Juan Peron Net Worth

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The nation’s need for U.S. made capital goods increased, though ongoing limits on the Central Bank’s availability of hard currency hampered access to them. Argentina’s pound Sterling surpluses earned after 1946 (worth over US$200 million) were made convertible to dollars by a treaty negotiated by Central Bank President Miguel Miranda; but after a year, British Prime Minister Clement Attlee suspended the provision. Perón accepted the transfer of over 24,000 km (15,000 mi) of British-owned railways (over half the total in Argentina) in exchange for the debt in March 1948. Due to political disputes between Perón and the U.S. government (as well as to pressure by the U.S. agricultural lobby through the Agricultural Act of 1949), Argentine foreign exchange earnings via its exports to the United States fell, turning a US$100 million surplus with the United States into a US$300 million deficit. The combined pressure practically devoured Argentina’s liquid reserves and Miranda issued a temporary restriction on the outflow of dollars to U.S. banks. The nationalization of the Port of Buenos Aires and domestic and foreign-owned private cargo ships, as well as the purchase of others, nearly tripled the national merchant marine to 1.2 million tons’ displacement, reducing the need for over US$100 million in shipping fees (then the largest source of Argentina’s invisible balance deficit) and leading to the inauguration of the Río Santiago Shipyards at Ensenada (on line to the present day).

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