The colonist, whether breeder or farmer, is not left to himself. Colonization is sustained and directed by speculation in land, and is influenced by it. Speculation discounts the work of the colonist, and attaches to the land a value which is not based upon the revenue it has produced, but upon that which the speculator calculates that it may produce in the future. If the speculator is audacious, he does not let himself be discouraged by initial bad experiences; it takes repeated checks to exhaust his optimism. The colonist, even if his farming accounts do not show a profit, may nevertheless gain something if the value of his land goes up. The increase of his capital conceals from him the smallness of his returns, especially as he can easily get advances on the value of his property from the banks, and this enables him to draw upon his wealth every year. Speculation is concerned with new lands on the fringe of the area already colonized, where the soil is, as a general rule, already in the hands of the exploiters themselves. The speculators, having paid a high price for these lands, try to organize the development of them. It is partly owing to their influence that colonization continuously enlarges its domain, instead of concentrating its labour in the older districts where it might sometimes be more productive. In fine, speculation in land has a profound influence on the conditions of colonization, making it more difficult for the colonist to buy the land he is developing. The owner who grants him the use of the land means to keep for himself any increment of its value. He rents, but he will not sell. Thus the history of colonization cannot be separated from the traffic in land. The special features of this traffic in the Pampean region--its concentration at Buenos Aires; the creation of a land-market resembling a stock market; the practice of selling on the instalment plan, which enables small capitalists to enter the market; the repeated transfers of pieces of land which the buyers have never seen and which they know only from plans--are one of the most original aspects of modern Argentina. They are partly due to a fact of a geographical nature--the uniformity of the Pampean plain, on which every piece of land is worth about as much as the adjoining piece. Colonization is easy and rapid in proportion as it requires less capital and labour. The expansion of breeding in the west between 1880 and 1890 was facilitated by the low market price of cattle at that time. Breeding has the advantage over farming of not needing so large a staff, but it requires a larger capital. Of the crops, assuming that the conditions of soil and climate are equally favourable, wheat is better than maize for colonization, because the preparing of the soil and the harvest can be done more speedily, and the same number of hands can plant a larger area with wheat than with maize.