INDUSTRIAL ARGENTINA--RAILWAYS AND MINOR ENTERPRISES
Undoubtedly at the present time the main interest of Argentina is
industrial. The wonderful rapidity of her expansion is perhaps the
most remarkable phenomenon of this generation, and can only be
realised by a visit to the country. No nation has more thoroughly
appreciated this fact than France, which hails with triumph the rapid
progress of a Latin race as a counterbalancing force to industrial
degeneration in Europe. If able and eloquent essays and elaborate
statistics, written with great literary power to call the attention of
French capital and enterprise to the River Plate, were sufficient for
the purpose, France would have a very prominent industrial part in
that region. But, generally speaking, France is enough for the French,
and that country only contributes 10 per cent. of the Argentine
imports, and is thus only slightly ahead of Italy. The rulers of the
United States have also grasped the importance of this new force, and
the _Bulletin of the International Bureau of the American Republics_,
for fulness and clearness of information, puts to shame all English
efforts in the same direction. Yet, in spite of all their exertions,
the United States do not possess a single bank in Argentina (possibly
not in the whole of South America), and England sends to the River
Plate two and a half times as much merchandise. Germany also spares no
effort, although Brazil attracts still more attention. If gratuitous
advertising could command success, Germany would be first without a
rival. For some mysterious reason every Englishman, whether at home or
abroad, considers it necessary to boom German goods and German
enterprise, and a suggestion that the Teuton has left a little trade
to the Anglo-Saxon is received with polite incredulity. In their
enthusiasm our countrymen are a little forgetful of facts and
proportion, and they somehow manage to persuade themselves that
Germany is an absolutely irresistible industrial force. In the
Argentine her share of the import trade is somewhat less than half
that of England.
[Illustration: FREIGHT TRAIN FOR ENTRE RIOS CROSSING NEW BRIDGE.]
It is certainly true that our country has very little system in
placing information before our traders. The Consular Reports are
valuable, but each refers to a comparatively small district, and,
apart from the fact that very few steps seem to be taken to bring them
to the notice of traders, there is great inconvenience in collecting
information piecemeal, nor is the form, in any case, sufficiently
stimulating. We ought to take a lesson from the handsomely illustrated
publications of the States, and the scientific and literary ability
with which the French expound their theme. Our work hitherto has been
fruit-bearing, but not light-giving. One of the commonest exclamations
of an Englishman when he has spent a few days in Buenos Aires is:
"Well! I wish the people at home knew about this." Few people read
statistics, fewer still remember them, and fewest of all understand
them; and consequently the signs of industrial prosperity are almost
stupefying. Still, as railway companies seem to find photographs
the most effective advertisements, it can hardly be doubted that
well-illustrated pamphlets setting forth the industrial promise of
Argentina would make many people in England realise the true state of
affairs. Certainly, the Argentine Government does all in its power by
exhibitions and the dissemination of intelligence to attract capital
and settlers.
Perhaps, as a prelude to this subject, a word may be said about the
British capital invested in the country, for this is one of the most
striking features.
Englishmen have from the beginning taken the lead in developing the
resources of the country, and this fact is fully appreciated by the
people of Argentina, who owe no less their pre-eminent position in
South America to the stream of English capital, which has been pouring
in for generations, than to their fine climate and immense natural
wealth. In the old Spanish days England had a leading share in the
contraband trade, and during the Napoleonic war her merchants were
almost as welcome guests as her armies and fleets were unwelcome. The
English were the pioneers in railway construction, and still own
the most important lines; they have founded banks and freezing
establishments, lighted the streets, laid down tramways, and built
harbours.
Up to May 31, 1908, the amount of English capital invested in
Argentina was as follows:--
Railways £137,845,000
Banks 8,580,000
Tramways 8,010,986
Sundry enterprises 20,910,580
------------
Total £175,346,566
France comes second. Her investments are chiefly in railways and
harbours, and amount to about £21,621,000. German capital, principally
in banks and tramways, stands at £12,000,000. Belgium has £4,000,000
of capital invested in the Republic.
