As we may see from these data, the _Caisse de Conversion_ has completely changed its _rôle_. It has abandoned its original function, which was confided to it by the law; namely, the redemption of the fiduciary currency and the re-establishment of the monetary equilibrium when destroyed by excessive issues of paper. To-day this institution is merely a purely mechanical department of the Administration, and its functions might be fulfilled, at any rate theoretically, by other administrative departments which are closely connected with it. CHAPTER V THE BALANCE-SHEET OF THE ARGENTINE ACCORDING TO THE INVENTORY OF SECURITIES THE INVENTORY OF MOVABLE PROPERTY OR SECURITIES——The capital represented by movable properties, stocks, bonds, shares, etc., is the only kind of capital which lends itself to statistics—— The great groups of movable properties: National Funds, Railway Shares, Insurance Companies, Foreign Banks, Mortgage Companies, and agricultural and industrial undertakings. The nominal amount of capital represented by movable values——Table of the annual revenues of the same, and the sinking fund—— Division of this revenue among the different countries having capital invested in the Argentine. English capital——The importance of English investments in all branches of Argentine activity——The benefits of a reaction in favour of Argentine capital——French capital; its small value compared to English capital——German capital and its rapid increase——Approximate valuation of that portion of revenue remaining in the Argentine, and of that which goes to the various nations having capital invested in the country. THE BALANCE-SHEET——The assets are principally composed of exportation values; the liabilities, the value of imports—— The revenue of investments exported to foreign countries, and the total of the sums expended by the Argentine abroad——Table giving a summarised Balance-sheet and the balance in favour of the Argentine——International exchanges and the importation of gold confirm this favourable situation——Argentine capital will presently play a more important part in the country as compared with foreign capital. THE INVENTORY OF MOVABLE VALUES