cised a preponderant influence among foreign powers in the development of the Central American states. Moreover, she was able, until 1849, to follow a unilateral policy in Central American affairs, despite the fact that she had neither recognized the independence of those states nor established diplomatic relations with any of them. Although Great Britain played a dominant role in Central America during the formative years of the five Central American republics, historians have failed to analyze satisfactorily the nature and extent of British activities in that area. This inadequacy arises partly from their almost complete disregard of economic considerations in their attempts to explain the objectives and motivation behind British policy. In particular, they have ignored the significance of AngloCentral American commercial relations.' The traditional account of British activities in Central America prior to 1850 is written in terms of British imperialism. The British are accused of engaging in political intrigue and military aggression for the purpose of extending their rule over what had by 1848 become the vitally strategic isthmus of Central America-an objective that was thwarted supposedly only by the timely intervention of the United States. This interpretation originated chiefly with the writings of the Central American Liberal, Lorenzo Montu'far, and of the United States charge d'affaires to Guatemala, Ephraim George Squier. Montuffar's multi-volume study, Reseija historica de Centro America, constitutes the major study of Central American history from 1829 * The author is assistant professor of history in Auburn University.