Whatever point of view we assume, we must always arrive at the same conclusion; that the whole economic life of the Republic depends upon its agricultural exports; its commercial balance has no other counter-weight to help it to overcome the burden of debts contracted abroad by the importation of merchandise or of capital. For ten years now the sense of this commercial balance has been constantly in favour of the exports, and there has even been a remarkable progress, scarcely interrupted at critical moments. But ten years is only a brief period in the life of a people; and however favourable the future outlook may appear, we must always be prepared for a possible deficit, for a minus balance, as the result of a bad harvest or some grave political crisis. These, in a country without reserves of capital, are contingencies of which we must never lose sight, and which force us to express our appreciation of the financial or economic system of the Argentine with a certain reserve. CHAPTER II THE GREAT ARGENTINE INDUSTRIES The principal industries of the country are related to agriculture and cattle-breeding. SUGAR-PLANTING, BOILING, etc.——Capital engaged——Tucuman the chief centre——Production and exportation——The sugar crisis——The Rosario Refinery. FLOUR EXPORT TRADE——Capital invested——Equipment, steam flour-mills, grain-elevators——Production and exportation. REFRIGERATION——At present the chief industry of the country——Number of establishments——Table of exports of frozen and chilled meats——Capital invested——Development of the industry. DAIRY INDUSTRIES——The large establishments devoting themselves to these industries——Butter; cheese——Exports of butter; the development of which the dairy industries are capable. BREWERIES——Chief establishments——Production and consumption of beer during the years 1902-1907——Suppression of imports of foreign beer. SPIRITS——Decreased production of spirits. LOOMS, TANNERIES——Weaving and tanning are industries which at present exist in the Argentine only in a rudimentary condition, despite the conditions which are favourable to their development. QUEBRACHO WOOD——The centre of production——Applications——Companies engaged in the industry——Their results——Value of the products and the large profits to be expected. TIMBER TRADE——Varieties of timber and hard woods. FISHERIES——First results of this industry. The industry of the Argentine Republic is more or less independent upon its agriculture and stock-raising, which contribute the raw materials for the manufacture of various alimentary products. Among those industries which are thus dependent on the produce of the soil we must mention, as the more important, sugar-boiling, flour-milling, the chilled-meat industry, the making of butter, cheese, and oil, brewing, and distilling.