BRITAIN AND ARGENTINA

Waikato Times, Volume 117, Issue 19586, 27 May 1935, Page 11

BRITAIN AND ARGENTINA

(To the Editor.) Sir. —In your “Topics, of the Day” ; column figures were given in oonncc- \ lion with the above matter. Perhaps ■ it would be well to point out that it ; is not Britain per se, but the interests ‘ of a certain British capitalist that the figures have association with. Admittedly the big interest of British ■ capitalists in Argentina influences , Britain’s policy in respect to her , general Imports of meat and other . primary products, but whether It should do so or not Is a debatable ■ question. If it be deemed a desirable policy to develop to the fullest extent the Imperial notion, It seems logical to claim that the financial interests of British capitalists in Argentina should not supersede—or even equal—the Interests of the primary producers of New Zealand, Australia, Canada or any other part of the Empire. But my reason for writing is to quote from a most interesting book, “Idle but'"Happy,”" by Vere KerSeymer. The author was a younger son of a brilliant French diplomat of 60 years or so ago. He was born in France, but the ‘family migrated to England, and the father, having lost most of his vast fortune, told his youngest son (aged 18) that he would have to make his own way in the world. He gave him £IOOO and packed him off to Argentina, with many letters of introduction to important British business men. The railway system of Argentina was being developed by British capitalists, and young Vere Ker-Seyme'r seemingly ■ got a good appointment in connection with railway construction. A South American revolution broke out, and the revolutionists destroyed part of the railway system. Naturally the British capitalists put in a claim for damages when things settled down. The claim was ignored for a long time, but eventually, says Vere lver-Seymer, “The directors of the-company, from their comfortable board room in 'Bishopsgate Street, instructed me to demand an interview with the Minister of Finance and insist upon payment.” And with your permission, Sir, I will quote Vere Iver-Seymer’s account of the interview, as it is not only Interesting but has a moral in it in qonneclion with British capitalists’ dealings in the Argentine! The interview: "The Minister toyed with his cigarette for a moment, and looked at me. ‘Tell me, young man,’ said he, smiling 1 Indulgently; ‘I thjnk your company! has paid 8 per cent, to its shareholders virtually every year since the line was I constructed. Sometimes more.’ I j agreed. ‘I believe,’ he continued, ‘the usual rate of Interest on all Investments in England Is 3 to 4 per oent. The rate of hitefes'f'of your Consols is c surely 23 per cent?' , Once more .I,assented. ‘Then it seems to me that .your shareholders are very fortunate people. But no doubt they are wise enough td realist that in order to get a' rale of interest almost three times . higher than is obtainable in their own country certain risks must be taken. One of Ihdso risks is the ebb and flow of prosperity of South American Republics, as also the revolutions inevitable to the progress of a young country. This is what has happened In this case. The whole country suffers when there’s a revolution. Give me 1 some reason why your shareholders, j hy.ng in a happy and peaceful land, should receive only the good from a oountry and not share Its Ills!’ His I ] °f lc w as Inexorable, and although I did my best for my employers I could I not move him. !

He seized a pen and wrote aoross the space reserved for his eagerlyawaited signature these remarkable words (in Spanish, of course): ‘When it rains everything gets wet,’ and passed the documents over to he placed in the archives, where they* probably repose to this day." That was forty year's ago. There is a fine moral in this most interesting incident; and to-day British capitalists who have big financial interests in Argentina are demanding that the fi s “ s j 1 0? bi SSer interest) that they took tlierfc should be considered as consonant with every Dominion and °? , the Einpire - 1 suggest mat jt this claim he conceded it will * I se l rious i blow to the muchpaiaded Imperial concept. It will be ip eresting to sec what will bo the nw n S' oUlCo , nie of the discussions now taking place in Britain.—l am

„ , JOHN SYKES Hamilton, May 23, 1935.