The sun., 1918-12-16

the Argentine continues, and conse-
quently land values have risen.
especially those camps which are situ-
ated in the best districts.
The Prosperity OF Chile.
THE financial year-July, 1917, to
June. 191S--has been for Chile one Of
the most prosperous in, recent times,
although toward the end Of the period
certain factors have arisen which mill
tate against a continuance OF this
state of things in certain industries.
Taken generally, the prosperity is due
to the continued demand for Chile's
chief exports, viz. nitrate. copper,
wool, meat in various forms. and
cereals-the prices for which have
been well maintained and the produc-
ton good. Shipping difficulties have.
however. retarded the export of part
of these products. more especially
cereals, although gradually these are
finding their way to foreign markets.
ITO n large extent the future pros
perity of Chile depends upon the ex-
tent to which the principle of market
control by purchasers combines If
carried, and. from the banks point
of view, rs also in the interests of the
considerable amount OF British capital
invested in Chile. 1t Is to be hoped that
such control will always take into ac-
count the interests of the smaller
producers, among whom an excellent
market for British goods can in thai
case be found in the future, as in the
past
As has been mentioned the export
| figures for copper have already re-
| fected q noticeable decline up to June
as compared with those to December
due to the exclusion Of the small pro
Queer, and in many quarters 1t II
feared that similarly adverse result
of the fixing OF prices may superven'
I'm the nitrate industry.
It is interesting to note in this con
nection that before the war Germany
imported so per cent. Of the produc
ton OF Chilean nitrate, and the poin
arises what quantities that countr!
will be in a position to secure under
the conditions which may be eXpecte,
to prevail for a considerable period az
ter the war. In preparation for I
possible shrinkage OF income from ex
port duties, the present Chilean Gov
eminent would appear to be making I
careful study OF other sources o
revenue. and already It has beef
limited that further extensions of di
rect taxation are II view.
"Of all Chilean industries. ar 2ul
ture has hitherto received as a who'll
] ~. ~ 80 tdx
but serious endeavors are now ii
evidence 70 make this, as 1t should be
one Of the chief sources OF wealth 4
the people and Government.
Bolivia Is Prospering.
referring now to those countrie
where we hold considerable interest
although we are not directly repre-
scented there by our branches. ma,
mention in the first place Bolivia
Senior jose Gutierrez Guerra. who as
sumed the Presidency last year, 1
carrying out the high expectation
that had been formed Of his term o
office. and the country continues t
benefit by the advantage it derive
from war conditions.
1.-THE price OF tin. although II ha
gradually receded from the top pIic
reached-f399 per ton--still stands a
the high figure OF 1886, as compare
with f247 a year ago, the whole outpu
being practically used by the allie
Governments.
THE most important financial even
| in the country during the year Ia
been an arrangement made necessar
by the impossibility in which Bolivi
: found herself OF importing gold
| lowing to the United States prohibitio
it-whereby the Bolivian banks may de
y post money with the Federal reserv
: banks in New York for the purpose {
Strengthening their reserves and as
slsting the circulation. The Banco 4
| la Nacion Bolivlana. in which we al
j interested. has made further progres
}, during the year. and was able to pa
an increased dividend for 1917.
Peru Keeps on Growing.
e In Peru the tide OF prosperity cor
e tinues to rise. and the volume Of FOL
= eign trade for 1917 exceeded fp32, 900
d 000-being an increase OF near