3904- UC-NRj-F, GIFT F DOCUMENTS DEPT. :%% 1J&22 UNITED STATES TARIFF COMMISSION WASHINGTON SHEEP AND WOO PRODUCTION IN ARGENTINA WITH SPECIAL REFERENCE TO COST OF PRODUCTION, 1918 AND 1919 WASHINGTON GOVERNMENT PRINTING OFFICE 1922 UNITED STATES TARIFF COMMISSION WASHINGTON SHEEP AND WOOL PRODUCTION IN ARGENTINA WITH SPECIAL REFERENCE TO COST OF PRODUCTION, 1918 AND 1919 WASHINGTON GOVERNMENT PRINTING OFFICE 1922 UNITED STATES TARIFF COMMISSION. Office: Eighth and E Streets NW., Washington, D. C. COMMISSIONERS. THOMAS O. MARVIN, Chairman. WILLIAM S. CULBERTSON, Vice Chairman. DAVID J. LEWIS. EDWARD P. COSTIGAN. THOMAS WALKER PAGE. WILLIAM BURGESS. JOHN F. BETHUNE, Secretary. ADDITIONAL COPIES OF THIS PUBLICATION MAY BE PROCURED FROM THE SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D. C. AT 5 CENTS PER COPY CONTENTS. "Page. Introduction 5 General 7 Flock management 11 Cost of production 12 Appendix : Statistical tables Clean yields of Argentine wools, by provinces 27 Price of Argentine wools to ranchers, according to district where grown 28 Number of sheep in Argentina, 1918 29 Distribution of Argentine wool clip by provinces, 1914 and 1917 29 Cost of shipment of certain agricultural commodities, Argentina, 1921 a. Wool 29 6. Flaxseed 30 c. Wheat 30 d. Oats , 30 e. Barley . 31 f. Corn 31 (j. Cattle , 31 h. Sheep ' 32 i. Swine 32 Trend of wool prices, London, 1900 to 1921 33 Wholesale prices per pound of domestic wools in Boston market, 1919-1922 33 Comparison of clean cost at Boston of foreign and domestic wools, February, 1921, and February, 1922 35 3 INTRODUCTION. This report on Sheep and Wool Production in Argentina with special reference to cost of production is the result of investigations made by a special agent of the United States Tariff Commission in Argentina in the summer of 1921. This agent observed at first hand at various points in central Argentina the conditions surrounding the sheep industry, and, in addition, conferred with men, particu- larly at Buenos Aires, engaged throughout the country in the sheep industry, both as producers and as dealers. They are believed to be the persons in Argentina best qualified to form reliable opinions. The Commission has confidence in the methods pursued in procuring information in Argentina, but must state that, by reason of the necessary limitations of time for making the survey, the cost figures presented in this report are primarily based on estimates. The figures are not taken from specific ranch records, and there was no opportunity to check them against such records. Furthermore, the extent to which various cost increases in Argentina in recent years have been due either to temporary or to permanent causes was not determined. It follows that the total costs given do not warrant conclusive deductions in comparing cost conditions in Argentina with those in the United States. Any use of these figures should be made with these qualifications in mind. In the preparation of this report the Tariff Commission had the services of Louis G. Connor of the Agricultural Division of the Com- mission's staff, and of others. 5 SHEEP AND WOOL PRODUCTION IN ARGENTINA, WITH SPECIAL REFERENCE TO COST OF PRODUCTION, 1918-1919. . GENERAL. Prior to about 1900, cattle and sheep raising were by far the chief industries throughout Argentina. They remain almost the sole activities in the semiarid regions which lie west and south of the humid northeastern area. In the latter section, which is the present and the future agricultural region, 1 live stock has met with sharp competition from crop production during the past 25 years. These industries now vie with each other in importance in that part of the country, though a rapid growth there of acreage in alfalfa has enabled beef cattle to compete with grain production on very favorable terms. The keeping of sheep, less profitable on alfalfa pastures than cattle, has steadily declined in that section of Argentina. The following tabulation shows the rapid development of Argen- tine grain growing since 1895. This has occurred almost exclusively in the northeast, as has the more rapid change from natural grass pastures to alfalfa for cattle production. In addition, the changes in numbers of meat animals are presented. The_pronounced drop in number of sheep jias resulted very largely from declines which occurred in the devejUiping agricultural region. The increase in cattle up to 1908 resulted mainly from extensions in northern and central areas previously less fully utilized. The decline in cattle following 1908 has been largely confined to the humid section. It occurred coincident with a pronounced gain in quality of beef. At the same time curtailment of the age to which animals were kept before sale for slaughter resulted in a larger production of beef. TABLE 1. Changes in cropped area and in live stock. a. AREA IN PRINCIPAL CROPS. [Hectares' 1 000 omitted.] Year. Wheat. Corn. Linseed. Oats. Alfalfa. 1895-96 2,260 1.244 387 713 1905-6 . 5,675 2,177 1,023 72 2,984 1913-14 - 6, 574 4,152 1,779 1,249 6,600 1918-19 6,870 3,340 1 384 1,206 8,073 a A hectare contains 2.471 acres, or approximately 2.5 acres. 1 Aside from irrigation developments. The humid region extends west and north of the Province of Buenos Aires, and comprises Buenos Aires, La Pampa, Sante Fe, Cordova, Entre Rios, Corrientes, and a few subtropical divisions in the extreme north. 7 SHEEP AND WOOL PRODUCTION IX ARGENTINA. TABLE 1. Changes in cropped area and in live stock Continued. 6. ARGENTINE LIVE STOCK. [Number; 000 omitted.] Year. Cattle. Sheep. Hogs. 1895 21. 