There is a good deal of French money sunk in the Madeira-Mamoré railway, one of the Farquhar undertakings which cost the equivalent of more than six million pounds sterling, fifteen hundred livres, is said to need much reconstruction already (opened to traffic in 1912), and does no more than pay its way. French bondholders also hold part of Minas Geraes debt, and of that of Rio de Janeiro. French engineers, operating with French money, built several of the existing railways, notably the Auxiliaire de Chemins de Fer au Brésil with 1,400 miles of track; it was a French firm, the Compagnie Française de Rio Grande do Sul, formed in Paris in 1906, which put one hundred and fifty million francs into the port works of that southerly city, opened to shipping in November, 1916. French companies also began the port works of Pernambuco, checked by money paralysis after 1914, and constructed the new harbour facilities of Bahia. When the much-discussed “Missão Baudin” came to Brazil in 1915, it was with the object of investigating the condition of the properties in which French money was concerned, and the chief member of the party was also credited with an effort to induce the Brazilian Government to guarantee the rather clouded State obligations to French bondholders. German investment in Brazil is, as regards money, not of great importance; it is largely confined to the loans made by the Dresdner Bank, and to capital expenditures in the southern states, including the construction there of a couple of small railways. There has, however, been great investment of blood and energy, there are many strong German commercial houses and retail stores in all districts, and to Germany was due the first granting of long and easy credit facilities to Brazil. Germans have been largely interested in the coffee and rubber businesses. The Brasilianische Bank für Deutschland operates with a capital of fifteen million marks, and the Banco Alemão Transatlantico is another strong German financial house. This summing up of European investment in Brazil, incomplete as it is, serves to demonstrate the extent to which Brazil has been opened up by Europeans. The European has asked for Brazilian raw products, brought ships to carry them, built ports for the ships to lie in and railroads to freight the products to the ports; has sold manufactured goods and lent Brazil the money with which to pay for them, and established banks for financial operations connected with the business created. Millions of hardy and industrious people have gone to live in Brazil and to bring the land into cultivation, to educate their children as Brazilians and help in the mental progress of the country.