_Mortgage and Loan-Banks._——History of the _Banque Hypothécaire_ of the Province of Buenos Ayres——Bankruptcy——Arrangement between the bank and its creditors——Proposal of reorganisation——Laws relating to mortgage in the Argentine—— The National Mortgage Bank; statistics of business done—— Joint-stock loan companies; their capital and amount of business done. THE STOCK EXCHANGE (BOURSE).——History of this institution—— Its importance; its functions; amount of business done—— The decrease in its transactions since the cessation of speculation in currency or the monetary ratio. The Bourse is a private establishment——Its membership and its regulations——Statistics of business done during the last ten years——Securities quoted on the Buenos Ayres Bourse—— Decrease in the total amount of business done during the last five years——The monetary reform of 1901 as a factory of this decrease——The place occupied by the Stock Exchange in the life of the nation. _Joint-Stock Companies._——The development of joint-stock companies——Legislation affecting such companies——Abuses committed in the formation of such companies, due to speculation——Statistics of capital invested in joint-stock companies before and after the speculative crises of 1890—— Revival of such companies, in a sense more consistent with the development of the country. PART IV. ARGENTINE FINANCE. I. THE ARGENTINE BUDGET 295 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. The total sum of national, provincial, and municipal expenses. The proportion per inhabitant——Comparison with other foreign countries in the matter of administrative expenses.