The effects of the war upon the life of the country must not all be put on the same footing. That some of the exporters to Argentina have gained by the war and others lost--that the share of the United States, and even of Japan, has greatly increased--is a fact that may be regarded from the Argentinian point of view as of secondary importance. The war has, moreover, had the effect of disorganizing marine transport and bringing about a sort of relative isolation which is not yet quite over. The reduction in the imports of English coal has made the petroleum wells of Rivadavia of greater value to the country. It has compelled the Argentinians to make a hurried inventory of their natural resources in the way of fuel. Local industries have tried to meet the needs of the Argentinian market, where they had no longer to bear the competition of European goods. The grave disturbance of prices has enabled them to export certain products which had hitherto been confined to home markets. The war has, moreover, not interfered with the existing streams of export on a large scale from Argentina. The Republic continues to send its cereals, meat, hides and wool to Europe; and there is no reason to suppose that the competition of buyers is likely to diminish, or that the cultivation of wheat and lucerne must become less profitable. The two essential effects of the war seem to have been the stopping of the stream of immigration and the progressive reduction of the support which Europe gave to the work of colonization in the form of advances of capital. From 1914 to 1918 only 272,000 immigrants landed at Buenos Aires, while 482,000 emigrants left the country. In 1918 the figure of immigration and emigration was only 47,000, less than a tenth of what it was in a normal year before the war. The withdrawal of European capital was felt from the very beginning of the war, and it has gone on uninterruptedly, capital from North America not being enough to supply the deficiency entirely. At the same time the extraordinarily favourable balance of trade has led to the storing of an ample reserve of capital in the country. Argentina has, in a very short time, won a financial independence which, in normal conditions, would have entailed long years of work and prosperity.