The article deals with the history of the Whaling Society of Magallanes since its formation in 1906 until its dissolution in 1916. The first part describes the Society using primary sources including newspapers from Magallanes and travel accounts written by explorers and foreign travelers during the period. The second part reflects on the significance this whaling company had in economic and geopolitical terms. There is consideration of the absence of the idea of a sustainable exploitation of whales in the Antarctic region at the beginning of the Twentieth Century. Finally, the article reflects about the heroic imaginary elaborated during the period and years later in the varied literature about the Whaling Society of Magallanes. © 2010 Instituto de Historia. Pontificia Universidad Católica de Chile.