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 " 8,648 5 " 1906 812,500 612,500 50,000 48,183 ... 6,000 " 11,018 6-1/2 " 1907 812,500 766,500 50,000 82,700 ... 12,000 " 20,398 8 " 1908 1,000,000 812,500 50,000 91,463 ... 86,628[E] " 20,611 10 " 1909 1,000,000 812,500 50,000 115,375 ... 20,000 " 22,549 10 and
Bonus of 1-1/2

[Illustration:  Loading Timber at Wayside Station.]

FOOTNOTES: 

[E] Including L76,623 from Share Premiums.

THE VALUE OF LAND IN ARGENTINA.

When one goes to a foreign country, and more especially when he intends to settle there with the idea of making a fortune, he naturally turns his attention to the value of the land, as from this he draws his views of the prosperity of the country.  Now, twenty-five years ago the Argentine had comparatively very few railways; consequently, the lands at any long distance from Buenos Aires (the capital) were at a very low value.  The province of Buenos Aires, the largest in the country, has always been the most populated, and its lands have always commanded the highest prices, and these have risen tremendously, but not so much of late years in proportion as land in the northern provinces.  During the years 1885, 1886, 1887, and 1888, there was a great boom in land.  Foreigners were pouring in, bringing capital; great confidence was put by foreign capitalists in the country, several railways had run out new branches, new railways were built, new banks were opened, and a very large extent of land was opened up and cultivated, and put under wheat and linseed, harvests were good and money was flowing into the country.  Then came a very bad year, 1889; the harvest was practically lost owing to the heavy and continuous rains which fell from December till July with hardly a clear day.  This, together with a bad government and the revolution of 1890, created a great panic and a tremendous slump in all land, from which it took a long time to recover.