702 74,380 1908 29,117 67, 212 1,404 1914 25,867 43, 225 2,901 1918 27, 053 44, 855 3,260 Sheep kept mainly for wool could not compete with cattle or grain in northeastern Argentina and declined rapidly after 1900, particu- larly after 1908. In the latter year more than one-half of the Argen- tine total 67,211,754 head were in the Provinqe of Buenos Aires. In 1914 less than 45 per cent of the total of 43,225,452 sheep were in that Province. The reported number of sheep in the country declined 36 per cent in those six years, but in this Province the decrease amounted to practically 50 per cent and comprised two-thirds of the total loss in numbers. The bulk of the remainder of the decline occurred in the humid region. Coincident with this decline there was a steady adoption of cross- breeding ; by 1914 merinos had been virtually abandoned in favor of mutton types in northeastern Argentina. At first Down rams vied with longwools in the crossing, but longwools, chiefly Lincolns, prac- tically supplanted the Downs in a short time. Much heavier fleeces were grown by the crossbred sheep than by the merinos. Owing to the larger percentage of lambs raised and to the readiness of the crossbreds for market as yearlings instead of as two-year-olds or older, the production of mutton per breeding ewe also was greatly increased. These two factors have enabled sheep to persist in large numbers in the rich northeastern region. In the years just before the war, receipts from sales of mutton had become as important as from sales of wool in the Province of Buenos Aires. In semiarid regions sheep were able to hold their place; merinos usually persisted be- cause of distance from market and because they were relied upon mainly for wool. Wool was about twice as important in total flock receipts as sales of mutton in the years just preceding the war. In the merino region cattle usually can not compete with sheep, except locally, and crop production is not practicable without irrigation. As a matter of fact, so far as grazing requirements are concerned, the large coarse crossbreds which now predominate in the Province of Buenos Aires require at least a third more feed and shear about a third more wool than the merinos formerly kept. The average weight of fleece in Buenos Aires has increased by two pounds per head dur- jng the past 15 years. The crossbred lambs at one year of age Aveigh as much as the two-year-old merinos formerly disposed of for SHEEP AND WOOL PRODUCTION IN ARGENTINA. 9 slaughter. Since more wool and much more mutton are produced per head from these crossbreds, the real decline in sheep husbandry has been less than statistics indicate. The average annual wool produc- tion in this Province for the 5 years ended in 1909 was only 23 pei' cent larger than the average for the 5 years ended in 1916, Although the reported number of sheep in 1908 was more than 50 per cent larger than in 1914. Exports of mutton have remained fairly constant during the past two decades despite the pronounced drop in number of sheep. At the present time, aside from occasional stud flocks, there are virtually no merinos in the Province of Buenos Aires, where over 40 per cent of the Argentine sheep are located. The few finewools which are shorn in this Province are sent on mainly from Patagonian territories for fattening. In Corrientes and Entre Rios, to the north, and Santa Cruz, in the south, probably 12J to 13 per cent are merinos ; in La Pampa, probably 25 per cent. In Chubut and Rio Negro, where semiarid ranges prevail, about 70 per cent of the sheep are finewools, and most of the remainder shear wool which grades as half-blood in the United States. In Tierra del Fuego merinos are practically unknown. In other provinces and territories sheep are present in relatively small numbers and often are poor in quality of fleece and carcass; in fact, unimproved or only partly improved native or " criolla " types predominate. The outlook for possible expansion in sheep and wool production seems somewhat less favorable than in the case of cattle. The num- ber of the latter probably will increase more or less steadily after a comparatively short period of readjustment. But the 1921-22 wool clip is estimated at less than 290,000,000 pounds, or about 15 per cent smaller than for several years previously. This decline is the result of the low prices for sheep and wool since the autumn of 1920. It is probably only a temporary decrease. However, until war-time increases are liquidated and the world wool market returns to normal, there seems small reason to look for an extension in sheep raising in Argentina. This normal condition in the wool market promises to be slow of realization. In farm flocks, however, the year- long grazing season and occasional use of roughage to supplement short pastures should permit production at a maximum of profit. The industry can expand considerably in subhumid regions; in fact, y it is only in such territory that any considerable future increase may v reasonably be expected. However, a large part of the more desirable land in semiarid areas is already stocked to capacity under existing systems of management. Considerable, though more or less local, increase in carrying capacity should result from development of irri- gation projects and winter feeding with hay thus produced. But such a system would be limited in its scope, since transportation 9115122 2 10 SHEEP AND WOOL PRODUCTION IN ARGENTINA. facilities are lacking for getting the feed to the sheep. Some time in the future there probably will be a considerable use made of hay and grain for winter fattening of sheep in the vicinity of irrigation developments, but the world's market for mutton must expand very greatly before such a practice can compete with winter-grazed sheep in the humid region. On the whole it is probably safe to anticipate a gradual decline in sheep in the agricultural region as more land is seeded to alfalfa for cattle, or is sold to farmers for permanent with- drawal from purely pastoral uses. Farm flocks should become more numerous, but can for some time hardly be expected to offset declines in numerous large flocks now kept on unimproved or only partly im- proved grazing lands. After a time gradual increases may be looked for in subhumid areas, but such increases probably will no more than offset decreases in the humid northeastern region. Table 2 presents a brief summary of the results of the inquiry into and the estimates of Argentine costs. In different regions of Argen- tina there is a wide variation from the average percentage incurred for labor; it varied from 46 per cent on unfenced, State-owned ranges in Chubut down to 20 per cent for farm flocks in Buenos Aires. There was no expense for feed in Argentina. This is an outstanding advantage possessed by Argentine sheepmen, as is the lower labor cost per head of sheep. The high percentage charged to interest and rentals in Argentina results from the almost exclusive use of fenced ranges. The fact that sheep are kept on fenced land* is a major factor in making the labor bill per head so low. In the different regions this land rental and interest charge varies widely; from nearly 54 per cent for farm flocks in Buenos Aires down to 16 per cent on unfenced State lands in Chubut. TABLE 2. Summary of estimated costs of producing wool and mutton, in Argen- tina, 2 1917-18 and 1918-19. [Argentine costs are coverted into United States money at par exchange.] Sheep investment per head $4. 