_Tanning._——This industry too, ought in time to occupy a place of far greater importance than it does now; for the raw materials——hides and quebracho, the best of tanning media, are present in abundance. To understand the stationary condition of this industry we must remember that it would require a considerable spare capital, as the hides have to remain in the vats for several months, during which time the tanner has need of capital at low terms of interest, which up to the present time has not been available in the Argentine. _Quebracho Wood._——Considering its future prospects, we must give a special place to the industry which exploits quebracho timber; converting the balks into railway sleepers, or extracting their tannin. Red quebracho is found scattered profusely through the hundreds of square leagues of the country known as the Chaco, which is situated between 24° and 28° of south latitude, and 59° and 64° of west longitude, and also in the Provinces of Santa Fé, Santiago de l’Estero and Corrientès. The Chaco quebracho is superior to that of Santiago, which has the misfortune to grow in nitrous alkaline soil, where the trees do not reach any considerable dimensions. The Tucuman product is good, as it grows in a damp soil, when it grows well and is full of sap. Best of all is the red quebracho of Chaco; it is the richest in tannic products; according to an analysis made in the United States, it contains 30 per cent. of tannin, while the Santa Fé product contains less than 26 per cent. Although quebracho wood is absolutely impervious to rot, and may thus be used in building, for piles, quays, sleepers, etc., it is exploited more especially for the production of tannin, as more profit is made by so treating it. A sleeper requires a good-sized log, considerable time, and much labour, to say nothing of the loss of wood; while the quebracho extract may be obtained from logs of any size. To-day the value of a sleeper, loaded on the track, is worth 6s. 2d., while three times as much may be made by extracting the tannin. For this reason the principal companies engaged in the quebracho trade have abandoned the manufacture of sleepers, so that certain railway companies——the Buenos Ayres Western, for example——have had to content themselves with iron sleepers. Until quite lately quebracho wood was sawn into large round or squared balks, which were then sent abroad, chiefly to Germany, where the tannin was extracted. During the five years, 1899-1903, 1,044,000 tons of logs were exported; in 1903, 200,201 tons; in 1904, 252,723 tons; in 1905, 285,897 tons; in 1906, 230,000 tons; in 1907, 246,514 tons; and during the first six months of 1908, 127,609 tons. Various foreign and native companies were formed, with large capitals, to convert the wood into extract of tannin, and to export it in this form.