defence it must be admitted that he runs a very great risk indeed in the credit which he is compelled to give, and is justified to a great extent in recouping himself when the opportunity occurs. But the undeveloped economic system, and the encouragement of settlers without a sufficient backing of capital, are much to be deplored. In recent years the agriculture of a whole province threatened to come to an abrupt termination owing to the complete inability of the colonists to buy or borrow from the merchants seed for their year’s sowing. It was only rescued by the prompt and wise action of the local railway company who supplied the grain, on the easiest of terms and without security. The result was, although, of course, an immediate loss to the company, the salvation of the province, and the railway’s ultimate gain.

Owing to the enterprise of various people there seems to be a possibility that the colonist’s conservative partiality to cereals may be overcome. Not only have the possibilities of chicken-farming been demonstrated, but the co-operative working of a large dairy and ice-producing plant has already proved a success. The co-operative movement may indeed open a field, especially in the South, for other labour besides that of Latin origin. It is true that the Boer Colony has not been an unqualified success. But the Welsh have thrived in Chubut, and of the newly opened regions about Nahuel-Huapi residents speak enthusiastically. Unfortunately there does not seem to be much land available, and, hitherto, there have been no railway facilities. There is a paper dealing with the Welsh Colony, published by the Foreign Office in London. But, apart from the accounts of sporting and scientific expeditions, there is little available literature. It is much to be deplored, and in default of an independent work in English the translation of existing works in other languages would be very welcome.

CHAPTER VI.

ENGLISH TRADE. ITS POSITION AND PROSPECTS.

It is always difficult to entice commercial men into giving information of any value regarding their affairs. The seeker after more material and solid things than figures—after instances and facts rather than theories—is very apt to be disappointed. The value of the opinions gleaned was rather impaired when experience showed that success and complacency, despondency and comparative failure, usually went together. It is pleasant to be told not to bother about British Trade, that “British trade is all right.” But it is not entirely reassuring when such lessons as can be derived from statistics and the opinions of less successful men are largely opposed to this view.

Some more definite information was, however, available, and from conversation with people directly concerned with general trade, both English and Argentines, it was possible to supplement to some extent the statements, extremely valuable as they are, of our consuls in the country, as well as the deductions from official statistics. With regard to consular reports a word must be said. These are often abused by men of position in trade, and, though their brevity is to be deplored, a word of protest must be uttered against the inconsiderate and disdainful criticism to which they are subjected. Moreover, one of the greatest authorities on Argentine affairs, Dr. Francisco Moreno, an Argentine delegate on Col. Holditch’s arbitration expedition on the Chilian Frontier, was emphatic in his approval of these reports, even going so far as to say that he trusted their statements and figures in preference to those of his own government.

On every hand there were indications leading to two conclusions, namely that British trade is losing, or has lost considerable ground, and that the greater part of the blame is due to the producer or merchant at home. A superficial glance at import statistics would seem to give the lie direct to any such assertion. Such strong influences, however, are at work, that it is only after a careful study of all the circumstances that anything like a true estimate can be formed.

Before, therefore, pronouncing judgment upon its present position and its future, a short examination of the development of our trade viewed in conjunction with the economic conditions of the country and with the various interests in competition with ours, is necessary both to explain how our conclusions were reached, and to assist in the formation of a juster appreciation of our commercial relations with the country.

The following statistics give in brief the course of trade in the Argentine according to official returns for the years 1890, 1895, and 1900 to 1905 inclusive:—