29 



are made consonant with the demand and thus sustain 

 values in the international markets. 



Is it not a reflection on Argentina that as the sea- 

 sons go by and her crops increase, she remains as bare 

 of storage facilities as ever? 



By reason of this her cereals still fail to find recog- 

 nition with her bankers as a first class security, which 

 is accepted and willingly met in every part of the globe 

 where the sun shines. 



Bankers are naturally timid and rightly insist that 

 the bona-fides of any collateral shall be clearly defined 

 and insured. 



Wheat, therefore, in the* absence of any systematic 

 basis is not recognised as a commercial security in 

 Argentina, although immediately it reaches Europe it 

 obtains recognition as a first class collateral on which 95 

 per cent, of its current value is willingly advanced by the 

 financial world, and why not, it is the finest security the 

 world contains its buying power is greater than all other 

 products and minerals combined. Gold in comparison is 

 without value, for it is nothing more than counter to 

 barter with recognised by the world. 



Turning by way of comparison to North America 

 the report submitted by the Industrial Commission to 

 Congress in 1901, states, that the American product meets 

 the "World 's competition in foreign markets on the most 

 favourable terms, and usually with great success with the 

 result that, because of the competition of carriers and the 

 rivalry of the markets, the American producer gets very 

 much more for his labour than any inhabitant of any 

 other country on earth. 



In one word the competition amongst buyers at the 

 great primary markets Chicago, Kansas City, St. Louis, 

 Minneapolis, keeps up the price to the producer, and is 

 the great force always at work, which assures to him the 

 utmost value of his labours, which price naturally is re- 

 gulated from season to season as there may be abundance 

 or scarcity. 



This is a condition of things in strong contrast to the 

 substantial monopolization that exists in Argentina, the 

 deliberate destruction of competition, and the conse- 

 quent control of the Country's products by a small clique 

 who have reaped enormous profits, and which they will 

 continue to greatly increase. 



The history of the Agricultural development of the 

 United States is an everlasting monument for all time to 

 the consummate skill with which the great difficulties 

 were surmounted and the ability of the American people 

 to apply the principles of equity to the administration 

 of her vast products. 



