Difficulties in estimating this value——Principal factors of valuation——Examples taken from lucerne fields and the forests of quebracho——Despite adverse circumstances, and with a few exceptions, there has always been a tendency for the price of land to rise——Alienation of lands acquired by conquest from the Indians; their enormous present value——The rise of value dates from 1902, and has hitherto continued without relapse—— The causes of this rise, and its rational principles, according to an authoritative opinion. Examples of valuation drawn from the sales of public lands——The rise of prices in the Provinces of Buenos Ayres, Córdoba, Santa Fé, and the Pampa, with figures indicating the prices realised in some large recent transactions. V. AGRICULTURAL INDUSTRIES 187 SUGAR-CANE——Area of plantations——Statistics of production—— Legislation affecting sugar——Consumption. VINES——Area of vineyards planted——Production, consumption—— Imperfect quality——Competition of foreign imports. TOBACCO——Area of plantations——Value of the product——Defective preparation. THE MULBERRY——The culture of the silk-worm might be established in the Argentine, but at present exists only in an experimental condition. MATÉ——Large consumption of this product.——Statistics of foreign importation——Districts suitable for its growth. COTTON——Physical conditions proper to its growth——The first favourable results in the Argentine——Its introduction into Chaco——Lack of manual labour for the development of this industry. RUBBER——Existence of rubber plants in the Argentine——An unexploited source of wealth. ARBORICULTURE——On account of the diversity of the climate, all fruit-trees can be grown in the Argentine——The various fruits cultivated in different regions——Amelioration of the products. The trade in fruit——Its development possible on account of the inversion of seasons as compared with Europe—— Refrigeration applied to the transport of fruit——Regions particularly suitable for fruit-growing. PART III. THE ARGENTINE FROM THE COMMERCIAL AND INDUSTRIAL POINT OF VIEW. I. FOREIGN TRADE 211 The important part played by the foreign trade of the Argentine—— Table of imports and exports during recent years——Explanation of their respective movements——Favourable condition of the commercial balance.