is the percentage of imports received by various countries: England, 21·4; Belgium, 9·8; Germany 9·5; France, 7·9; Brazil, 4·1; United States, 3·6. The following table shows our reciprocal trade with Argentina in 1907[108]:-- IMPORTS INTO ENGLAND. Wheat £8,044,636 Maize 5,000,219 Fresh Mutton 2,360,565 Fresh Beef 4,308,273 Linseed 1,977,466 Wool 1,689,639 EXPORTS FROM ENGLAND. Cotton £2,752,251 Woollens 1,080,795 Iron and Manufactures 3,511,803 Machinery 2,458,180 Railway Carriages 1,769,780 Coal 1,761,467