Such, briefly detailed, are the antecedents of the various foreign loans contracted by the Argentine nation. As for the domestic consolidated debt in 1905, it was the object of a complete reorganisation, so that to-day the history of its origins is not of much practical interest. It amounted, on 1st January 1909, to £7,639,760 in gold and £9,199,581 in paper, of which £6,900,000 was in gold and £7,700,000 in paper in 5 per cent. stock, £710,620 in gold in 4-1/2 per cent. stock, and £880,000 in paper in 6 per cent. stock. This gives us a total (in gold) of £16,839,341, on which the charge in interest and redemption absorbs an annual sum of £1,004,445. Here is the analysis of the internal debt: INTERNAL DEBT, _1st January 1909_. Gold. Paper. ---------/\------------ ------------/\------------ Stock in Interest and Stock in Interest and Circulation. Sinking Fund. Circulation. Sinking Fund. 6 per cent. loan, —— —— £880,000 £58,080 5 per cent. loan, £6,929,140 £422,100 18,908,140 1,110,898 4-1/2 per cent. loan, 710,620 40,750 —— —— —————————— ———————— ----------- —————————— Totals £7,639,760 £462,852 £19,788,140 £1,168,978 —————————— ———————— ----------- —————————— As we explained in our first edition, the first action of the Government which assumed power in October 1904 was to convert the various loans of the internal debt, which bore an interest of 6 per cent., and amortisation charges of 6, 4, 3 and 2 per cent., into one single loan at 5 per cent., with a redemption charge of 1 per cent. This operation gave the following results: The amount of 6 per cent. stock, including National Bank stock, amounted to £5,888,881, or $66,918,300 paper. Of this total $50,814,000, or £4,471,632 were converted in the Argentine and £664,884 in Europe, or in all £5,136,516; the balance then amounting only to £730,184. The result was that the average price obtained for converted stock was 87.59 per cent., and for unconverted stock 12.40 per cent.[105] [Footnote 105: The following figures relative to the Argentine foreign loans taken from the Investment Handbook of the International Stock Exchange, may interest the reader.——[TRANS.] Argentine 5 per cent. Stock (1886-7): Authorised, £8,290,100: issued or subscribed, £6,306,500. Price on 1st January 1910, 105-1/2. Argentine 4-1/2 Sterling Loan (1888-9): Authorised, £5,263,560; issued, £4,322,060. Price on 1st January 1910, 100. Argentine 3-1/2 per cent. External Bonds (1889): Authorised, £2,639,500; issued £1,923,160. Price on 1st January 1910, 80. Argentine 4 per cent. Railway Rescission (1895): Authorised, £11,607,100; issued £10,205,100. Price on 1st January 1910, 97-1/4.