:\irSCliIvLANEOUS INFORJVIATION RELATING 

 TO CREDIT IX VARIOUvS COUNTRIES. 



ARGENTINE REPUBLIC. 



THE NATION.\Iy MORTGAGE BANK, — Banque hypotkecaire nationale. Rapport sur les 

 operations de Vannre 1915. 52 pp. Comi brothers, Buenos Ayres, 1916. 



The report of this bank on the year 1915 shows first of all that in 

 this year it filled only a purely administrative role. The disturbances 

 caused by the European war, and the great difficulties which the course 

 of finances and economics throughout the world has consequently encount- 

 ered, have obliged the bank to delay all new issues of mortgage bonds un- 

 til the various markets are able to offer conditions as profitable as those 

 which formerly prevailed to new securities. 



The National Mortgage Bank has devoted itself especially to a study 

 of the mone}'^ markets, and has at the same time scrupulously watched over 

 the numerous mortgage loans represented by the paper it holds. 



The report shows that in 1915 the Argentine mortgage bond was sought 

 after, in the markets for securities both in the Argentine and elsewhere, as 

 a safe and stable income-producing security. This is natural where Ar- 

 gentine savings are concerned, for the investment is sufficiently renumera- 

 tive, bringing in from 5 to 6 per cent. The security is attiactive even to 

 large capital for it can at any time be converted into cash, so active is the 

 business in the bonds. 



There is nothing abnormal in their movement during 19 [5. Such of 

 them as emanated from Europe, as a consequence of the war, represent only 

 a very small amount as compared with the 300,000,000 pesos (i) estimated to 

 be thus invested in Europe. 



The bank's business is characterized by nothii.g further of particular 

 interest. In this year no new loan was made in the form of mortgage bonds ; 

 39 loans were made in specie for the execution of works on private proper- 

 ties and they represented a sum of 45,680 pesos ; 34 loans for 39,680 pesos 

 were made in the federal capital, and 5 for 6,000 pesos in the provinces. 



On 31 December 1915 there were in force 29,397 loans for a total va- 

 lue of 577,483,631 pesos. As regards interest the loans ot preceding years 

 were distributed as follows : 



Regular loans 



lyoans on which interest for i halt- year is due 

 " " " " " 2 half-years " 



" " " " " more than 2 " 



Total . . . 



(i) I peso = about 4'; at par. 