84 Total receipts per head _ $4. 55 Per cent of receipts from wool 70 Per cent of receipts from mutton 30 Expenses per head i. $. 04 To labor, per cent . 32. 96 To feed To interest and rentals, per cent 39. 68 Profit per head $1.51 2 Including land rental and interest on total investment in sheep. (See introductory note.) Joint expenses are allocated to wool and mutton in proportion to the receipts, respectively, from these two sources ; namely, an average of 70 per cent for wool and 30 per cent for mutton in Argentina. For a discussion of such cost accounting in the United States, with an allocation of 46 to 48 per cent to wool and 52 to 54 per cent to mutton, see Table 29, and pp. 213, 214, The Wool-Growing Industry, United States Tariff Commission, 1921. SHEEP AND WOOL PRODUCTION IN AKCKXTI NA. 11 Wool per pound : Receipts S<. :;s:; Expenses - $0.273 Front .SO. 110 Mutton per head in flock : Receipts - 3 $1. 37 Expenses - $0. 71 Profit $0. GO FLOCK MANAGEMENT. There are three general methods of sheep management in Argen- tina. In the first, which prevails from northern Santa Cruz to the River Colorado, merino sheep are kept almost exclusively. Lambs are generally retained until 2 or 2J years of age before being sold, i. e., two fleeces are removed. As a rule few but wethers are sold, since occasional heavy losses require the retention of nearly all the ewe lambs for flock maintenance. Old ewes are sold in relatively small numbers if seasonal losses and estancia (ranch) needs for meat have not caused their death or slaughter. Some of the sheep sold from Patagonian and more northern estancias are grazed for a time on the richer pastures of Buenos Aires to get them into better condition for slaughter. This system corresponds fairly closely to that used on the American ranges 30 years ago, and is necessitated by the char- acter of the range and distance from market. In this finewool region the range is composed mainly of shrub growth. In fact, grass is rarely seen except in occasional areas where water seeps from higher ground, or in a few coastal areas, or in val- leys along the Andes. The last-named areas are used almost entirely for cattle. The carrying capacity varies considerably, ranging from about 5 to 10 acres per head for finewools, and averaging approxi- mately 6J acres. The country presents a few striking topographical differences, but is fairly well supplied with sheltered valleys which give winter protection from wind and snow; though there are some extensive ridge lands so open to the high winds that winter grazing is out of the question. In a few areas on or near the coast crossbreds are run on land which will carry one of these larger sheep on 4 or 5 acres, but such are the exception until southeastern Chubut is reached. Most of the land used in this region is fenced. The second system is based on crossing longwool rams, mainly Lincolns and Romneys, on a merino (Rambouillet) eAve or on female offspring from earlier cross-breeding. This prevails from Tierra del Fuego to northern Santa Cruz and locally in more favorable areas which lie within the great Patagonian finewool region. It is the general practice throughout the fertile, well-watered Province 3 Based on sales made at ranch. 12 SHEEP AXD WOOL PRODUCTION IX ARGENTINA. of Buenos Aires, is largely followed in Entre Rios and Corrientes, and is the more common system in La Pampa. In the south Romney blood is the rule : in the north Lincolns are mainly used. Under this system the lambs are retained until the first fleece is shorn, they are thtMi sold as long yearlings for slaughter. This general system. \vhich applies to probably 80 per cent of the Argentine flocks, cor- responds fairly closely to the prevailing methods in cross-breeding areas of the Middle West 50 years ago, and to more recent range practice soon after the American sheepmen adopted cross-breeding in the Far West. In this system the crossbreds are usually kept on much better land than is found in the merino region, though nearness to market or freezing plants is of more importance in northern Santa Cruz and southeastern Chubut than is the character of the range. In much of the Deseado section the carrying capacity is little better than in most of Chubut. The medium and fine crossbreds which are kept riMjiiire 25 per cent more feed, hence from 7 to 9 acres are needed to support a sheep. Passing southward from the Deseado, how- ever, the shrubs steadily give way to grasses. Between the Santa Cruz and Gallegos Rivers about 5 acres suffice, while in the Punta Arenas area 3 acres are sufficient. In Tierra del Fuego about 2^ acres carry a sheep throughout the year. In a large part of La Pampa, to the north of the merino region, 4 to 6 acres are required for crossbreds on natural grazing. In the humid section sheep usu- ally are run in connection with cattle, and the rate of stocking varies accordingly. Under the third method of management crossbred lambs are sold for slaughter at about six to eight months of age. These are high- grade Lincolns. This system is beginning to be followed in Buenos Aires but is virtually unknown elsewhere. It is limited largely to farms and the smaller ranches, and does not apply to over 10 per- cent of the Buenos Aires flocks. It corresponds to prevailing prac- tice in the range region of the United States and throughout the rest of the country outside of the early lamb section and the finewool region of the Upper Ohio Valley. 