INFORMATION REIATIXG TO CREDIT 47 



Mortgage loans reached at the end of the year the sum of 96,327,619 

 piastres of national money (the piastre is discounted in francs at the fixed 

 excliange of 2.20 francs) ; and the amortization fund, that is the effective 

 value of the certificates of participation assigned to loans, was 15,823,631 

 piastres. The corresponding figures for 1914-1915 were, respectively, 

 98,445,457 piastres and 14,389,045 piastres. 



The promises of sales amounted to 12,307,816 piastres, with an amort- 

 ization fund represented by the effective value of the certificates of parti- 

 cipation, namely 1,991,086 piastres, as against 15,316,900 piastres and 

 2,036,141 piastres, respectively, in 1914-1915. 



The bank's real estate is represented by the sum of 12,830,854 piastres 

 as against 7,348,357 piastres on 31 August 1915. 



" Personal bonds " figure in the account for 616,633 piastres : 

 they represent tlie liquidation of mortgage loans not covered by the sale 

 of the guaranteeing properties. Although the balance is charged against 

 the debtors the management has thought it useful to form a " reserve fund 

 for i^ersonal bonds " into which it has paid a sum of 600,000 piastres. 



To resume — although the auctions of real estate which have been forc- 

 ed ui:)on the companj' have necessitated a new organization and entailed 

 new cares, it has been possible to maintain the bank in a sufficiently stable 

 position. 



THE BUSINESS OF THE MORTGAGE COMPANY OF THE RIVER PI.ATE, lyTD, IN 

 1916. — From The Statist, Vol. lyXXXIX, No. 2,032 I^ondoii, 3 Februan- 1917. 



The report presented to the thirtieth ordinary general meeting of 

 this company in London on 31 January gave interesting information as to 

 mortgage business in the Argentine Republic in 1916. 



The country experienced one of the severest droughts on record which 

 wrouglit serious damage to agricultural and pastoral industries. It last- 

 ed from January' to November, the rain coming just before the wheat was 

 ready to be cut and therefore too late to affect the yield of wheat materially, 

 although in time to improve the maize which at one period promised very 

 badly. On the pastoral industry the effects of the drought were less serious 

 ''although anxiety was at one time felt with regard to them. A few months 

 of drought caused a shortage of pasture : the condition of the cattle began to 

 deteriorate and there was considerable mortalitj^ among them. Fortunately 

 the drought broke before these losses had assumed large proportions and 

 apprehensions as to a serious loss of breeding cattle were allayed. The wool 

 clip was good and fetched record ]irices. The export of Argentine meat 

 exceeded all previous records owing to the demands of the armies in the 

 field, and the farmers obtained very good prices for the stock they sold to 

 freezing companies. 



The company's profits were within £100 of their amount in 1915, a most 

 satisfactory result since both the agricultural and the pastoral industries 



