All operations must be declared in an audible voice by the stockbroker to the recorder (annotator), in order that the latter may inscribe them upon the blackboard. The vendor and the buyer must then exchange memoranda, in order that the transaction shall be definitely confirmed and made valid. All transactions effected on exchange[93] during official hours are copied, with the prices, from the blackboard into the Journal of Sales; these latter being also published in the _Boletin de la Bolsa de Comercio_; or, as we should say, the Stock Exchange Bulletin. The settlement of all transactions concluded is effected through the Council Chamber, with the aid of the _Bureau de Liquidation_, or Settlement Office, under the supervision of an official liquidator, appointed at a general meeting of the brokers, who charges a percentage on the settlements which he effects.[94] [Footnote 93: Literally, “at the basket.”——[TRANS.]] [Footnote 94: The brokerage in 1/4 per cent. on the sale or purchase of bonds, shares, debentures, etc., and is charged on the face (or nominal) value of the amount changing hands. A charge of 1/2 per cent. is also made on all operations on Exchange.] Such are the principal rules of the organic charter which regulates the operations of the Stock Exchange of Buenos Ayres, and such is its method of operation. Let us now examine the total amount of its operations during the period 1895-1908, and how they may be analysed:—— Year. Piastres (Paper). Pounds (Sterling). 1895 1,244,602,058 —— 1896 1,383,472,329 —— 1897 1,306,531,655 —— 1898 1,219,304,846 —— ------------- --------------- Carry forward, 5,153,910,888 Year. Piastres (Paper). Pounds (Sterling). Brought forward, 5,153,910,888 1899 1,295,304,846 —— 1900 834,982,214 £73,478,434[95] 1901 1,003,709,984 88,326,476 1902 841,627,532 74,063,222 1903 383,905,622 33,783,694 1904 423,957,361 37,308,227 1905 515,607,316 45,373,454 1906 655,624,566 57,694,961 1907 192,130,565 16,907,489 1908 143,466,502 12,625,052 ------------ ----------- Total for 14 years $11,444,377,390 (9 Years), £439,561,009 =============== ============ [Footnote 95: These values are given only from 1900, when the value of the piastre was fixed.]