it, rather than to borrow from his bank at high interest or sink his
own capital to pay for American goods, long before he gets them, their
price plus the profit of a commission house. Indeed, he is generally
dissatisfied with the methods of American export trade as now conducted,
which is almost exclusively through commission houses. These, it seems,
might become more efficient through organization and more aggressive and
scientific methods.

On the other hand, the export trade of certain of the big combinations
is beginning to be pushed with commendable zeal and efficiency. Trade at
large, to reach its greatest volume, must include the pushing of smaller
lines of goods. These smaller lines, in the aggregate, would reach
considerable sums, and it does not appear that there have hitherto
existed efficient agencies for their marketing. To hold Latin-American
trade we must equal our competitors in liberality of credits, in
representation on the spot, and in other facilities.

There is no doubt that more American merchants resident in the trade
centres would give valuable impetus to our commerce. Even our commission
houses operating on the spot are so few that in handling many lines
there is the greatest danger of their sacrificing the building up of a
steady trade to the opportunities of unduly heavy profits now and then,
and so damaging our general commercial interests. Then we must send many
commercial travelers.

Just here, however, it cannot be too strongly emphasized that Americans
sent to these countries to do business must above all be men of
agreeable manners. In these countries many quite unworthy people have
these: so a good man who lacks them is likely to be badly misjudged.
They should have sympathetic personality and sufficient education,
besides being men of sobriety and good character, and should be able to
speak the language of the country.

All this will be expensive, but non-competing firms might join in
sending men, or competing firms might, it is hoped, be guaranteed
against the terrors of the Sherman law in order to join in sending a
corps of representatives upon some basis of division of the field or
the profits. Combination is even more necessary abroad to put forth the
nation's strength in world competition than it is for efficiency at
home. These men would be students and salesmen, and perhaps future
merchants who would settle in these countries and emulate the patriotic
groups of resident fo