ed
that the land comprised in the Bazan claim, to which reference is made
later on, measures 582,914 acres. Upon this supposition the Company now
owns 3,044,100 acres.

The original price paid for the Company's lands worked out at about 3s.
an acre.

The original capital of the Company was L875,000, of which over L675,566
was paid to the vendors, leaving a balance of L199,434 to meet the
preliminary expenses and the initial cost of opening up the new
properties. After some years it was found necessary to write off a
portion of the capital, and accordingly, in 1897, the Company's lands
were re-valued at approximately 2s. 9d. an acre.

The present Directors of the Company are:--

Mr. CAMPBELL P. OGILVIE (_Chairman_).
Mr. IVOR BEVAN.
Mr. GORDON H. BROWN.
LORD HAWKE.
Mr. LOUIS H. KIEK.
Mr. T.E. PRESTON.
Capt. The Hon. F.C. STANLEY.

The London Office is at 779, Salisbury House, Finsbury Circus, London,
E.C., and the Secretary of the Company is Mr. David Simpson. The Head
Office in the Argentine is at 761, Avenida de Mayo, Buenos Aires, and
the following are the principal officers of the Company in Argentina:--

Mr. HUGH M. RATTRAY (_General Manager_).
Mr. W.B. WHIGHAM (_Manager of the Cattle
and Lands Department at Sun Cristobal_).
Mr. R.N. LAND (_Manager at Santa Catalina_).
Mr. T. SCOTT ROBSON (_Manager at La Barrancosa_).
Mr. G.L.C. GITTINS (_Acting Manager of the Woods Department_).

SHARE CAPITAL.

The original shares of the Company were L10 each. It was decided in 1897
to reduce them to L7 fully paid, which placed the capital at L612,500.
Shortly afterwards each L7 share was converted into seven shares of L1
each.

In 1906 the shareholders authorised the creation of L200,000 of fresh
capital, which was issued to them in two blocks of L154,000 in 1906 and
L46,000 in 1907.

Fresh capital was authorised in 1908, viz., L187,500, of which L161,608
was issued in 1909, and further lots have since been issued, bringing
the total amount of authorised capital to L1,000,000, and of issued
capital at 30th June, 1910, to L982,347.

An issue of L50,000 Six per Cent. Debentures was made in January, 1904;
and the whole amount was redeemed on the 1st July, 1909.

BAZAN LANDS.

Part of the area sold to the Company consisted of a block of
approximately 88 Spanish leagues, or 530,000 English acres, which became
the subject of negotiations and lawsuits between this Company, the
Provincial Government of Santa