"Not yet. On the contrary, all have paid big dividends, but, of course, a company may be made to fail by its manager. The business in the hands of individuals of moderate means is just now the best in the world. It is better than 100 per cent."
"I should think everybody in Buenos Ayres, Valparaiso, London, and every other money centre dealing with this region would be rushing into it, then."
"The country is filling up rapidly, but of course capitalists are generally shy of a business that offers such big dividends. Besides, one must learn the sheep business if he would get rich at it, even here."
"How much land remains now for the capitalist to buy?"
"In Santa Cruz territory there are to be had 2500 square leagues of strictly first-class land. It will carry more than 1000 sheep per league, and it is held by the Government at from $2500 to $3000 gold per league, according to location. You can find about 12,000 square leagues more of fair land that can be had at prices considerably less. It would perhaps prove a better investment in the long run. The territory has about 12,000 leagues of worthless land—lava beds, etc., utterly barren—almost too poor to support a guanaco.
"Of course, a very poor man cannot buy even a single league of good land, and he doesn't need to buy. One ought to have some capital with which to buy sheep, but the land can be rented for periods of, say, ten years, subject to purchase at a stated price. If one can raise the money for the sheep, the land need not trouble him. The rental of the best land is but $20 gold, per year for a league."
"What is the cost of sheep now to a man who would invest?"
"From $2 to $2.50 gold per ewe. Rams cost from £2 each up to any price you want to pay for fancy stock. The ordinary ram at £2 is the one to buy now."
"Then, for a fair beginning, how much capital should a man have?"