France comes second. Her investments are chiefly in railways and harbours, and amount to about £21,621,000. German capital, principally in banks and tramways, stands at £12,000,000. Belgium has £4,000,000 of capital invested in the Republic. Among the many marvellous industrial features of Argentina the railways[92] may claim the first position, for they hold in the Plate country the same place as in the United States: they are the arteries which bring life-blood to the system. The travellers of two or three generations ago all remarked upon the wealth of the Pampas and lamented the impossibility of utilising it owing to the absence of transport, and the same lament is made by those who now visit Brazil, Peru, Colombia, and Venezuela. But now Argentina has a splendid railway system, which is being developed with unflagging enterprise. Its mileage is greater than that of Mexico.[93] The first line was laid down in 1857, but progress was very slow, for Argentina shared the bad reputation of all South American Republics, and there seemed reason to believe that the next quarter of a century would be as barren as the last, for foreign and civil wars appeared to be insuperable barriers to progress. But in the booming times of the eighties construction went on apace, and no temporary checks to the general prosperity availed to circumscribe the growing network of railways. Taken as a whole, they are one of the most brilliant examples of English enterprise in a foreign land.[94] The oldest of the Argentine railways is the Buenos Aires Western, which in 1857 made a modest beginning with a 6-mile track to Flores. Its early days were full of trouble, and before long it fell into the hands of the State. It was sold to an English company in 1890, and since that time has flourished exceedingly. Although the smallest of the broad-gauge lines, it is a very wealthy concern, and has 1,305 miles of track. Up to Mercedes it competes with the Buenos Aires and Pacific, but thence it bears southward, to Banderalo in one direction and Toay in another, and finally joins the Bahia Blanca and North-Western Railway at Bahia Blanca itself. It serves a very fertile district, and grain forms 60 per cent. of its goods traffic. The lines are well laid, the rolling stock excellent, the management of the best, and it has long paid a dividend of 7 per cent. upon its ordinary stock. Altogether it is a highly meritorious concern, and though it has less scope for development than some of its rivals its future can hardly fail to be one of continuous prosperity. [Illustration: LOCOMOTIVE, BUENOS AIRES GREAT SOUTHERN RAILWAY.]