The Argentine Commercial Code, as it exists to-day, is a well-selected and well-digested assortment of the best points in the commercial laws of other countries. Many eminent men have participated in the development of this code. The laws relating to trade and contracts are excellent, but the latter have sometimes been at the mercy of judges who were not over-scrupulous, although foreigners have had less trouble in that line than natives. The laws relating to the organization of incorporated companies are excellent. Under them each vote counts irrespective of holdings, a man with one share having as much influence as the man with a thousand. This prevents a one-man company, as there must be at least ten shareholders. Any concern working under a concession must have a fiscal agent, who is nominated by the government or municipality, and whose duty it is to supervise the accounts and general conduct of the concern. If this agent is an honest man, and not susceptible to bribes, he can have great influence for good; if, however, he is corrupt, the shareholders are doubly unfortunate. The Bolsa, or stock exchange, in Buenos Aires is a great institution. Millions of dollars worth of securities and grains are sold on the floor of this building. It reminds one of our own stock exchanges, except for the very babel of voices. Although the cries of the brokers are all in Spanish, you will see excited groups around you talking in Italian, German and English. Most of the brokers are able to join any group and converse in that language. Argentine securities are sold on this exchange in parcels and they rise and fall rapidly, the margin in one day often being considerable. Prior to the great crash of 1890, a half billion dollars worth of securities in gold values were sold at this exchange. When the panic came ninety per cent. of the companies failed, and the shares were not worth a cent on the dollar. The great national bank, with a capital of $50,000,000 national money, which closed its doors, precipitated the crisis, and brought down with it the London house of Baring Bros. The depositors of this bank lost more than $70,000,000 by the unfortunate failure, which was brought about by crookedness on the part of the management, and high financing. Money came in so easily and rapidly that the directors thought there was no end to the golden stream headed their way. Immense sums were loaned to irresponsible politicians with no hope or scarcely expectation of having it returned. Large drafts would also be cashed from the same sources, and bribery was rampant. Its loans at one time were over four hundred million dollars in national money.