292 SELLING LATIN AMERICA 
cidents as local loans, credits and financing, 
need not concern us, and are best left for solu 
tion to those in this line of business. It is to 
be hoped however that the presence of Ameri 
can banking institutions throughout Latin 
America will result in the financing with 
American money of municipal and national 
improvements such as water-works, sanitation, 
electric and gas companies, subways, harbor 
improvements, fortifications, building of war 
ships, telephones, electric and steam railways. 
It was the custom of the European financier in 
making such loans to stipulate that the work 
should be done under the supervision of citi 
zens of, and with articles and machinery pur 
chased in, the country placing the loan. This 
was as it should be. It gave their engineers 
and contractors an opportunity to force upon 
these countries their products and methods, 
provided permanent employment for many of 
their countrymen, who in return created a de 
mand for articles of home production. 
We may therefore consider the banking sit 
uation only in so far as it applies to the travel-