The balance sheet of the Argentine Bank on July 30 last showed the following items among the assets: Discounts and rediscounts, 338,211,511 pesos, paper; advances on account current and securities, 287,311,227 pesos, paper, and 5,009 pesos, gold; and guaranteed collectible credits, 26,588,349 pesos, paper, and 16,349 pesos, gold. The cash on hand on the date mentioned was 309,271,166 pesos, paper, and 36,036,484 pesos, gold. The deposits 1,193,996,956 pesos, paper, and 3,139,622 pesos, gold.

The Buenos Aires customhouse collected REVENUES from January 1 to July 18, 1919, aggregating 10,225,557 pesos, paper, and 4,385,522 pesos, gold. These, added to the import duties, make the total receipts 68,295,984 pesos, paper, or 2,254,895 pesos more than those of the previous year.

The Conversion Bank (Caja de Conversion) had on July 18 last gold deposits as follows: Local deposits, 280,056,197 pesos; bonds for deposit in legations, 103,742,188 pesos; or a total of 383,798,385 pesos.

The department of finance makes the following statement of the CONDITION OF ARGENTINE BANKS on July 30 last: Deposits on account current, time, and savings deposits, 10,720,200 pesos, gold, and 2,858,001,962 pesos, paper; discounts and advances, 3,017,931 pesos, gold, and 2,004,598,408 pesos, paper; on hand in the country, 53,849,423 pesos, gold, and 829,457,235 pesos, paper; total paid-up capital, 47,865,413 pesos, gold, and 354,345,178 pesos, paper. Carlos A. Tornquist, a noted financier, estimates that the receipts of the Argentine Republic for PRODUCTS EXPORTED during the period of the war between October 1, 1917, and September 30, 1918, amounted to 750,600,000 gold pesos; capital attracted to the country, 20,000,000 gold pesos; sale of banks abroad, 7,500,000 gold pesos; interest on foreign war bonds, 500,000 gold pesos; funds brought to the country by the Bank of the Argentine Nation, 3,150,000 gold pesos, or a total of assets amounting to 781,750,000 gold pesos. The liabilities are given as follows: Value of merchandise imported, 479,400,000 gold pesos; financial and other remittances, 167,800,000 gold pesos; decrease in foreign mortgages, 27,700,000 gold pesos; short-time loans, 20,000,000 gold pesos; entry of Argentine bonds, 5,000,000; subscription to war loan, 12,700,000; loan to French and British Governments, 177,300,000; and increase of gold in the country, 58,042,900 gold pesos; or a total of 947,942,900 gold pesos.

BOLIVIA.

On December 31, 1918, THE AMOUNT OF GOLD ON DEPOSIT in the banks of Bolivia was as follows: Banco de la Nación Boliviana; 7,916,997 bolivianos (boliviano equals $0.3893); Banco Nacional de Bolivia, 3,467,519 bolivianos; Banco Mercantil, 1,622,350 bolivianos; Banco Francisco Argandona, 980,337 bolivianos; making a total of 13,987,203 bolivianos.

THE BANCO DE LA NACIÓN of Bolivia, of which 65 per cent of the shares are owned by the Government, declared on June 30, 1918, a net profit of 1,510,495 bolivianos, and on December 31, 1918, 1,558,295, or a total of 3,068,790 bolivianos. The reserves for the year were raised during 1918 to 2,000,000 bolivianos, which added to other convertible funds amounts to 2,009,381 bolivianos representing 21 per cent of the payable capital, putting the bank on a very solid basis. The circulation of the bills of the bank, amounting to 20,388,896 bolivianos on December 31, 1917, in 1918 went up to 25,984,984 bolivianos, or an increase of 5,596,088 bolivianos. The profits of this bank from the date of its foundation in 1911 up to the 30th of June, 1919, amounted to 15,762,249 bolivianos. The state of the bank on the 30th of June last was as follows: Cash on hand, $13,277,654 bolivianos; bills in circulation, 26,613,141 bolivianos; foreign assets 18,434,302 bolivianos; deposits, 18,526,162 bolivianos; investments in notes, 36,510,374 bolivianos; net profit, 1,563,998 bolivianos.

The profits from the TOBACCO MONOPOLY were as follows: June 30, 1918, 476,112 bolivianos; December 31, 1918, 532,144 bolivianos; and June 31, 1919, 521,536 bolivianos. In accordance with the contract made with the tax administrative company, the Government receives 70 per cent of the collections.

