British Minister at Buenos Ayres ... W. H. D. Haggard, Esq.,

1824.-Six per Cent. Loan. Raised in London by the Province of Buenos Ayres. Amount, £1,000,000 at 85 per cent. Accumulative Sinking Fund, per cent. Default made in 1830. Recognised as a National Loan in 1880.

1857.-Three per Cent. Arrears. The arrears of interest on the preceding Loan, amounting to £1,641,000, were converted into a

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separate Stock, bearing 1 per cent. interest till 1865, 2 per cent. from 1865 to 1870, and 3 per cent. thenceforwards till extinction in July, 1891.

*It must be borne in mind that, although the National Government has assumed responsibility for most of the Provincial Debts, the Provinces are required to contribute towards the payment of the service of the Four per Cent. National Bonds issued in respect of the old Provincial Obligations, except in cases like that of the Province of Santa Fé, where the whole of the Provincial Debts were secured by Argentine Four and a-Half per Cent. Internal Gold Bonds held by the Provincial Banks as guarantee for their Note issues.

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1863.--Six per Cent. Internal Bonds (Hard Dollars). Issued in 1863 in Buenos Ayres, and introduced on the English market in 1872 and 1874 by Messrs. Stern Bros. at a fixed exchange of 49d. to the dollar. Sinking Fund, I per cent., applied quarterly, by tender. In 1889 these Bonds were converted into new Three and a-Half per Cent. External Sterling Bonds.

1866-8.-Six per Cent. Loan. Amount, £2,500,000, to meet expenses of the Paraguayan War. Two issues by Messrs. Baring Bros. & Co. at 75 and 72 per cent. respectively. Original Sinking Fund I per cent., subsequently increased to 2 per cent. Loan extinguished in 1889.

Amount £1,034,700.
Co. at 88 per cent.
Product of Loan to
This Loan was
The outstand-
the Four and

1870.-Buenos Ayres Six per Cent. State Loan.
Issued by Messrs. C. de Murrieta &
Accumulative Sinking Fund 1 per cent.
be devoted to works of public industry.
recognised as a national obligation in 1880.
ing balance was converted in 1889 into
a-Half per Cent. Conversion Loan.

1871.- Six per Cent. Public Works Loan. £6,122,400 Stock. Issued
by Messrs. C. de Murrieta & Co. at 883 per cent. Redeem-
able by 24 per cent. Sinking Fund. The object of this Loan
was to provide funds for the completion of the Villa Nueva
to Rio Cuarto Railway, the extension of the line from Cordova
to Tucuman, and the construction of a Port and Customs
Houses at Buenos Ayres and Rosario. The outstanding
balance of this Loan was converted in 1889 into the Four
and a-Half per Cent. Conversion Loan.

1872-4. In these years Messrs. Stern Bros. introduced into the London market the following amounts of the Six per Cent. Internal Hard Dollar Bonds of 1863, viz.: £1,225,000 at 76 per cent. in 1872, and £357,863 at 80 per cent. in 1874. Converted into Three and a-Half per Cent. External Sterling Bonds of 1889.

1873.-Buenos Ayres Six per Cent. Loan. Amount, £2,040,800. Issued by Messrs. Baring Bros. & Co. in 1873 at 89 per cent. Accumulative Sinking Fund, 1 per cent. Recognised by Federal Government in 1880. The outstanding balance of this Loan was converted in 1889 into the Four and a-Half per Cent. Conversion Loan.

1876.- Nine per Cent. Treasury Bonds. Amount, $6,000,000. These were not offered for subscription in London, but were subsequently introduced on the London market by Messrs. Stern Bros. The Bonds were originally redeemable by tender. They were ultimately converted into External Debt under the Treasury Conversion Bonds issue of 1887.

1881. Six per Cent. Railway Loan. Amount, £2,450,000. Issued by Messrs. C. de Murrieta & Co. in London, and Messrs. L. and R. Cahen d'Anvers & Co. in Paris at 91 per cent. Accumulative Sinking Fund, 1 per cent. Its object was to enable the Government to carry out the extensions of the Central Northern and Andine Railways, and the Bonds were guaranteed by the income of these lines.

The greater part (£1,540,120) of this Loan was in 1889 converted into Five per Cent. Debenture Stock of the Cordoba Central Railway Company. The value of the remaining Bonds not converted (£690,680) was to be deposited in the Bank of England in the name of Messrs. C. de Murrieta & Co., and temporarily invested in English or Argentine Ster-. ling Securities, the funds thus deposited only to be withdrawn as and when required for the redemption of the capital of the 1881 Bonds not exchanged. The Bondholders have not succeeded in obtaining possession of these funds, but accumulated interest thereon, to the amount of £166,719. 6s., appears to have been paid to the Government in 1899.

1882.--Six per Cent. Loan. Amount, £817,000. Issued by Messrs. Morton, Rose & Co., as Agents for a Paris house, at 92 per cent. Redeemable at par by 2 per cent. Accumulative Sinking Fund. The outstanding balance of this Loan was converted in 1889 into the Four and a-Half per Cent. Conversion Loan.

