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Rh situation and note the factors springing therefrom related to American investments.

Tampico has a broader meaning in the American investment field than is yet generally realized. The development of the gold fields of South Africa has been important, not because of the South African war costing England $1,200,000,000, but because the output of South African gold affected the civilization and the economic and social order of the world.

Vera Cruz, Mexico City, and the west coast of Mexico are to-day as Mexican as ever— both in order and disorder. But Tampico and Tuxpan are international and are basic in the economic and social progress of both Europe and America, and possibly of Asia.

Here is the British naval oil base. Here, before the war, were the German experts studying the future relations of German commerce to the oil supply of the world, which later may center in Mexico.

American pioneers, however, were first in the field and American business talent and American capital have maintained leadership without government invitation, support or even recognition.