Page:The Economic Journal Volume 1.djvu/558

536 THE ECONOMIC JO1JRNAL of some scheme by which those payments should be provided for. We have next to consider the resources of the country. Don Francisco Seeber, formerly mayor of Buenos Ayres, in two letters written in August 1890 relative to the material resources of the Argentine Confederation, states the general exports of the previous year at 30,000,000, and the imports 35,000,000, a total of 65,000,000 for a population of 4,000,000, against the 48,400,000 of Brazil with its 14,000,000 of population, and against 31,480,000 of Chile, Peru, and Bolivia combined, leaving 6,400,000 of population to the three countries. He, comparing the Argentine excess of imports over exports 5,000,000, cites the excess of imports over exports in the Australian colonies returns at 15,000,000. Don F. Seeber for further purposes of comparison states the whole debts of the nation and of the provinces at 48,000,000. (The figures at present appear to touch 51,000,000.) He gives the Australian debts as 170,000,000, the whole population being equal to that of the Argentine Confederation. He reports the cows at 28,000,000, the sheep at 85,000,000 in Argentina, against 15,000,000 horned cattle in Australia, and 75,000,000 sheep. B?e states that the Confederation possesses three times the number of horses found in Australia. He further asserts that the Australian wool clip is valued at 20,000,000 a?ainst Argentine wool at 12,000,000. The railways in Australia he puts down at 16,000 kilometres in working against 8,000 in the Argentine territory. A country which exports no manufactures on a large scale, but out of which exports to the value of near ?30,000,000 are annually sent, is one which has at least some substantial resources. Within the country and away from the cities the value of the paper money afloat seems, by lately received accounts, to have depreciated to the extent of about 25 per cent. only, a sign that the evil is mainly confined to the trading centres. There, indeed, alarm has pervaded every mind. The banks have locked up gold and paper, and individuals have done the same, thereby intensifying the crisis. The stoppage of the English Bank brought about a recurrence of distrust. As no acceptances are taken, the trading community is reduced to elementary financial conditions. Produce is moved and shipped as best may be, and balances on this side are, so far as may be practicable, met. Beyond that, gold will be, if it is not yet, required, and will be sent out. State- ments lately received refer to the sugar crops now ripening, and to the probability that farmers will find a scarcity of labour. The wool clip will next come on. It is too soon to calculate upon the later crops, but a good market will be found for them in Europe when gathered. The Budget prepared by Dr. Lopez for the coming year foreshadows a surplus of 670,000, but in view of the fluctuations of the gold premium it can hardly be taken as a document upon which serious expectations can be based. The preferable course will be to rely first upon the crops as they come forward and their effect:. on remittances abroad. The alarm at present felt is temporary, ?nd, as regards