is for mutual
exchange, which is desirable and necessary for world development.

This conservational argument against artificial barriers does not
necessarily imply complete elimination of tariffs or other restricting
or fostering measures. Within limits these may be necessary or desirable
in order to maintain differences in the standard of living, or in order
to permit the growth of infant industries; but to carry these measures
to a point where they interfere with essential mineral movements
determined by nature is obviously anti-conservational.

For some mineral commodities, international cooperation may prevent
duplication in efforts and the development of excessive supplies in
advance of the capacity of the world to use them. Partly because of lack
of such cooperation, certain mineral commodities have been developed in
such large quantities in various parts of the world that it may be many
years before demand catches up with development. In the meantime, large
and unnecessary interest charges are piling up. This financial loss
measures the loss in effectiveness of collective human effort.

In the above discussion, little reference has been made to shortage of
total world supplies as an argument for international cooperation. This
is an argument often cited, and with some effectiveness during the war.
It is the writer's view that this phase of the problem has been much
exaggerated. Except for certain periods during the war, in considering
the world as a whole adequate supplies of all mineral commodities have
been available at all times. They have been developed as rapidly as
needed, in some cases more rapidly; and geological conditions seem to
indicate that this condition will continue for some time in the future,
through national and individual effort. Combined efforts of governments
seem hardly necessary as yet to accomplish this purpose. In fact, there
is rather more danger of over-development, without due regard to the
working of the interest rate, which might be prevented by international
cooperation. The main problem now is not one of total supplies, but of
their effective and equitable distribution.

EXPLORATION IN ITS INTERNATIONAL RELATIONS

When an explorer or prospector leaves his own country to discover and
acquire minerals in other countries, with a view to exportation, it is
reasonably obvious that he must first acquire a sound knowledge of at
least some of the elements of international trade in