connection with Buenos Aires itself is necessary, for there are already a bewildering number of lines serving the district between Buenos Aires and Rosario, and at harvest-time there is immense congestion at the former place. In fact, the trend of commerce seems to be rather towards the diversion of bulky exports from the capital and the directing of them to Rosario and Bahia Blanca. This criticism receives point from the position of the newly opened Cordoba Central Buenos Aires Extension Railway, upon which the up-country allied lines largely depend for their success. This cumbrously named Company was formed in 1905 to acquire a concession granted by Government to the Cordoba Central Railway to build a metre-gauge line of 187 miles. It runs parallel with the Central Argentine system between Buenos Aires and Rosario, and it was only recently opened. Its district is, of course, one of the very richest in the country, consisting of fine agricultural and grazing land in the zone of black soil. But, as already stated, there is strong competition, and this not only from the other lines, but also from the river, which follows it from end to end. Now the dock of this Company at the capital will not be finished till the end of 1910, and the Company is at present renting accommodation and therefore suffering considerable inconvenience. The work of reclaiming land and dock building is being done by the Buenos Aires and Pacific, and the cost will be about a million sterling. The office of the Company also is to cost £225,000, but a large part of this will be let off. Every large company naturally wishes to have its headquarters in Buenos Aires, but in this case the question arises as to whether the game is worth the candle. Few lines have had to pay more heavily for obtaining their extension privileges; the ordinary stock has been watered to a considerable degree and bonds of the value of three and a half million sterling have been issued. To meet the interest upon these bonds alone its profits will have to be £175,000, and thus a profit of £935 per mile is postulated. To obtain such a profit under economical management the gross receipts will have to be £389,000, or nearly £2,100 per mile, and no broad-gauge line in Argentina has yet reached this figure. In 1909 its gross receipts were only £1,613, its net £654 per mile, but as the line is only in its infancy these figures must not be taken as a criterion. However, the payment of a large dividend on the ordinary stock appears to be a remote eventuality. [Illustration: VIEW OF MARSHY COUNTRY, BUENOS AIRES CENTRAL RAILWAY.] Numerous small lines, chiefly Government or French, have been incidentally mentioned, but they do not require detailed description.[95]