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of northern Europe—and South America as Spanish. Latin America, however, does not all lie south of the Panama Canal. We must begin to reckon it from the territory line which separates the United States from Mexico. Southwards from the banks of the Rio Grande the Latin tongue is spoken, chiefly Spanish, but with much Portuguese in Brazil, and Italian in places right down, through the Torrid Zone, the heavy tropics, reeking with luxuriant vegetation, to the bleak and rocky, inhospitable Tierra del Fuego.

      There are millions of Latins. They have set up half a score of Republican governments. The wealthy world slowly and then impetuously realised the possibilities of this strangely diversified region. Untold gold has been poured forth to develop it and get quick return.

      It is not stories of treasure which bring a glint into the eye of modern men. It is enterprise and development which appeal. There are cattle to be reared on the ranches of Mexico; there is rubber in Peru; there are nitrates and fabulous mineral wealth in Chili and the neighbouring lands; there are cotton and sugar and coffee in the mighty sweep of Brazil; there are the illimitable wheat areas of Argentina, and cattle rearing and the giant possibilities in supplying Europe with frozen meat; there is the opening up of immense areas by networks of railroads.

      "The stuff is there; it has only to be got," says the man who knows and talks with the fire of enthusiasm.

      South America is not the land of the future. It is the land of to-day. Nowhere in the world is the speculator, the investor, more busy than in Latin America. The tales told by the first Spaniards are baby talk to the stories told to-day by those who have been and seen and are fascinated. Of course it is overdone. Of course there is exaggeration. Of course some of the jewels in El Dorado are useless stones. Of course some of the caves of Aladdin are found empty. But what the modern world ranks as precious is in abundance.

      I like to conjure a contrast between the little barques of a few hundred tonnage bobbing on unknown seas with the big fifteen-thousand tonners which make their ports of call according to time-table. The early invaders went into the unknown, crept along unmapped coasts, battled with savages, and died like flies before the scourge of fever. The whole story of the conquest and settlement of the Americas is one of slow victory through a mist of tragedy. The invaders of other days left their native lands with little hope to return. The invaders of to-day set forth waving an au revoir to their friends on the dock side.

      The man with the flimsiest imagination can think of the tiny craft, ill-lit, ill-furnished, with scurvy-providing food, running before the trade winds, lolling with idle sails in the doldrums, and with uncertainty as constant companion. To-day the huge vessels scorn the tides. Aflame with electric light they press through the dusk, and the ship's orchestra plays ragtime music. You cross the Equator to the tune of a Gaiety light opera. Sultry afternoons are relieved with exhilarating deck sports. The warmth of the dinner hour is softened by the whirl of electric fans. In the evening a space on deck is enclosed and hung with the flags of all the nations, and dancers in fancy dress whirl blithely on the powdered floor. These are the circumstances of the modern invasion. The journey is a holiday with nothing of grim adventure about it.

      What Latin America means to-day is told in the personalities of the passengers. There are the rich Argentines, after six months in Europe, returning to Buenos Aires, occupying the cabins de luxe. They offer you the information how much they are paying, contribute largely to the sports fund, and their ladies dress with frank display. Whether Spanish or English they are proud of the name of Argentine, and never weary telling of the progress of their country. They have open contempt for their Portuguese neighbours in Brazil. The wealthy Brazilian men, swarthy and fat and bejewelled, do not join the deck games, but, with cigar between lips, saunter the decks, leering at every woman with a passable countenance. The Argentines thank God there is no nigger blood in their veins. The Brazilians retaliate they could buy the Argentines up. Care must be taken not to mix the two nationalities at the ship's tables. Each nation sports its own flag. Sometimes rivalry threatens tragedy.

      There is the Englishman "with interests in Argentina" going out to look after his property, frequently an estancia, or ranch, purchased when land was cheap, and before the boom came. Now a railway cuts through his property, and it has increased seventy-fold in value. Sometimes he mentions drought; occasionally he shudders at the mention of locusts. But he recalls the state of things when he went out thirty or forty years ago "with not much more than a bob," and now he has a fortune made out of meat shipped to Europe, and his only regret seems to be the iniquitous amount of death duties which will have to be paid by his heirs.

      "Argentina is not what it was," he tells you. That means the winning of a fortune is going to be increasingly harder to this and subsequent generations. But he is a fine type of Englishman, for he went forth before South America had grown beyond its monthly revolution, when the continent chiefly bred restlessness amongst the Spanish settlers, and when life and prosperity was a gamble. He has come through the fire. Foresight, daring, and good luck have swung him, as they have swung thousands of others, into affluence. He has "retired." He lives at home in Belgravia, and gives fine dinner parties. But he keeps an eye on Argentine stock, and when you encounter him in the club he repeats that "Argentina is not what it was, but still——" and then he makes you wish you could place your hand on some of the plums that remain.

      There is the rich Argentine who shows what he is made of by insisting upon everybody in the smoking-room drinking champagne at his expense—and he is uncomplimentary if anybody deliberately refuses his hospitality. There is the man who hires a band to play to him during the voyage. There is the delicate lady who has a special cow on board so that she may be sure of fresh milk. The boat carries a cow so that the children may have milk. The charge per pint for the milk is high. "Why," said one passenger when he heard what the price was, "I think I will give my children champagne; it will be cheaper."

      British gold has flowed like water into South America to make the dormant region fruitful. British interests are colossal. The United States has not taken much of a hand in development, partly because the Latins do not love their northern neighbours, and partly because the financiers of the States have been sufficiently occupied in their own country. Three hundred million British pounds sterling has been invested in Argentine railway and tramway companies, and there are on board men who manage the lines—tall, stalwart, clear-skinned Englishmen, with cool nerve and steady eye.

      There are the big estancia men, proud and ambitious, who pay enormous prices for famous race-horses and get the best breeding stock from home in cattle and sheep, no matter what competition forces the price up to. There are shrewd men going out on behalf of syndicates to throw their eyes round the country and scent out possibilities for money-making on the grand scale. In the free talk of the smoking-room they speak with vagueness of what their special mission is. There are the men who have been charged to take control of city development schemes—for all ports, towns, and cities in South America are crazy for development, and are piling their backs with debt to achieve their desires. There are the men who represent English firms who are intent on extending their connections or in establishing branches. There are engineers, with jobs in the far interior, proceeding to fill five-year contracts. There are young bank clerks, flushed with increased salary, exchanging London for a pampa town and scarcely realising they will find living three times as expensive as at Bromley. There are the men who laughingly acknowledge they have no direct mission except that they intend to see what they can pick up. But they are mostly a good brand of Briton, well set, and with courage in the veins. And when one remembers the growing Latin population, and listens to captivating explanations about potentialities and hears what has been accomplished—more wonderful in the making of cities than a tale out of the Thousand and One Nights—there is the fact in the background that all this continent must long have continued to lie undeveloped if it had not been for the constant and confident inflow of British money.

      Beyond the rails are the second-class passengers, folk of humbler aim, but going to play their part in the land of adventure. But, above all, are the third class, the steerage—few British here—travelling to South America with little but hope and muscle to do the labourer's part. It is labour the country needs to-day more than capital. In the spring of the southern hemisphere the Atlantic is trailed with ships packed with Italians, Spaniards, and Portuguese. The continent swallows them. They are men of courage,

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