The subject of finance, credits and so forth are matters which always come up for discussion here. Long credits are often necessary, especially in the case of the smaller merchants or dealers of Latin America, and in the smaller towns, where these have not capital for quick payments and the goods have to be sold before a return is reaped. There may be bad debts often, or dishonest customers, but as a rule the purchasing store-keeper is often kept in the path of rectitude by the knowledge that dishonesty will result in cutting off his supplies sooner or later, with consequent ruination.
To return to business. It is an error to suppose that the Latin American is lacking in enterprise, for the reverse is generally the case.
Again, the folk of these lands we are here treading are exceedingly assimilative of new ideas and novelties. They like to be thought "up-to-date." New appliances and luxuries catch their fancy. Motor-cars, gramophones, cinematographs and so forth are eagerly purchased. Were the roads better, bicycles would have had an enormous vogue, and may yet have. Aeroplanes are likely to be very prominent things in the future. Anything new, fashionable or pleasurable is regarded with favour, from notepaper to flying machines.
It is, however, noteworthy that the deeper refinements of life are less considered. Thus the Latin American folk are not great readers of books or purchasers of pictures. Nor have they a great love for antiques. It is true that books published in Spanish (or Portuguese) are generally limited in range and miserably printed and bound, and it is probable that a foreign publisher who should undertake to cater to a growing literary appetite here would find in it a remunerative business. Something, of course, has been done in this way, especially in Argentina, where imports of books from Britain have increased rapidly.
As to pictures, gaudy oleographs and calendars often do duty for these. But the love of pictures for themselves seems to have diminished at the present time among all peoples, even in Anglo-Saxondom: perhaps it has fled before more material delights; perhaps it may return.
The British Governmental attitude towards trade abroad—and Latin America naturally takes an important place—somewhat halts between two opinions, as concerns official representation. Shall British representatives be mainly diplomatic, ambassadorial, or shall they also descend to that less distinguished field of commerce? Shall the atmosphere of the Minister Plenipotentiary or that of the more commercialized Consul be paramount?
England—Britain—is constantly upbraided by traders and trade-writers on account of her alleged supineness with regard to foreign trade. We are accused of not doing enough, of not having sufficiently active representatives abroad, of not attending to the wants of foreign purchasers, of not knowing their languages, of not sufficiently pressing our wares upon them, and so forth.
But when all is said that can be said upon this subject, it must be recollected that Britain has had a very prosperous day as the workshop of the world, and has greatly enriched herself in foreign markets. There seems little doubt that she is disposed to rest somewhat on her laurels now. Apart from this, there are physical causes why it is difficult for Britain to pretend to hold predominance here, as well as sociological reasons. A steady export trade should be aimed at, not a feverish attempt at perpetual predominance.
We turn now to the important matters of foreign investment and finance in these widely diversified lands of Latin America.
The statistics of finance inform us that, among the oversea enterprises of the British capitalist, more than a thousand million pounds sterling are invested in stocks, bonds and shares in undertakings in the Republics of Latin America; securities quoted upon the London Stock Exchange. There are further enterprises not so quoted. From this considerable sum a steady stream of dividends flows to Great Britain, amounting to over eighty million pounds per annum.