196 



for wheat, while the average of production for sieers- 

 (novillos) is above one per hectare. The proportion of 

 capital invested is approximately the same : inversion 

 in working land for cereals per hectare $259 m n., price 

 of animal, 2 year old steer $250. 



Whereas meat shows considerable and steady in- 

 crease wheat shows considerable fluctuations, steadily 

 decreasing 1 in bad years. 



Mechanical progress has more than quadrupled 

 the productive power of the average farmer since the 

 middle of the last century. 



Wheat instead of occupying the first place promi- 

 ses to give way to meat, in the case of war the fact 

 that wheat occupies a large bulk must not be overlook- 

 ed, whereas meat is comparatively compact. The nu- 

 tritive capacity of 20 tons of meat is the same as 100 

 tons of cereals. 



FARMERS PROFITS IN THE UNITED STATES. 



In the U. S. A. where the State guaranteed the 

 price of $2.50 gold per bushel, an excellent crop has 

 been harvested, so that if we accept the figures of an 

 average return of 35 bushels per acre (the figure in 

 many cases has been nearer 53 bushels per acre) and 

 the cost of production at $10 gold per acre, then farm- 

 ers have in many cases netted over $116 gold per acre. 



United States statistics of Exportation for the 

 first 8 months of 1917: $383 millions gold. One year 

 later in 1918 for the same period: $ 578 'millions gold. 



Meat and dairy produce increased $ ^54 million 

 in one year. 



We have cited the relative results of the "Ganade- 

 ria" compared to Agriculture during the last few 

 years which were to prove so remarkably favourable to 

 Agriculture, in the sense of securing rich profits for its 

 produce, which at the time was considerably depreciat- 

 ed in value, and have seen that despite all, the actual 

 results have demonstrated that "Ganaderia J ' has been 

 the one to secure the most profitable use of the oppor- 

 tunity, quite apart from, nominal advantages which the 

 distinctions of capital and labour, of the wealth of one 

 party compared to the relative poverty of the other in 

 undertaking their respective industries, are supposed to 

 confer. Agriculture which, a few years back seemed 

 likely to displace "ganaderia'', is now threatened with 

 a like fate in turn. 



The change of position has been remarkable, and 



