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 : 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. ! 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. 1870.-Buenos Ayres Six per Cent. State Loan. 1871.- Six per Cent. Public Works Loan. £6,122,400 Stock. Issued 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- 1887. Five per Cent. Banco Nacional (German) Loan. Amount, 1887. Five per Cent. Treasury Conversion Bonds. The object of 1888.-Four and a-Half per Cent. Internal Gold Loan. Authorised 1 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 |