FROM CHILE.

Dominion, Volume 1, Issue 120, 13 February 1908, Page 4

FROM CHILE.

CHEAP LAXD AND HIGH INTEREST. GOOD FOR THE INVESTOR. lo tho greater portion of the civilised world Chile is popularly supposed to be one of those South American States where one retires to sjeep to bo awakened by guns that bang in a change of Government, and to bo greeted by the news that the late President is about to bo shot in tho city square for being the.late Prcsidont. But, liko everything elso, this is a gross libel on a really thriving country and an intensely patriotic people, according to Mr. D, H. Stewart, formerly of Timaru, who has spent the last four years of his lifo in Chile, and who .arrived in Wellington yesterday. Mr. Stewart left tho southern port when but eighteen years- of ago, to seek his fortune in foreign parts, and has no reason to regret having done so. Ho journeyed; to ; tbe Argentine, whero he spent some years gaining experience, then he journeyed west, and. is at present.connected with tho Anglo-South American Bank at Iquique, a Chilian city pf nearly fortj'. thousand inhabitants and a; lively commercial town on tho sea coast, inasmuch, as it is tho centre of the famous nitrate district, where, nearly tho whole world looks for its supply of saltpetre. It never rains at Iquique—a name which sounds appropriate for : tho scene • of tho i .next , musical comedy—at least, ! llr. .-'Stowart ■ states- 'ithat it has only rained twice there in the past three years. It would bo urifortunato'indeed if it did,,for- tho nitrates perish ,in water, or, at any rate, aro robbed of a great'deal of their virtue. It is a higlily payablo.industry, too, for none of tho Chilian or English companies working tho deposits pay loss than 15 per cent,, ,aiid many,' aro considerably, higher, and this despite a heavy-export dutyimposed by the Government. With, only a shower or two every few years it was natural to ask'about: I<juique's water, supply, which is, it is ascertained, drawn -from. tho neverfailing 'torrents of the distant Ajides. ; ''

. Mr. Stewart says that it is,quite erroneous to suppose Chilo to be one of tbo comic-opera States that are always in a. revolutionary turmoil. Don Pedro Montt, tho gentleman at tho head of affairs, has been President for a coupta of "years; 'spooks '-English as it should be'spokon; arid can be easily approached by any of his pcoplo at almost any timo. He is progressive on practical lines, manages his navy in British fashion, his army in German'style, and has impressed ori his South American neighbours that Chile is a power to be reckoned with. Tho Chilians —a cross betwoen tho early Spanish settlers and tho Araucanians—aro a patriotic, warliko people, and, as they are protected acjward by, a harbourloss coast and,an efficient navy, and landward-by the' Andes, thoy feel pretty safe as a country; Should anv of the surrounding States bo inclined to tako more than her duo, Qhilo could give a very good account of herself. v.'V-.-.t'..-: / As a placo for a young man with a little capital,.. Mr.. Stewart .thinks- Chile-would -be hard to equal. The country is rich in minerals of 1 all kinds—copper,- silver; and-tin in particular, and in tho south is admirably i adapted for' pastoral and agricultural purposes. Good land, which would cost at least £20 an acre in New Zealand, can bo bought for £2 an aero for fattening'cattlej for which tliero is always ,a; brisk 'domand" in 1 -' tho more arid north. '■ Tlio wool-growing • industry is 'in its infancy, but thero is, no reason why it should not dovelop' largely in ' tho futuro. Land in the extreme south, and oven on Tierra del Fuego has been, stocked witli sheep, and'excellent results aro reported. Whon_ Mr. Stewart left Iquiquo his bank was paying 6 per cent, on six months' deposit money, and 1 per cent, on monoy at call, so that 'an' investment for a few Spare' thousands tho American Bank appears Ho . bo quito/a. ,: ,sound .investment. Theso rates -aro, however;' not regarded as nearly : %^^§ji< > -pfor ':'c'oinmorcial ';or j'imninfe-.%Sift!rr prisa, return'svl«fes ,, .th'ari'..''l^'persoejit.'" .Of, coursri, all and. one very, unstable fact'o'r;.'is; thb.;'flucituat-. ing papor dollar. ' .It was worth' -lsf'wjieni Mr.'. Siowart!; l^rls6i'qiief , ->but^h6/'V&: sinco learned that;iit Is'- down- to/10d.,-, TKero. is .a limited gold/ooiilagb,; but'.tpero' is' a; premium on gold which' is a Govcrrimont; inoriopolv,. and, as it is insisted that; clutios shall; be paid in gold, :tho - premium one has' to pay -is a Government : x ,-;The' 'ftyailablo-*gbld is limited,' so lt;ia' put : up;for: auction at - tho " romati" every Saturday' 'afternoon, and, if a merchant is pushed for 1 gold to clear his merchandise, he may have to 'pay 50, per oont.- more than its face value/ Ho does not suffer, naturally—but puts tho " extra "on to' thc prico of- tho goods,,, so.;that tho,-con-sumer pays .in';tbe : lo'n^- ; ruri : ;'''' : ' iV: ' :•' -•/: . ia far -from; geherally/knpwn. that 'Valparaiso, 'while twelve.days';steam.-from'Monte. Vidoo, is only forty-seven hours from Buonos Aires, acress country. At presont tho Andes have to bo nogotiatod by a mule team between tho railheads, but tho work of tunnelling through Uspallata: Pass for tho railway is proceeding, so that tho Trans-Andean railway is as nearly an accomplished fact as is tho Midland Railway of our own, South Island. - ■ Tho officers ,of .the-bank with/, which -Mr/ Stewart is connected ,get. seven months' holiday every! five years, and ho,is making use of his. furlough to visit his relatives and friends in the south. i