was issued in 1909, and further lots have since been issued, bringing
the total amount of authorised capital to £1,000,000, and of issued
capital at 30th June, 1910, to £982,347.

An issue of £50,000 Six per Cent. Debentures was made in January, 1904;
and the whole amount was redeemed on the 1st July, 1909.


BAZAN LANDS.

Part of the area sold to the Company consisted of a block of
approximately 88 Spanish leagues, or 530,000 English acres, which became
the subject of negotiations and lawsuits between this Company, the
Provincial Government of Santa Fé, and other parties, lasting for more
than twenty-five years. The area in question lay to the West of the Rio
Salado, and, at the time when this Company was formed, was supposed to
be included in the Province of Santa Fé. Soon afterwards the Province of
Santiago del Estero put forward a claim to the lands on the ground that
the boundaries of that Province extended eastwards to the Rio Salado,
and it therefore disputed the right of the Province of Santa Fé to sell
the lands to Messrs. Murrieta & Co. in 1882.

By an Agreement with the Government of the Province of Santa Fé, the
Santa Fé Land Company took proceedings in the Supreme Courts of the
Province to establish its rights to the land in dispute on the
understanding that if the Company failed to establish its claim, the
Government of the Province of Santa Fé would indemnify it for its loss.
In the result the Company was evicted from the lands, and entered into
negotiations with the Government of the Province of Santa Fé for
indemnification. These negotiations went on for some years without