Doing a little research:
(1) KLM (Koninklijke luchtvaartmaatschappij), founded October 7, 1919;
(2) Avianca, founded as SCADTA (Sociedad Colombo-Alemana de Transporte Aéreo) on December 5, 1919;
(3) Qantas (formerly Queensland and Northern Territory Aerial Services, Ltd.), founded November 3, 1920;
(4) Mexicana (Compañía Mexicana de Aviación, S.A.), founded July 12, 1921
So I think everybody is biased toward QANTAS and/or KLM but there are two Latin Airlines in the oldest but nobody has even metioned