Among the many marvellous industrial features of Argentina the
railways[92] may claim the first position, for they hold in the Plate
country the same place as in the United States: they are the arteries
which bring life-blood to the system. The travellers of two or three
generations ago all remarked upon the wealth of the Pampas and
lamented the impossibility of utilising it owing to the absence of
transport, and the same lament is made by those who now visit Brazil,
Peru, Colombia, and Venezuela. But now Argentina has a splendid
railway system, which is being developed with unflagging enterprise.
Its mileage is greater than that of Mexico.[93]
The first line was laid down in 1857, but progress was very slow, for
Argentina shared the bad reputation of all South American Republics,
and there seemed reason to believe that the next quarter of a century
would be as barren as the last, for foreign and civil wars appeared to
be insuperable barriers to progress. But in the booming times of the
eighties construction went on apace, and no temporary checks to the
general prosperity availed to circumscribe the growing network of
railways. Taken as a whole, they are one of the most brilliant
examples of English enterprise in a foreign land.[94]
The oldest of the Argentine railways is the Buenos Aires Western,
which in 1857 made a modest beginning with a 6-mile track to Flores.
Its early days were full of trouble, and before long it fell into the
hands of the State. It was sold to an English company in 1890, and
since that time has flourished exceedingly. Although the smallest of
the broad-gauge lines, it is a very wealthy concern, and has 1,305 miles
of track. Up to Mercedes it competes with the Buenos Aires and Pacific,
but thence it bears southward, to Banderalo in one direction and Toay in
another, and finally joins the Bahia Blanca and North-Western Railway at
Bahia Blanca itself. It serves a very fertile district, and grain forms
60 per cent. of its goods traffic. The lines are well laid, the rolling
stock excellent, the management of the best, and it has long paid a
dividend of 7 per cent. upon its ordinary stock. Altogether it is a
highly meritorious concern, and though it has less scope for development
than some of its rivals its future can hardly fail to be one of
continuous prosperity.
[Illustration: LOCOMOTIVE, BUENOS AIRES GREAT SOUTHERN RAILWAY.]
The largest of all the railways is the Buenos Aires Great Southern.
Formed in 1862 to take over a Buenos Aires State line of 71 miles,
which was opened in 1865, it has gradually extended over the Province
and beyond, and now has 2,745 miles of line and is also the richest
railway company in the country. The capital is about forty million
sterling, and for ten years interest at the rate of 7 per cent. has
been paid upon the ordinary stock. It has the great advantage over all
competitors in serving nothing but rich country, and practically all
its points are within 200 miles of the ports of Buenos Aires or Bahia
Blanca. The policy of the Great Southern, while financially sound, has
been one of remarkable enterprise, and the distant future has always
been kept in view. Money has been spent lavishly with the object of
obtaining all strategical points and access into promising country. At
Bahia Blanca a large steel mole and grain wharf have been constructed,
with the best machinery for loading and unloading, and accommodation
for fourteen ocean steamers. Control has also been obtained of a dock
company at La Plata, as well as an important interest in the Buenos
Aires Southern Dock Company, where accommodation is provided for
twenty steamers. Nothing has been left undone in the way of providing
docking facilities, and the rolling stock is in excellent condition and
great abundance. This is necessary for grain-carrying lines, because
their goods traffic comes with a rush at one time. Congress has
sanctioned the construction of additional lines of 1,176 miles, chiefly
in the region of the Rios Colorado and Negro. As the irrigation schemes
will make this a rich grain district, the railway may look for large
traffic increases. In the future there will be strong competition in the
Province of Buenos Aires from several French and State lines, but the
history of Argentine railway development has been largely the record of
the absorption by a great line of its smaller competitors, and the
position of the Great Southern is now so strong and its extensions have
been so judiciously planned, that its continued prosperity may be
confidently predicted. It works the Buenos Aires Midland and the Buenos
Aires, Ensenada, and South Coast.
