Industrial and commercial South America

The chief sources of the wealth of Argentina are familiar to everyone with any knowledge of world affairs: cattle and agriculture. Stock raising is said to comprise about 50 per cent of the wealth. According to the census of 1914 its value of $8,000,000,000, including land, animals, and machinery, was just about that. The animals were estimated at 1¹⁄₂ billion, the land and fixed installations at 6 billions. In stock of various kinds, Argentina is fifth in the world: with 6 per cent of the total number of cattle, she is third in sheep with 8 per cent, fourth in horses with 4 per cent, fifth in goats with 4 per cent, and eighth in pork with 1.2 per cent.

Live Stock

Cattle. As to be expected, the live stock industry came first, requiring less labor. The early development was a natural one, cattle roaming freely over the plains and multiplying. From these wild herds, descendants of those brought over by early colonists, one could take all he wished up to 10,000-12,000 head, or more with permission from the Governor. But within the last 40 years much blooded stock has been imported from Europe, and scientific breeding has been practised. Twenty-five years ago the stock was estimated as worth $200,000,000. Of great value to the industry was the founding of the Argentina Rural Society in 1866; further, the discovery of the preservation of meat at freezing, and the arrangements for the transport of chilled meat. The numerous Stock Shows greatly contributed to improvements. Beginning at Palermo, Buenos Aires, in 1858, these have for many years been held there annually; others at various centres as at Rosario, Bahia Blanca, Santa Fé, Concordia, etc.

On the pampas all over the country cattle and sheep are raised, though areas are still open in less favorable or accessible districts. Further increase especially of cattle will depend to some extent on the improvement of more pasture lands by the cultivation of alfalfa and other pasturage. The utility of alfalfa, both as improving the land for wheat and as food for cattle was early recognized. Its introduction was a boon to raisers of stock including horses, the alfalfa growing on brackish lands formerly thought useless, as well as on wheat lands. On the largest estancias 20,000-50,000 acres are sometimes given to artificial pasturage chiefly alfalfa. This valuable forage to which 20,000,000 acres are devoted gives 3-4 crops a year, 6-8 tons to the acre.

A great advance in the quality of the stock naturally followed the importation between 1901-14 of pedigreed animals, some at fancy prices: $18,000 for a bull, several horses at $150,000 or more each; altogether 13,000 cattle, 35,000 sheep, 6000 horses, 3000 pigs, worth $14,000,000; in one year stock of various kinds worth $1,500,000. Most of these came from England. Durhams, Shorthorns, are most favored, but many Herefords are raised, Polled Angus, and other breeds. As dairy interests are developing, Durhams are preferred as good milkers as well as good meat. Of the 30,000,000 head of cattle existing before the War (recent figures are 25,900,000), the largest number was in the Province of Buenos Aires, about 7,000,000, with Santa Fé and Córdoba following; millions more are scattered in the Provinces and Territories from the extreme north almost to the extreme south. The export of live stock to neighboring countries has in peace times amounted to $9,000,000. In some districts drought has been a drawback to stock raising, yet it has been difficult to convince the small farmers of the desirability of artesian wells. Some persons have thought that as more land is irrigated for farming the amount of stock would diminish; but Martinez, the leading authority on such matters, states that 50,000 square leagues will remain exclusively for breeding. This extent of territory will support 40,000,000 horned cattle and 200,000,000 sheep, besides the millions which would be raised in the cultivated districts on the intensive principle. Patagonia has large regions suited only for stock raising.

