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Daily Telegraph (Napier), Issue 5211, 4 May 1888, Page 2

The troubles which have fallen on tho Argentine Republic through tho suspension of so many banks must bo very severe. The collapse of fifteen banks in ten days must caueo a terrible amount of suffering not only to shareholders, but to tho trading community and tho general body of depositors. Wo have no information ns to tho banks which have had to close thojr doors, but it is well known that the capitals of many of those institutions were very largo iv tho Republic, so that tho stoppage must have caused a terrible panic. Wo have had glowing accounts as to tho success of pastoraliste in the territory, very often dished up for us by outsiders, but for the last year or two things have been as gloomy as possible there, and thero has been au awful falling away in the chief exports—wool and sheepskins. The decrease in tho value of tho exports has no doubt brought about tho suspension of tho banks, and one effect will bo that mauy of tho shecpfarmers will be utterly ruined. What was looked upon as the greatest competitor of Australasia in tho wool and frozen mutton trades will thus bo heavily handicapped for a long tinio to como.