agricultural or industrial resources of all the countries under the sun
to their own profit and to that of the countries that it supplies. When,
for example, the Government of one of the Australian colonies came to
London to borrow money for a railway, it said in effect to English
investors, "Your railways at home have covered your country with such a
network that there are no more profitable lines to be built. The return
that you get from investing in them is not too attractive in view of all
the trade risks to which they are subject. Do not put your money into
them, but lend it to us. We will take it and build a railway in a
country which wants them, and, whether the railway pays or no, you will
be creditors of a Colonial Government with the whole wealth of the
colony pledged to pay you interest and pay back your money when the loan
falls due for repayment." For in Australia the railways have all been
built by the Colonial Governments, partly because they wished, by
pledging their collective credit, to get the money as cheaply as
possible, and keep the profits from them in their own hands, and partly
probably because they did not wish the management of their railways to
be in the hands of London boards. In Argentina, on the other hand, the
chief railways have been built, not by the Government but by English
companies, shareholders in which have taken all the risks of the
enterprise, and have thereby secured handsome profits to themselves,
tempered with periods of bad traffic and poor returns.

For many years there was a good deal of prejudice in England against
investing abroad, especially among the more sleepy classes of investors
who had made their money in home trade, and liked to keep it there when
they invested it. As traders, we learnt a world-wide outlook many
centuries before we did so as investors. To send a ship with a cargo of
English goods to a far off country to be exchanged into its products was
a risk that our enterprising forefathers took readily. The ship took in