CONDITIONS IN PARTICULAR INDUSTRIES. 281

ments on British export trade; and, second, because the manufacturers
 have organized to obtain effective direct representation in
foreign trade and have thus radically departed from the time-honored
 British method of relying upon export merchants and commission
 houses in foreign business.
British investments in foreign public utilities.—British investments
in foreign public service or utility corporations related to or dependent
upon the electrical industry, not including the United States and
Canada, are in excess of $1,000,000,000.
The British organization and control of these undertakings is
reflected in the British export trade, for British factories are the
chief feeders of these consumers of electrical goods. It is but natural
that contract specifications dictated by British executives and engineers
 call for British or British-standardized equipment and supplies.
Moreover, instances are reported where British capital was supplied
for the installation of plants at cost, conditioned upon the subsequent
 purchase of operating supplies and equipment as directed by
the financing company or group. Thus initial profits sometimes are
sacrificed in the installation per se, and the plant is used to create a
steady and profitable demand for complementary supplies and
apparatus.
Certain details are given herewith concerning the investments in
cable, telegraph, and telephone companies and in other local public
utilities in South America. (For additional details see Pt. II, p.
537 fol.)
CABLE, TELEGRAPH, AND TELEPHONE COMPANIES. —It is difficult to
sstimate the total British investment, in enterprises of this kind, but
the total capitalization of those listed in the standard British financial
 publications is more than $170,000,000; of this total more than
$43,000,000 is invested in Latin American (principally South American)
 enterprises, divided among different countries as follows:

TaBLE 21.— British investments in cable, telegraph, and telephone companies in Latin
America (principally South America).

Argentina and Uruguav...
Brazil...........-Brazil
 (to Senegal). ...
Chile......
Colombia. .
Cuba. ....
Uruguay...--Venezuela.......

South America (Western Telegraph Co., Ltd
West coast of South America....
West Indies &amp; Panama Telegraph Co. (Ltd.).

Total..

LA

$11, 485, 000
2, 663, 000
1, 235, 000
1, 650, 000
169, 000
1, 100, 006
800, 000
958, 000
14, 490, 000
2, 255, 000
6, 780, 000
43, 585, 000