4 COST OF PRODUCTION. Fairly representative data of cost of production per head were secured for the different systems of management from a number of producers with long experience in the business. Most of these were sheepmen who were also wool dealers or sheep buyers, or both, and we iv especially well fitted to give accurate information. The data they furnished were based on typical conditions and prevailing 1 s-v The Wool-Grovring- Industry, U. S. Tariff Commission, 1921, chs. 4 to 9. SHEEP AXI) WOOL, PRODUCTION IN AUCKXTI N A. 13 practices, with actual figures for some important items of expense; they are believed to be a better illustration of the cost of wool pro- duction than complete cost data from a few individual ranches. However, it must be borne in mind that, in the main, the figures pre- sented in Table 3 are only estimates. Owing to practical difficulties, a few small items of income, relatively unimportant in the total, Avert 1 neglected as offsetting items of expense of equally small moment. The Argentine data apply to. the years 1917-18 to 1918-19, inclusive, and so far as costs are concerned, to 1919-20 as well. Since that time costs have decreased somewhat; the average price of wools, as will be noted in Table 5, in the appendix, has been considerably more than halved. 14 SHEEP AND WOOL PRODUCTION IN ARGENTINA. 1 a .2 I I Corrien crossbr 88888 :8 88888 :8 88888 :8 CsTi-TrH'f-rio' to" a n : s 88888 :8 38S88 :8 88888 :8 88888 88 iO PC ^ o CD 06 8888888 2$ 5 28 8 3 * GENERA intenden bor :3S : repai zing ation oooooo o o a g i* s E sg 30 pe pe IJSiw s 3SgS,*,a>cj> S- S I I ^ S 1 ^ 2 W fl X ^ SS-sft^-tjS 2 M t h , a J d nd o a^ s^ - ^js "^g c c- ^ ^ F^-Sf-C! C o3 o 03 Cfl l^i?- o tfsssssrgi P La Aut Dipping, Rams pur Land ren Interest, at 10 pe Interest o arin rd f ks u Twine, Haulin Handli Commi SHEEP AND WOOL PRODUCTION IN AUCKXT1XA. 15 88 88 __*_ 88 8S 88 88 88 sfs* 88 88 88 Ig 88 88 ^88 88 ^88 sfs ^88 <-Sfe 8f3 88 s eooo' 00 O rH 00 ss J5S O O O 0000 l li ge fro ;o wool o mut ss S & til 1I_ I s a a * *li -3 5- wSS O S0 O S ft28 H goo H 2 a 8 s 111 1 5 |a e l|S ^ 1 si t^^ S 1 5l 16 SHEEP AND WOOL PRODUCTION IN ARGENTINA. 1 Including Neuquen and part of northwestern Santa Cruz. 2 Including some areas, mainly coastal, in Chubut. 3 Eastern La Pampa, part of southwestern and southern Buenos Aires, and southern Cordova and Santa Fe. 4 Corrientes and Entre Rios. 5 75 per cent lambs weaned, sold as yearlings. 6 75 per cent lambs weaned, but sold as lambs at 6 to 8 months old. 7 Careless management, 40 per cent lambs weaned, sold at 6 to 8 months. Much scabby and burry wool. s 7 herders, 2 foremen, 4 laborers, 1 manager. 9 5 herders, 4 laborers, 1 foreman, 1 manager. 10 4 herders, 4 laborers, 1 manager, 1 foreman. 11 5 herders, 4 laborers, 1 manager, 1 foreman. 12 6 herders, 1 foreman, 4 laborers, 1 manager. 13 3 herders, 2 laborers ,.l foreman (half time), 1 manager (half time). 14 1 herder, 1 laborer (half time), 1 foreman (fourth time), 1 manager (fourth time), is Farm flock of 500 breeding ewes cared for incidental to other work. 16 Rental of 20 cents per head per sheep paid to State. " Rental at 6 per cent on 10-peso valuation per head whether land is owned or leased from private owners. is Rental at 25 centavos per sheep per year paid to State. 19 Rental at 6 per cent on 12^-peso valuation per head. 2 Rental at 2,250 pesos per league with carrying capacity for 1,200 to 1,300 sheep per league (8 leagues). 2 1 Rental at 2J pesos per year per sheep shorn (9,600). 22 Rental at 3 pesos per sheep shorn (5,025). 23 Rental at 3 pesos per sheep shorn (1,800). 24 Rental at 3 pesos per sheep shorn (590). 25 10 per cent on investment of 20,000 pesos. 26 10 per cent on investment of 100,000 pesos. 27 6 per cent on 6,500 ewes, at 9 pesos; 3,250 lambs, at 3 pesos; 2,925 yearlings, at 6 pesos; and 200 bucks, at 50 pesos. 28 6 per cent on 6,000 ewes, at 9i pesos; 3,600 lambs, at 3 pesos: 3,240 yearlings, at 6 pesos; 200 bucks, at 29 6 per cent on 6,000 ewes, at 10 pesos; 4,000 lambs, at 4% pesos; 200 bucks, at 50 pesos, so 6 per cent on 6,000 ewes, at 10 pesos: 4,200 lambs, at 5 pesos; 200 bucks, at 50 pesos, si 6 per cent on 6,000 ewes, at 10 pesos; 4,000 lambs, at 5 pesos; 200 bucks, at 50 pesos. 32 6 per cent on 3,000 ewes, at 12 pesos; 2,250 lanibs, at 7 pesos; 90 rams, at 50 pesos. 33 6 per cent on 1,500 ewes, at 12 pesos; 300 yearlings, at 10 pesos: 45 bucks, at 50 pesos. 34 6 per cent on 500 ewes, at 11 pesos; 100 lambs, at 5 pesos; and 15 bucks, at 40 pesos. 3 6 12,160 fleeces. SB 9,600 fleeces. 37 9,780 fleeces. & 9,600 fleeces. 3 5,025 fleeces. 4 1,800 fleeces. 42 12,160 fleeces of 3 kilos 36,480 kilos, at 17 pesos per 10 kilos. 43 12,160 fleeces of 3^ kilos 40,530 kilos, at 17 pesos per 10 kilos. 44 9,600 fleeces of 4 kilos 38,400 kilos sold, at 19 pesos per 10 kilos. 9,780 fleeces of 4 kilos 39,120 kilos sold, at 20 pesos per 10 kilos. 46 9,600 fleeces of 3 kilos 2,880 kilos of wool sold, at 25 pesos per 10 kilos. 47 5,025 fleeces of 41 kilos 21,356 kilos sold, at 20 pesos per 10 kilos. s 1,800 fleeces of 4i kilos 7,650 kilos of wool sold, at 20 pesos per 10 kilos. 4 590 fleeces of 4 kilos 2,360 kilos sold, at 16 pesos per 10 kilos. so 1,270 2-year-olds, at 8 pesos. 51 1,600 2-year-olds, at 8 pesos: 850 old ewes, at 4 pesos. 52 2,140 yearlings, at 8 pesos, and 850 old ewes, at 4 pesos. 53 2,320 yearlings, at 9 pesos, and 860 ewes, at 5 pesos. & 4 2,140 yearlings, at 10 pesos; 860 ewes, at 5 pesos. 55 1,300 yearlings, at 12 pesos; 430 ewes, at 6 pesos. 56 795 lambs, at 9 pesos; 200 ewes, at 6 pesos. 100 lambs, at 8 pesos; 20 ewes, at 5 pesos. & 8 Distribution of clip. Buenos Aires system No. 1, 35 per cent; system No. 2, 7 per cent; system No. 3, 3 per cent; Corrientes region, 11 per cent; Pampa region, 12 per cent; Santa Cruz region, 13 per cent: Chubut (fenced), 9 per cent, (unfenced), 2 per cent. Fenced State lands in Chubut and Santa Crux are given twice the weight of fenced lands owned by sheepmen. The remainder of the Argentine clip con- sists mainly of unimproved or only partly improved wools, mainly of Criolla and Mestiza (carpet) grades. SHEEP AND WOOL PRODUCTION IN ARGENTINA. 