,|8 INFORMATION REI^ATING TO CREDIT 



The following is a comparison of the two balance-sheets : 



31 December 1915 31 December 1916 



frs. frs. 

 x\SSETS. 



Shareholders 25,000,000 25,000,000 



Preinirims to be redeemed on bonds . . . 29,478,638 29,223,239 



Mortgage loans 214,873,903 195,573,088 



Mortgage debtors for interest falling due 8,342,979 11,031,966 



Properties 995>038 . 2,969,303 



Paper 3,507,000 3,507,000 



Bonds of the Defence 3,500,000 18,500,000 



Various debtors 4,060,671 8,282,048 



I^iscal dues to be recovered iio,Ooo 80,667 



Order accounts 6,238,748 6,370.032 



Instalments of dividends — 1,000,000 



296,106,977 301,537.343 



LIABIIITIES. 



Capital 50,000,000 50,000,000 



Bonds 191,943,000 190,280,000 



Reserve as by by-laws 1,775,628 i.975>073 



Extraordinan/ reserve 20,150,000 21,650,000 



Reserve for reconstitution of premium to 



be redeemed 2,817,217 3,374.569 



Special provision — 7,699,583 



Various creditors 9,562,258 8,523,666 



Order accounts 6,238,748 6,370,032 



Interest on loans received in advance . . 71,221 85,834 



Mortgage interest carried over 4,298,999 3,826,183 



Profits and losses 9,249,916 7,445,088 



296,106,977 301,537.343 



The inconveniences from which the Argentine suffers have naturally 

 reacted unfavourably on the business of the Argentine I^and Credit. On 

 the other hand its business has been affected by general circumstances in an 

 imexpected way, for although exportation has been limited the prices ob- 

 tained for exported products have maintained the balance of trade in 

 favour of the Argentine. Therefore and because of government measures 

 for preventing gold from leaving the country, the conditions of the money 

 market at Buenos Ayres were suddenly reversed, and certain mortgage 



