Former refers to the first of two things, latter to the second. Strictly speaking, if there are more than two things first or first-named and last or last-named should be used, but this rule is often ignored. The use of former and latter mean that the reader has to go back over the sentence (or, worse, the listener has to remember it). It is usually better to repeat a word; in the sentence Some people prefer dogs to cats because the former are more faithful it is easier, and kinder to the reader, to write because dogs are more faithful.
Yellow represents the golden land of South America. Blue stands for the ocean separating the country from Spain. Red symbolizes the blood and courage of the people resisting the tyrants. Effective date: 26 November 1861.