it was 1896 and 1897 which were very serious years for
the country.

To give one an idea of the value of land in four or five of the
principal provinces of the country, I must begin with the Queen
Province, as it is called, viz., Buenos Aires. In 1885, property in the
city centre was worth 2s. 6d. to 3s. 6d. a yard, whereas to-day it has
been sold up to L200 sterling per yard, while suburban lots of 20 yards
by 60 yards realised L5 and to-day are fetching L150, and camp lands
have risen from L10,000, to L100,000 the square league. Of course this
is within a radius of 30 to 50 leagues of the city; lands away to the
south and west may yet be bought at L10,000, and, still further south
towards Neuquen and the far Pampa, at L2,000 per square league. The
province of Buenos Aires is not considered good for alfalfa growing, but
has good natural grass camps.

The province of Santa Fe is a large province, extending from the
northern boundary of the province of Buenos Aires to Santiago del
Estero, and contains what is known as the Gran Chaco. The southern
portion of this province is largely dedicated to the production of
wheat, linseed, and maize, for which it is admirably adapted. There are
also large estancias carrying vast herds of cattle, sheep, and horses,
while the northern portion has vast forests of very fine and valuable
timber.

[Illustration: _Wheat ready for Loading at Station on Central Argentine
Railway._]

The first part of this province to be developed was the country around
Rosario, the large port on the River Parana, where ocean-going steamers
call. This, together with good railway accommodation in all directions
combined with excellent land in the district, facilitates the
cultivation of cereals on a very large scale. Property in Rosario itself
is very valuable, and from L30 to L50 a yard is a common figure. In the
immediate district of Rosario land is rarely sold in large areas, but
may be calculated at L20 an acre, whilst 40 leagues further north it is
to-day worth L50,000 a league. I know of one estancia of one league
which was bought in 1885 for L2,000, resold, after being sown down in
alfalfa and divided into paddocks, without further improvements, at
L12,000 (this was in 1903), and again sold in 1909, certainly with
further improvements as regards watering arrangements and more paddocks,
house, and sheds, etc., in fact, a fair model estancia in good working
order, for L60,000. Land on the south-west