356  SELLING  LATIN  AMERICA

saw  the  advantage  of  following  in  the  footsteps ­
  of  the  Briton  and  is  the  second  largest
investor  in  such  enterprises  abroad.
International  bankers  when  making  loans  to
private  persons  or  governments  interested  in
these  progressive  movements  always  stipulated
that  the  materials  to  be  used  should  be  purchased ­
  from  the  country  which  furnished  the
money  for  the  development.  This  was  a  fair
and  far-seeing  business  proposition  and  should
serve  as  a  guide  for  us  in  our  future  dealings
with  these  markets.
Chile  to-day  is  spending  $400,000,000  on
harbor  improvements  and  fortifications,  most
of  the  work  being  in  the  hands  of  Europeans.
The  plans  contemplated  will  require  many
years  to  complete,  and  during  all  this  time
European  material  will  be  used  and  workmen
from  the  Old  World  will  derive  profit  from
the  undertaking.
An  American  first  had  the  concession  to
build  the  subway  in  Buenos  Aires.  He  spent
months  trying  to  get  capital  in  the  United