Apart from the capital of companies already established in the Argentine, one may already detect a new stream of foreign capital destined to build new railways. It is announced, indeed, that a new railway system, 223 miles in length, will shortly be built in Entre Rios by German capital, which has hitherto been shy of this kind of undertaking. The Province of Buenos Ayres also proposes to construct and exploit on its own account a narrow-gauge line running from La Plata in the direction of the fifth meridian. For this undertaking French capital will also be solicited. Finally, the National Government, not wishing to remain inactive in the midst of these civilising activities, has just obtained the approval of Congress for a vast scheme of populating the southern territories of the Republic; a scheme initiated by an ex-Minister of Agriculture, Dr Ramos Mexia, the basis of which is the construction of over 1200 miles of railway, along which new centres of colonisation will gradually be formed. This is the great object of the present Government. It has taken shape in the form of a law, having as its especial object the development of the national Territories, and having regard both to the creation of new railways and the progress of colonisation; problems closely connected where the opening up of a new country is concerned, and value is given to its soil. The plan adopted by the Government is first of all to build the railway, which is the great instrument of civilisation; then to profit by the increased value which the land will immediately take on along its course, by dividing and selling it with a view to colonisation. The most immediate result of this policy is that the soil, which has hitherto been uncultivated or abandoned, rapidly attains a double or treble value. The same thing happens when irrigation works are carried out, as they may be in certain districts, rendering productive soil that has hitherto been uncultivable for want of water. We may cite the Rio Negro among those Territories in which recent attempts have been made to realise the value of the soil, and towards which the attention of capitalists as well as colonists has lately been directed. To ensure the carrying-out of these schemes, the State usually has recourse to contractors who accept payment in Government bonds, with a margin of profit sufficient to pay them for their enterprise. We may therefore say that the affair is good for every one, and that it is as much to the advantage of the State as to the profit of the capitalists who take up these proposals.