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56 There was also considerable American capital in mining and other enterprises. The investment of the United Fruit Co. alone was about $12,800,000. At the end of 1920 the American capital in Costa Rica may be put down roughly at $25,000,000, although the investment of the United Fruit Co. had been written down to $8,236,004.

Guatemala.—According to Frederick M. Halsey, American capital invested in Guatemala at the end of 1916 amounted to $12,000,000, of which $4,750,000 had been invested by the United Fruit Co. The Southern Pacific Co. owned $1,788,000 of the bonds of the Guatemala Central Railway. Let us estimate a total of $12,000,000 at the end of 1916 and $15,000,000 at the end of 1920.

Honduras.—The United Fruit Co. had invested $7,600,000 in Honduras up to the end of 1916. At the end of 1920 this had been increased to $13,118,066. American capital was also interested in the mines of the Republic, the most important enterprise being that of the New York & Honduras Rosario Mining Co. The latter company had $2,300,000 invested in 1916 and $4,400,000 in 1920. The total American investment in Honduras may be estimated at $10,000,000 in 1916 and $18,000,000 in 1920.

Nicaragua.—American capital has invested in railways, mines and lands in this country, and also in the National Bank of Nicaragua. Perhaps $5,000,000 represents the total, with substantially no change from 1916 to 1920.

Panama.—At the end of 1916, according to Frederick M. Halsey, the outstanding liabilities of the Panama Government were about $6,750,000, practically all