The Buenos Aires and Pacific Railway looms more largely in the view of
the world than its neighbours, and its history presents so many
features of interest that it deserves to be described in somewhat
fuller detail. Although its present mileage (2,712) is very nearly as
large as that of the Great Southern, it is not an old line. The
Company was formed in 1882 to construct a broad-gauge line from
Mercedes to Villa Mercedes, and this was soon extended to the City of
Buenos Aires, which became the headquarters. This, however, was
insufficient scope for the enterprising Company, and in 1904 control
was obtained over the Bahia Blanca and North-Western Railway, which
now has a length of 665 miles, and thus an immense step in advance was
taken by securing a terminus at a town which will probably be the
chief grain port in South America. Four years earlier a similar,
though less important, step was taken to compete with another rival by
taking over the Villa Maria and Rufino Railway. This was a short
section from the town of Villa Maria between Cordoba and Rosario to
Rufino on its own main line, and thus the Buenos Aires Pacific was in
a position to make terms with its northern rivals. But a still more
important extension than either of the above was to follow. The
Argentine Great Western ran from Villa Mercedes to Mendoza, and had
also branches to San Rafael, San Juan, and other small places. Thus it
had a monopoly of the wine traffic, which is very valuable in itself
and doubly so because it comes on at a season in the year when it does
not interfere with other traffic. This line has a mileage of 500
miles, and gross receipts of about a million sterling. For a long time
the Argentine Great Western stood out, but was in 1907 induced to give
way on somewhat extravagant terms, and thus the enterprising Company
was not far from its goal of being a real Pacific Railway. In fact,
there was included in this deal an arrangement which practically
assured this result, for the Great Western had already taken over the
Argentine Transandine, which thus became a part of the Buenos Aires
Pacific system. This is a small line of 111 miles of metre gauge,
which runs from Mendoza to the Chilian frontier, where it joins the
Chilian lines at Las Cuevas. Here a great tunnel has been completed
under the Andes, and it will be open for traffic by the time this book
is published. The magnificent system is the admiration of the whole
world. The Buenos Aires and Pacific is the only line in South America
which has established through communication between the Atlantic and
Pacific, and up to Mendoza the line is well laid, and it carries
passengers speedily and with all possible comfort. But it has had to
pay for its footing and the expense of acquiring sections, which are
valuable rather as rounding off its own system and preventing
encroachments by other companies, has been enormous, and it has been
obliged to make repeated applications for capital in the London
market. The traffic with Valparaiso, although the extension is a
showy scheme, is not likely to pay for many years, and the difficulty
of running trains through winter blizzards and snowdrifts will be
considerable. The heavy expenditure has had a temporary effect, and
the stock has experienced a heavy fall during the last few months. But
the Company has placed itself in a position where it has little to
fear from competition and where it can secure the full advantages from
the future development of Argentina. This railway may be considered
one of the most magnificent commercial enterprises in South America.
[Illustration: RAILWAY STATION, BUENOS AIRES GREAT SOUTHERN RAILWAY.]
The Central Argentine is one of the most prosperous of railways. It
has the largest gross receipts and makes the most profit per mile and
it is also of very long standing. It began in 1864 with a line from
Rosario to Cordoba and for a long time met with severe competition
from the Buenos Aires and Rosario line, which worked practically the
same districts, but in 1902 an amalgamation was effected. But the
Mitre Law has been unfavourable to it, and for some years the
Government insisted that the two lines should continue to be worked
separately, and it was only last year that their complete union was
sanctioned. Rosario is the centre of the system, and here the Company
owns extensive dockyards, and lines run both to Tucuman and Cordoba. A
port, Villa Constitucion, within 32 miles of Rosario, is also being
developed, but competition is feared from Santa Fé, where very large
extensions are being made, and although the Central Argentine has
access to that port, a French company is in a better position for
taking advantage of the facilities. In fact, the line is exposed to
very severe competition from two French companies, the Cordoba
Central, the Buenos Aires Central, and the Rosario and Western, a
light railway, but it is large and wealthy and should have little to
fear. It has an enormous grain traffic, but it serves the older and
more settled districts, and therefore cannot hope to increase its
traffic in the immediate future as rapidly as some of the pioneer
railways. However, it has been pointed out in another chapter that the
development of the Gran Chaco and extensions into Paraguay and Brazil
must ultimately vastly add to the wealth and importance of Rosario and
hence to that of the Central Argentine. But this is a matter of the
distant future. The Central Argentine pursues a conservative policy in
finance and has for many years paid 6 per cent. on the ordinary stock.