Sheep cannot be allowed on the high priced land, ruining the alfalfa, so they are largely relegated to the outlying districts and to Patagonia; but some high bred sheep are found on model estancias. In the south the sheep are generally of Falkland and Romney Marsh origin, crossed with merinos; they are large and fat, weighing about 150 pounds, some over 200. Some proprietors produce fleece of 9 pounds weight. Thick, short wool is preferred, as frost on long wool prevents the animals moving and so causes great mortality in winter. In the north Lincolns are favored. The largest numbers of sheep are in Buenos Aires, Mesopotamia, San Luis, and Patagonia. During the War wool was in great demand, and in 1916-17, 350,000 bales were exported, two-thirds to the United States; in 1917-18, 181,000 tons, one fourth of which was washed. Diseases are practically unknown, and the increase sometimes reaches 112 per cent. A mortality of 20 per cent is due to cold weather. The number of sheep in 1915 was stated as 80,000,000; recent figures are 43,300,000. Some of the sheep ranches are very large, one in Santa Cruz having 100,000 acres fenced in; others have 50,000 acres or more.

Horses number about 10,000,000; Argentine racers are of the highest quality, as might be expected from the importation of high class blooded stock. Hogs number 3,000,000, goats over 4,000,000.

Packing Houses

The frigorificos are famous; extremely important and prosperous. British capital was early invested in this industry, both cattle raising and packing houses. In 1907 American capital began to turn in this direction. A Swift plant it is said made a profit of 35 per cent in 1916, one of Wilson with smaller investment, 300 per cent. Some plants are for canning also; besides there is meat extract, flour, tongues, soup, dried beef, etc., and by-products such as hides, hoofs, grease, etc. In 1919, 15 frigorificos were in operation, three in Buenos Aires, two in La Plata, three in Zarate, two in Santa Cruz, and one each in Bahia Blanca, General Lopez, Santa Fé, Campana, and Tierra del Fuego. Of these one belongs to Armour and three to Swift; the former was expecting a daily capacity of 2500 cattle, 5000 sheep, and 3000 hogs; others were to increase production. During the War the demand for meat as we know increased. Normally three-fourths of the amount exported is frozen beef, with mutton next in quantity; but in 1917 for war purposes canned meat was nearly half in weight of the frozen beef. The latter was valued at $77,000,000, the former at $37,000,000, the total meat export at $137,000,000. Due to millions spent on pedigreed stock, Argentine meat is of high quality.

In nine months of 1918 the export of stock products, $365,000,000, was 60 per cent of the total. Of meat export, frozen beef was more than half and canned beef a quarter. Wool both dirty and washed was a large item, also skins and fat. Cattle exported on the hoof, 143,000 head, were worth $4,200,000. Butter was a large item and cheese considerable. From 1908 to 1914 the increase had been in value 116 per cent. In four months of 1919, 1,000,000 head of cattle were slaughtered, 1,300,000 sheep, and 55,000 hogs; a larger number than in any corresponding period. The chief purchasers now are England, France, and Italy; but exports to other countries are likely to develop so that increase in stock raising is desirable and the prospect excellent. The cultivation of alfalfa has increased the capacity of different lands 3-25 times. It is the feeling on the part of some Argentines that the packing house industry now dominated by foreigners should be rather in the hands of natives; and it is hoped that by eliminating the excessive profits of the frigorificos, both stock raiser and consumer may receive a benefit.

Agriculture

Of late years agricultural products in ordinary times have outstripped stock raising in value, in some years of good crops being practically double. While regarded as preëminently an agriculture country, hardly more than one twelfth of the Argentine area is devoted to the industry although over one-third is arable land, about 250,000,000 acres. Yet the cultivated land has increased rapidly, being four times as large in 1916 as in 1872. Thirty-five thousand square miles are annually offered for sale. The average area of 62,000,000 acres of cultivated land varies by 2,000,000-3,000,000 from year to year. Of such land one-third is in the Province of Buenos Aires, one-fourth in Santa Fé, one-fifth in Córdoba, with Pampa Central, Entre Rios, San Luis, and other sections following in rapidly diminishing scale. While the area of wheat and linseed doubled, that of corn quadrupled, and of oats increased 30-fold; yet wheat is a long leader. The chief products cultivated are wheat, corn, flax, oats, barley, alfalfa, sugar cane, and the vine. Others of importance are tobacco, cotton, peanuts, potatoes, vegetables, yerba mate, mandioca, fruits, etc. In 1916 over 2,000,000 tons of wheat, and nearly 3,000,000 of corn were exported with some linseed, oats, and barley. In 1919-20 there was a decrease in acreage sown to wheat and corn, but a slight increase in linseed. A wheat crop of 5,000,000 tons is expected for 1921 with 3,200,000 for export; of linseed 1,000,000 tons.

