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 passes 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 township 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.

[Illustration:  Loading Wheat at Rosario from the “Barranca."]

[Illustration:  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 passing 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.