On the 31st of December, 1914, the Argentine Government held gold accumulations to the value in round figures of 63 millions sterling, of which, as has been seen, 2 millions pertain to the Conversion Fund at the Bank of the Nation. This fund must not be confused with the amounts in the “Caja,” the uses of the former (apart from its constituting, as has been said, a reserve against the paper currency in circulation previously to the passing of the Conversion Law) being limited to the purposes of foreign exchange, the benefit of the Fund itself and to aid the control of the market; while the accumulations in the “Caja” can only, in normal circumstances, leave it in exchange for paper currency. Besides the actual gold in the “Caja” this Institution held at the end of 1915 gold and bonds to the value of over 14 millions sterling which had been deposited at the various Argentine Legations. These deposits have naturally increased largely since. Besides all this the Bank of the Nation, the Bank of the Province of Buenos Aires and the private banks held large amounts of gold. Uruguay has not introduced, and has always resisted the temptation to introduce, any such complications of her currency; which is on a thorough gold basis. The Argentine Conversion Law was passed in 1899 and abrogated in 1901-2 by Congress (in consequence of the anticipation of possible war with Chile, over the frontier question, the payment by the Nation of Provincial debts and the closing of Argentine ports because of an outbreak of bubonic plague). Therefore the present solid financial status of the Argentine Republic dates from only twelve, or, on the most liberal reckoning, fifteen years ago. Uruguay’s first surplus (of $453,110) accrued in 1905-6; though an increased surplus has figured in each Uruguayan National Budget since that date. Equivalent Values. Argentine $1, gold = 3s. 11½d. ” $1, paper = 1s. 8¾d. Uruguayan $1 = 4s. 3⅟₁₆d. ($1·3½ _cents_ U.S.A.). £1 = $5·05 gold, Argentine. £1 = $11·45 paper, Argentine. £1 = $4·70, Uruguayan. THE ARGENTINE MONETARY SYSTEM Is controlled by the Conversion law, above referred to, which fixed a ratio between the value of the paper and gold currencies and made these interchangeable at that ratio until the time should be judged to have arrived for the substitution of metallic coinage for paper.