were
laid between Santa Fe and San Cristobal. Subsequently the Central Norte
Railway, which stretches northwards from San Cristobal to Tucuman, was
built by the National Government, and in 1907, the National Government
built a line from Santa Fe to San Cristobal _via_ San Justo.

The Company have built a railway from a point north of Vera running into
their forests, and extend it from time to time as the development of the
wood industry demands. They further own a line from Margarita to La
Gallareta, where the extract factory of the Compania Tanin de Santa Fe
is situated. The Company propose to build a railway from San Cristobal
to penetrate to their northern properties, and have applied to the
Argentine National Government for a railway concession in connection
therewith.

ADMINISTRATION.

After various changes of centre the administration offices of the
Company were, in the year 1902, divided between San Cristobal for the
cattle and lands department, and Vera for the woods department, but, in
1906, the woods department was placed under the supervision of the
General Manager of the Company, who lived at San Cristobal, and, in
1908, the central offices were moved from San Cristobal to Buenos Aires.
Through the latter office all the work of the Company in Argentina
passes on to the London office, the managers at San Cristobal, Vera,
Santa Catalina, and La Barrancosa, having to concern themselves only
with the technical and administrative work carried on under them
respectively.

COMPANY'S BUSINESS.

The Company's business has been mainly divided into three branches,
viz.: (1) land sales and rentals; (2) cattle industry, and (3) timber
trade.

The first two branches are conducted from San Cristobal, situated at the
S.W. corner of the Company's original lands, and for many years the site
of the central offices of the Company in Argentina, whilst the timber
trade is conducted from Vera.

SAN CRISTOBAL DEPARTMENT.

A township was started at San Cristobal in 1884, and now numbers 4,500
persons.

The Administration House and other buildings for the use of the General
Manager and Staff of the Cattle and Lands Department were erected about
three miles from the town, and the whole now forms a large and handsome
establishment, equipped with the most modern requisites for carrying on
the work of the estancia.

The cattle lands have been divided up into sections, which are managed
by officials of the Company, u