The Argentine Crisis.

Manawatu Herald, Volume III, 14 March 1891, Page 2

The Argentine Crisis.

Our previous cablegrams announced that the Government of the Argentine Republic had ordered the banks to suspend payment for two days, the later cablegrams now state that banking business is to be suspended for three days pending the receipt of subscribers to the National Loan, which is to be for 100 million pesos, at six per cent. The peso is equivalent to the five franc piece of France, which thus gives its value at four shillings and two pence in English money, thus the loan is close- on £20,000,000. This appears a large sum to raise in a country that has only four millions of inhabitants, and where gold, which we take for granted is the metal that will hsneeded, often runs up in value as high as £150, or in other" words, £100 gold will buy £150 worth of goods. The Government has $fe& the minimum at 75, which is equivalent to offering 25 per cent for cash. It will be a serious question whether the raising of this loan by the Government will allay the crisis, as it is bound to create a great strain on the banks, by withdrawal of gold deonta, „; - ;? , J I