In 1901 the United States exported 352,000,000 pounds of beef; in 1910, 76,000,000; in 1914, only a little more than 6,000,000 pounds. Argentina had caught up with her North American sister in 1905, passed and out-distanced her until she was able last year to say that her only serious competitor was Australasia. It is true that the European War has caused a revival of meat export from the United States, but home demands are today so acute that no more than a temporary reaping of high prices is at the bottom of the movement. Argentina may look for a more formidable, because a younger, rival, nearer to her northern border. The qualifications of Brazil as a future land of fine cattle are three in the main: first, her possession of an existing _rebanho_ of 30,000,000 head; next her natural pastures and good climate which permit stock to remain in the open during the winter; third, tremendous expanses of suitable lands at moderate prices. Argentina has no natural pastures; she sows alfalfa, needs five acres of it to fatten one animal for six months and is thus at an expense of $7.50 for this purpose against Brazil’s outlay of rather less than three and one-half dollars, counting the value of the five acres of alfalfa land at three hundred dollars, the cost of twelve acres of Brazilian _capim gordura_ at one hundred and thirty-three dollars, and interest on the two investments at five per cent. In regard to available territory there is no comparison; Brazil’s one state of Matto Grosso could swallow the whole cattle-raising country of the Argentine, without taking into consideration Goyaz, Minas Geraes, S. Paulo, Paraná or Rio Grande do Sul. Space and climate, however, are not all that goes to make a cattle country fattening fine stock, and it need scarcely be said that much must be done before the cattle lands of Brazil can seriously compete with those of the Argentine: the time is not yet ripe for the wild pastures of Goyaz and Matto Grosso to fatten cattle in the same proportion as Rio Grande State. This state, with an area of two hundred and thirty-seven thousand square kilometers feeds about nine million head of cattle, a remarkably good showing in comparison with the premier cattle province of Argentina, Buenos Aires, which, with a superficial area of not much more than 305,000 square kilometers, feeds seven and a half million head.