| 454,879 | 245,045 | 84,476 | 537,451 | 207,548 | 99,129 | 317,252 | 259,073 | 218,083 | The Smithfield and Argentine Meat Co. | 14,172 | 110,579 | 38,705 | 34,679 | 118,041 | 40,675 | 32,385 | 136,009 | 81,302 | Rio Seco | 104,047 | | | 261,335 | 101,792 | | 134,595 | | | The Frigorifique Uruguayenne | 63,311 | 17,521 | | 142,070 | 76,475 | | 137,853 | 76,062 | | The Frigorifique Argentine | 252,918 | 146,410 | | 124,890 | | | 405,353 | 123,142 | 21,768 | San Gregorio | | | | | | | 133,835 | | | +-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+ | 3,000,389 | 1,580,589 | 455,459 | 3,052,699 | 4,403,835 | 439,613 | 3,672,182 | 1,579,163 | 789,348 | +-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+ The capital invested in the refrigerating industry, including both share capital and loans, is estimated at £4,449,825. The profits obtainable may be judged by the dividends paid by the most important of the refrigerating companies: the Sansinena Frozen Meats Co., in 1902, paid 50 per cent. out of the exceptional profits realised by the sale of cattle in South Africa during the Boer war. Since then the dividends of this company have fallen to 10 per cent. Another cause of the development of this industry is the closing of English ports against cargoes of live cattle, for fear of anthrax. It is by the help of this prohibition that the refrigerating companies have conquered the English market, which to-day takes up the greater part of our frozen meat, as before it took our cattle. Steps have of late been taken with a view to re-opening the ports under a pledge of sanitary measures; but nothing decisive has been done, on account of the protests of English cattle-breeders, and also of the refrigerating companies, most of which have been created by English capital. _The Dairy Industry._——Among the industries connected with cattle-breeding there is one which, without having the same importance as the industry dealt with above, has yet a certain margin of development. This is the dairy industry, with its derivatives, butter and cheese-making. The Argentine breeders having imported excellent Durham or Dutch milch-cows, the dairy produce is of the finest quality.