The prosperity of the Argentine Republic would undoubtedly have been impossible without the enormous investments made by British financial houses in its railway development. For many years--in fact, until quite recently--the influx of capital was welcomed and encouraged. Concessions were lavished on anyone ready to take them up, and, far from irksome conditions being imposed, valuable privileges were granted to the _concessionnaires_. Moreover, the national and provincial governments were only too eager to get rid of such lines as they themselves owned, and invariably worked at a loss, and to transfer them to European concerns. That the railways were financed from motives of promiscuous philanthropy is improbable, but that the English financiers were almost alone in their confidence in the future of the country is not only true, but it is a truth which the most respected and able Argentines fully realise. There exists, however, at the present moment a very powerful feeling of opposition to the "Empresas," as they are called--the "concerns" that practically control the country--and (so say their opponents) exploit it entirely for their own ends. Apart from the fact that a railway, in order to pay, must humour its traffic, and would be attempting suicide were it really guilty of the exorbitant overcharging and mismanagement of which some lines are accused, there is little or no cause for these complaints. In a country where a mortgage on land pays 8 per cent. interest, and where other investments are expected to give a proportionate return, the 7 per cent. of a railway dividend is far from being excessive, especially when it is remembered that locusts and drought may at any time absorb practically the whole year's profits of a whole system. The motive of this hostile spirit, or what may be behind it, is difficult to discover. That jealousy of foreign--especially English--influence exists in a certain section of the people is undoubted. But, considering that the true Argentine population--supposing that such a thing exists or could be defined--is very small compared with the foreign element, and that of itself it is absolutely incapable of developing the country, some other reason must exist to justify the position. But, discreditable as such jealousy is to the people concerned, it is without doubt a very powerful factor.