which stands at kilometre 250 north of the
City of Santa Fe on the line of the French Railway Company leading from
Santa Fe to Resistencia. Sawmills and offices were built, which involved
the presence of a considerable number of work-people, for whom houses
had to be provided. Consequently, a small village has grown up at the
place.

A branch railway was begun in 1905, at a point 13 kilometres north of
Vera town, on the French Railway, to penetrate westwards into the
Company's forests, and has been extended to a point called Olmos, lying
30 miles away. Along the line two or three hamlets have sprung up, where
people connected with the wood industry reside, as well as the Company's
officials who control the timber in the neighbourhood.

In 1904 the Company entered into an agreement with Messrs. Albert and
Charles Harteneck, Frederick and Charles Portalis, and Hermann Renner,
to bring out a Company to work a factory for the manufacture of tannin
extract from the wood of the Quebracho Colorado tree, and this factory
was ultimately built within the Company's properties at a place called
La Gallareta, which is situated 17 kilometres north-west of the Station
of Margarita on the French Railway line. The Santa Fe Land Company have
also built a branch line from Margarita to this tannin factory.

[Illustration: _Watering-Place at Barrancosa._]

[Illustration: _Wood on the Company's Own Line ready for Loading._]

THE FOLLOWING TABLE SHOWS THE FINANCIAL POSITION OF THE COMPANY FROM
1898 TO THE PRESENT TIME.

Year Share Capital. Deben- Profit. Loss. Placed Balance Dividend
ending. tures to Forward. (percent.)
Autho- Issued 6 per cent. Reserve.
rised. and fully
paid.
L L L L L L L
30th June,
" 1898 612,500 612,500 ... 420 ... ... Cr. 420 ...
" 1899 612,500 612,500 ... ... 1,650 ... Dr. 1,230 ...
" 1900 612,500 612,500 ... 11,757 ... ... Cr. 2,870 1-1/4
" 1901 612,500 612,500 ... 9,854 ... 2,000 " 3,068 1-1/4
" 1902 612,500 612,500 ... 20,746 ... 10,000 " 6,158 1-1/4
" 1903 612,500 612,500 ... 23,988 ... 10,000 " 7,896 2
" 1904 612,500 612,500 50,000 28,332 ... 6,000 " 8,790 3-1/2
" 1905 612,500 612,500 50,000 36,483 ... 6,000 "