He it is who most readily lends money on mortgage, at a high rate of interest, on real property. He knows only of one way in which to invest the surplus of his income—in land or the things intimately connected with land and its immediate productivity. Agricultural enterprise he understands and daily appreciates more and more its scientific working. Intensive farming is already practised by him in those parts of the country where land is most valuable. He breeds as fine cattle and sheep as any foreign breeder or colonizing company. But for commerce other than purely agricultural he has no bent. So he wisely leaves it in the hands of the stranger, who thereby develops his towns, and builds railways and tramways; all of which go to the enhancement of the values of Argentine real property. Now and again there is a pseudo-patriotic clamour in certain sections of the Native Press over what is denounced as the exploitation of Argentina by the foreigner. But all this is mere froth born of journalistic need of “copy”: mere great-gooseberry matter for a dull season. That it is no more was proved a few years ago by the great English Railway Companies. They became weary of being denounced as the worst kind of exploiters of an innocent bucolic people; and, in reply, published broadcast an announcement that they would transfer a certain large quantity of their shares at par (the market price being considerably higher) to Argentines who might thereby qualify themselves not only for a share in the Companies’ profits, but for seats on the Boards of Directors; where they could have a voice in the management of what was being denounced as a vast system of exploitation. To this very liberal, almost quixotic, offer there was no response. For the simple reason that, whilst the railway dividends did not exceed 7%, land mortgages carried 10% or 12%, and the yield from immediate agricultural enterprise proportionately more. Every branch line opened by the railways, often at huge expense of expropriation, spells fortune to Argentines. If the railway gains in a less degree who should complain? No one really does, everyone really concerned being much too well aware on which side his own particular bread is buttered. As I have said, the Argentine is possessed of a quite preponderating amount of common sense. His attitude towards the foreigner is, “I give you all liberty and protection for any enterprise you may wish to carry out in my country, by which you may become very rich; but the country itself and nearly all the land in it is mine and will remain so.” The last thing the Argentine will part with as an individual or as a nation is land.