17 In the first column of Table 3 are shown cost data for a type of management found in some parts of Chubut, where all or virtually all the land is leased from the Government. The producer has very limited capital invested in permanent improvements- dipping vat, small paddocks, shearing corral, and a few small buildings. The sheep are run almost entirely on unfenced range, which is leased for about 20 cents per year per sheep. For 6,500 breeding ewes and their progeny a total of slightly over 12,000 head 11 herders and laborers and 2 foremen are needed. The herders and laborers aver- aged approximately 100 pesos (paper) per month in wages and provisions during the latter years of the war period. Meat furnished is not included, as the flock receipts are curtailed in proportion to the number of animals eaten. The foremen's wages average ap- proximately 220 pesos; a good manager receives 600 to 1,200 pesos per month, according to the number of sheep kept. With about 6,000 breeding ewes his salary should amount to about 800 pesos monthly. Improvements are reckoned to be worth 20,000 pesos, and interest, depreciation, and repairs are charged at the rate of 10 per cent per annum. In column 2, which represents Chubut wool growing on leased land which has been fenced, the rate of wages is the same, but about nine herders and laborers and one foreman care for the same number of sheep under the supervision of a capable manager. The investment in fences, etc., amounts to approximately 100,000 pesos. Ten per cent is charged for interest, depreciation, and repairs. In column 3, where the land is owned and fenced, the cost of labor is the same as in the second case, the same charge is made for improve- ments, etc., and land rent is charged at 6 per cent on an investment of 10 pesos per head for 12,000 sheep. The chief difference in charges direct to wool in columns 1 to 3 is the increase for market- ing the slightly heavier clip from sheep on fenced range. The com- mission for selling is charged at 2 per cent of the gross value, the average rate actually paid. Joint expenses are allocated to w r ool and mutton in proportion to their importance in total receipts. On fenced ranges the wool clip averages 3^ kilograms (7.3 pounds), as against 3 kilograms (6.6 pounds) on unfenced range. Then, too, on fenced ranges 60 lambs are weaned per 100 ewes, as compared with 50 where the land is not fenced. This difference in lambs weaned is very important, since it results in a larger income per sheep shorn ; through allocation of expenses it also gives a lower charge per pound of wool. As a matter of fact, shepherds on the open range usually raise a few more ewe lambs than are necessary to maintain the flock. After a year with unusual losses they experience much difficulty in quickly restoring the ewe bands to normal unless 9115122 3 18 SHEEP AND WOOL PRODUCTION IN ARGENTINA. animals can be purchased from other sheepmen. Aside from excep- tional years, their annual losses from disease, exposure, estancia slaughter, average 12J per cent as against 10 per cent on fenced range. Over a series of years, with no unusual losses to recuperate from, 6,500 ewes of breeding age on unfenced range permit annual sales of 1,250 to 1,300 two-year olds and practically no old ewes. On fenced range 6,000 ewes of breeding age permit annual sales of about 1,600 two-year olds and 850 old ewes. In normal years the latter usually bring about one-third to two-fifths of their value as two- year olds. During the years which this table covers these ewes sold to itinerant buyers for an average of 4 pesos per head as against 8 pesos for two-year old wethers. Two-year old ewes sold or retained for breeding purposes were valued at 10 pesos each. Total expenses were smaller on unfenced than on fenced ranges, but receipts also were less, and therefore there was a smaller net profit on the flock. The same was true per head of sheep shorn. On fenced land leased from the State the profit per head is larger than when the land is owned by the operator, but this results from the cheap rental offered by the Government to foster settlement. Owing to the low lambing percentage, receipts from wool form a larger pro- portion of total flock receipts on unfenced range 81.8 per cent in column 1 as against 77.3 per cent in columns 2 and 3. This fact, in connection with the slightly lighter clip per head, makes the charge per pound higher in column 1, 27.6 cents (American gold), as against 24.8 cents in column 2 and 26.9 cents in column 3. On a number of individual ranches in this area, much wider differences would be found from ranch to ranch, but these typical figures are believed to give a fairly accurate measure of conditions during the war years. Columns 4 and 5 present typical cost data for crossbred flocks in northern Santa Cruz and southeastern Chubut. In this area the flocks are run almost entirely on fenced land, much of which is leased from the State. About 67 per cent of lambs are weaned to each 100 ewes; losses total about 10 per cent per year, and the surplus lambs are sold as yearlings instead of as two-year-olds. The total number of sheep in a flock based on 6,000 ewes therefore is but slightly over three-fourths as large as in the finewool region. This permits a small saving in the charge for labor, since a good manager can dispense with the services of one helper. Owing to the smaller number of sheep inventoried after sales are made in the fall there is a slight difference in interest charges on sheep investment, but the larger grazing requirements of these crossbreds prevent any saving on land rental. The smaller number of fleeces results in a smaller shear- ing and shipping expense. Total flock expenses, therefore, are some- what less than in columns 1 to 3, but expense per head of sheep shorn is considerably more. SHEEP AND WOOL PRODUCTION IN ARGENTINA. 19 Increased receipts more than offset the greater expense per head. Twenty per cent more sheep are sold each year than from fenced Chubut range ; owing to the heavier crossbred fleeces nearly as much wool is shorn from the flocks as from the larger flock of finewools. Then, too, these fleeces sold for considerably more per pound than the heavier shrinking merino wool. The net profit per head of sheep shorn is more than twice as large as in the case of merinos. However, there is little difference in cost per pound of wool. The higher price of wool per pound makes wool receipts slightly more important in total flock receipts than on fenced range in Chubut; this requires charging to wool a larger percentage of the joint operating expenses. The result is that the charge per pound against wool averages only about one-half cent less than on fenced merino ranches. The profit per pound is over 50 per cent larger. Column 6 presents cost data on crossbred flocks in the La Pampa section, north of the merino region. Owing to the milder climate, TO per cent of lambs are weaned per 100 breeding ewes, and a few more fleeces are shorn from a flock based on 6,000 ewes. In