In 1904 the Company entered into an agreement with Messrs. Albert and Charles Harteneck, Frederick and Charles Portalis, and Hermann Renner, to bring out a Company to work a factory for the manufacture of tannin extract from the wood of the Quebracho Colorado tree, and this factory was ultimately built within the Company's properties at a place called La Gallareta, which is situated 17 kilometres north-west of the Station of Margarita on the French Railway line. The Santa Fé Land Company have also built a branch line from Margarita to this tannin factory. [Illustration: _Watering-Place at Barrancosa._] [Illustration: _Wood on the Company's Own Line ready for Loading._] THE FOLLOWING TABLE SHOWS THE FINANCIAL POSITION OF THE COMPANY FROM 1898 TO THE PRESENT TIME. Year Share Capital. Deben- Profit. Loss. Placed Balance Dividend ending. tures to Forward. (percent.) Autho- Issued 6 per cent. Reserve. rised. and fully paid. £ £ £ £ £ £ £ 30th June, " 1898 612,500 612,500 ... 420 ... ... Cr. 420 ... " 1899 612,500 612,500 ... ... 1,650 ... Dr. 1,230 ... " 1900 612,500 612,500 ... 11,757 ... ... Cr. 2,870 1-1/4 " 1901 612,500 612,500 ... 9,854 ... 2,000 " 3,068 1-1/4 " 1902 612,500 612,500 ... 20,746 ... 10,000 " 6,158 1-1/4 " 1903 612,500 612,500 ... 23,988 ... 10,000 " 7,896 2 " 1904 612,500 612,500 50,000 28,332 ... 6,000 " 8,790 3-1/2 " 1905 612,500 612,500 50,000 36,483 ... 6,000 " 8,648 5 " 1906 812,500 612,500 50,000 48,183 ... 6,000 " 11,018 6-1/2 " 1907 812,500 766,500 50,000 82,700 ... 12,000 " 20,398 8 " 1908 1,000,000 812,500 50,000 91,463 ... 86,628[E] " 20,611 10 " 1909 1,000,000 812,500 50,000 115,375 ... 20,000 " 22,549 10 and Bonus of 1-1/2 [Illustration: _Loading Timber at Wayside Station._] FOOTNOTES: [E] Including £76,623 from Share Premiums. THE VALUE OF LAND IN ARGENTINA.