CHAPTER XXIV

INDUSTRIES AND NATURAL WEALTH 276

England's financial stake in Uruguay--British capital invested in the Republic--Its monetary importance compared with that of other South American nations-- General commercial development of the country--A satisfactory outlook--Progress of grazing and agriculture--Marked increase in commerce--Uruguay's exports--Cured meat and frozen carcasses--Diminution of the former trade, increase of the latter--Reasons for the transformation of industry--An outcome of Brazilian protection--The breeding of fine cattle for the European markets--Present situation of the world's meat market--The British Isles as importers of meat--The position in the United States--A change from the rôle of exporter to that of importer--The increase in River Plate shipments--Closeness of touch between South American and English markets--Probable admission of foreign meat into European countries--Intervention of the United States Beef Trust--Purchase of _Frigorificos_--Possible effects of a monopoly upon the producers--South American views on the subject--Favourable general position of the River Plate--The balance of power in beef--Extract of meat-- The Lemco and Oxo Company--Ramifications of the enterprise--The town of Fray Bentos--Agriculture-- Wheat--Maize--Barley.