What of the British position? The British "re-discovered" Latin America more than a century ago. England, as well as France, was the school of Miranda and Bolívar. England provided the sinews of war for the emancipation of these lands, and the British legion which served under Bolívar was saluted by him, on the battle-field, as _Salvadores de mi patria_. South America honours the name of Cochrane among the heroic figures which stand upon the threshold of independence: nor has she forgotten how Canning's generous statesmanship helped her to secure the fruits of victory. One may read, in great part, the history of the struggle for independence in Memoirs written by Englishmen who took part in it. And in succeeding years the British held in those countries a peculiar position of gratitude and respect. The first Argentine foreign treaty was with Great Britain. Uruguay owes her independence, in part at least, to the intervention of British diplomacy, which was held in equal honour at Buenos Aires and in Rio. The founder of the Pacific Steam Navigation Company was an American, who, failing to find support in his own country, went to England, and there launched his great scheme of maritime trade on the Pacific coast. The same American, William Wheelwright, was the founder of the Argentine railway system, through English capital and enterprise. Over 1000 millions sterling of British capital are invested in Latin America in the form of government loans and corporate enterprises whose capital can be counted, without reckoning private investments, such as ownership of land. Total British investments in the Argentine alone exceed 500 millions sterling. The British created the Chilian nitrate industry, in which Chilian and British ownership are now about equal. Our fathers and grandfathers dared much, risked much, lost much and gained much in Latin America, and have left us an unrivalled reputation for good work and steady integrity. _Palabra de Inglés_, "the word of an Englishman," is still a proverb throughout those countries.