This study examines the impact of British capital flows on the evolution of capital markets in four countries—Argentina, Australia, Canada, and the United States—over the years 1865 to 1914. In substantive chapters on each of the countries it offers parallel histories of the evolution of their financial infrastructures—commercial banks, nonbank intermediaries, primary security markets, formal secondary security markets, and the institutions that provide the international financial links connecting the frontier country with the British capital market.