1. Loans and various Argentine Bonds 691,831,000 2. Railways 804,413,000 3. Banks 37,541,000 4. Ports 22,164,000 5. Street car lines 91,576,000 6. Freezing plants 8,392,000 7. Gas and electric companies, water works and sanitary works 58,035,000 8. Land and loan companies 160,800,000 9. Other companies 41,650,000 10. Mortgages and properties 150,000,000 11. Commerce and credit 200,000,000 -------------- Grand total $2,266,402,000 GOLD RESERVES The vast increase in exports during latter years has naturally attracted considerable imports of gold; and, as showing the wealth and stability of the Republic, it may be mentioned that the Conversion Fund created by law in 1901 to secure the national issues of paper and nickel currency (which was then to consist of appropriations from certain sources of revenue until a total of $30,000,000 had been obtained) showed at December 31st, 1913, gold reserves in the Caja de Conversion to be $233,197,727, or considerably more than 60 per cent. of the entire issues of paper and nickel currency. CUSTOM HOUSE REVENUE The Custom House Revenue on import duties for 1903 amounted to $37,191,857, and in 1913 to $98,978,745. When it is remembered that the Argentine Republic covers an area of about one-third of the United States and that up to the present time not nearly one-fifth of its productive soil has been placed under cultivation, the figures relating to its production will leave little doubt that the world, in the not distant future, will find in that favored land one of the main sources of its food supply. But it is not alone in the development of the agricultural and pastoral industries that the great advance of the Republic is to be noted. In every form of national activity the forward march of the Argentine Republic has made itself felt far beyond its own borders; while from a purely commercial point of view it has become a centre of universal interest and has added materially to the enrichment of the commerce of many of the countries of Europe. [Illustration: ONE OF THE RECEPTION ROOMS OF THE ARGENTINE PAVILION AT THE PANAMA PACIFIC EXPOSITION] [Illustration: ANOTHER INTERIOR VIEW OF THE ARGENTINE PAVILION AT THE PANAMA PACIFIC EXPOSITION WHERE THE ARTISTIC RICHNESS OF THE MURAL DECORATIONS CAN BE APPRECIATED]