Argentina and Chile agreed to end naval arms race according to the Dutch newspaper Middelburgsche Courant dated 9 September 1902

An item reported that Chile and Argentina signed on 1 June a treat at Buenos Aires to prevent a further increase of military expenses. The contract for building new warships were to be cancelled and further more was agreed that in the future no more warships were purchased without announcing this 1,5 year earlier. Both countries also agreed to decrease their fleet to a comparable strength without selling warships to an enemy of one of them. The naval part of this treaty was valid for a period of five years.