It is in a very sound position, a most comfortable line, and the
management is highly efficient. The length of line is 2,392 miles.
There are two competing lines which serve the eastern river district
adjacent to Uruguay, namely, the Entre Rios and the Argentine
North-Eastern. Both have a gauge of 4 feet 8½ inches. The Entre Rios
is a short line of only 656 miles, but it is of some importance on
account of its ferry service which connects Zarate with Ibicuy on the
left bank of the Parana. The railway then runs north to the important
town of Parana, which is the headquarters. No dividend has yet been paid
on the ordinary stock, and the cumulative preference is somewhat in
arrears, for the district is mainly pastoral and that part of the line
which was taken over from the Provincial Government in 1891 is badly
laid, but when Entre Rios becomes a large grain-producing region the
prospects of the Company will improve, and already it does a good trade
in supplying Buenos Aires with fruit and vegetables, while the
management is economical. Of its traffic some 17 per cent. is live
stock, 15 wheat, and 11 linseed.
The North-Eastern, which has 510 miles of railway, should be assured
of a prosperous future, for Posadas, the northern headquarters, is now
connected with Asuncion by the Paraguay Central Railway and will get
much benefit from the development of that hitherto secluded country.
It is still a pioneer line running through swamps and forests and
country which is to a great extent unpopulated, and the goods which it
carries consist chiefly of cattle and their products. The swampy nature
of the country entails considerable expense in construction, but the
Company pays a strict regard to economy, and the capitalisation per mile
is only £8,680. Since June 30, 1907, the working expenses have been cut
down from 65.10 to 57.17 per cent. Although the prospects of this line
are fair they would undoubtedly be better if an amalgamation could be
effected with the Entre Rios, for the district does not yet possess
sufficient traffic for two competing lines. The scheme has long been
under consideration, and as the policy of amalgamation has been carried
on so extensively in recent years it may be that it will eventually be
accomplished.
A small railway of 167 miles, under Argentine management, should here
be mentioned. It runs westward from the capital to Rojas, and there is
also a very important branch of 27 miles which runs to Zarate and
connects with the Entre Rios system by a train ferry. In 1906 this
Company took over the Tramway Rural à Vapor from Messrs. Lacroze Bros.
The line has a gauge of 4 feet 8½ inches. The Company owns valuable
property in Buenos Aires and has a terminal station at the suburb of
Chacarita, and it serves a profitable district and is also a link with
the Argentine Mesopotamia, but it has been obliged to make heavy
outlays upon the permanent way. The line was originally a light
railway and therefore in indifferent condition for heavy traffic. The
ordinary share capital of the Company, which is exclusively held in
Argentina, has been increased to over a million sterling. There were
issued also in 1907 £600,000 4½ per cent. First Mortgage Debentures
to extend the line from Salto to Rojas. This was subscribed in London.
It is a good property.
[Illustration: RAILWAY CARRIAGE, BUENOS AIRES CENTRAL RAILWAY.]
