Roca-Runciman Pact of 1933

This photograph shows Argentine Vice President Julio Roca (jr.) signing the pact in the presence of British trade envoy Sir Walter Runciman (seated at right). The treaty ensured the strengthening of commercial ties between Argentina and Britain. 1 Argentina was assured of an export quota of no less than 390,000 metric tonnes of refrigerated beef, but 85% of the beef exports were to be made through foreign meat packers. Britain "would be agreeable to permit" the participation of Argentine meat packers of up to 15%. 2 Argentina would give to British companies "a benevolent treatment towards insuring the greatest economic development of the country and the deserved protection to the interests of these companies." 3 As long as there were currency controls in Argentina (limiting the sending of money abroad), everything that Britain would pay for purchases in Argentina could be returned to the country by deducting a percentage from payments to the foreign debt. 4 Argentina would keep free of duties imports of coal and other goods imported from Britain at the time and vowed to buy coal only coal from Britain. 5 Argentina agreed not to increase import duties to all British goods or reduce the fees paid to the British railroads in Argentina and exemptions from certain labour legislation, such as the funding of pension programs.