_Land_.--As has been stated, the great estates or _haciendas_ are held by landowners who rarely part with any portion thereof, and as capital is not always plentiful among them, they are sometimes "land poor" with a resulting lack of development. The Mexican landed aristocracy consider it a point of honour almost, not to part with their land. The problems which have to be considered in connection with Mexican agriculture are: the establishing of irrigation works, the system of land tenure, the question of labour; whilst as regards the tropical products there exists the added element of fluctuation in foreign markets. Thus the export trade of sugar in 1905 reached a value of 600,000 pounds sterling, whilst a year later it fell to 67,000 pounds sterling, due to fluctuations in European markets: and this matter also affects coffee. Special laws concerning irrigation works have been promulgated, and Government subsidies are granted for such, and there are good openings here for enterprise and capital. An international dam is to be built on the Rio Grande, for the equitable distribution of the waters of this river for irrigation. Lands within the area or division known as vacant or national lands can be acquired by Mexican or foreign inhabitants of the Republic by "denouncement" or claim, which entails certain legal formalities and the annual payment of a tax. This latter varies according to different states, as the land is naturally worth more in some situations than in others, and ranges from 2 _pesos_--a _peso_ equals about 2s.--per _hectare_ (or about 2-1/2 acres), in Lower California, to 27 _pesos_ in Morelos, being 4, 5, 10, 17, 20 _pesos_ in many states, and 100 in the Federal District. Payment for these lands can be made in Three per cent. Consolidated Debt Bonds, purchased at 70 per cent. of their nominal value and received by the Government at par.