As may be seen by this simple enumeration, these duties weighed upon the by-products of stock-raising as they left the country for the markets of foreign consumers, and this after they had already been subjected to other heavy charges, in the shape of land taxes, customs duties on wire for fencing, and many local taxes, while agricultural products escaped scot-free. For this reason it has always been considered that the export tariff had no equitable basis, and all the Argentine Administrations have for this reason endeavoured to suppress it, as the Congress finally did in 1905. Whether we are dealing with exports or with imports we always find, as we have seen, an inflation of prices on both sides, so that the figures of the official statistics have not so much an actual as a comparative value. There is still one important item to be remarked in respect of imports: it is that the import duties in recent years have been first raised then lowered. Additional duties amounting to 10 per cent. were established when the dispute with Chili seemed about to end in war——that is, on the 29th of January 1902——at which time a supertax of 5 per cent. was added to the tariff which had already been in force since 1899. Since then these duties have been finally suppressed (in January 1904). It is obvious that with these variations we have not always the same basis of valuation, as the imports are variously affected by these variations themselves, so that all exact comparisons are impossible. We must also take into account the value of the imports which are not controlled by the customs. Competent persons have estimated that these amount to about 20 per cent. of the goods passing through the customs, which represents a sum of about £2,000,000. Again, the figures we have quoted do not include the movements of currency or bullion, which during the last six years have been as follows:—— Year. Metallic Imports. Metallic Exports. Balance. 1902 £1,781,817 £614,868 +£1,166,949 1903 5,217,237 239,230 + 4,978,007 1904 4,983,590 320,858 + 4,662,732 1905 6,511,908 163,875 + 6,348,033 1906 3,642,464 301,124 + 3,341,340 1907 4,710,545 626,777 + 4,083,768 1908 5,730,243 8,963 + 5,721,280 1909 (six months) 7,888,781 2,991 + 7,885,789 The increase observed from one year to the other in the importation of bullion is in direct relation to the increase of exportations: it corresponds to the consignments of gold, coming especially from the London market, in order to expunge the commercial balance in favour of the Argentine.