It will be seen from Senor Riestra's statement that the only foreign debt of the Argentine Republic is that due to English bondholders. Her internal debt is due chiefly to her own citizens, who are safe to be paid both principal and interest; nor has any act of repudiation, or compromise ever stained the character of the Argentine people. The pursuance of this praiseworthy conduct has been followed by the investment of British capital in promoting railways and other industrial enterprises. Indeed, look around in whatever direction we may, it is difficult to find a more pleasing illustration of the maxim, that “honesty is the best policy,” than that exhibited by the Argentine Republic.

TOWN AND HARBOUR OF SANTOS.

Before recording the details of my passage home I wish to say a few words more with regard to the rising port of Santos, a notice of which has been accidentally omitted in a former part of my work. Its connection with the San Paulo Railway and the fact of its being the shipping port of the province renders Santos of much future importance. The distance from Rio de Janeiro is about 200 miles, and the navigation is simple enough—in fact, in sight of land the whole way, the sea coast ridge of mountains being conspicuous. The only danger is from the Alcatrazes rocks, which lie some distance to the eastward of Santos, and very ugly customers they are, towering a considerable height above the sea. Steamers can, however, have no difficulty in avoiding them after getting hold of the island of San Sebastian, from the point of which the Santos light becomes visible, and can be seen at a distance of 20 miles, but coasting craft require to keep a good lookout at night. The light is placed on an island of some elevation, covered with trees to the summit, and it has a very picturesque appearance. Rounding a bluff point, you enter at once what appears to be a river channel, though it is an estuary, for Santos is really an island. The passage is winding and the land on each side is covered with shrubby vegetation, the distance up four miles, with deep water for vessels of 1,000 tons. There are some scattered houses on the beach, chiefly used by sea-bathing residents, and on one side is an antiquated looking fort, supposed at one time to have guarded the entrance of the estuary—a specimen of early Portuguese defences; and on the island of Santos are the remains of the old town of San Vincente, the first founded on this part of the coast. The anchorage opposite the town is convenient and well protected; several wharves extend out where vessels lie alongside to discharge and load cargo, and at the Custom House there is an iron pontoon used for the same purpose. At this wharf the steamer I came down in (1,000 tons burden) received a full cargo and sailed within three days, a feat without parallel in any other port in Brazil.

There is some pretty scenery around Santos—on the coast side a range of hills, and opposite to the town, across the estuary, rise the bold mountain ranges covered with verdure. It is a pleasant ride round the base of the hills on the seaside until you come to the town of San Vincente. The railway is laid along a swampy marsh, running parallel and close to the old San Paulo road until it crosses the bridge of Cubitao, which connects the island and the main land. The town itself is long and straggling, containing from 8,000 to 10,000 inhabitants, with some fine warehouses or stores for storing coffee, cotton, or other country produce previous to shipment. At the extremity of the town is the railway station, a commodious building, having wharves, alongside of which vessels can come, and opposite to the station is what looks like a palace, with two wings and a centre, the outside almost entirely lined with ornamental blue Lisbon tiles, and the whole bearing an appearance quite out of keeping with the general features of the place. It is the costly hobby of an old Portuguese merchant, and intended for his own residence, but it progresses very slowly towards completion. The streets are paved with roughish stones, not easy for a novice to walk on, but a great improvement on the sandy element which formerly characterised primitive Brazilian streets. The class of buildings is generally solid, and there are some good, well stocked shops. There is also a theatre on a very diminutive scale, where I went to see an amusing amateur performance, but the heat was stifling; nevertheless, it was quite full, and some well dressed and sprightly young ladies formed part of the audience, and did not appear to be very much troubled by the not very aromatic flavour of the atmosphere. It was a relief to get into the fresh air for a few minutes between the acts.

Santos is not to be judged by its present status, but by what the railway must make it; and a few years will produce a very great change, further accelerated by the introduction of gas, water, and drainage, which are here much needed, as well as in the City of San Paulo. There is a specialty about the old Brazilian towns that one cannot help being struck with, and they present a striking contrast when railway innovation comes to disturb the slumbrous habits of the people. As a seaport and a rising town Santos is deserving of this additional notice, and, I may observe, its close proximity to the sea renders it exceedingly healthy.

MR. PERKINS ON EMIGRATION.

In the elaborate and interesting report of Mr. William Perkins, who was at the head of a recent Government expedition to El Rey, an old Spanish settlement in the Gran Chaco, occurs the following remarks:—“The northern part of the Province of Santa Fé is justly considered the most important, being so highly favoured by nature; and in truth the Creator has here scattered with a prodigal hand all the elements capable of attracting population and industry. For these reasons it saddens the heart to see these magnificent lands deserted, teeming as they do with natural riches. Mighty rivers and streams cross each other in all directions; first-class timber in the woods to an extent the eye cannot reach; picturesque meadows of rich pasture,—in a word, whatever can be desired for agricultural and industrial pursuits.”

Mr. Perkins has been one of the most active and intelligent agents in the cause of emigration to the Argentine Republic and so soon as the land transfers of the Central Argentine Railway are completed the company intend to send him to the United States and to England for the purpose of making arrangements, and to bring out people to occupy their land, a desirable step, which will at once enhance its value and that of the immense tracts by which it is surrounded. The peculiar feature of this railway is the territory attached to the concession, namely, a league on each side of the line, comprising a total of about a million of acres, one half of which is the property of the contractors, the other half belonging to the shareholders, who have, besides, the national guarantee of 7 per cent. on the capital of £1,600,000, which the railway is to cost, or about £6,500 per mile. It is, perhaps, one of the easiest railways in the world to make, the chief expense being the rails and rolling stock, few earthworks or ordinary sleepers being required. As I have before noticed, there is plenty of wood higher up the country, about Villa Nueva, where a large quantity of sleepers of excellent quality were being prepared to complete the line to Cordova.

In Mr. Perkins' report just alluded to are some very graphic descriptions of the riverine facilities, at present so little known or availed of, but it is to be hoped when he revisits those scenes, after utilising his services at home, he will return to see progress already made, and some at least of the lands of the Central Argentine Railway occupied by thriving settlers. It only requires encouragement, and a beginning to be made, which I believe will not long be delayed.

The Argentine Government has come forward to assist the Argentine Railway by an issue of bonds for £300,000, the contractors supplying the remaining £300,000, which, with £1,000,000 in shares when the company was formed, completed the capital. The timely assistance thus rendered by the Government is an earnest of their desire to see this great work accomplished, in which the welfare of the upper provinces is so deeply concerned, as there are no navigable rivers running westward to Cordova, the Parana and the Paraguay tending northward into Paraguay and Matto Grosso. It follows, as a matter of course, that a large portion of the produce of these western provinces will find its way to Cordova and to the railway, amongst them many articles which have never yet been brought down to Rosario or Buenos Ayres, on account of the great cost of transit.