Of the remaining lines the most important are a group of northern
railways. The Cordoba Central Railway is metre gauge and is divided
into two sections. The "Original Line" is 128½ miles long and was
formed in 1887 to connect Cordoba with San Francisco. The latter is an
important town half-way between Cordoba and Santa Fé. Shortly
afterwards the Company bought the Central Northern Railway from the
Argentine Government at a cost of £3,174,603, and also spent about a
million sterling on improving the line which runs from Cordoba to
Tucuman and has a length of 550 miles. In 1899 the purchase was
effected of the North-Western Argentine Railway, a loop-line from
Tucuman to La Madrid, length 87 miles. The "Original Line," after
leaving Cordoba, passes through a poor and sparsely inhabited country,
and this section could be of little value but for the terminus at San
Francisco. However, it is economically managed and shows a profit of
£800 per mile. The longer section also, between Cordoba and Tucuman,
runs through a poor country, but in compensation it has the valuable
sugar traffic of the latter city. Sugar forms a quarter and timber
nearly two-fifths of its goods traffic. Closely connected with it is
the Cordoba and Rosario Railway, which is also metre gauge and
connects Rosario with Frontera on the "Original Line." There is also a
branch line to Rafaela, which links up with the Central Argentine and
the French lines. In 1895 the capital had to be reorganised, and
there can be no doubt that it has not yet seen its best days, for it
will have to wait for the development of the auxiliary lines which
form the connecting links between Tucuman and the capital. But in any
case they have to face very severe competition from the Argentine
Central and the French lines. It is open to doubt whether the
connection with Buenos Aires itself is necessary, for there are
already a bewildering number of lines serving the district between
Buenos Aires and Rosario, and at harvest-time there is immense
congestion at the former place. In fact, the trend of commerce seems
to be rather towards the diversion of bulky exports from the capital
and the directing of them to Rosario and Bahia Blanca. This criticism
receives point from the position of the newly opened Cordoba Central
Buenos Aires Extension Railway, upon which the up-country allied lines
largely depend for their success. This cumbrously named Company was
formed in 1905 to acquire a concession granted by Government to the
Cordoba Central Railway to build a metre-gauge line of 187 miles. It
runs parallel with the Central Argentine system between Buenos Aires
and Rosario, and it was only recently opened. Its district is, of
course, one of the very richest in the country, consisting of fine
agricultural and grazing land in the zone of black soil. But, as already
stated, there is strong competition, and this not only from the other
lines, but also from the river, which follows it from end to end. Now
the dock of this Company at the capital will not be finished till the
end of 1910, and the Company is at present renting accommodation and
therefore suffering considerable inconvenience. The work of reclaiming
land and dock building is being done by the Buenos Aires and Pacific,
and the cost will be about a million sterling. The office of the Company
also is to cost £225,000, but a large part of this will be let off.
Every large company naturally wishes to have its headquarters in Buenos
Aires, but in this case the question arises as to whether the game is
worth the candle. Few lines have had to pay more heavily for obtaining
their extension privileges; the ordinary stock has been watered to a
considerable degree and bonds of the value of three and a half million
sterling have been issued. To meet the interest upon these bonds alone
its profits will have to be £175,000, and thus a profit of £935 per mile
is postulated. To obtain such a profit under economical management the
gross receipts will have to be £389,000, or nearly £2,100 per mile, and
no broad-gauge line in Argentina has yet reached this figure. In 1909
its gross receipts were only £1,613, its net £654 per mile, but as the
line is only in its infancy these figures must not be taken as a
criterion. However, the payment of a large dividend on the ordinary
stock appears to be a remote eventuality.
[Illustration: VIEW OF MARSHY COUNTRY, BUENOS AIRES CENTRAL RAILWAY.]
Numerous small lines, chiefly Government or French, have been
incidentally mentioned, but they do not require detailed
description.[95]
No account of the railways would be complete without a reference to
the important Mitre Law, which was introduced some two years ago. Some
of the railway concessions were expiring, and several provincial
Governments (which are not always as enlightened as the Federal)
were believed to be planning increased taxation. Legislation was
accordingly introduced to put matters upon a proper footing. Such
companies as accept the Law are granted exception from all kinds of
taxation and allowed free importation of all materials till 1947. In
return the companies must pay a tax of 3 per cent. upon net receipts,
which, however, will be applied by the Government in constructing and
maintaining bridges and roads which give access to the lines. Certain
rights of tariff revision are given to the Government, and no watered
capital is recognised. The Law is most valuable to the railways, and
the expenditure on roads and bridges will be highly beneficial. The
effect will be to limit working expenses, for when the gross earnings
for three consecutive years exceed 17 per cent. of the recognised
share and debenture capital, the Government has a right to revise the
tariffs. The Law has been accepted by all the English companies except
the Entre Rios and the Argentine North-Eastern.