In the five-year period 1914-1918, inclusive, THE CUSTOMS REVENUE was as follows: 1914, 9,219, 647 bolivianos; 1915, 6,437,859 bolivianos; 1916, 9,669,349 bolivianos; 1917, 13,745,716 bolivianos; 1918, 16,151,025 bolivianos; making a total of 55,223,598 bolivianos. The first three months of the present year the customs revenue was 2,653,938 bolivianos, as against 3,484,823 in the like period of 1918.

BRAZIL.

The board of directors of THE SÃO PAULO RAILROAD CO. presented a statement on June 25, giving the figures for 1918. The company carried 1,976,889 passengers, 315,851 animals, 422,954 tons of coffee, and 1,033,782 tons of general freight. In 1918 there were 10,868 immigrants transported free, making a total number of 711,635 immigrants that the company has transported into the interior of the State of São Paulo since 1882, and whose transportation would have amounted to $875,000. The receipts for the year were 31,409 contos and the outlay 18,927 contos (conto paper

equals about $275 U. S.), showing a profit of 12,401 contos, which, with the surplus of the previous year, amounts to 15,210 contos, distributed as follows: Interest on the external indebtedness, 1,681 contos; amortization of the same, 1,418 contos; dividends for the first and last half of 1918 at the rate of 10 per cent, 9,200 contos; put with the reserve fund, 200 contos; for pension fund, 129 contos; forestry service, 586 contos; leaving a surplus of 2,004 contos for 1919. The outside indebtedness of the company was reduced to £1,691,200 sterling, the reserve fund raised to 4,400 contos, and the pension fund to 1,870 contos. The directorate proposes to continue the work on the Nova Odessa-Piracicaba branch. Plans and surveys have been made for the continuation of the Piratininga line up to the headwaters of the Tiribica, an extension of 90 kilometers. The company owns 7,586 hectares of timberland, the acquisition and development of which represents an investment of 3,200 contos. Up to March 31, the company had planted 5,697,600 trees, of which 5,625,800 are eucalyptus, 1,685,500 of them having been planted in 1918. The company's capital has been raised from 92,000 to 100,000 contos by means of an issue of 40,000 shares, selling for 200,000 reis a share.

THE TELEPHONE COMPANY, RIO GRANDENSE, of Porto Alegre, has secured a loan of 2,000 contos to cancel its floating debt and improve its lines and offices. The loan is contracted by an issue of 13,500 bonds of 200,000 reis, nominal value each, with 8 per cent annual interest and 2 per cent annual amortization.

The government of the State of Paraná has contracted with the American capitalist Mr. Samuel Adviz, to found an AGRICULTURAL AND LOAN BANK, with a guaranteed capital of 15,000

contos.

A SYRIAN BANK is soon to be founded in São Paulo, and the manufacturer, Senor Mauri Jafet, will be a member of its board of directors.

A NATIONAL INSURANCE CO., with a capital of 1,000 contos, has been founded in the city of Santos. The president of the company is Deputy Azevedo, Jr., and the secretary is Senhor George Cox.

CHILE.

The Government has authorized the COINING OF 20,000,000 PESOS, NICKEL, in 10, 20, and 5 cent pieces, and copper 1 and 2 cent pieces, also the coining of 5,000,000 PESOS, SILVER, in 1 peso coins. There will also be issued to the amount of 4,600,000 pesos, the ONE PESO BILLS now held in the fiscal office of the issuance of currency, to replace worn 1 peso bills. The composition of the nickel coins will be 25 per cent nickel, with the same marks and legends as the present silver coins, changing the letters designat

ing the value to numerals. The composition of the copper coins will be 95 per cent copper, 4 per cent tin and 1 per cent zinc. The silver coins will be 50 per cent silver, 9 grams in weight and 29 milimeters in diameter. The law also provides that nobody shall be obliged to accept more than 50 pesos in nickel money.

The ministry of the treasury has issued a decree authorizing the directorate general of accounting to ISSUE FISCAL BONDS to the amount of 5,000,000 pesos, currency, under the guarantee of the State, with 7 per cent interest and 1 per cent amortization. The funds from these bonds will be distributed in the following manner: 3,000,000 for school buildings, and 2,000,000 for irrigating systems.