Wheat. Over 24,000,000 acres are devoted to its culture. Although the soil is famed for its fertility the average yield is not very high, about 11 bushels an acre. One writer gives 23 bushels as the average in Mendoza with one property producing 50 bushels. The climate is sufficiently agreeable, but in some years the rainfall is inadequate, and occasionally a visitation of locusts seriously affects the crops, destroying those in some districts; but the regions are so extensive that all cannot be affected at the same time.

Extensive farming is beginning to give way to intensive, especially near the city of Buenos Aires, where land values are now very high. Argentine authorities state that in general a great improvement in farming methods is imperative. Hundreds of large estates are owned by Argentines, while British investments in cattle and agricultural lands probably amount to $50,000,000. Only 30 per cent of the estates are cultivated by their owners. Rentals of lease holders are usually so short and uncertain that they suffer many embarrassments and lack ambition to install desirable improvements, to plant orchards, etc.; a situation which must be remedied to attain permanent prosperity. The Argentine leaders realize that instruction is needed to show the importance of varied cultivation, of rotation in crops, of including some stock raising, and on other matters. Better credit arrangements are suggested and other benefits, one of which has been noted in connection with the countries farther north, the use of fibre plants to make their own bags, thus saving a vast outlay for the importation of such needed articles.

Linseed is an important and lucrative production although the fibre is generally burned. This might be utilized for paper, and better varieties may be introduced to advantage.

Cotton, it is thought, will soon be cultivated on a large scale. Much progress has been made in the last decade, and nearly 40,000 acres are now devoted to its culture, most of them in the Chaco, a few less than 5000 in Corrientes, Misiones, and Formosa. Regions in Salta, La Rioja, Santiago del Estero, Jujuy, Tucumán, and Catamarca are also adapted to its growth, but especially sections near the Paraná River and its tributaries, altogether nearly 350,000 square miles. Capital and labor are wanting, but as little machinery is required, less capital is needed for this industry than for most others. Most of the region is favorable for river transport. The cotton raised is of good quality, classed as Strict good, Middling, or Fully good or Middling; fine and silky, over an inch in length. Several varieties are cultivated. Land is about $20 an acre. The production in 1920-21 is expected to be 75 per cent more than in 1919-20 and nearly seven times that of four years ago. It is hoped that within a few years Argentina will provide cotton for the great manufacturing nations; also that cotton gins will be supplied, and factories for developing the by-products, oil, etc., as also for the cotton itself. Cotton gins already exist in Resistencia and several colonies, where 2000 tons have been seeded.

Sugar is an important production in the north, especially in the Province of Tucumán, which contains about 85 per cent of the 250,000 acres devoted to sugar in 1913, 9 per cent being in Jujuy. The largest amount ever produced was in 1914, about 336,000 tons. In 1913 over 3,000,000 tons of cane were ground to produce 275,000 tons of sugar, an average of 8.8 per cent, in Jujuy a trifle more. Later production fell, in 1917 to 80,000 tons, but rose in 1919 to 250,000, of which Tucumán produced 178,000 from 2,500,000 tons of cane. The average yield is under 12 tons per acre. Java cane has lately been introduced, which will undoubtedly produce more than double the cane to the acre now obtained from the native. Much more land is suited to its growth and the country might be self-sustaining in this line, as it has been one or two years and also have some to export. Of the 39 sugar mills and refineries in the country, 27 are in Tucumán, the rest in Santa Fé, Corrientes, Salta, Jujuy, Chaco, and the Capital. Two are refineries only, these in Rosario and Buenos Aires; nine refine part of their production, the rest are sugar mills only. The greatest capacity of the mills is 417,000 tons, of the refineries 150,400 tons. About 15,000 persons are employed in the industry, at some seasons over 40,000. Several foreign companies are engaged and several local, which have paid good dividends. In the entire industry about $100,000,000 is invested, of which Americans are said to have 10 per cent. The erection of two sugar beet factories is considered.

