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of land of a farm cultivating Cereals. The average 

 total capital on such a farm we may calculate, apart 

 from the actual value of the land, that is, the actual 

 capital of the farmer, does not exceed $10,000 m|n. and 

 therefore tin -re is a. need of credit in order to carry 

 through the total operations of the year. 



Primarily in order to work his land, the tenant or 

 fanner has invested half his capital, or some $5,000 mjn. 

 in implements and horses. 



The rent of a farm in the cereal zones at the lowest 

 calculation accounts for $1,000 m|n., which is the firr-t 

 six month's rent, assuming that the second quota be 

 payable after the Harvest. 



Preliminary operations, that is during winter and 

 Spring, plowing, sowing, and living expenses absorb 

 $1,000, and seed another $1,000 m|n. 



SEED LOANS. 



In regard to seeds and advances for Sved<$ except 

 in a few cases where these are advanced by the owners 

 of the land or by the agent who undertakes the "co- 

 lonising'' of the land, only in years of absolute disaster 

 does the colono look to having seed advanced him, that 

 is to say in years when previous, disaster has left him 

 no additional working capital in cash at all. When he 

 has no visible crop, has no prospects of having one, he 

 cannot look to the customary sources for credit, to the 

 grain houses although when there is any possible 

 chance of the year tnrninu 1 out favourably in the long 

 run. they do occasionally advance funds for seeds, of 

 course at their terms. The "ehacarero" can. it is true, 

 depend on the " almacenero ' ' for -limited credit in sup- 

 plies, but in really bad years, in cases of dire need, he 

 relies on official aid. ami to the Government he turns 

 when other sources fail him. He generally limits his 

 demands on the Government to the advancing of seed. 



The experiences of loans or advances of seeds have 

 left b?hind them the feeling that the average Argen- 

 tine farmer is endowed with a good amount of persist- 

 ence, and also with all the customary honesty associat- 

 ed with rural folk. 



During the crises of bad harvests, which extended 

 over several years in the South particularly, and which 

 were the occasion for a good deal of pessimistic talk, 

 the advances made to farmers for seeds, were all re- 

 paid. The different bodies to whom distribution was 

 confided, the railways, the local committees, the grain 



