64  SELLING  LATIN  AMERICA

two  slaughter-houses,  killing  about  40,000  annually. ­
  There  are  two  large  American  companies ­
  engaged  in  the  cattle  industry;  also  one
big  German  firm  in  the  same  line.
Paraguay  has  not  invited  capital  and  inducements ­
  of  this  nature  need  not  be  expected
for  some  time.
While  supposedly  on  a  gold  basis,  money  of
this  metal  exists  only  as  a  fiction.  The  inconvertible ­
  paper  peso  has  a  fluctuating  value,
being  at  times  as  low  as  two  and  a  half  cents
U.  S.  gold,  and  as  high  as  five  cents  U.  S.
gold,  according  to  the  stability  of  the  government ­
  and  local  commercial  conditions.
Credits  should  be  extended  with  the  greatest ­
  caution.
In  1913  Paraguay  exported  $5,462,000
worth  of  materials,  chiefly  fruit  to  Argentine,
as  well  as  yerba  mate,  timber,  hides,  dried
beef,  quebracho,  lace,  and  tobacco.  Most  of
her  exports  were  taken  by  the  neighboring  republics, ­
  and  by  them  re-shipped  to  the  markets
of  the  world.  No  exports  to  the  United
States  for  1913  are  given,  but  in  1912  they