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Rh Uruguay.—American capital is invested in the meat packing industry of this country probably to the amount of $10,000,000. There is believed to be also an American interest in a small railway loan made in 1915. The International Portland Cement Co., through the Uruguay Portland Cement Co., has built a cement manufacturing plant at Montevideo. Probably $15,000,000 will cover the total American investment in Uruguay at the end of 1916 and $20,000,000 at the end of 1920.

Venezuela.—According to Frederick M. Halsey, a fair amount of American capital had found its way to Venezuela up to 1916. The interests of the General Asphalt Co. were large, the Caribbean Petroleum Co. and other American interests were important factors in the oil development of the Republic, and there were sugar enterprises financed in the United States. American banks had recently entered the field. The total investment of American capital in Venezuela at the end of 1916 may be written conjecturally at $10,000,000. Since then, large investments in oil lands have been made by the Tropical Oil Co. (subsidiary of the Standard Oil Co. of New Jersey), the General Asphalt Co., the Maracaibo Oil Co., and others. An estimate of $40,000,000 for the total investment of American capital, principally in petroleum, in Venezuela at the end of 1920 is approximately correct.

Costa Rica.—According to Frederick M. Halsey, the United States in 1916 had about $20,000,000 invested in Costa Rica. The principal American company operating in that Republic is the United Fruit Co.