Rice culture, like that of cotton, has been developed in the last decade, as yet in few sections although most of the country north of Buenos Aires has many marshy tracts suitable to its growth. Of 25,000 acres planted in 1918-19 Tucumán had 13,000, Misiones one-fourth as much, Salta, Jujuy, and elsewhere the remainder. In Tucumán the harvest is most plentiful, about 1250 pounds to the acre. More than three times the area should be planted to supply the country, and a superfluity could be exported.

Tobacco has long been cultivated though not largely, 40,000 acres in 1895; but there was a gradual decrease until recently, when production has been augmented almost to earlier figures. Corrientes, Salta, and Misiones seem best adapted to its growth. In 1917 over 2,000,000 pounds were exported worth $500,000. A large and good use for nicotine is for pastoral and agricultural washes.

Vineyards. The climate and soil of Catamarca, Rioja, San Juan, Mendoza, and Neuquen are excellently adapted for grape culture, and many varieties flourish of native and European grapes, but the great rise of freight rates interferes with sending the fruit to the Buenos Aires market for consumption. As a pound of grapes in Buenos Aires costs 15 times as much as the fruit grower receives, the fruit has become a luxury for the rich. The making of wine is therefore the chief industry of Mendoza, where 1500 bodegas or wine cellars of varying style and capacity exist, some, models of their kind. Some 15 of these have cost about $500,000 each, but the more common type numbering 1000 have a value of $50,000-$100,000. An excellent quality of light wine is made for consumption in the country. The Province of San Juan also contains extensive vineyards and expensive bodegas. At least 3000 establishments are yearly in operation. About 1¹⁄₂ billion pounds of grapes are used to obtain 500 million litres of wine (a 68 per cent return) of which 400,000,000 come from Mendoza. A great future for the industry is expected unless prohibition becomes world wide.

Fruit of semi-tropical and temperate zones is increasingly cultivated, all varieties in the various sections, but in insufficient quantities. In Chubut apples, pears, plums, cherries, and ordinary berries of the best quality are raised; but much fruit is imported from Chile with some from Europe and the United States.

Forestry

The development of forestry is slight and the importation of timber for building and furniture is large; yet the country contains all that is needed, and by planting under favorable conditions might have much more.

Quebracho. In the subtropical country, which is the entire north aside from the mountains, the most valuable wood is the quebracho, of two varieties, red and white. The tree takes 90-100 years to reach maturity, with a height of 80 feet and a diameter of about 2¹⁄₂ feet. Logs are exported for the extraction of tannin, though tannin is extracted locally in increasing quantities, and shipped. The wood is much employed by the railways for sleepers as it does not decay from standing in water. Lately, owing to shortage of coal much has been used in locomotives for fuel, and some for manufactories. Formerly Great Britain was the principal purchaser, but of late the United States has taken the most. In 1915 over $15,000,000 worth of extract was exported and $2,500,000 of logs. Quebracho, break-axe, is of course extremely hard, but there are other hard woods like cedar, and many varieties of valuable timber.

Yerba mate is cultivated in many places, especially in Misiones; the wild growing trees of the forest furnish a still greater supply of the leaves. From these a drink is made which outside of the large cities is in this part of the continent far more popular than tea or coffee.

The northern forests contain several varieties of rubber trees, but none are exploited. Along the Andes are forests, the principal ones from Lake Nahuel Huapi south. Those in this region are believed to be worth $10,000,000,000. The variety of native woods both hard and soft is large; and trees of other countries have been introduced. Thousands of eucalyptus trees have been planted on many estancias, serving a useful purpose in many ways, beside being an ornament on the level plain.

Mining

In the description of the Provinces, mention has been made of the minerals existing in various localities, but up to the present time the working of these has been slight. Tungsten, gold, copper, wolfram, borax, and petroleum have received the most attention, but few are those who have realized any considerable profits. Within ten years the exports have amounted to hardly more than $3,000,000.

