For the Poor

Argentina's $18,000,000 state-owned Banco Municipal de Prestamos (pawnshop) paid off again last week. On July 9 (Independence Day), as it does on New Year's Day and May 25 (May Revolution Day), the Banco returned without charge the sewing machines, typewriters, plumber's wrenches and carpenter's tools which Argentina's poor had pawned and were still too poor to redeem.

Operated under stringent federal laws, the pawnshop avoids taking in stolen goods by registering borrowers' identification cards and fingerprints with police headquarters. Proceeds from the sale of pawned goods go to the borrower, less what he owes and a 10% commission. Borrowers, if unable to redeem pledges, must be notified in time to attend auctions.

Once called the "Benevolent Folly," the pawnshop now has eight branches in Buenos Aires alone, handles everything from tools to art collections and precious ' jewels. In 60 years it has changed one of history's most ill-famed businesses into a popular institution. Profits last month were converted into an 80-bed hospital.

This file is automatically generated by a robot program, so reader's discretion is required.