Whatever may be the importance of the limited company, it is by no means to the interest of the Argentine to declare war upon foreign capital; she should, on the contrary, respect the far-seeing provisions of her Constitution, which imposes upon Congress the duty of encouraging the introduction of foreign capital conjointly with a foreign population, because both are vital elements of the national development and progress. But while we respect this tradition we feel that the Government should, in counteraction, endeavour to stimulate the application of Argentine capital to commercial or industrial enterprises, in order that the entire resources of the country shall not be developed for the sole profit of the foreigner. Professor Lorini, whom we have just quoted, is of the same opinion. “We are certainly not of those,” he says, “who complain of the introduction of foreign capital. The more the latter is imported, the more it gives employment, and increases yet more the wealth and welfare of the country. But we must also add that as more capital arrives from without, so the payments which the country has to make for the use of it grow larger, and for this reason the whole financial policy of the Government and the Argentine should have as its object the introduction of the severest economy and the greatest possible thrift; not only that engagements contracted may be honourably met, but that in course of time we may form a national capital, capable of competing with foreign capital, of reducing its pretensions, and even of replacing it little by little, should the latter, for any reason whatsoever, be compelled to emigrate in virtue of causes foreign to the economic laws of the country.” After England France stands in the first rank of those European nations which have had faith in the future of the Argentine, and have risked the investment of their capital in this young and wealthy state. Unhappily the total amount of French capital invested has not been augmented, as one might have hoped, by the political and commercial ties which for many years have united the two countries, or by the fertile opportunities which the Republic has to offer to the activity and enterprising spirit of the Latin races. The _nominal_ total of Argentine securities quoted on the Paris Bourse amounted, on the 31st of December 1907, to the value of £78,999,308, which sum may be analysed as follows:—— State funds £52,332,306 Banks 10,335,680 Transport 12,802,290 Mines 548,978 Various 2,980,000 ----------- £78,999,254 ===========