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ARGENTINE CONFEDERATION.
Branches of Expenditure
1869-70
Dollars
£
Ministry of the Interior
1,297,989
259,597
Foreign Affairs
111.440
22,280
Finance
8,452,726
1,690.545
Public Instruction
786,271
153.654
War Total estimated expenditure .
3.757,217
751,443
14,387,646
2,877,529
The budget for 1870-71, voted by the National Congress in the session of 1870, shewed an estimated revenue of 3,160,000/., and an expenditure of 3,200,000/., leaving a deficit of 40,000/., or 200,205/. less than the estimated deficit of 1869-70.
The public debt of the Argentine Confederation, divided into an external and an internal debt, was as follows, at the end of 1870, according to official returns: —
EXTERNAL. £
Old Buenos Ayres debt, 6 per cent, stock . . . 905,800
3 per cent, stock . . . 1,110,900
Loan authorised by Act of Congress of May 27, 1865 . 2,500,000
October 1870 . 6,000,000
Total external debt . . . 10,516,700
INTERNAL. £
Consolidated 6 per cent. Argentine Stock . . . 2,567.900
Buenos Ayres Public Stock (in paper currency) . . 596.988
Parana Debt, 1858, including interest .... 433,309
Obligations to foreign creditors 18,852
Loan from Brazilian Government, 1851 .... 228.541
Loan from Brazilian Government, 1865-66 . . . 400,000
Total internal debt . . . 4,245,597 Total debt . . 14,762,297
The greater part of the foreign loan of 1865, to the amount of 1,950,000/., was issued in June 1868, by Messrs. Baring Brothers, London, at the price of 72-^ for 100. It is at 6 per cent, interest, and to be repayable in 21 years. The loan of 1870, granted by Congress for the construction of railways and other public works, also at 6 per cent., is to be redeemed by an accumulative sinking fund of 2\ per cent.
Besides the liabilities above enumerated, there is a floating debt in treasury bills, to an unknown amount.
The above statement of the revenue and expenditure and debt of the Argentine Confederation refers to the national or general govern-
