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 titles 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.

[Illustration:  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 Tucuman, 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.