Having had, and still having, a practical monopoly in their own districts, the various companies have adopted a somewhat despotic attitude towards new and outside enterprise, and, sometimes a disregard for the requirements of their customers, as well as for the true needs of the country. Railway affairs centre in River Plate House, and any attempt on the part of outsiders to establish themselves in the Argentine is viewed with great suspicion by the financial ring that rules there. Concessions put forward have been blocked times out of number by the influence which the ring could exert in Congress. If by any chance--and this has been more frequent of late--the concessions have been secured in spite of its opposition, every obstacle is placed in the way of raising the requisite capital in London--opposition which the ring is in a peculiar position to make effective. Only recently a very sound project was floated with the greatest difficulty, even the debentures failing to realise more than 90 per cent., because one of the existing lines considered the proposal a trespass on its especial preserves. Moreover, there seems to be every reason to anticipate the rapid failure of the new line owing to the rate war which the existing one will undoubtedly declare. This apparent disregard of the needs or desires of their customers is, perhaps, attributable partly to the unreasonable nature of the demand, partly to an occasional pursuit of some pet theory of management, but, in all probability, more largely to the division and conflict of authority. The management is separated from its central board, not only by the Atlantic, but by the local board sitting in Buenos Aires. And, although on the home board there are men whose knowledge of the country was intimate some years previously, their aspect of the working of a railway naturally undergoes considerable modification upon their transference from the executive to the directorate; while the local board, who are often appointed merely to secure local support and influence, are rather apt to exercise their power in a vexatious and capricious manner--more to show their authority than to further the interests of the railway. As regards the actual working of the lines, in some cases complaints are made that too much confidence is placed in the long-haul, long-train theory. There are only a few lines on which there is any opportunity for or advantage in the very long train, the agricultural districts centring round the various ports. Owing to the lack of warehouse accommodation along the line, grain has often to be loaded into the trains straight from the growers' carts, thus causing endless delay when trains of immense length stand to be filled. It often happens, too, if the harvest proves at all good, that, in spite of Government orders, the rolling stock is quite inadequate for the traffic, the result being that with the accumulation of work in the