GrovAh and Development of the Trade in Frozen Mutton. 231 
6 dollars per ton were assumed to suffice for 1G,G00 tons, expected 
to be tlius benefited. As I have shown, the receipts here of 
Argentine mutton have now reached a figure even beyond this. 
Whether the small bounty had any effect or not, it is clear that 
the Argentine Government were right in their forecast of a 
large addition to the trade. 
In the message of the President of the Argentine Republic 
certain details were given in justification of the proposed bounty. 
In these it appears the cost of a sheep in Buenos Ayres is put 
at 2 dollars 20 cents, from which there are deductions of 15 
cents for tallow and a dollar for the skin, leaving the value of the 
carcass, estimated at 40 lbs. only, as 1 dollar 5 cents. In gold 
dollars the expenses are reckoned thus : — 
^ c. 
Carcass, 40 lbs 0 84 
Freezing 0 42 
Freight and pacldii;,' . . . . . 1 IS 
London expenses 0 42 
Cost in London . . , ■ . , 2 83 
Now this cost represents oUl. per lb. here, which is just 
the full price that many carcasses have been selling for of late, 
and the small reduction which the bounty would give would not 
appear to leave much margin for profit on the transaction. But 
probably the idea was, that could a sufficient trade be kept up 
for a time, there would be gi'eatar competition brought into the 
carrying trade, and a fall in freights induced. As the Presi- 
dent spoke of sixteen steamers engaged in the business, while 
there are twenty-three now employed, this result may have been 
secured. 
In a despatch, dated the 7th November last, Her Majesty's 
Charge d' Affaires at Buenos Ayres reports that, so far as the 
beef export trade is concerned, an extension of the system of 
bounties on factories engaged in the export of meat has been 
effected, Mr. Jenner says : — 
"Congress Las autliorised tlie Argentine Government to guarantee 
interest at the rate of 5 per cent, on a capital of eight million dollars for the 
term of 10 years, to be invested in establishments devoted to the export of 
beef. It is estimated that the value of the 20 million head of cattle exist- 
ing in the Argentine Republic cannot be less than 160 million dollars, and 
that of the 20,000 square leagues of land devoted to cattle-breeding amounts 
to at least 600 millions of dollars. The total capital engaged in this industry 
is, therefore, scarcely less than 750 million dollars, or 100 million pounds 
sterling, at the present rate of exchange. Under these circumstances, the 
call for a Government guarantee of 400,000 dollars, or about 5-3,000/., points 
to a state of things scarcely creditable to the wealthy and influential class of 
men in whose supposed interest the guarantee has been granted." 
