called into great demand, and this would mean increased 

 prices, enlarged areas under cultivation, eventually heavy 

 profits, with considerable increase in the wealth of the 

 country at large, and in particular for the farmers : ,in 

 short an era of great national prosperity seemed certain. 



There is no denying that generally speaking these 

 premises ha\*e proved correct. We have seen an un- 

 paralleled increase of prices accompanied by an incre- 

 ment in the value of the articles from the first stages of 

 production: we have the figures demonstrating remark- 

 able total value in exports at the same time decreased 

 values in imports: parallel with this the rise of a con- 

 siderable national industry, it is true attended with 

 higher prices, but replacing many articles of foreign 

 manufacture by home products. 



General prosperity has undoubtedly characterised 

 the country's history throughout the period of the Euro- 

 pean war. 



Gold, according to the statistics, has flowed into the 

 country's coffers as never before. We have established 

 a new era in political finance, selling our produce on easy 

 . terms of payment, we have given credit instead of solicit- 

 ing it, a new precedent in business has been set. 



The inhabitants of the Argentine Republic may well 

 be proud, for are they not, statistically, richer per capita 

 than ever before, more paper money is in circulation in 

 this land than at any previous moment in the history of 

 the country, and a gold basis is assured the currency. 



This may be claimed as highly satisfactory, al- 

 though it is indisputable that the wave of prosperity has 

 not reached all, has not carried its benefits to all alike. 



It is not my intention here to enter into a study of 

 the final incidence of all this wealth and prosperity, nor 

 to dwell upon the difficulties which have attended its ac- 

 quisition ; it has been accompanied undoubtedly by much 

 suffering to the working classes, nor can we pass over in 

 silence the pecuniary embarrassments which have prac- 

 tically left our State Treasury stranded high and dry, and 

 affected the administrative section of our Government 

 both politically and morally. 



I will only remark on some aspects of our progress 

 during the last two of the five years, and draw attention 

 to those problems which, from being mere phases in our 

 career of development, have become predominant features 

 which can no longer be ignored. 



PROGNOSTICATIONS AND REALISATIONS. 



We were to benefit primarily by supplying warring 

 Europe with the prime necessities of life meat and wheat. 



