But it can scarcely be emphasised too strongly that the recovery is complete. Argentine national credit is as sound as that of any civilised power. Indeed, the fact that the national Government undertook the responsibility of so great a part of the debts of the provinces is in itself sufficient indication of the Government's policy. With regard to municipal loans, it must be admitted that as these are regarded nowhere as other than a highly speculative investment, future irregularities would fall on the heads of people who had full knowledge of their risks. But the risks are extremely small compared with those which existed formerly; and the national executive seems inclined to exert pressure on recalcitrant bodies, compelling them to adhere to their agreements. In a recent case, indeed, intervention was necessary, not in the interests of the financiers, but in that of the municipality, the extraordinary exactions of the French port-concessionnaires at Rosario, having had very disastrous effects on that town's development. For once the municipal authorities were not the only gainers and the people themselves were the sufferers. Before presenting figures of Argentine loans in detail it may be of interest to show the proportion which was taken up in London. Of the total raised by the Republic from its emancipation in 1822 until 1904, amounting to £152,326,460, Great Britain supplied nearly four-fifths, namely, £125,082,710. This total is made up of the National, Provincial and Municipal external debts, which amount severally to $540,770,156, $202,067,716, $24,868,480 gold, or roughly £108,000,000, £40,000,000 and £4,500,000 sterling, of which England provided approximately six-sevenths, two-thirds and of the last, all. When it is remembered that of the capital invested in the country commercially three-quarters (or 250 out of 326 million pounds sterling) are also British, the influence which this country has had on Argentine progress cannot be over-estimated. It is a point, by the way, that a preference on colonial produce would be a preference against these interests of ours in the Argentine as well as against the 30,000 people of British extraction resident there, of whom at least one-half must be engaged or interested in the rearing or exporting of cattle. In grain they would be affected but little. In estimating the meaning of this tremendous debt it must be remembered that much of it is repetition. Not only were many of the loans issued for conversion of floating and other existent debt, but it will be noticed that a considerable part of the national debt was contracted to liquidate the various indebtedness of different provinces. CHAPTER V. ARGENTINA FROM THE IMMIGRANT'S STANDPOINT.