SPECIAL REPORTS FOR FEDERAL TRADE COMMISSION, 179

establish, by the force of facts, the absolute monopoly of our industry in favor
of those who are not satisfied with the normal profits permitted by commercial
 competition. This being the situation in its absolute truth, it only remains
to be decided whether or not it interests the progress and well-being of the
country that the products of the pastoral industry destined for exportation are
sxempt from the fiscalization of all competition. On our part, we have to state
that the present situation of the business of exportation of chilled beef will
indefeasibly occasion, if it should continue for a short time longer, the closing
of our respective factories, as the only way of safeguarding the interests of
our shareholders.
We hope that this announcement will be duly appreciated as the sincere
manifestation of those who consider that their own interests are closely bound
to those of the Argentine pastoral industry, as well as to those of the 6,000
workmen now engaged in the meat-freezing establishments and who would
have to be the innocent victims of the audacious attempt to establish in this
country a monopoly of which the frightful consequences have been experienced
in other countries, where the same grasping tendency has been shown and
always to the prejudice of both producer and consumer.
After making a careful inquiry, the National Government found
that there was no justification for any exceptional legislation, and
replied to the above note under date of June 12. 1913. as follows:

I have brought to the attention of the President your note in which you
euntreat the National Government to provide such official measures necessary to
avoid the monopolization of the meat-freezing industry, which, according to
your opinion, it is being endeavored to establish in this country.
The executive power has studied with a great deal of interest the fundamental
 principles of your petition, has carefully investigated that industry, has
examined the various measures proposed to defend it against the dangers which
you have shown, and has consulted the opinion of several eminent citizens
authorized to give expert advice to the Government in this grave question.
The executive power, upon hearing these opinions and making the above
Investigations, believes that for the present it can not modify the régime of
liberty under which this important industry has been developed.
If, in the future, new evidence is produced which would indicate that there is
In formation a combination prejudicial to the economic development of the
country, the executive power will adopt such measures as it may consider
*onvenient to the protection of the national industries.
Since then the various meat companies have been operating independently,
 although the Frigorifico Argentino has ceased operations.
 The plant of this company, however, has since been leased
for three years, with an option to purchase, by the Chicago firm of
Sulzberger Sons &amp; Co., who are actively exploiting same. The
Armour Co. has also erected a plant and has been operating since
July of the present year, and between these two companies and the
La Plata Cold Storage Co. (Swift) and the La Blanca Co. (Morris)
the American concerns ship considerably over 50 per cent of the
frozen-meat exports from Argentina, although Argentine authorities
 do not believe (and it can not be Pe in any quarter) that
there exists at the present time any agreement between these companies
 to control the entire frozen-meat industry in Argentina. The
various English companies located here are shipping regularly,
although in lesser quantities.
Foreign capital invested in Argentina.—There is no doubt whatever
 that the heavy European capital investments in Argentina have
had considerable effect in diverting the channels of trade to those
countries. European capital is invested here in public-service corporations,
 national and provincial loans, steamship lines, public
works, etc. In 1913 it was estimated that the total British investments
 amounted to $1,551,000,000: French, $771,000,000; German,