Land £1,676,959 Railways 6,059,791·7 Insurance 13,593,981·5 Banks 9,251,958·1 Industry 7,295,793·2 Commerce 6,856,762·3 Agriculture and stock-raising 7,218,579·7 Navigation 440,000·0 Colonisation and Immigration 203,996·3 Tramways 5,113,303·1 Hygiene 564,759·5 Telephones and telegraphs 1,349,983·8 Mines 7,332,286 Mortgage Companies and Real Estate Companies 4,098,448·1 Gas and electric lighting 759,249 Savings Banks 667,598·8 ------------- Total £72,573,450 ============= The mere list of the above investments is enough to convince us that the day of merely speculative companies is over, when shares were mere travesties, more or less justified, as in the years which preceded the crisis of 1890. Now speculation in land is represented by a sum of less than £1,700,000; while insurance is represented by over 13 millions, banks by more than 9 millions, industry by 7 millions, agriculture by 7 millions, and mines by about the same amount. These latter investments belong to the category of “eruptive” stock, for, like a volcanic eruption, they rise suddenly to great heights, to fall, a little later, leaving nothing but smoke and ashes. In the matter of company formation, as in the matter of operations of the Bourse, we see that the Argentine has re-entered the normal path of progress. Under these two manifestations, which reflect the economic activity of the country, the tide of affairs continues to increase, but the spirit of speculation no longer turns it aside, no longer undermines the organisation of the nation’s commerce. PART IV ARGENTINE FINANCE CHAPTER I THE ARGENTINE BUDGET The financial situation——Continual increase of national expenditure——Great and rapid progress since 1891——Insufficiency of the means adopted to moderate this increase——The Budget Extraordinary and the Special Legislation Budget. Causes of this increase of national expenditure——The increase of administrative requirements caused by an increasing population; this is the most natural cause, and that most easily justified—— Increase of the public debt——The intervention of the State as the promoter or guarantor of important public undertakings—— Exaggerated military expenses.