this sec- tion herders look after 1,500 ewes or about 2,000 other sheep as against about 2,000 ewes or 3,000 other sheep on fenced range to the south. The charge for labor and superintendence for 6,000 ewes and their progeny is therefore somewhat larger than in Santa Cruz. Land rental is slightly higher, since fenced range which will carry 1,000 to 1,500 animals per league (about 6,200 acres) is rented in blocks of 2 to 12 leagues at 2,000 to 2,500 pesos 5 per league, or about 80 cents (United States currency) per year per sheep. The saving in shipping charges for wool about offsets the increased charge for labor. Receipts from sale of sheep are considerably larger than in Santa Cruz, partly because of an increase in number per 100 ewes, and partly because of a somewhat higher price per head. There is more competition for the sheep. Wool from this section also averages slightly higher in price than the Santa Cruz clip, but owing .to the larger mutton receipts wool sales furnish only 75 per cent of the total flock receipts as against 78 per cent in columns 4 and 5. But owing to the fact that total expenses per sheep shorn are somewhat greater, this slight decrease in the proportion of expenses to wool results in practically the same charge per pound of wool 25 J cents as against 24.9 cents. This is due to the close similarity in type of sheep kept and in methods of production. Column 7 presents the same facts for crossbred sheep in Corrientes and Entre Rios. Efficiency of herders is about the same as in the La Pampa section, but there is greater loss from disease, and the labor 8 Paper pesos worth 42.5 cents in United States currency at par exchange. 20 SHEEP AND WOOL PRODUCTION IN ARGENTINA. cost is slightly higher, as an extra man is needed for 6,000 ewes and their increase. Since there is more competition in this section than in La Pampa between sheep raising and crop production, the land rental per sheep shorn is considerably larger; it averages about 2-J pesos per head $1.06 in United States currency at par exchange as against nearly 80 cents in La Pampa. This heavier rental causes a considerable increase in joint expenses. Although lower shipping costs give lower charges incurred directly for wool, the total flock expenses are considerably higher because of the land rent. A higher average price for the smaller number of sheep sold gives virtually the same receipts from mutton sales as shown in column 6. The wool sells for much more per pound, owing to superior quality and condition, but the fleeces average much lighter, and wool receipts total considerably less than, in the La Pampa district. Total flock re- ceipts therefore are smaller in column 7, as are total receipts per head of sheep shorn. Owing to the higher land rental, expenses per head are much greater, and net profit per head much less than in column 6. Smaller receipts from wool sales make mutton more im- portant in total flock receipts than in preceding columns, but the lighter clip results in a much higher charge per pound. The higher price per pound gives a profit practically as large as in any other section, but it is the opinion of the shepherds that sheep production in Corrientes and Entre Rios is less remunerative than elsewhere in northeastern Argentina, Sheep are sure to decline in these two Prov- inces ; they persist mainly because tillage has been relatively slow in development, much of the land is less well adapted to alfalfa than in Buenos Aires, and fine grasses have not yet secured a foothold on a large part of this soil. The last three columns present typical cost data for the Province of Buenos Aires. Under the first system shown the lambs are sold as long yearlings, just as in other cross-breeding areas, but 75 per cent of lambs are weaned per 100 ewes. The chief difference between thes costs shown in column 8 and those of earlier columns is the higher land rent, which is charged at 3 pesos per sheep shorn, or $1.275 in United States currency at par exchange. Owing to the larger percentage of yearlings sold at a higher price than elsewhere partly because of greater competition between buyers but mainly because of greater weight receipts from sales of mutton constitute 30 per cent of total flock receipts. The result is a charge per pound of wool of 26.7 cents, which compares very favorably with the cost in other regions despite higher operating costs. Total profit per head of sheep shorn is higher than in any other section, but is sur- passed by operators who f ollow the system shown in column 9. Under this system the lambs are sold at six to eight months of age. Mutton receipts per sheep shorn surpass such income in other col- SHEEP AND WOOL PRODUCTION IN ARCKXTINA. 21 umns and form over 35 per cent of total flock receipts despite the very high wool prices of the war years. Totai receipts per head shorn, as well as total expenses and profit, likewise are considerably higher. The charge per pound of wool varies little from most other columns because the higher expense per head shorn largely offsets the greater percentage of receipts from mutton. The last column presents data for a careless type of management which is condemned by most producers in Argentina. A consider- able number of sheep are kept in farm flocks incidental to other enter- prises. With proper care net returns from such flocks would be as high or higher than under any other system; the effective return would considerably surpass that in other types of management be- cause of the incidental nature of the flock. But many such flocks are kept by men who largely neglect their sheep. The animals are badly infested with scab, the wool is usually very burry, and from both causes the clip sells for much less per pound than it otherwise would bring. The flocks also are infested with stomach worms, and not over 40 per cent of lambs are weaned per 100 ewes. Producers of these flocks often sell their lambs at six to eight months of age, but the number sold is so small that wool sales furnish over 80 per cent of the total flock receipts. Flock expenses are so low that the charge per pound of wool is not greatly above that in other columns, but the profit per pound is much lower than elsewhere, as is the profit per head of sheep shorn. The a vein op cost per pound of Argentine wool for 1917-18 and 1918-11) \va< 27.M5 cents. The sale price averaged approximately 38.88 cents. The average cost in 1919-20 was practically the same, but a large par', of the wool clip, especially the coarser grades, sold for much less in fa. 54 17 18.68 20 900 93.00 16.43 18 19.76 21 1,000 93.00 17.32 . 