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to £53,000,000. Since 1896 the area under cultivation has grown from 13 million acres to nearly 50 million acres. Of Argentine cereals the United Kingdom imported 1,654,000 tons. There are 30 million cattle in the Republic and 80 million sheep. The breeding of sheep is not what it was, because the Argentine finds he can get a better return from cattle and cereals. So, whilst the value of exported mutton remains very much what it was ten years ago (about £1,250,000), the value of the exported chilled and frozen beef has risen from £1,500,000 to over £6,000,000 a year.

      At the ports are big slaughtering establishments, some belonging to Argentine companies, and others to American companies. A bitter feud is being waged to capture the chilled and frozen meat trade, especially in the English market. As England is only three weeks' distance, meat that is only chilled has an enormous advantage over meat from more distant countries which must be frozen. The fact is denied, but it may be taken as certain that there is a big combination of Chicago houses endeavouring to squeeze their competitors out of business – and they seem in a fair way to succeed. The Argentine public are showing fright, and there have been frantic appeals to Congress that steps be taken to check the creation of a trust. Also it is hoped that England may take action. But the authorities in both countries decline to do anything. The Chicago firms have a long purse and are damaging their rivals at both ends, first by paying Argentine cattle breeders unprecedented prices for beasts, and then by selling the meat below cost price in the Smithfield market. Of course, in reply to what is happening, one hears the statement, "Why grumble, when the Argentine cattle dealer gets a high price for his beasts, the London consumer gets cheap meat, and the Chicago firms pay the difference?" That is true. But it does not need much business foresight to understand that when the Anglo-Argentine companies are bankrupt the Chicago trust, having the game in their own hands, will pay their own price for cattle and lift the price of meat in London. Meanwhile, the Argentine estanciero is quite happy, and is willing to let the future take care of itself. One thing, however, may safely be prophesied. The Argentine Government has a drastic way of doing things. If the expected happens, and the Chicago houses secure the meat industry and begin to force down prices for cattle, there will not be the slightest hesitation in passing a law which will make things uncomfortable for the trust.

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