A small railway of 167 miles, under Argentine management, should here be mentioned. It runs westward from the capital to Rojas, and there is also a very important branch of 27 miles which runs to Zarate and connects with the Entre Rios system by a train ferry. In 1906 this Company took over the Tramway Rural à Vapor from Messrs. Lacroze Bros. The line has a gauge of 4 feet 8½ inches. The Company owns valuable property in Buenos Aires and has a terminal station at the suburb of Chacarita, and it serves a profitable district and is also a link with the Argentine Mesopotamia, but it has been obliged to make heavy outlays upon the permanent way. The line was originally a light railway and therefore in indifferent condition for heavy traffic. The ordinary share capital of the Company, which is exclusively held in Argentina, has been increased to over a million sterling. There were issued also in 1907 £600,000 4½ per cent. First Mortgage Debentures to extend the line from Salto to Rojas. This was subscribed in London. It is a good property. [Illustration: RAILWAY CARRIAGE, BUENOS AIRES CENTRAL RAILWAY.] Of the remaining lines the most important are a group of northern railways. The Cordoba Central Railway is metre gauge and is divided into two sections. The "Original Line" is 128½ miles long and was formed in 1887 to connect Cordoba with San Francisco. The latter is an important town half-way between Cordoba and Santa Fé. Shortly afterwards the Company bought the Central Northern Railway from the Argentine Government at a cost of £3,174,603, and also spent about a million sterling on improving the line which runs from Cordoba to Tucuman and has a length of 550 miles. In 1899 the purchase was effected of the North-Western Argentine Railway, a loop-line from Tucuman to La Madrid, length 87 miles. The "Original Line," after leaving Cordoba, passes through a poor and sparsely inhabited country, and this section could be of little value but for the terminus at San Francisco. However, it is economically managed and shows a profit of £800 per mile. The longer section also, between Cordoba and Tucuman, runs through a poor country, but in compensation it has the valuable sugar traffic of the latter city. Sugar forms a quarter and timber nearly two-fifths of its goods traffic. Closely connected with it is the Cordoba and Rosario Railway, which is also metre gauge and connects Rosario with Frontera on the "Original Line." There is also a branch line to Rafaela, which links up with the Central Argentine and the French lines. In 1895 the capital had to be reorganised, and there can be no doubt that it has not yet seen its best days, for it will have to wait for the development of the auxiliary lines which form the connecting links between Tucuman and the capital. But in any case they have to face very severe competition from the Argentine Central and the French lines. It is open to doubt whether the