19 20.84 22 1,100 93.00 17.91 19 21.55 23 1,200 93. 00 18. 50 20 22. 26 24 [Average distance of haul, 290 kilometers (181 miles).] /. CORN. [Per 1,000 kilos.] 100 104.00 5.06 5 5.89 6 200 104.00 7.58 7 8.85 9 300 104.00 8.71 8 10.19 10 400 104.00 9.89 10 11.60 11 500 104.00 10.97 11 12.87 12 600 104. 00 11.72 11 13.76 13 700 104.00 12.47 12 14.65 14 800 104.00 13.22 13 15.54 15 900 104.00 13.97 13 16.43 15 1,000 104.00 14.72 14 17.32 16 1,100 104.00 15.23 15 17.91 17 1,200 104. 00 15.74 15 18.50 18 [Average distance of haul, 230 kilometers (144 miles).] a. CATTLE. Length Freight per car of 20 head. Freight per head. Value Freight per pound of live animal (600 kilos = 1,321 pounds) . Freight per pound of . dressed meat (750 pounds). Percentage of value of article represented by freight. of per haul. head. ) Cur- rent rate. Pro- posed new rate. Cur- rent rate. Pro- posed new rate. Cur- rent rate. Pro- posed new rate. Cur- rent rate. Pro- posed new rate. Cur- rent rate. Pro- posed new rate. Kilo- meters. Pesos. Pesos. Pesos, i Pesos. Pesos. Pesos. Pesos. Pesos. Pesos. 100 84.40 116.76 ' 4.17 5.84 210. 00 0.003 0.004 0.006 0.008 2 3 200 111.20 155.68 5.56 7.78 210.00 .004 .006 .007 .010 ! 3 4 300 139. 00 194.60 i 6.95 9.73 210.00 .005 .007 .009 .013 3 5 400 158.46 221.84 7.92 11.09 210.00 .006 .008 .011 .015 4 5 500 177.92 249.09 8.90 1 12.45 210.00 .007 .009 .012 .017 4 6 600 194. 60 272. 44 9. 73 13. 62 210.00 .007 .010 .013 .018 5 6 700 207. 88 288. 01 10.39 14.40 210.00 .008 .011 .014 .019 5 7 800 221. 15 299. 68 11. 05 14.98 210.00 .008 .011 .015 .020 5 7 900 234.43 311.36 11.72 15.57 210. 00 .009 .012 .016 .021 6 7 1.000 247. 71 326.93 i 12.39 16.35 210. 00 .009 .012 .017 .022 6 8 1,100 260.99 338. 60 13.05 16-. 93 210.00 .010 .013 .017 .023 ' 6 8 1,200 274. 26 350. 28 13.71 17.51 210.00 .010 .013 .018 .023 7 8 (Average length of ha.ul, 400 kilometers (250 miles); time required for haul, 24 hours 45 minutes.] 32 SHEEP AXD WOOL PRODUCTION IX ARGEXTIXA. TABLES. Cost of shipment of certain agricultural commodities, etc. Continued, h. SHEEP. Freight per car of 200 hparl Freight per head. Freight per pound of live animal (55 Freight per pound dressed meat (54 Percentage of value of article represented bv Length , Value kilos). pounds). freight. ' haul. Cur- rent rate. Pro- posed new rate. Cur- rent rate. Pro- posed new rate. head. Cur- rent rate. Pro- posed new rate. Cur- rent rate. Pro- posed new rate. Cur- rent rate. Pro- posed new rate. Kilo- meters. Pesos. Pesos. Pesos. Pesos. Pesos. Pesos. Pesos, j Pesos. Pesos. 100 83.40 116.76 0.42 0. 58 12. 00 0.003 0.005 ! O.OOS 0.011 4 5 200 111.20 155.68 .56 .78 12.00 .005 .006 .010 .014 5 7 300 139.00 194. 60 .70 .97 12.00 .006 .008 .013 .018 6 8 400 158.46 221.84 .79 .11 12.00 .007 .009 .015 .021 7 9 500 177. 92 249.09 .89 .25 12.00 . 007 . 010 .016 .023 7 10 600 194.60 272. 44 .97 . 36 12. 00 .008 .011 . 018 . 025 8 11 700 207.88 288. 01 1.04 .44 12.00 .009 .012 . 019 . 027 9 12 800 221. 15 299.68 1.11 .50 12. 00 .009 .012 . 021 . 028 9 13 900 234.43 311.36 1.17 .56 12.00 .010 .013 .022 .029 10 13 1.000 247.71 326.93 1.24 .64 12. 00 . 010 . 014 .023 .030 10 14 1,100 260.99 338.60 1.31 .69 | 12.00 .011 .014 .024 .031 11 14 1,200 274.26 350.28 1.37 .75 12.00 .011 .014 .025 .032 11 15 [Average length of haul, 400 kilometers (250 miles) ; time required for haul, 24 hour* 45 minutes.] /. SWINE. 1 Freight per car of Freight per 40 head. htad. Freight per kilo, of animal of 100 kilos Percentage of value of article represented by freight. Length of haul. Current rate. Pro- rnr '- ' si rate. rate ' ! Pro- posed new rate. head. Cur- rent rate. Pro- posed new rate. Cur- cent rate. Pro- posed new rate. Kilo- meters. Pesos. Pesos, i Peso*. Pesos. Pesos. Pesos. Pesos. 100 83.40 116.76 2.09 2.92 60.00 0.021 0.029 3 5 200 111.20 155. 68 i 2. 78 3.89 60.00 .028 .039 5 6 300 139. 00 194. 60 ! 3. 48 4.87 60.00 .035 .049 6 8 400 158.46 221.84 j 3.96 5.55 60.00 .040 .056 7 9 500 177. 92 249. 09 ' 4. 45 6.23 60.00 . U4, r > .062 7 10 600 194.60 272. 44 i 4. 87 6.81 60.00 .049 .068 8 11 700 207. 88 288. 01 i 5. 20 7.20 60.00 . 052 .072 9 12 800 221.15 299.68 j 5.53 7.49 60.00 .055 .075 9 12 900 234. 43 311.36 I 5.86 7.78 60.00 .059 .078 10 13 1,000 247.71 326. 93 : 6. 19 8.17 60.00 .062 .082 10 14 1,100 260.99 338.60 | 6.53 8.47 60.00 .065 .085 11 14 1,200 274.26 350.23 1 6.86 I 8.76 60.00 .069 .088 11 15 [Average length of haul, 400 kilometers (250 miles); time required for haul, 24 hours 45 niinutes.J SHEEP AND WOOL PRODUCTION IN ARGENTINA. 33 TABLE 9. Trend of wool prices, London, 1900 to 1921. [Pence per clean pound.] [Data from Schwarts and Buchanan, London.] Merinos. Da tc. Port Phillip, "good." Adelaide, average. Cape, short, washing. Buenos Aires, average. December, December, 1900 1901 19* 21 17 18* It! i? December, 1910 27} 25 22 20} December, 1911 26} 24 20} 19 December, 1912 29 26 22} 20* December, 1913 28} 25 221 21 July, 1914 33* 28 27} 23 It December, 1915 43 35 31 26 December, 1916 65 57 48 39 April, 1917 1 75 63 50 38 December, 1919 138 108 97 6S December, 1920 65 40 34 2S December, 1921 45 33 30 23 Crossbred. Australian. Superfine. Fine. Medium. Coarse. 15 12} 11} W 16 11 g (>A 23 19} 16} 13* 22 18 lf> 13" 24 20 17 15 22} 18} 15f 14) 26 22} 17 151 37 34 28 25 51 47 35 32 ' 2 50} 70 35 40 32 29 45 30 19 1 13 35 21 10} 8* 1 April, 1919, the date of the close of London public auctions. 1 Nominal. As against July, 1914. Merinos are about 30 per cent higher, prices 15 per cant higher, medium and coarse shreds 40 per cent lower. TABLE 10. Wholesale prices per pound of domestic wools in the Boston market. Territory, 1 fine staple. Territory, } blood, combing. Momn. 1919 1920 1921 1922 1919 1920 1921 1922 January. . . $1. 590 1.475 .490 .575 .675 .700 .775 .875 .875 .875 .875 .950 $2.000 2.100 2.100 2.100 2.100 1.875 1.700 1.650 1.575 1.375 1. 050 .950 $0.825 .900 .900 .900 .900 .825 .830 .830 .830 .830 .830 .865 $0.910 $1.635 1.410 1.435 1.475 1.475 1.600 1.600 1.725 1.775 1.775 1. 775 1.775 SI. 825 1.900 .900 .900 .900 .625 .500 .475 .425 1. 225 .945 .825 $0. 