The above account will show that competition is very severe. This
tends to bring down profits, and the cost of labour and coal and
materials also makes the working expenses high. The extensions of the
broad-gauge companies are, it is estimated, to cost £9,000 per mile
for track and stations alone. Another fact which adds to the expenses
is the necessity of keeping a very large rolling stock for use during
harvest-times. This must, in part, stand idle for the rest of the
year, and as a corollary to this the great bulk of the traffic is to
the sea, and thus many wagons have to return inland empty. Passenger
traffic, again, is light, owing to the sparse population. The
Government naturally encourages competition; but its attitude has also
a very favourable side, for it puts no obstacles in the way of
construction, and does not attempt to bleed the companies. Of this the
Mitre Law is an example. On the whole, it may be said that the great
ability which has hitherto been shown in railway policy will have to
be maintained at the highest point if profits and dividends are to be
kept up.
On the other hand, it must be remembered that the volume of traffic
steadily increases, and that wheat alone will be exported on a scale
greater than anything which has yet been seen in any country in the
world. The area of cultivation expands yearly, and when a more
intensive scheme of tillage is adopted the yield will increase and
with it the goods traffic. Pasturage is being driven further afield by
the husbandmen, and as more farmers settle within the railway area the
import trade will expand in sympathy with their growing wants and
purchasing power. There is no reason to doubt that the railways will
continue to share in the increasing prosperity of the country, and
will be enabled to take advantage of the vast scope for development
both north and south.
Manufacturers in Argentina are heavily protected, but they have as yet
made no great progress. Writers who deal with the business side of
Argentine life usually treat them in a very cursory manner and devote
themselves to the vast pastoral and agricultural production and other
characteristic industries, but the question of manufactures is worth
consideration, for it is a sign of the times that every nation is
anxious to supply itself with home-made goods and is straining every
nerve to encourage home production. A large proportion, indeed, of the
Argentine factories are merely auxiliary to the production of raw
material, being creameries, butter factories, freezing establishments,
cheese-making factories, and the like.
Brewing and distilling are both important, and there are said to be
130 distilleries and 32 breweries in Argentina. The sugar factories of
Tucuman turn out a great quantity of rum. As sugar-planting is being
successfully pursued in the Territories of Misiones, Chaco, and
Formosa, the manufacture of that article is naturally increasing. The
cost of planting one hectare with cane is about £10. It was estimated
that the Republic produced about 120,000 tons of sugar annually, and
this amount is not quite sufficient for domestic needs, but when the
Gran Chaco is opened up there can be no doubt that not only will
enough be produced to supply the increasing population but that there
will also be a large export.
In 1907 there were 303 flour-mills turning out 699,000 tons of flour.
There are also 77 tobacco factories producing an output valued at
about 2½ millions sterling. All kinds of textiles are produced, but
there are only two cotton-spinning mills and 62 weaving factories.
There are also numbers of miscellaneous industries, the most important
of which perhaps are paper, matches, glass-ware, tanning, clothing,
and building material. In general the factories are fitted up with the
very best English machinery, and there is a determination to leave
nothing undone to secure success. That they will continue to prosper
cannot be doubted, for they have still a much larger home market
than they are capable of supplying. A considerable number of the
manufacturing industries, notably the sugar factories of Tucuman, are
in English hands, and an enterprising Scotch firm has forsaken the
United Kingdom and is engaged in manufacturing cheap shoes of imported
hemp, which are exported largely to Japan. The high tariff wall is a
luxury much appreciated by manufacturers, but not to-day or to-morrow
will Argentina compete with Manchester or Bradford in the world's
markets. Want of coal is a capital hindrance, and that very protection
which confers local prosperity helps to make the establishment and
upkeep of factories very costly. In this respect Argentina is but a
beginner, and no one can say what her manufacturing future will be.
