The Company have built a railway from a point north of Vera running into their forests, and extend it from time to time as the development of the wood industry demands. They further own a line from Margarita to La Gallareta, where the extract factory of the Compania Tanin de Santa Fé is situated. The Company propose to build a railway from San Cristobal to penetrate to their northern properties, and have applied to the Argentine National Government for a railway concession in connection therewith. ADMINISTRATION. After various changes of centre the administration offices of the Company were, in the year 1902, divided between San Cristobal for the cattle and lands department, and Vera for the woods department, but, in 1906, the woods department was placed under the supervision of the General Manager of the Company, who lived at San Cristobal, and, in 1908, the central offices were moved from San Cristobal to Buenos Aires. Through the latter office all the work of the Company in Argentina passes on to the London office, the managers at San Cristobal, Vera, Santa Catalina, and La Barrancosa, having to concern themselves only with the technical and administrative work carried on under them respectively. COMPANY'S BUSINESS. The Company's business has been mainly divided into three branches, viz.: (1) land sales and rentals; (2) cattle industry, and (3) timber trade. The first two branches are conducted from San Cristobal, situated at the S.W. corner of the Company's original lands, and for many years the site of the central offices of the Company in Argentina, whilst the timber trade is conducted from Vera. SAN CRISTOBAL DEPARTMENT. A township was started at San Cristobal in 1884, and now numbers 4,500 persons. The Administration House and other buildings for the use of the General Manager and Staff of the Cattle and Lands Department were erected about three miles from the town, and the whole now forms a large and handsome establishment, equipped with the most modern requisites for carrying on the work of the estancia. The cattle lands have been divided up into sections, which are managed by officials of the Company, under the control of the administration at San Cristobal. The office there and the offices on the various sections have recently been connected up by telephone. These sections are Polvareda, Michelot, Los Moyes, and Lucero (which lie to the North and North-East of San Cristobal), and Las Chuñas, which forms the North-Western corner of the Company's lands. [Illustration: _Loading Wheat at Rosario from the "Barranca."_] [Illustration: _San Cristobal Estancia House._] SANTA CATALINA AND LA BARRANCOSA.