SAN NICOLAS.

During the month of May, 1904, 22 steamships cleared from the port of San Nicolas, carrying the following merchandise to the different destinations:

PORT MOVEMENTS FOR JUNE AND FIRST SIX MONTHS OF 1904.

The Buenos Ayres "Handels-Zeitung" (Revista Financiera y Comercial) publishes the following figures, showing the movement of the different ports of the Argentine Republic during the month of June, and the first six months of 1904.

During the month of June 31 steamships cleared from the port of La Plata, and during the first six months of 1904 143 steamships and 6 sailing vessels cleared from the same port. The merchandise carried by these ships during the respective periods was as follows:

Eighteen steamships and 1 sailing vessel cleared from the port of San Nicolas during the month of June, and 72 steamships and 3 sailing vessels during the first six months of 1904, carrying the following merchandise to the enumerated countries:

During the month of June 12 steamships, and during the first six months of 1904, 87 steamships and 3 sailing vessels cleared from the port of Bahia Blanca, carrying the following merchandise to the different destinations:

EXPORTS DURING THE FIRST SEVEN MONTHS OF 1904.

During the first seven months of 1904, according to the "Monthly Bulletin of Statistics and Commerce" of the Department of Agriculture, the following stock and agricultural products were exported from Argentine ports:

Mr. JUSTINO C. THIERRY, Professor of Mines and Metals in the National School of Mines at San Juan, continues to demonstrate with undeniable proofs that the Argentine Republic contains deposits of coal which can be economically exploited. The coal question is one of real importance, inasmuch as within a period of ten years the Argentine Republic bought foreign coal to the amount of $58,854,550 gold, as will be seen by the following table:

The government of the Province of San Juan, recognizing the importance of the investigations made by Mr. THIERRY in the Argentine coal belt, has ordered a third reprint of the report made to the International Argentine Congress, and has added to the same an account of Mr. THIERRY's later investigations. This shows the interest that the Congress is taking in the coal deposits, and it is to be hoped that the necessary funds will soon be appropriated to enable definite steps to be taken with respect to the operation and develop

ment of the coal mines of the Republic. The pamphlet mentioned contains favorable reports on the Argentine coal deposits made by Dr. LADISLAO SZAJNOCHA, professor of geology and paleontology in the Royal and Imperial University of Cracovia, and Mr. E. F. DURRE, a professor in the school of mines at Aachen, Prussia.

FIRST RAILROAD TO CHACO IN THE PROVINCE OF SANTIAGO DEL ESTERO.

The "Prensa" of Buenos Ayres of August 17, 1904, says that recent reports concerning the condition of the works of the branch railroad from Anatuya to Chaco in the Province of Santiago del Estero, authorize the belief that this railroad will be completed within a very short time. The rails are now laid to kilometer 184, and the telegraph line is in operation to kilometer 180. The ties are in place, properly covered, and the roadbed is completed to kilometer 178, at which point a gang of 60 laborers are at work.

This railway, which is a branch line, will have a length of 200 kilometers, of which only 16 still remain to be constructed. A station and house for employees of the railroad will be built at Anatuya at a cost of $23,000. The masonry and earthwork are completed over the entire route, and the rails were probably all laid during the latter part of August.

The great difficulty in the construction of this road which has been experienced, and which has not entirely been overcome up to the present time, is the question of a sufficient fresh-water supply, which is a question of vital importance to all that region. Wells have been bored at kilometers 40, 100, 120, and 160, but potable water has not yet been obtained, the first bodies of water encountered at various depths being brackish, and fresh water was not found in one well which was sunk to a depth of 120 meters. Notwithstanding the lack of a supply of pure water, the country through which the railroad passes is exceedingly fertile, and contains an incalculable amount of wealth in its forests of woods of various kinds, among which many specimens of large and beautiful trees are to be found.

The building of this railroad will greatly stimulate trade in timber, which is the principal source of wealth of Santiago del Estero, and in addition will leave an open door to the Territory of El Chaco, the natural resources of which will doubtless be utilized by capitalists and investors when the richness of that region is ascertained.

BILL FOR THE CONVERSION OF THE INTERNAL DEBT.

Following is the text of the bill for the conversion of the internal debt of the Argentine Republic, as published in the "South American Journal" for September 7, 1904:

"ARTICLE 1. The Executive is hereby authorized to withdraw from

circulation the bonds of the internal debt issued under the following laws:

"(a) Law of June 30, 1884, No. 1418 (independence, soldiers, and Brazil).

(b) Law of June 23, 1891, No. 2782 (national internal loan). "(e) Law of October 16, 1891, No. 2841 (exchange of banco nacional shares).

(d) Law of January 5, 1894, No. 3059; also law of October, 1895, No. 3282; also October 6, 1896, No. 3420; also October 20, 1898, No. 3718 (for consolidation of floating debt).

"(e) Law of August 7, 1897, No. 3490; also November 25, 1897, No. 3566 (extinction of locusts).

"(f) Law of January 15, 1898, No. 3587.

(g) Law of May 17, 1898, No. 3685 (emprestito popular interno). "ART. 2. The bonds issued already in accordance with the law of December 26, 1902, No. 4158 (city improvement works), $12,000,000 national currency; law of November 6, 1903, No. 4270 (school buildings, $7,000,000, national currency), law of January, 1904, No. 4331 (roads and bridges, $9,000,000, national currency), shall be withdrawn, and for those that have yet to be emitted provision shall be made with those authorized by this law.

"ART. 3. To carry out the foregoing the Executive is authorized to make a maximum issue of $125,000,000 in bonds to be called Dueda Internal Nacional,' bearing 5 per cent annual interest, and a sinking fund of 1 per cent cumulative by drawing and at par, the service of which shall be paid quarterly. The sinking fund may be increased. "ART. 4. The issue shall be made in bonds of $20, $100, $500, $1,000, and $5,000 national currency.

"ART. 5. The holders of the stock issued by virtue of the laws mentioned in Articles 1 and 2 shall enjoy the preference for exchanging for stock of the Deuda Internal Nacional, created by this law, on the conditions and within the time determined by the Executive.

"ART. 6. Should the holders of stock in circulation refuse to accept the form determined by the Executive the latter shall withdraw the stock by paying its written value, or increasing the sinking fund, or purchasing in the market under par.

"ART. 7. The bonds withdrawn shall be destroyed by the Public Credit Office."

EXPORTS FROM ROSARIO, JUNE, 1904.

The figures covering the total exports from the port of Rosario during the month of June, 1904, show the following items and quanti