_Money-lending or Mortgage Banks (Banques Hypothécaires)._ There are two great official institutions of this kind in the Argentine: the _Mortgage Bank National_ is progressing in a normal manner; the other, the _Mortgage Bank of the Province of Buenos Ayres_, is painfully achieving the process of liquidation. We must explain that this institution, which worked for a number of years with average regularity, collapsed violently in 1890, on account of the scandalous abuses committed by the management in the matter of loans, and the pernicious introduction of electoral politics into the conduct of business. This is one of the most lamentable pages of the administrative and financial history of the Argentine during the last few years. After numerous efforts had been made at various times with a view to making an arrangement between the bank and its creditors by means of an exchange of its bonds of mortgage for new bonds of the _Rente Provinciale_, a satisfactory agreement was at length arranged, which put an end to the irregular situation of the bank, in a manner as advantageous for the creditors as for the Province. According to the report drawn up by the representative of the Government, the liabilities of the bank amounted, on 30th June 1906, to £19,725,636; and to set against this colossal debt the bank possessed the assets, largely precarious, represented by 503 loans on mortgage, of which the principal amounted to £1,967,704, while unpaid or overdue interest accounted for £6,568,440; or a nominal total of £8,536,140. The assets also comprised certain other items, amounting to a total of £2,186,184. Some of these assets had a real value and could be considered as capable of realisation. Among these were: the money in the bank, the bank premises, the mortgages, and the special accounts with the Provincial Government; these items constituted the best class of assets. The remaining assets were more precarious, and their investigation gave rise to serious criticisms. Two classes of assets, for example, which were apparently of considerable importance——those relating to hypothecary credit and to personal shares——were far from representing the value which was shown on the balance-sheet. Taking into account the probabilities of the realisation of certain classes of assets, in case of need, a liability of £19,725,636 was opposed by assets equivalent to £6,242,039, leaving a deficit of £13,583,595. In other words, the assets represented only 31 per cent. of the liabilities.