The Chaco land near the River is liable to floods but few cattle are lost as there is usually time to drive them back 20-30 miles to the second and higher zone beyond the danger. It has been said that cattle covered with ticks east of the Paraguay on crossing into the Chaco soon become free of them. A French company in 1919 had 150,000 head of cattle with over 500 Hereford bulls, a breeding stock of more than 100,000. One thousand miles of pasture were enclosed. The Company makes use of 130 telephones, has shops, a tannery, etc. Besides Herefords there are Durhams and Polled Angus. Two hundred men are in charge of the stock. The natives make good cowboys, better I was told than some Americans who went down from here a few years ago. =Other Stock.= As to other stock, horses are comparatively few, not one tenth of the number of cattle, hardly enough for home use. They are liable to disease and do not thrive in the Chaco, better east of the River. Mules serve well though smaller than in the United States. Horses are outnumbered by sheep, which are valuable for meat, though mutton is not favored by the natives. The climate is obviously warm for sheep and their fleece is light. New stock must be introduced. Hogs and goats thrive better. MINING =Iron=, 34 per cent pure, was produced at Ibicuy, 1863-69. Indications of it are widespread near the Alto Paraná, and near Caapacá, Quiquió, and Paraguarí. =Manganese= runs 63 per cent in beds of 60,000,000 tons. Copper exists near Encarnación and Caapacá. There are large beds of good stone, talc, graphite, kaolin. Probably petroleum will be found in the Chaco. MANUFACTURING Manufacturing is non-existent, aside from the quebracho and sugar mills, save for a few necessities of life, as by many regarded. Beer comes first with the largest investment of capital, flour mills next, then boots and shoes, furniture, brick, tiles, matches, hard and soft drinks, soap, vegetable oils, etc. The opportunities are vast for the development of electric power. Labor in general is fair and loyal, undeveloped, but with good intelligence. The men lack steadiness and a feeling of responsibility. There has been less labor trouble than in Argentina and Chile, but men from Argentina have been attempting to unionize them. Strikes are common. Wages are from 50 cents to $3.00 a day, the lower with quarters. At the _frigorificos_ $1.00 is paid with free rent, for ten hours’ daily work. INVESTMENTS