675 .775 .775 .725 .725 .710 .700 .700 .700 .700 .700 .765 $0.795 February March April... May June July. . August September . . . October November December . Month. Territory, J blood, combing. Territory, J blood, combing. 1919 1920 1921 1922 1919 1920 1921 $0. 425 .425 . 465 .435 . 435 .400 .400 .390 .365 .400 .400 .465 1922 January $1. 275 1.235 1.210 1. 075 1.115 1.200 1.240 1.350 1.375 1.275 1.270 1.350 SI. 350 1. 350 1.350 1.300 1.300 1.175 1.025 .975 .925 .875 .700 .600 $0. 525 .545 .555 .540 .540 .500 .510 .510 .525 .525 .525 .560 $0.600 SI. 290 1.060 1.010 .975 .925 1.035 1.050 1.100 1.125 1.125 1.125 1. 125 SI. 125 1.175 1.175 1.150 1.150 .975 .875 .825 .725 . 675 .585 .500 $0. 515 February March April May Juno July \ugust September October November December 1 Territory wools are quoted on the scoured basis, month. Prices are for first wee'k in each 34 SHEEP AND WOOL PRODUCTION IN ARGENTINA. TABLE 10. Wholesale prices per pound of domestic wools in the Boston market Continued. Month. Territory, 1 common and braid. Territory, fine clothing. Territory, fine medium clothing. 1919 1920 1921 1922 1919 1920 1919 1920 January SI. 010 .710 .710 .710 .710 .690 .690 .690 .725 .725 .725 .725 SO. 725 .725 .725 .625 .625 .550 .550 .550 .550 .550 .210 .190 $0. 190 .190 .190 .190 .215 .215 .215 .215 .215 .215 .215 .265 $0.315 SI. 515 1.410 1.390 1.410 1.410 1.425 1.450 1.450 1.450 1.450 1.450 1.650 11.725 1.800 1.800 1.800 1.800 1.550 1.500 1.450 1.275 1.225 .8.50 .700 SI. 415 1.390 1.365 1.365 1.365 1.325 1.350 1.350 1.450 1.450 1.450 1.650 SI. 650 1.700 .700 .700 .700 .475 .475 .275 .075 .025 .700 .575 February March April Mav June July August September . October November ... December Territory, fine and fine me- dium clothing. 1921 1922 SO. 575 .675 .675 .675 .655 .615 .615 .615 .615 .625 .625 .645 $0.720 Month. Ohio and Pennsylvania 2 fleeces, Delaine, unwashed. Ohio and Pennsylvania fleeces, J blood, combing. 1919 1920 1921 1922 1919 1920 1921 1922 January $0.655 .620 .610 .625 .725 .710 .810 .840 .840 .830 .860 .895 $0.930 .985 .985 .985 .985 .735 .710 .700 ,625 .625 .550 .490 $0.465 .405 .410 .390 .405 .375 .355 .350 .340 .345 .350 .365 $0.405 $0. 740 .660 .660 .660 .680 .680 .740 .805 .805 .805 .805 .840 $0. 850 .840 .840 .840 .840 .710 -.690 .690 .610 .575 .470 .400 10.340 .340 .340 .330 .330 .305 .300 .295 .295 .295 .305 .310 $0.365 February March April Mav June . .... July September October December Month. Ohio and Pennsylvania fleeces, f blood, combing. Ohio and Pennsylvania feeoes, \ blood, combing. 1919 1920 " 1921 1922 1919 1920 1921 122 January $0. 745 .660 .650 .590 .610 .610 .690 .720 .700 .690 .675 .705 $0.700 .705 .700 .695 .690 .610 .540 . 515 .460 .440 .385 .350 $0. 275 .290 .305 .295 .295 .280 .265 .255 .255 .265 .265 .285 $0. 340 $0. 790 .615 .630 .570 .545 .565 .660 .685 .685 .670 .655 .660 SO. 660 .680 .665 .665 .645 .565 .490 .460 .430 .405 .365 .310 SO. 255 .270 .275 .280 .280 .265 .255 .235 .230 .242 .255 .260 SO. 315 February \pril May June July August October December 1 Territory wools are quoted on the scoured basis. Prices are for first week in each month. * Ohio and other wools, except Territory, are quoted on the greasewool basis, i.e., in the condition as shorn . SHEEP AND WOOL PRODUCTION IN ARGENTINA. 35 TABLE 10. Wholesale j>riccs /XT pound of domestic irools i)i the Boston market Continued. Month. January Ohio and Pennsylvania 1 fleeces, fine unwashed (clothing). Ohio and Pennsylvania i, f , i blood '(clothing). Ohio and Pennsylvania i blood (clothing). Ohio and Pennsylvania i, f blood (clothing). 1919 $0.565 .535 .535 .530 .535 . 585 . fi!5 .625 .690 .690 .690 .710 1920 $0. 710 .740 . 740 .750 .750 .635 .610 .610 .525 .545 .410 .365 1921 $0. 305 .305 .320 .325 .310 .295 .275 .285 .285 .285 .285 .295 1922 $0. 335 1919 $0. 575 .575 .560 .510 .570 .570 .595 .595 .595 .595 .595 .610 1920 $0. 610 .610 .610 .640 .640 .535 .532 .532 .475 .475 .352 .327 1921 $0. 255 .255 .255 .255 .285 .265 .255 .235 .245 .245 . 245 .255 1922 $0. 295 1921 $0. 235 .235 1922 SO. 255 March .235 April .235 Mav .260 .245 July .235 215 .215 October .215 215 .235 TAKLE II. Comparison of clean cost 2 at Boston of foreign and domestic wools, February, 1921, and February, 1922. [Detailed figures, by grades, furnished by a member of the Boston Wool Trade, Mr. Albert Elliott, of Jeremiah Williams & Co.] 'oreign wools. Austral! in merino (70s) Cross) >ri'-l (5S/60>): Sou Hi American Nc\\ Zealand Crossbred: So ! I h American (56s) Now Zealand (58s) Crossbred (50s): South American New Zealand Ciossbred (46s): South American New Zealand Crossbred (36/40s): Competing with domestic wools. Values as of Feb. 14, 1921. Values as of Feb. 4, 1922. Clean cost of foreign wools, c. i. f. Boston. Free. Clean cost of domestic- wools, Boston. Free. 80. 753 .91 1.025 .94 1.07 .755 738 Clean cost of foreign wools, c. i. f. Boston, 3 without duty. Clean cost of domestic wools, Boston 3 without duty. Tine medium Utah, Nevada, and Idaho. Fine staple Montana, Wyom- ing, and Oregon. Average Delaine $0.59 .72 .79 $0. 635 .90 .84 $1.00 1.067 1.14 1.07 1.14 .90 .947 .72 .73 . . 663 .648 .43 .45 .35 .358 Montana and Wyoming fine staple. Ohio X X Delaine .86 .56 1.00 .60 Ohio and Michigan \ blood Territory i? blood Ohio and Michigan | blood .57 .562 .502 .45 .33 .32 .29 .27 .50 Territory f blood ... .55 .40 .43 .32 .36 .20 .24 Fleece wool i blood Territo y { blood .48 .44 .32 .32 .19 .18 Fleece wool low -J- blood Territory low \- blood Fleece wool braid Territory braid 1 Ohio and other wools, except Territory, are quoted on the greascwool basis, i. c. in the condition as shorn. 2 The "clean cost," c. i. f. Boston, represents the investment which the importer has in the wools. It is usually somewhat belov the market quotations for such wools. 3 The duty is 15 cents per grease pound, unle^ altered from original condition as shorn from the sheep; if so altered." the duty is 30 cents per grease pound. This duty virtually prohibits imports. O THIS BOOK IS DUE ON THE LAST DATE STAMPED BELOW AN INITIAL FINE OF 25 CENTS WILL BE ASSESSED FOR FAILURE TO RETURN THIS BOOK ON THE DATE DUE. THE PENALTY WILL INCREASE TO 5O CENTS ON THE FOURTH DAY AND TO $1.OO ON THE SEVENTH DAY OVERDUE. i 11 LD 21-95m-7,'37 Photomount Pamphlet Binder Gay lord Bros. Makers Syracuse, N. Y. PAT. JAN 21, 1908 YC 3522: 493K-. UNIVERSITY OF CALIFORNIA LIBRARY