These sales were to be effected on account of those who had bought these lands in analogous circumstances in 1897, and who had not paid for them during the delay stipulated by the law. The whole surplus over the price established by the previous sale, less deductions for interest and other expenses, went by law to the original purchaser. The auctions were conducted in the presence of a crowd of speculators, capitalists, and labourers, eager to invest their money in so remunerative a speculation, since in the Argentine all are convinced that the purchase of the soil is the best form of saving. The result of the sale was that in many cases double the original price was obtained; three times the price in some cases, and in some five times the original price was realised.
In the Territory of Pampa Central an area of 933,680
acres was offered for sale, the previous price being £49,693; the sale price was £135,297, representing an average price of £842·6 per league, or 2s. 8·7d. per acre.
In the Territory of Chubut, 265,278 acres were put up to auction, the original price being £5243·5, and the sale price £25,361·6, or an average of £590·28 per league, or 1s. 9·7d. per acre.
In the Territory of Santa Cruz an area of 98,800 acres was put up for sale, the first price being £3391·34, and was sold for £9477·6, or 1s. 10d. per acre.
In the Territory of Chaco, in which especial interest was felt, as the lands in question bore forests of quebracho trees of great value (the quebracho industry being then in vogue), higher values were obtained, representing five times the original sale price. The lands to be sold in this Territory represented a surface of 123,500 acres, and were first disposed of for £4948. However, a price of £24,170 was obtained, representing an average of £1208·24 per league, or 4s. 6·9d. per acre.
In the Territory of Rio Negro 74,100 acres were put up for sale, which were previously sold for £3058. They realised £8712, or £726 per square league, or 2s. 4·2d. per acre. The general result of the sale was that the Government did a splendid stroke of business; but the transaction was still more to the profit of the fortunate first applicants, who, for failing to comply before a given date with the conditions established by law, were rewarded by receiving the price of sale less the price at which they bought; sums which to many of them represented a considerable fortune.
Since that period the value of land has continually increased, as we see from the following information, which was given us by the “General Bureau of Lands and Colonies” of the Ministry of Agriculture. In 1906 and 1907, this Bureau sold by public auction a large section of public lands, and the prices obtained were far higher than those we have recorded above.
In the Territory of Rio Negro, in August 1906, 497,600 acres were sold at an average price of 9s. 8d. per acre.
In March 1907, 314,974 acres of land, situated in the