While it is simplicity itself to calculate the interest on the bonds of the public debt, whether external or domestic, it is anything but easy to calculate in all cases the dividends paid by each company to its shareholders. Some companies do not publish balance-sheets, and others confound the profits realised in the Argentine with the profits earned by their foreign houses or headquarters. As far as our present knowledge goes, the revenue of the securities we have mentioned may be estimated to be as follows:—— _Annual Revenue, of the Securities of the Argentine Republic, 31st December 1908._ NAME OR NATURE OF SECURITIES. Revenue in Pounds Sterling. External National Debt £3,209,727·2 Internal National Debt 843,879·4 Municipal Debt of Buenos Ayres 196,135·4 Municipal Debt of Santa Fé 1,636·0 Municipal Debt of Rosario 120,000·0 Municipal Debt of Córdoba 19,500·0 Municipal Debt of Bahia Blanca 6,600·0 External Debt of the Province of Buenos Ayres 368,928·0 Internal Debt of the Province of Buenos Ayres 255,904·0 Cedulas of the National Mortgage Bank 872,051·6 Debts of the Provinces of Tucuman and Entre Rios 29,013·4 Debt of the Province of Santa Fé 67,745·0 Railway Companies 8,423,510·8 National Banks of the Capital 1,131,499·6 Anglo-Saxon Banks of the Capital 788,680·8 Local Provincial Banks 53,725·6 Mortgage and Agricultural Loan Companies 1,044,847·2 Tramway Companies 907,603·8 Gas and Electric Companies 804,578·2 Telegraph and Telephone Companies 97,478·6 Harbours, Docks and Quays 293,447·8 Savings Banks, Building Societies, Annuity and Insurance Companies 254,852·2 Agricultural and Stock-raising Companies 496,309·2 Forestal Exploitation Companies 188,505·0 Refrigerating Companies 229,654·2 Markets 165,243·8 Mining Companies 23,816·8 National Insurance Companies 192,040·4 Sugar Refineries 165,154·6