THE VALUE OF LAND IN ARGENTINA.
When one goes to a foreign country, and more especially when he intends to settle there with the idea of making a fortune, he naturally turns his attention to the value of the land, as from this he draws his views of the prosperity of the country. Now, twenty-five years ago the Argentine had comparatively very few railways; consequently, the lands at any long distance from Buenos Aires (the capital) were at a very low value. The province of Buenos Aires, the largest in the country, has always been the most populated, and its lands have always commanded the highest prices, and these have risen tremendously, but not so much of late years in proportion as land in the northern provinces. During the years 1885, 1886, 1887, and 1888, there was a great boom in land. Foreigners were pouring in, bringing capital; great confidence was put by foreign capitalists in the country, several railways had run out new branches, new railways were built, new banks were opened, and a very large extent of land was opened up and cultivated, and put under wheat and linseed, harvests were good and money was flowing into the country. Then came a very bad year, 1889; the harvest was practically lost owing to the heavy and continuous rains which fell from December till July with hardly a clear day. This, together with a bad government and the revolution of 1890, created a great panic and a tremendous slump in all land, from which it took a long time to recover. Where people had bought camps and mortgaged them, which was the general thing to do in those days, the mortgagees foreclosed, and, when the camps were auctioned off, they did not fetch half what the properties had been bought for in the first instance, some four or five years previously. This, naturally, had a serious effect on the credit, soundness, and finances of the country, but really, the crisis was not felt until some three or four years after, and it was 1896 and 1897 which were very serious years for the country.
To give one an idea of the value of land in four or five of the principal provinces of the country, I must begin with the Queen Province, as it is called, viz., Buenos Aires. In 1885, property in the city centre was worth 2s. 6d. to 3s. 6d. a yard, whereas to-day it has been sold up to £200 sterling per yard, while suburban lots of 20 yards by 60 yards realised £5 and to-day are fetching £150, and camp lands have risen from £10,000, to £100,000 the square league. Of course this is within a radius of 30 to 50 leagues of the city; lands away to the south and west may yet be bought at £10,000, and, still further south towards Neuquen and the far Pampa, at £2,000 per square league. The province of Buenos Aires is not considered good for alfalfa growing, but has good natural grass camps.
The province of Santa Fé is a large province, extending from the northern boundary of the province of Buenos Aires to Santiago del Estero, and contains what is known as the Gran Chaco. The southern portion of this province is largely dedicated to the production of wheat, linseed, and maize, for which it is admirably adapted. There are also large estancias carrying vast herds of cattle, sheep, and horses, while the northern portion has vast forests of very fine and valuable timber.
