The South Americans have already borrowed large quantities of European capital, and will need more.

The industrial and agricultural development of the South American states is constantly tying them more closely to Europe than it is to the United States.

It looks, consequently, as if irresistible economic conditions were making in favor of an increase of effective European influence in South America.

The growth of that influence is part of the world-movement in the direction of the better utilization of the economic resources of mankind.

South America cannot develop without the benefits of European capital, additional European labor, European products, and European experience and training; and in the course of another few generations the result will be a European investment in South America, which may in a number of different ways involve political complications.