the profits from this business as a mere by-product. A large and
successful foreign market can be maintained only by careful study and
continuous work.

[4] Hutchinson (Lincoln), "The Panama Canal and International Trade
Competition," p. 105 _et seq._ New York, 1915.

[5] Despite the fact that as yet the _absolute_ increase is greater in
the British than in the American trade with these countries.

[6] Hutchinson (Lincoln), _op. cit._

[7] From 1914 to 1916 our exports of merchandise increased from 2365 to
4334 millions of dollars (an increase of 83 per cent.) and our balance
of exports over imports rose from 471 to 2136 millions (an increase of
354 per cent.). Monthly Summary of Foreign Commerce of the United
States, June, 1916. (Corrected to Aug. 9, 1916, subject to revision.)

[8] "In spite of inexperience, crude methods, lack of banks and of
ships we have made notable gains in South American trade. There seems
to be no reason to question the probability of a continued rapid
increase during the next few years.... The process of building and
making more efficient our own manufacturing plants has been carried
far, so that we are prepared, in the opinion of competent judges, to
proceed more rapidly than ever with the production of goods for foreign
markets."--William H. Lough, "Banking Opportunities in South America,"
Bureau of Foreign and Domestic Commerce (Dept. of Commerce), Special
Agents Series No. 106, Washington, 1915, p. 7.

[9] In a recent address (see date) to the American Iron and Steel
Industry, Mr. Edwin W. Hurley, vice-chairman of the Federal Trade
Commission, points out how during the last quarter of a century the
Germans have co-ordinated their foreign trade, with the result that of
the steel business 90 per cent. has been brought under a single
control. The effect has been a victory for the German over the British
export business. Mr. Hurley states that while a constructive programme
has been worked out by the Interstate Commerce Commission for the
railroads, and co-operation among the farmers has been stimulated by
the Department of Agriculture, the manufacturing industries concerned
in the export trade are hampered by provisions of the Anti-Trust Law.
"Is it reasonable to suppose," he asks, "that Congress meant to
obstruct the development of our foreign commerce by forbidding the use
in export trade of methods of organisation which do not operate to the
prejudice of the American public