During the first seven months of the present year, the CUSTOMS REVENUES amounted to 37,717,104 gold pesos (gold peso equals $0.3650) and 30,748,366 pesos currency. The export duty on nitrate was 9,345,292; on iodine, 554,825; and on borax, 40,778 pesos, gold. THE BALANCE OF THE NITRATE RAILROAD operated by the Anglo-Chilean Nitrate Co. as concessionaire, in 1918 showed a profit of £31,864, which added to the profit of the previous year reached a total of £296,819 available for the present year. During the year the railroad transported 245,641 tons of freight, and 27,611 passengers, as against 92,523 tons of freight and 28,823 passengers of the previous year. The output of nitrate was 2,275,700 quintales.

THE STATEMENT OF LA ARAUCO CO. (LTD.), made on April 30, shows a profit of £11,063. In October of the past year this company declared a dividend of 5 per cent, and has now declared another for the same amount, both of these being tax-free. The company turned £50,000 into the reserve fund, leaving a balance of £25,850 for the present year. The railroad of this company turned in a net profit of £54,696, and the mines a profit of £117,657. During the past year 170,856 tons of coal were sold.

COLOMBIA.

The PROPOSED BUDGET OF 1920-21 presented to congress by the treasury department estimates the national income for the fiscal year from the 1st of March, 1920, to the last day of February, 1921, at $19,740,750 gold, the principal sources of revenue being calculated as follows: Customs duties, $10,000,000; salt mines, $1,000,000; income tax, $1,000,000; officially stamped paper and postage, $900,000; excise tax, $800,000; consular fees, $800,000; telegraph lines, $750,000; salt deposits, $655,000; coining of money, $600,000; oil companies, $500,000; railways, $407,000; canalization tax, $400,000. The expenditures are fixed at $19,324,000.

According to figures furnished by the ministry of the treasury on MONEY COINED IN COLOMBIA from January 1, 1918, to June 30, of the present year (i. e., in a period of 18 months), the mint of

Medellín coined $5,661,909, of which $2,246,742 were issued in 1918 and $3,415,167 in the six months of 1919.

According to a TABLE OF PUBLIC REVENUES AND EXPENDITURES FROM 1906 TO 1918, INCLUSIVE, the sum of the revenue of the 12 years was $186,413,347, gold, and the expenditures $188,534,603, gold, resulting in a deficit of $2,121,256. The receipts and expenditures appear even from 1906 to 1914; the years 1916, 1917, and 1918 show deficits of $2,255,265, $1,484,865, and $1,162,515, respectively; and only one surplus, of $2,781,390, in 1915. The President has authorized the municipality of Girardot to contract a LOAN OF $5,000 for the construction of important public works.

About the middle of August the first issue of GOLD COINED IN BOGOTA was put in circulation. The coins are half condors, equal in value to an English pound sterling ($4.8665), and are perfectly made.

AN EXCHANGE AND DISCOUNT BANK, with a mortgage and loan section called "Credito Caucano," has just been founded in Popayán, capital of the department of Cauca.

BRANCH BANKS have been opened by the Banco Mercantile Americano and the Banco Lopez de Bogota in Bucaramanga, and by the Banco Lopez in Barranquilla; and a branch of the American Banking Corporation of New York in the city of Cali.

As an act of commemoration of the battle of Boyacá, on the 7th of August, the CENTENNIAL BANK, with a subscribed capital of $100,000 gold, was founded in the city of Sogamoso.

The Banco Mercantile Americano de Colombia, for the use of its branches in Bogotá and other points in the Republic, has imported $6,000,000 IN COINED GOLD.

The municipality of Medellín has contracted a LOAN OF $250,000 with the Banco Alemán-Antioqueño of that city to build an electric street-car line that will cover the city from north to south and east to west.

The following data were given in the message read by the President at the opening of the present session of Congress: CIRCULATION OF MONEY, 7,700,000 pesos coined gold (peso equals $0.973) 10,180,000 paper money, 6,460,000 silver coins, and 1,194,000 nickel coins; to this must be added 3,200,000 pesos in treasury certificates, and 1,200,000 small mortgage certificates of banks, making approximately a total of 30,000,000 pesos in circulation.

CUBA.

According to figures published by the general directory of commerce and industry the REGISTRATION OF STOCK COMPANIES during the fiscal year 1918-19, in all mercantile registries of the Republic shows a total of 303, with a total capital invested of $301,678,944.