The establishment of large electric works which furnish current at very moderate rates, as well as the advantages of
electro-motors as compared with steam-engines, have led a number of industries to adopt new systems of motive-power. Of a total of 105,575 horse-power, 12,505 are furnished by electricity, 90,655 by steam, 1939 by gas, and 476 by naphtha.
Among those industries which are still in a state of infancy we must mention the chemical industry; this is limited to a few candle and soap factories, sulphuric and nitric-acid works, scent distilleries, dye factories, etc., whose produce is insufficient to the needs of the country.
The match factories, on the other hand, furnish a good article and are sufficient to the country. The consumption at present exceeds 200 million boxes per annum.
We must also mention the existence of a few paper-mills, glass furnaces, and various works where certain agricultural necessities are produced: such as iron wire, fencing, etc., and also certain wheel factories; but here again importation furnishes a great proportion of the articles consumed.
CHAPTER IV
BANKS, THE BOURSE OR STOCK EXCHANGE, AND LIMITED COMPANIES
Banks—International character of Argentine banking—Evolution of banking machinery—List of the principal banks, with amount of capital and business done—Conditions peculiar to Argentine banking; the lack of moveable reserves—Rates of interest on account, on deposit, and on advances—Statistics of the deposit accounts of the principal banks—Exchange operations: their decrease since the determination of a fixed monetary ratio—The Clearing House; the importance of its operations.