(_a_) Imports $270,000,000 gold. (_b_) Service of the Public Debt payable abroad $50,000,000 gold. (_c_) Interest on Cedulas and on capital placed by foreign companies on mortgage $31,000,000 gold. (_d_) Interest and dividends on foreign capital in railways $42,000,000 gold. (_e_) Interest and dividends on other foreign capital $27,000,000 gold. (_f_) Savings of immigrants and emigrants $24,000,000 gold. (_g_) Expenses of Argentines abroad $6,000,000 gold. The sum total of all these items is $460,000,000 gold, so that we have $ Gold. Assets 580,000,000 Liabilities 460,000,000 ----------- Total balance 120,000,000 in favour of the Argentine Republic, a sum which can be increased if the harvest is very good and imports are less than I estimated, and decreased if the harvest is bad and imports greater than $246,000,000 gold. From this it will be seen that if my calculations are confirmed Argentina will receive from abroad the sum of $120,000,000 gold for balance of accounts for the commercial year of 1914-15. To demonstrate the importance of this fact I will mention that for the year 1913-14 the balance was $185,000,000 against Argentina; in 1912-13 it was $200,000,000 in contra, and in 1911-12 $202,000,000 in contra, so that compared with the three previous years Argentina will have a difference in its favour in the balance of payments of $300,000,000 gold! What do these figures signify?