The countries which have hitherto occupied the first place in Argentine foreign trade are those which not only gave initial impulse to the development of national industries by the founding of banks and the construction of railways, but likewise by the creation of adequate steamship services. There are to-day upwards of 33,000 kilometers of railway in operation in the Republic, with an aggregate capital of considerably over $2,000,000,000, more than 90 per cent, of which is entirely British, whilst the oversea communications are conducted by regular and rapid services of steamships flying the flags of the maritime countries of Europe. The great traction companies in the capital and the provinces are British; the street electric railways established on an important scale throughout the Republic are British; the foremost Light and Power concerns are German; with the exception of the National Bank of the Republic and the branch of the National City Bank of New York recently opened, the banking interests are largely European, whilst the great majority of the principal industrial and commercial enterprises are also European. Of the $400,000,000 of the Argentine External Debt, practically the whole of the issues making up this vast sum are in the hands of European investors and, in normal times, as further capital is called for to meet the requirements of any of the established enterprises, or of others formed on similar lines, it is invariably forthcoming from Europe; and to these advantages which the Argentine Republic enjoys in her commercial relations with the older countries, there is the additional fact that she derives all her immigration from northern and southern Europe.