The following are the most important securities represented by the British investment in Brazil; the list shows that it was this money, more than any other element, which contributed to the opening-up of Brazil in the nineteenth century, giving her railways, public utilities, and helping to operate a number of industries. There was no philanthropy about this stream of bright pounds sterling. South American investments were expected to return a better rate of interest than did similar securities in Great Britain, and frequently results justified the hope. The average return on British investments in South America, which altogether total about £1,050,000,000 (say $5,250,000,000) in 1913 was four and seven-tenths per cent; this average dropped to three and one-half in the first year of the European War, a showing which very many profit-earning corporations in other regions of the world would have been glad to equal in that critical time. BRITISH INVESTMENTS IN BRAZIL _Railways_ _Amount invested, _Name_ 1916_ £605,569 Brazil Great Southern £341,000 Brazil North Eastern $57,835,200 Brazil Railways, 5 classes[20] £4,187,650 Great Western of Brazil, 4 classes £15,893,429 Leopoldina, 6 classes £2,600,000 Madeira-Mamoré £4,000,000 Mogyana Sul-Mineira £100,000 Quarahim International Bridge £6,000,000 São Paulo (to Santos) £3,175,000 Sorocabana £900,000 Southern São Paulo _Public Utilities_ £1,154,700 Port of Pará £115,800 Cantareira Water Co. (S. Paulo) £1,321,900 City of Santos Improvements, 4 classes £2,003,000 City of S. Paulo Improvements £1,200,000 Manáos Harbour and Manáos Improvements £349,000 Pará Improvements £1,761,875 Rio de Janeiro City Improvements, 4 classes £1,423,400 Central Bahia Railway Trust, A and B £275,000 S. Paulo Gas, 2 classes £2,571,871 Rio Claro Ry. and Investment, 2 classes £527,800 Amazon Telegraph, 2 classes £91,000 Pernambuco Waterworks, 2 classes £596,000 Manáos Tramways £1,384,449 Pará Electric, 4 classes $110,361,400 Brazilian Traction, Light and Power, 2 classes $1,400,000 Jardim Botanico Tramways $28,013,500 Rio de Janeiro Tramways, Light and Power, 2 classes $6,821,917 S. Paulo Tramways, Light and Power, 2 classes $2,000,000 S. Paulo Electric (The five last mentioned companies are registered in Canada, and the securities are thus issued in dollars, although the stock was largely held in Great Britain and Canada, prior to the European War.) _Industrial Companies_