64 SELLING LATIN AMERICA 
two slaughter-houses, killing about 40,000 an 
nually. There are two large American com 
panies engaged in the cattle industry; also one 
big German firm in the same line. 
Paraguay has not invited capital and in 
ducements 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 incon 
vertible 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 gov 
ernment and local commercial conditions. 
Credits should be extended with the great 
est 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 re 
publics, 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