To sum up: from our re-examination of the Argentine situation for 1909, we obtain an impression of great progress and of actual prosperity, an impression confirmed by the statistics of foreign trade, in which the entire activity of the country is reflected. For the year 1907 the total of imports and exports amounted to £116,000,000; for 1908 the total receipts and outgoings represented £133,000,000: with a commercial balance of nearly £24,000,000 in favour of exports. Among the other manifestations of national progress we have still to take into account the development of the network of railroads, of which 13,660 miles are in actual working, representing a capital of £158,000,000, while 3259 miles are projected or in process of construction, representing a capital of more than £25,000,000. These new lines have been conceded by Congress either to companies already existing, or to new companies which are able to offer all desirable guarantees, so as to assure the prompt realisation of the schemes accepted. The Government, on its own part, has solicited and obtained from Congress the necessary sanction for the execution of a vast plan for the colonisation of the Southern Territories, which is based on the construction of numerous railroads. This continuous extension of the railway system has greatly favoured the valorisation of the new Territories, and has contributed powerfully to the movement of colonisation and emigration which is the indispensable condition of a wider future. To-day, then, all is for the best in the best, or at least the richest, country in the world. But if science teaches us that Nature takes no leaps——_natura non facit saltus_——history also teaches us that nations in their progress must not progress too rapidly. For this reason the Argentine Republic, in especial, has need to-day to consolidate her prosperity under a _régime_ of foreign and domestic peace, of prudence and economy, and to avoid speculation and the abuse of credit, which have ended, before now, in inevitable reaction. PREFACE TO THE FIRST EDITION Twenty years ago M. F. Latzina, Director of Statistics, published in French a very able work on the _Geographie de la République Argentine_, of which he had issued the first edition in Spanish, and I consented with pleasure to write an Introduction to a book whose object——an object which it fulfilled——was to familiarise European readers with a country whose rapid development is one of the most remarkable facts in the economic history of the nineteenth century. “These results,” I wrote, after having quoted certain statistics of agriculture and commerce, “are assuredly very satisfactory. The Argentines have the right to be proud of them; few countries in the world could show a like example of progress!”