Gold is mined in small quantities in various places; in southern Patagonia it is gathered from the coast sands after a heavy sea storm. In Neuquen and Catamarca are workings of fair size. The copper deposits of the Andes are difficult of access but may be developed later. Silver was mined formerly, but the ore was of moderate grade and the work was discontinued. A reverberatory smelter has recently been installed for the mines in Rioja.

Coal deposits exist in Mendoza, San Juan, Neuquen, Chubut, and Tierra del Fuego. The coal is not very good but will help in view of the shortage and high prices. Work is being done in San Juan and Mendoza. It is proposed to open mines among large deposits in Chubut, though the coal will have to be carried 180 miles to a railway.

The tungsten industry is active; 900 tons have been mined in one year, about one-seventh of the world production. Exploitation of marble, wolfram, and mica in Córdoba and San Luis is showing good results.

Manganese is exported in increasing quantity chiefly from the desert section of Santiago del Estero.

Large saline deposits exist, some in basins with no outlet, in the central Provinces, some of volcanic type on the Puna of Atacama, others near the ocean not far from Bahia Blanca. Some of them have been exploited. Importation of salt has diminished and home production is expected shortly to suffice for local needs.

Petroleum is now exciting the greatest interest. Oil is known to exist in four regions with others reported, but only one has been thoroughly tested, that at Comodoro Rivadavia. Borings carried on here by the Government struck oil at a depth of about 1800 feet in 1907. In 1910, 12,000 acres were reserved for Government exploitation which has since been carried on. The place is near the coast about 850 miles south of Buenos Aires. Development has been rather slow, but in 1916, 25 wells had been sunk and 21 were in active production of about 14 tons each per day. There were four steel tanks and other storage space, in all about 26,000 cubic meters, one such of this oil equalling .93 metric ton. In 1917, 36 wells were in production and 19 being bored. In 1918 about 1,250,000 barrels were produced. Tank steamers are provided, and storage tanks in Buenos Aires. An oil tank is begun in Rosario. Others are to be constructed in Buenos Aires, Bahia Blanca, Puerto Militar, Santa Fé, and Mar del Plata. The oil is heavy with an asphalt base; distilled, it yields 1.5-3.5 per cent of naphtha and gasoline, 15-19 per cent of illuminating oils, and 77-85 per cent of lubricating oils, fuel, and coke. Heavier than the better grades of United States oil, it has been used almost entirely as fuel, though it is said that it will distil readily. This will undoubtedly be its chief usefulness, to serve instead of coal. It is employed by a number of factories. A new Government well, 1921, was producing 34,000 barrels a day, and prospects are of the best. Millions have been appropriated for tank steamers, machinery, and for intensive development of the oil fields. The price rose from about $10 a ton in 1916 to $40 in December, 1917. Government control will probably continue, especially because the oil is likely to be used by the navy.

A few private companies are operating outside the restricted area, using 12-inch tubes, while the Government has used smaller. One Company with a capital of $2,000,000 has with other equipment 4.3 miles of railway connecting with the Government railway to the port, also two miles of pipe line. Many of the frigorificos use oil, mostly Mexican. The West India Oil Company imports from the United States or Mexico, mainly for refining.

The other fields are the Salta-Jujuy, the Cacheuta, a few miles south of Mendoza, and the Mendoza-Neuquen field, 700 miles southwest of Buenos Aires. In these fields the oil has a paraffine base, a sample from Jujuy showing 5 per cent of light oil, 30 per cent of kerosene, and 52 of lubricating oil; a grade equal to that of Pennsylvania or Ohio. One such field in Neuquen justifying immediate development is favorably located 824 miles from Buenos Aires near the Ferrocarril del Sud, which will provide special cars and tariff, so that speedy results are hoped for.

