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t 



applied with intense energy by the two modern State-* 

 in the New World, and by all the. new, and many of the 

 obsolete States in the old world thr;nghout the course 

 of ages, to harbour safely what th' 1 past year's lab- 

 ours had garnered, to store the prosperity of one fat 

 year against the lesser fortune of a lean VCJM . to repeat 

 the liistory of Joseph and Pharaoh of Egypt, to place 

 the country in a position to withstand the foreseen 

 -difficult moments which were threatening it by provid- 

 ing the neeessary and modern means of defence this 

 opportunity which was thrust upon our Statesmen 

 who refused to grasp it. will riot be easily renewed 

 under such favourable circumstances as prevailed five 

 years back. 



GOVERNMENT ATTEMPTS TO RECTIFY 

 MISTAKES. 



Later on, it is true, just before resigning the reins 

 of Government, some attempt was made to redress the 

 injury done, and various concessions and advantages 

 were conceded all those who would undertake the con- 

 struction of elevators. 



Despite this, little or nothing has been accomplish- 

 ed, although before Congress _ lie various petition for 

 authorisation to proceed with the construction of vari- 

 ous elevators under the clauses favouring such inver- 

 sions. Although such inversions enjoy free grants of 

 land, importation of machinery - free of duty, and re- 

 duced taxation, according to the various laws which 

 have been passed, it is remarkable that no progress has 

 been made beyond the construction of various isolated 

 elevators along certain railway lines. 



This is partially to be explained by the fact that 

 isolated efforts can achieve little. 



To secure the full utility from Elevators they 

 must be numerous and in the hands of responsible par- 

 ties backed with sufficient capital. 



''This does not imply that Elevators are unprofitable 

 by themselves, that the business of owning jmd running 

 an Elevator is not remunerative. 



We have the figures cited in the Senate in 1915 by 

 Government, when proposing State Elevators, regard- 

 ing the profitable nature of inversions of capital in the 

 construction and running of Elevators by private in- 

 dividuals in the Argentine Republic. 



