Argentina from a British Point of View Part 4

The estancia of Santa Catalina, 4,049 hectareas, say 10,002

A strip of land at Guaycuru on the eastern boundary of the Company's forest lands, 1,636 hectareas, say 4,041

A piece of land at Venado Tuerto, 37 hectareas, say 91

A piece of land at Arrufo, 100 hectareas, say 247

A piece of land at Tostado, 50 hectareas, say 123

41,182

Since the beginning of the Company the total area of land sold has amounted to 709,549 acres (up to 30th June, 1910). It is calculated 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 875,000, of which over 675,566 was paid to the vendors, leaving a balance of 199,434 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 princ.i.p.al 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 10 each. It was decided in 1897 to reduce them to 7 fully paid, which placed the capital at 612,500.

Shortly afterwards each 7 share was converted into seven shares of 1 each.

In 1906 the shareholders authorised the creation of 200,000 of fresh capital, which was issued to them in two blocks of 154,000 in 1906 and 46,000 in 1907.

Fresh capital was authorised in 1908, viz., 187,500, of which 161,608 was issued in 1909, and further lots have since been issued, bringing the total amount of authorised capital to 1,000,000, and of issued capital at 30th June, 1910, to 982,347.

An issue of 50,000 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 Fe, and other parties, lasting for more than twenty-five years. The area in question lay to the West of the Rio Salado, and, at the time when this Company was formed, was supposed to be included in the Province of Santa Fe. Soon afterwards the Province of Santiago del Estero put forward a claim to the lands on the ground that the boundaries of that Province extended eastwards to the Rio Salado, and it therefore disputed the right of the Province of Santa Fe to sell the lands to Messrs. Murrieta & Co. in 1882.

By an Agreement with the Government of the Province of Santa Fe, the Santa Fe Land Company took proceedings in the Supreme Courts of the Province to establish its rights to the land in dispute on the understanding that if the Company failed to establish its claim, the Government of the Province of Santa Fe would indemnify it for its loss.

In the result the Company was evicted from the lands, and entered into negotiations with the Government of the Province of Santa Fe for indemnification. These negotiations went on for some years without coming to any practical conclusion, and at last the Company commenced a lawsuit against the Province and won it. After further delays and negotiations the Government agreed to issue bonds in respect of the Company's claim, and, in July, 1909, the Company agreed to accept $3,212,000 paper Bonds of the Province, carrying interest at 3-1/2 per cent., with an amortisation of 1/2 per cent., the coupons being available for payment of land tax. The Government further undertook to ratify the original t.i.tles of the Company, and to make a survey at the joint expense of both parties, for the purpose of ascertaining the exact area comprised in the original transfer. Any lands found to be in excess were to be paid for by the Company to the Government at the rate of $13.50, paper, per hectarea (about 8s. an acre). The price of such excess lands was to be recouped by the Government from the Bonds issued to the Company, and the Government retained $712,000 Bonds for this purpose, pending the result of the survey.

[Ill.u.s.tration: _Cattle Train on Central Argentine Railway, bringing Cattle to Barrancosa._]

RAILWAY COMMUNICATION.

At the time of the formation of the Company, the nearest railway was that belonging to the Central Argentine Railway, and the nearest railway station was Rosario, but some years later, the lines now belonging to the French Railway Company of the Province of Santa Fe were laid between Santa Fe and San Cristobal. Subsequently the Central Norte Railway, which stretches northwards from San Cristobal to Tuc.u.man, 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 pa.s.ses 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 towns.h.i.+p 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, under the control of the administration at San Cristobal. The office there and the offices on the various sections have recently been connected up by telephone. These sections are Polvareda, Michelot, Los Moyes, and Lucero (which lie to the North and North-East of San Cristobal), and Las Chunas, which forms the North-Western corner of the Company's lands.

[Ill.u.s.tration: _Loading Wheat at Rosario from the "Barranca."_]

[Ill.u.s.tration: _San Cristobal Estancia House._]

SANTA CATALINA AND LA BARRANCOSA.

In January, 1897, the Company rented the estancia of Santa Catalina, which is situated about five miles from Los Cardos on the Central Argentine Railway and about 150 miles South of San Cristobal. Here the stock which was brought down from San Cristobal was fattened before pa.s.sing on to the markets. At the same time the Company continued the sowing of alfalfa which had been begun by the proprietor, and ultimately decided to buy the camp and use it as an establishment for breeding fine stock. The terms of the purchase were that the price should be paid by way of an annuity, payable during the joint lifetime of the owner and his wife. In 1909 this method of payment was compounded and satisfied in full by an allotment of shares of the Company.

The practice has been that the male calves born on this estancia should be sent North to the general herds kept at San Cristobal and the adjoining sections, and that the progeny of these animals should in turn be sold as fat cattle.