10. NATIONAL WEALTH. Dr. Al berto Martinez, director of the last national census of Argentina, has estimated the aggre gate wealth of the people of Argentina at 34,260 million paper pesos in 1916, or $14,546,796,000 (American currency), as against the small sum of only $2,740,600,000, the estimate of the census of 1895 which appears to have been somewhat incorrect.
Property of a private character, owned by the state, is valued at $1,126,000,000, showing an increase of nearly'V50,000,000, as compared with The industrial property of the state was estimated at $480000,000 in 1914, as against I ;53,000,000 in 1884. It consisted of the follow ing items in 1914: Sanitary works, $145,000,000; State railways, $136,000,000; port works, $168, 000,000; irrigation works, $15,000,000; hydraulic works, $12,000,000; telegraphs, $4,000,000. In 1:•: the government lands were valued at $104, 000,000 (301,000,000 acres at 34.4 cents per acre). By 1914 their value had increased to $220,000,000 although their area in the mean time had been reduced to 205,000,000 acres, the value per acre evidently being estimated at $1.07.
The bulk of the people's wealth is repre sented by agricultural property, the value of which is estimated at $7,218,200,000. Industrial, factory and shop properties are estimated at $758,760,000. It is noted that 75 per cent of the raw materials employed by the industries is of domestic origin. Argentine industries sup ply 71 per cent of the demand for manufactured articles. Reckoning the population at close to 9,000,000, and the aggregate wealth at $14,546, 796,000, the wealth per capita — statistical aver age— is $1,616.
Another estimate of the national wealth was made in 1917 by Dr. Alejandro E. Bunge, di rector general of the National Bureau of Statistics. He gives the following estimates of Argentina's national wealth for the years 1908 and 1916: The difference in the valuation of lands and grounds for the year 1916 and that for 1908, amounting to $1,752,000,000, or 63.5 per cent,
does not represent a real increase in the value of land. No such increase in land values has taken place. The difference is to be explained by the difference in the methods of estimating values employed for the two censuses. The same holds true in regard to the valuation of live stock, the value of which is estimated at $628,000,000 for 1908 and $1,360,000,000 for 1916. The difference of $732,000,000 would rep resent an increase of 116.5 per cent.
For the purpose of comparing the national wealth of Argentina with that of other nations the following table is submitted, showing the aggregate and the per capita wealth of the prin cipal nations: K.mgdnal Argentina :,(gg, 51,11: Prance 1908 55,391,000,000 39,280, 1,410 Germany 1908 83,300;000,000 62,800, 1,325 United 67,012,000,000 44,500,000 1,506 United f 1904107,104,000,000 81,200,000 1,318 States 11912187,739,000,000 95,540,000 1,965 It should be noted, however, that these figures are not directly comparable. The purchasing power of money differs in different countries and, moreover, if the real economic power of a country is to be measured correctly it is necessary, in addition to the property existing within the boundaries of the country, to con sider also the investments placed in foreign countries. The European nations in particular have enormous investments abroad, with con siderable returns in the form of interest and dividends. This fact must be taken into ac count, particularly if a comparison of the tax able wealth of different countries is attempted. Argentina's foreign investments are nil, while millions of dollars have been invested by foreigners in her various public and private enterprises. Consult 'Tercero Censo de la Republica Argentina de 1914' (Buenos Aires 1916), and 'Commerce Reports,' issue of 29 Sept. 1917 (Bureau of Foreign and Domestic Commerce, Washington, D. C.).
B. McDoxtrzu., Editorial Laff of The Americana.