The Liebig Extract of Beef Company, with extensive holdings in and near Fray Bentos and with a total capitalization of £2,000,000 usually pays 20 per cent dividends on the ordinary shares; 5 per cent in 1916. They use the best of meat, and their Oxo capsules and Lemco have a world-wide reputation. They own and rent in Uruguay, Argentina, and Paraguay 1,120,000 acres. In spite of strikes and labor troubles the livestock industry has brought prosperity to the country, with record prices for beef, mutton, hides, and wool, thus greatly increasing land values. The cattle are pastured on the natural long thick grass, very little alfalfa being cultivated. Hogs, hens, bees, and silkworms are raised. The seal industry and fisheries are important. AGRICULTURE The agricultural products are insufficient for the use of the country although 2,000,000 acres are in cultivation. About 900,000 acres are in wheat, 700,000 in corn, 128,000 in flax, 100,000 oats, some barley and canary seed. In 1916 agricultural exports were valued at $1,500,000. Among other crops are tobacco, which is especially promising, linseed, alfalfa, sugar cane, some cotton, potatoes, etc. Viticulture is quite extensive, American grapes growing better in the south, and French and Italian in the north. Other fruits, oranges, olives, apples, pears, cherries, peaches, and melons flourish. FORESTRY Forestry is encouraged so far as planting is concerned; about 1,000,000 acres are in natural forest land. Millions of trees have been planted on land not otherwise useful. The supply of wood in future will be greatly increased and there may even be export. MINERALS Minerals are of some importance and may become of more. The country is believed to contain considerable wealth in gold, silver, coal, marble, jasper; and in other minerals and semi-precious stones, including amethyst and topaz. There is little export save sand, stone for paving, and similar articles. =Gold.= The chief gold fields are in the Department Rivera near Cuñapiru not far from the Brazilian border. A district 35-40 miles long and 7 wide contains auriferous reef with gold 5 ounces to the ton; if deep the prospect is limitless. A modern English plant is now getting out gold. Bars worth $4000 were exported in 1915. Four hundred mines have been denounced in the Department. Enormous quantities of manganese are in the neighborhood. Gold is found also in Minas, Salto, and Tacuarembó. Copper exists in quantity in Cerro Largo, Maldonado, Minas, Paysandú, and Salto. Iron, silver, slate, gypsum, asbestos, lead, etc. may be exploited later. Even greatly needed coal of fair quality has been found in Montevideo, Santa Lucía, and especially in Cerro Largo where it seems promising, though no working of minerals is sufficiently developed to present decisive results. Indications of petroleum have been noted at the north, the strata coming in from Brazil. MANUFACTURES