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.