No. 3.
Mr. Hanna to Mr. Bayard.

No. 98.]

Sir: The Argentine Congress, just adjourned, has vastly increased its railroad guaranties. Before the late additions they stood at $188,000,000; now they are increased by $88,000,000, making the total of such guaranties $276,000,000. The greater part of these guaranties are on a 5 per cent, basis—that is, that the roads when completed shall not fall below that on cost of construction and expense of operation.

I have, etc.,

Bayless W. Hanna.