n industry brought
by the war was the opportunity it gave merchants to introduce their goods
abroad at a time when loss was next to impossible. Operating at an
assured profit they were able to learn the markets without the long and
discouraging fight which would have been necessary had the competitive
power of the other nations been at full force. If, as seems likely, the
economic forces which projected the United States so suddenly and
dramatically into the world's markets shall continue to operate, then the
future will see a further development of our sales.

Future of Foreign Sales
And Probable Markets

Our best and most permanent markets are probably to be found in such
countries as Cuba, Mexico, the Philippines, Central and South America,
and, to a certain extent, Canada and Australia, and parts of Asia and
Africa. To be sure, competition will have to be met both from European
countries and from Japan, whose development in the cotton industry in
recent years has been nothing short of phenomenal. She has practically
doubled the number of her spindles in the last ten years, and her
competition has already been felt, for instance, in China, where American
gray goods have been practically eliminated from the market. Other
growing markets for Japanese cotton goods are South Africa, Australia,
India, and the west coast of South America.

In Cuba and the Philippine Islands, the United States has the advantage
of a preferential tariff agreement and excellent shipping facilities. In
Canada and Australia our cotton goods are popular but the tariff duties
are in favor of Great Britain. In the Dutch East Indies there is at
present a good opportunity for getting a foothold in the white goods
trade. Argentina has lately been our best market for cotton goods, and as
the imports of cotton products into that country amounted to $65,000,000
in 1916, this trade is worth the intensive efforts which are now being
made to clinch it.

Future Development
Up to Merchants

On the west coast of South America, as in the Manila market, there are
established American trading firms that are doing extensive development
work and their efforts have produced favorable results. In the other
Latin-American markets there are practically no local American firms and
in none of them have the possibilities of the trade been more than
touched.

The general opinion seems to be that if the United States is to keep what
she has gained by the war i