These companies are: the _Compañia Industrial del Chaco_, with a capital of £348,000 and two factories; one at Las Toscas, in Santa Fé, with a monthly output of 1000 tons of extract, and one at Calchagin, in the same Province, which produces 600 tons per month. These factories are equipped with German plant. This company enjoyed a season of great prosperity in 1904; although its factories produced only 12,000 tons of extract instead of 36,000, as they could have done, a dividend of 42 per cent. was declared. Since then the lack of outlet and the low prices have paralysed the development of this industry. Another tannin factory, able to produce 250 tons of extract, has been established by Herwig Brothers at Pehuajó, Province of Corrientès. The Compañia Industrial del Chaco is also about to erect, at Resistencia, a factory with a capacity of 300 tons of extract per month. _El Quebracho_ is the last of the companies established for the extraction of quebracho tannin, and this also began to work under the most auspicious financial conditions. Its factories are installed at Fives-Lille, Province of Santa Fé, on land belonging to the “Kemmerich Products Co.”; these have been equipped with the most perfect machines of German make. The capital of this enterprise amounts to £32,000, which it is hoped will be repaid by the profits of the first few years. The monthly output is 450 tons. The _Mocovi Tannin Co._, floated with a capital of £60,000, has a factory some 60 miles east of Los Amores (Santa Fé), and has a capacity of 300 tons per month. The firm of _Hardy & Co._, of Las Palmas, near Resistencia, own a factory which cost £50,000, and produces 200 tons of extract monthly. The _Formosa_ company, which deals in timber and quebracho tannin, has a capital of £200,000. This company owns 96 square leagues of forest——some 880 square miles——which are estimated to contain 2 million tons of quebracho. This company intends to establish a factory capable of producing 15,000 tons of tannin yearly. _The Compañia Azucarera de Resistencia_, with a capital of £22,700, produces 80 tons of extract monthly, and the factory of _M. Benito Pinasco_, at Guaycurú, on the Santa Fé railway line, produces 30 tons. Besides these factories, Señors Charles and Joseph Casado, the Argentine owners of 2800 square leagues of land (over 25,000 square miles), in the Paraguayan Chaco, have established two factories, one at Puerto Casado and the other at Puerto Sastre, which produce, respectively, 500 and 1000 tons of extract per month. The average yield of quebracho wood is 25 per cent. of extract; but as the extract contains a number of resinous and colouring matters, which must be eliminated during the process of manufacture, the net yield is 22 to 23 per cent. of solid extract containing 20 per cent. of water, which contains 70 to 73·5 per cent. of tannic oxide——that is, pure tannin.