FOOTNOTES:
[92] Valuable articles appeared on this subject in the Economist,
beginning No. 3,457, November 30, 1909.
[93] The following figures show the progress of railway
construction:--
1866 73 miles
1874 150 "
1884 2,290 "
1890 5,745 "
1899 10,285 "
1908 15,476 "
In 1909 the railways carried 50,810,000 passengers. The gross receipts
were about £20,715,000, the net profits about £8,200,000.
[94] The following are the principal lines:--
Argentine Great Western.
Argentine North-Eastern.
Bahia Blanca and North-Western.
Buenos Aires Central.
Buenos Aires Great Southern.
Buenos Aires Midland.
Buenos Aires and Pacific.
Buenos Aires and Rosario.
Buenos Aires Western.
Central Argentine.
Cordoba Central.
Cordoba Central Buenos Aires Extension.
Cordoba and Rosario.
Entre Rios.
Villa Maria and Rufino.
The above are mainly English. There are several smaller private lines
and several belonging to Government, while there is an important
French line--the Province of Santa Fé Railway. As will be pointed out,
several of the above have been practically amalgamated with larger
lines.
[95] The following is a directory of the four broad-gauge railways:--
BUENOS AIRES GREAT SOUTHERN RAILWAY.
_Directors._
Jason Rigby (Chairman),
Sir Henry Bell, Bart.,
A. E. Bowen,
Col. Sir C. Euan Smith, K.C.B.,
Woodbine Parish,
D. A. Shennan,
D. Simson.
_Local Committee._
G. White (Chairman),
J. P. Clarke,
Dr. N. R. Fresco,
F. D. Guerrico.
_Consulting Engineers._
Livesey, Son, and Henderson.
_General Manager._
J. P. Clarke.
_London Manager and Secretary._
H. C. Allen.
_Offices._
River Plate House, Finsbury Circus, E.C.
BUENOS AIRES WESTERN RAILWAY.
_Directors._
Sir Henry Bell, Bart. (Chairman),
A. E. Bowen,
D. Simson,
Woodbine Parish,
J. W. Todd.
_Consulting Engineers._
Livesey, Son, and Henderson.
_Legal Representative in Buenos Aires._
Santiago Brian.
_General Manager._
A. F. Lertora.
_Secretary._
E. Eustace Faithfull.
_Offices._
River Plate House, Finsbury Circus, E.C.
BUENOS AIRES AND PACIFIC RAILWAY.
_Directors._
Rt. Hon. Lord St. Davids (Chairman),
T. P. Gaskell,
C. E. Günther,
E. Norman,
Hon. A. Stanley, M.P.,
F. O. Smithers (Managing Director).
_Local Board._
Dr. Don E. Lamarca (Chairman),
J. A. Goudge,
R. S. Zavalia.
_General Manager._
J. A. Goudge.
_Secretary._
W. R. Cronan.
_Offices._
Dashwood House. 9, New Broad Street, E.C.
CENTRAL ARGENTINE RAILWAY.
_Directors._
J. W. Todd (Chairman),
C. Darbyshire,
P. Riddock,
W. Morrison,
Jason Rigby,
Col. F. J. G. Murray,
J. W. Theobald,
C. P. Ogilvie.
_Local Committee._
Dr. J. A. Frias (President),
H. H. Loveday,
S. H. Pearson,
Carlos Maschwitz.
_Consulting Engineers._
Sir Douglas Fox and Partners.
Livesey, Son, and Henderson.
_General Manager._
H. H. Loveday.
_Secretary._
F. Fighiera.
_Offices._
3A, Coleman Street, E.C.