Old residents directed my attention to a great change which is taking place in the import houses of Buenos Aires. Until a few years back it could be said that the British were first and the rest nowhere. British capital has flowed abundantly into the country, but toward developing its natural resources rather than in trade. Now German houses have a strong footing in "B.A.," and, naturally enough, they are encouraging the products of their own land. Go into a German house, and it is German wares that are for sale. Go into a British house, and you find United States and German wares as well as English being offered. I was seriously convinced, whilst studying the trend of trade in Argentina, that it is absolutely necessary that the managing heads of English firms who have dealings with South America, and find they are not getting that share of the increased trade which the growth of the country warrants, should make periodic visits to Argentina to learn for themselves what is the matter. If there is one complaint to be made against the Englishman trading with a foreign land, it is his lack of adaptability. So long as he had the manufacturing of the world in his own hands, he could do as he liked. The thing he made was good, and it was the only thing. Now he has keen competitors, and the customer has a varied choice. The Englishman has to consider whether it is worth his while to give the exaggerated credit which manufacturers elsewhere are prepared to give if they can secure the orders. The Argentine likes long credit. Then, is he prepared to make an inferior, showy article at a cheap price? These are two considerations which count enormously with the Argentine. You can purchase the best Sheffield cutlery in the best shops, for it is what the better-to-do people insist on having. But there are millions of people in the Republic who have never heard of Sheffield, and, therefore, know nothing about its reputation. What they want is cheap knives. Sheffield firms do not make these, and the consequence is the majority of the people have rubbish from elsewhere. I am not advocating that the British manufacturer should drop making the things which have won for him and his country a worthy reputation. I am pointing out some of the things which must be well thought about if Britain is going to keep its pre-eminence in the financial value of the goods imported into Argentine.