Industries including Manufactures

While Argentina is primarily an agricultural and pastoral country and is likely so to continue, a fair amount of capital is invested in manufacturing and in other commercial projects, some of the capital European. The largest sum is invested in Light and Power Companies; for all cities of any size have electric lighting and many, electric traction. About $128,000,000 have been thus invested; in packing houses 40 millions, flour mills 7; in sugar refineries 50, wine making 78, foundries and metal works 25, dairies, etc., 43, tannin extract, etc., 33, lithographing and printing 12, breweries 14, construction companies 11, these all millions. Other companies with investments of 5-10 millions are shoes, saw mills, jute and cotton sacks, carpentry, painting and horse-shoeing together; liquors, tanneries, cotton and woolen mills, furniture, trunks and tapestries, leather goods, brick kilns, clothing, wagons and carriages, ice and aërated waters, ore smelting, grain elevators; many more with investment of 1-5 millions, besides a total of 47 million in still smaller companies.

Of other lines, in 1916 there were 71 telephone companies, capital $15,000,000; 143 banks, capital about $500,000,000, employing 10,000 persons; 85 insurance companies. The companies of all kinds generally are on a sound and paying basis, in spite of high cost of fuel and power. The two leading department stores in Buenos Aires, equal to our best in character, are both British owned; there are many other shops of every kind of the highest class.

The tramways and subway of Buenos Aires are noteworthy. The tramway system has been called the best in the world. There are 500 miles of lines, carrying about 400,000,000 passengers yearly. Packing like cattle is not allowed, the number of persons per car being strictly limited. The subway 8.7 miles long carries 2,500,000 with a splendid system and fine service including one for freight. Extensions were postponed on account of the War. The water supply, taken from the river, and the drainage system are of the highest character. A revenue of $7,000,000 is received by the Government.

Dairy Products. The dairy industry is of quite recent development; butter formerly imported in quantity is now becoming an article of export. From 1914 to 1918 the production of cheese increased 277 per cent, of butter 162 per cent. Three thousand existing creameries, most of which are in the Provinces near the Capital, in 1918 made 50,000,000 pounds of butter, 40 million of cheese, and 15 of casein. More than half the butter and some cheese was exported.

The growth of other industries has caused a great falling off in many imports; of preserves 62 per cent, of ham 96, preserved vegetables 87, beer 98, cider 55, common wine 85. Other things as chocolate, macaroni, fruit crackers, shoes, and cloth have decreased 50 per cent. Of fideos enough is produced for home use, and to export in 1918 over 2,000,000 pounds.

Furniture. The construction of furniture has attained large proportions, a great part of what is sold in the country being made in Buenos Aires though often bearing foreign names. Wood is imported, even $25,000,000 worth in one year, while the finest woods grow in the country. Of 305 saw mills, 134, the most important, are in the City and Province of Buenos Aires far from the forests. The small mills near the woods merely chop off the branches for transport or prepare firewood. Cut wood from Buenos Aires is returned to Misiones and Corrientes for construction, a terrible waste. A change has begun; the mills near the forests are being enlarged and equipped with machinery, so an evolution of the industry is under way.

Paper. Eight paper factories with capital of $8,000,000 employing 1500 persons produce 40,000,000 pounds of paper, 28,000,000 for packing, the rest for newspapers, books, and other things. A great quantity is still imported, formerly from Germany, lately much from the United States. The paper is made of rags, shreds of paper, and pasteboard, the consumption of pulp being small, hardly 200,000 pounds. One factory at Barranqueras, on the Paraná River in the Chaco, employs a kind of bog grass to make three tons of straw board a day.

Flour. The flour mills are of great importance, supplying in 1919, 850,000 tons of flour for home use and some for export. In 1918, 176,445 tons were exported. With fewer mills than formerly, the 400 existing are more productive. The 79 in Buenos Aires, 47 in Santa Fé, 44 in Entre Rios, and 26 in Córdoba produce 95 per cent of the total. Sixty-one per cent of the mills are Argentine owned. One hundred and fifty two are steam mills, 156 hydraulic. They have 25,000-30,000 horse power and employ 10,000 persons. About $34,000,000 are invested in the industry while the production is $100,000,000. However the farmers have trouble, as the fee for hauling grain has increased 60 per cent, and cartage 25 miles to a station is as much as the freight from Buenos Aires to New York. A flour mill in Mendoza and in other western cities of the wheat belt would undoubtedly pay handsomely, saving expensive transport. A new flour mill at La Plata to cost $500,000 is to turn out a quantity sufficient to fill 1000 bags a day.

