356 SELLING LATIN AMERICA 
saw the advantage of following in the foot 
steps 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 pur 
chased 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