Part III: Credit 



ARGENTINA. 



THE NATIONAL MORTGAGE BANK: WORKING YEAR 1912 ; 

 INCREASE OF CAPITAL (i). 



I. — Working year 1912. 



The Board of Directors of the National Mortgage Bank has presented 

 its report for the working year 191 2 to the Minister of Finance. It shows 

 the progressive development of the Bank and, the confidence inspired by 

 its 6 % mortgage bonds even in foreign countries, as well as the great serv- 

 ices the institution renders the national economy, both in its urban and 

 its rural operations. 



If we, however, consider that the total mortgage debt of the country 

 is about 1,500,000,000 pesos m/n. (2), and that of this sum only 485,324,126 

 pesos is due to the Bank, the rest representing operations conducted by 

 national and foreign societies or private individuals, we see how large a 

 field there is still open for the action of this Institute. 



The interest the Bank asks on loans is generally less than other money 

 lenders ask; this difference is a real loss for the country. We must therefore 

 increase its resources, which have already reached the maximum permitted 

 by the law (3). We shall see in the next section what provision has 



{1) See Bulletin of Economic and Social IntelU%ence,Augast,igii ; April, August, Novembsr, 

 1912 ; September, 1913 



(2) A gold peso is equal to 5 frs ; a peso m/n. (national money) to 2 frs. 20. 



(3) The Bank has recently been authorized to make the final issue of bonds (25,000,000) 

 completing the 500,000,000 pesos fixed as the maximum limit for circulation, by the law 

 of 191 1. 