1884. Five per Cent. Loan. Amount, £1,714,200.

Issued at 84 per

cent. by Messrs. Baring Bros. & Co. Principal to be paid off by I per cent. Accumulative Sinking Fund. Object, to pay for 60,000 shares in the National Bank, subscribed for by the Argentine Government. Secured specially on the dividends of these shares and generally on the revenues of the Republic.

1886-7.-Five per Cent. Loan. Issued by Messrs. Baring Bros. & Co-
and Messrs. J. S. Morgan & Co. in two instalments, viz. :—
£4,000,000 in 1886, at 80 per cent., and £4,290,100 in 1887,
at 85 per cent. Redeemable by 1 per cent. Accumulative
Sinking Fund. Secured specially on Customs Duties, which
were to be paid each month into the National Bank, the Bank
to remit monthly to the Agents the amount necessary for the
service of the Loan.

1887. Five per Cent. Banco Nacional (German) Loan. Amount,
£2,058,200. These Bonds are held on the Continent, and
not quoted in London. Accumulative Sinking Fund of
per cent.
1887-8-9.—Northern Central Railway Extensions Five per Cent. Go-
vernment Mortgage Bonds, First Issue. Amount, £3,968,200.
Messrs. C. de Murrieta & Co. issued £1,300,000 in 1887 at 911
per cent., £1,500,000 in 1888 at 94 per cent., and £1,168,200 in
1889 at 97 per cent. The Bonds are specially secured on the
Railway Extensions, for the construction of which the Loan
was raised, and are redeemable by 1 per cent. Accumulative
Sinking Fund.

1887. Five per Cent. Treasury Conversion Bonds. The object of
the Loan was the Conversion of the $3,582,315 outstanding
Nine per
Cent. Internal Treasury Bonds of 1876, of which
$3,044,100 were exchanged for £624,000 of the New Bonds.
The Loan was issued by Messrs. C. de Murrieta & Co. at
the rate of £20. 10s. of the Conversion Bonds for every $100
of Nine per Cent. Treasury Bonds. Secured on the general
revenues of the Republic. Principal redeemable by 1 per
cent. Accumulative Sinking Fund.

1888.-Four and a-Half per Cent. Internal Gold Loan. Authorised
amount, $19,868,500. Amount offered for subscription,
$19,667,900 (£3,933,580), the balance, $200,600, having been
paid on account of Sinking Fund before the issue of the
Loan by Messrs. Baring Bros. & Co. Issue price, 87 per
cent. Its object was to replace the Five per Cent. Bonds
issued to the Provincial Bank of Buenos Ayres for repay-
ment of advances and to the Provincial Government of
Buenos Ayres for expenses incurred in various objects of
public utility when the City was made the Federal Capital.
Bonds redeemable at par by 1 per cent. Accumulative
Sinking Fund.

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1889.-Four and a-Half per Cent. Conversion Loan. Original amount of Loan, £5,290,000, of which £26,440 was drawn before issue. The actual amount issued was, therefore, £5,263,560. Issued by Messrs. Baring Bros. & Co. and Messrs. C. de Murrieta & Co. at 90 per cent. for the purpose of repaying the Six per Cent. Bonds of 1871 and 1882, and the Buenos Ayres Six per Cent. Bonds of 1870 and 1873. Redeemable by 1 per cent. Accumulative Sinking Fund.

1889.-Three and a-Half per Cent. External Sterling Bonds. Issued by Messrs. Stern Bros. in exchange for the outstanding Six per Cent. Internal (Hard Dollar) Bonds of 1863 and 1872. Rate £20. 1os. of the New, to every $100 Old Bonds. £2,659,500 were given in exchange for $12,973,200 of the Internal Bonds. Secured on the general revenues of the Republic. Redeemable by I per cent. Accumulative Sinking Fund by drawings at par, or by tender if under par. 1890.--Northern Central Railway Bonds (2nd Issue). (Lucas

Gonzales Bonds) £2,976,000, bearing 5 per cent. interest, and 1 per cent. Sinking Fund. These Bonds were not issued to the Public until 1903 (see below), but were used as cover for temporary loans.

1891. Six per Cent. Funding Loan. Amount authorised, £14,880,000 (afterwards limited to £7,630,680, the whole of which has been issued). Specially secured upon the Customs Receipts, subject to the charges of the 1886-7 Loan. Service to be remitted monthly to London by the National Bank. The Coupons are receivable for Customs Duties during the year of their currency. Proceeds to be applied exclusively to the service (during 1891-2-3) of all External Loans or Obligations contracted by the Nation or (under conditions of the Law of 23rd January, 1891) about to be contracted. It was laid down that, during the years that the External Loan Service was made by these Bonds, no fresh Loans or Guarantees should be contracted, and that the surplus of the revenue should be applied to the annual withdrawal from circulation of $15,000,000 currency, and to a Reserve Fund for the amortisation of this Loan. Redeemable by 1921.

1892.-Port of Buenos Ayres Five per Cent. Debentures.—Amount authorised, £2,000,000. Bonds to the amount of £1,384,700 were issued by the Argentine Government to the Con