Susceptibility of South America to conditions of the European money markets; early fear of Balkan complications—Relatively bad times—Transient “crises”—August, 1914—Protective measures—“It’s an ill wind that blows no one any good”—Still further insistence on the need of agricultural population—Currencies—The Argentine “Conversion” Law—Former gold speculation and banks of issue—Golden opportunity for British trade—A South American view of the Monroe doctrine—The “Hustler”—British manufacturers and the South American trade—How to lose it—How to keep it—Uruguay’s creditable reputation—General commercial conditions in Argentina and Uruguay—The Buenos Aires Stock Exchange—Gambling—Sound securities: the Argentine Hypothecary Bank, and National, Provincial, and Municipal Debenture Bonds—The new and the old Buenos Aires corn exchanges—More about the “Bolza”—Fictitious booms—A great bear—The death of public speculation—Cedulas _and_ Cedulas—Credito Argentino 93 CHAPTER VIII RAILWAYS, PORTS AND IMMIGRATION An _Imperium in Imperio_—Foreign capital in River Plate railways—Gauges—The “Mitre” Law—Luxurious travelling—An U.S. Syndicate—Argentine national railways—The Transandine and Entre Rios lines—The projected southern transandine line—Maritime accessibility of the River Plate Republics—Chief ports—Spanish immigration 122 CHAPTER IX GENERAL STATISTICS Increase of trade during past two decades—United Kingdom imports of grain and meat—U.K. exports, showing importance of Argentina and Uruguay—British capital invested in Argentina during first half of 1914—Trade of the U.S. with S. America—U.S. exports, showing importance of Argentina—Argentine imports from Europe in 1913—The rich productiveness of Uruguay—Increase of Argentine and Uruguayan exports—Public works and small budget surpluses—Buenos Aires commercial and industrial census, 1914; bread and smoke(!)—Italian and Spanish retail traders—Russians and Jews 127 CHAPTER X A GLANCE AT THE PROVINCES AND NATIONAL TERRITORIES OF ARGENTINA, AND THE INTERIOR OF URUGUAY BUENOS AIRES, the “Queen” Province: Its stillborn capital—Famous museum and university—Bahia Blanca—Mar-del-Plata, a veritable round of gaiety; the new Port—Potatoes—Other chief towns of the province—Cereals and live stock—Great agricultural and industrial activity—Generally uninteresting scenery: model farms and fine country houses 139 SANTA FÉ: Forests, live stock and agriculture—An old-world capital—Busy Rosario—Other ports—Mixed agriculture and stock farming—Milling and other industries 144