24 REPORT OF SCHIMMEL & Co. APRIL 1914. 
unquestionably passing will free it from all manner of unwholesome excrescences of _ 
excessive speculation. Whenever the tension in the European money-market relaxes 
and good crops bring fresh supplies of cash into the country, the good times will return 
in the Argentine. Fortunately, thanks to the caution exercised by our representatives, 
we have escaped from the crisis without losses. 
By Law No. 8930 of 27th September 1912') and the Decree of 10t# December 1912, 
embodying the regulations under which the law is to be carried out, the old fixed tax 
on perfumeries, toilet-requisites and medicinal specialities was abolished, and replaced - 
by a graduated scale of taxation, based upon the retail selling-price of the article. 
Each bottle of scent was to bear an adhesive stamp corresponding in value to its 
retail price. As a result of the objections made by the traders affected to this form of 
levying the impost, the Government decreed on 14th February 1913 that a tariff for the 
assessment of the tax should be drawn up by a special commission, and suspended 
the application of the sections of the law relating to this matter until this commission — 
had reported, or for a period of 6 months, whichever term was the shorter. The 
period of grace expired before the tariff had been drawn up, and by decree of 
21st August 1913 the Government prolonged the term by a further 3 months. This 
second period has also come to an end without the tariff having. been prepared.. In 
the meantime the Government has laid before the Legislature a Bill which is intended, 
when passed, to take the place of Law No. 8930, and on 15th November 1913 a further 
decree was promulgated under which the regulations now in force will remain valid 
until the new law has been passed. The graduated tax calculated upon the retail 
selling price has thus been put off until further notice. © 
Uruguay, like its neighbour Argentina, has passed through a crisis last year, 
mainly brought about by the unsatisfactory state of credit, but speaking generally the 
country has made satisfactory progress. In a recent speech on the occasion of the 
opening of the new Legislative Session the President expressed a favourable view of 
the present situation and prospects of the Republic. He said: “The financial year 
1913/14 will close under conditions of complete order and with a surplus of revenue. 
Internal and external credit is firmly established, so likewise is the value of real estate. 
The imports amounted in value to 240, the exports to 315 million francs, a balance in 
favour of the country of 75 million francs. The harvest and the wool-clip promise good 
results and an improvement in the economic condition is therefore to be expected.” 
The situation in Chile, according to the report of the Deutsche Uberseeische Bank, 
has suffered last year from a depression in tone which was felt throughout commerce, 
but especially in the import-trade. Even the comparatively favourable development of 
the nitrate of soda and copper industries and the satisfactory result of the harvest, 
which is described as a fair average, were unable to modify this depression to any 
material extent. 
The exports of the two products which are of the greatest importance for Chile 
have shown an increase last year; in the case of nitrate of soda a very considerable 
one, namely over 5000000 cwts. Spanish. On the other hand, the movement of prices 
of both articles was rather irregular and often downwards. In regard to nitrate of 
soda it is to be noticed that the manufacture of artificial manures is beginning to 
acquire more and more importance, and it is to be hoped that the great expansion 
of consumption will effect a certain compensation, and will prevent a slump in the 
nitrate-market. 
1) Report October 1918, 17. 
