"ARGENTINE LUCK.”

Taranaki Central Press, Volume IV, Issue 410, 17 April 1937, Page 2

"ARGENTINE LUCK.”

WAVE OF PROSPERITY. Depression Passes Quickly. Buenos Aires, March 27. The traditional “luck of the Argentina* has be m well to the fore of late and has converted the depression of two years ago in o a miniature boom which, bids fair to grow into a full-sized one. Soaring prices provided a satisfactory liquidation oi the poor wheat crop of 1935-36, end a more than satisfactory sale of thebumper corn crop which on its heels. This has been followed by a big wheat crop in 1936-37 and the promise of ano her phenomenal corn crop, with prices well above th satisfying level. The net result of this wave of prosperity has been the redemption of a large part of the foreign ddbt and the conversion of the remainder

to a lower interest level. The home money market seems able to absorb all the Government bonds offered it to finance these operations. j In addition the Government has j acquired one of the British-owned ' railways (Congressional sanction is ye*t lacking, but is a foregone conclusion) and is negotiating for the purchase of another, and it has bought out the Standard Oil’s Argentine interest in the sum of 145,000,000 i jesos. For this, also, Congressional sanction has yet to be obtained, but may be counted upon as certain. In addition, the Government has purchased a “palace” for the president of the nation, and another palatial residence for an art museum. This has led to fears being expressed that the Government may embark on an orgy of spending, but semi-official assurances have been made that* - nothing of the sort is conemplated. Apparently President Justo’s Administration is desirous of •elinquishing office with a record for “good works” such as it has been given to few of its predecessors to accomplish.