FOREIGN TRADE: Wooing the Argentine

Aristocrat turned Socialist, Federico Pinedo, Finance Minister in the new Argentine Cabinet, combines progressive economic views with smart financial moves. When he was Finance Minister once before (1933), Pinedo created the Central Bank and the present Foreign Exchange Control, topped off these with a brilliant maneuver: he alchemized a British loan from credit figures on the books of British banks into actual gold metal, shipped the metal to Argentina, turned it into pesos and marked up a profit of millions of pesos in the national treasury.

Faced with knottier problems in war-torn 1940, Pinedo last month announced that his exchange control...

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