Beer is made in 25 factories for the consumption of the entire country, a quantity of 80,000,000 litres worth $12,000,000. To produce the 7000 horse power needed, thousands of tons of coal, wood, and petroleum are consumed.

Other Manufactures. Factories making shoes, said to be of the best quality, underwear, umbrellas, acids, perfume, and many other articles are found. Vegetable oils are extracted from peanuts, linseed, rape, cotton seed, and other articles, in establishments in Buenos Aires and Santa Fé.

Altogether there are about 50,000 industrial establishments with a capital of $800,000,000 using 678,000 horse power, employing 500,000 persons, consuming nearly $500,000,000 worth of material, and producing nearly $1,000,000,000 worth of goods. About half of these are extractive or manufacturing. One-third belong to the Argentines who supply 18.67 per cent of the capital.

Developing Industries. The Government is interested in the establishment of other factories and construction work; a cement factory in Buenos Aires to make 300,000 tons per annum is considered, the Government now using 700,000 tons a year. Ship building is encouraged; a steel ship of 1250 tons was launched at Riachuelo; yards are to be constructed at the port of Carmen de Patagones on the Rio Negro by an Argentine company with capital of 50,000,000 pesos. Some armored cement oil-tanks of 6000 tons capacity are to be made for Comodoro Rivadavia, and a depot for petroleum and naphtha at the port of Mar del Plata. Also for the former, port works, a breakwater, a mole for loading, and houses for workmen at a cost of 17,000,000 pesos. Sanitary works for 16 towns at a cost of 9,800,000 pesos are provided for, 22,000,000 pesos are to be spent in three years for machinery and tank steamers to develop the Government oil wells, the exploitation of which will cost 45,000,000 pesos; present production is yet insufficient.

A Spanish Argentine Corporation with a capital of $10,000,000 is to build two large frigorificos at Buenos Aires and Santa Fé, with steamers to transport beef to Spain. Another frigorifico is designed for Puerto Deseado in the south to coöperate with local ranchmen.

The lack of combustibles has for many years been a great and embarrassing problem, an early solution of which is now hoped for. Importation of coal from England and of petroleum from the United States has been carried on at great cost. In five years, 1912-16, $190,000,000 was spent for such articles, while as they say petroleum ran into the sea and wood rotted at the railway stations. In 1919 coal was $26 a ton. The forests of the north have an inexhaustible supply of wood; the charcoal industry is quite well developed in the Chaco, north Santa Fé, Tucumán, and Santiago. Many woods are appropriate, but high freights have impeded their use. A large deposit of coal is recently reported in Tucumán. A new railway to the firewood region of Santiago del Estero will save a 100 mile haul. A splendid source of electric power are the Iguassú Falls with 275 cascades, the greatest with a height of 213 feet. Investigation shows that 500,000 horse power is easily available, one half each for Brazil and Argentina. Ten thousand horse power would be sent 800 miles to Buenos Aires, the rest used in Misiones, Corrientes, and Entre Rios. From the Salto Grande Falls on the Uruguay 50,000 horse power might be available for Argentina and Uruguay each.

Investments

The opportunity for investments for persons with capital is evidently large. A great deal of money is necessary for stock raising, though less in the far south. Agriculture, especially the raising of cotton, rice, or tobacco might be attractive; the sugar industry may be extended. Factories of various kind may be established by experts. Persons speaking Spanish fluently, capable of acting as foremen or superintendents of establishments of various kinds, might find employment. The minerals with the exception of petroleum are less accessible than in some other countries. An American department store in Buenos Aires is desirable, and one might succeed in Rosario.