face united business fronts. Therefore, co-operation among competitors
is necessary to a successful foreign trade.

Since the coming trade war will rage round tariffs, it will be well to
heed the resolution recently adopted by the National Foreign-Trade
Council: "That the American tariff system, whatever be its underlying
principle, shall possess adequate resources for the encouragement of the
foreign trade of the United States by commercial treaties or agreements,
or executive concessions within defined limits, and for its protection
from undue discrimination in the markets of the world." In short, we
must have a flexible and bargaining tariff.

We must train our men for foreign-trade fields; they must know alien
languages as well as needs; we must perfect processes of packing that
will deliver goods intact. With these goods, we must sell goodwill
through service and contact. Secondhand-business getting will have no
place in the new rivalry.

Our money, too, must go adventuring, and courage must combine with
capital. Our dawning international banking system, which first saw the
light in South America, needs world-wide expansion. Dollar credit will
be a world necessity if we capitalise the opportunity that peace may
bring us. No financial aid should be so welcome as ours, because it is
nonpolitical.

This trade machinery will be inadequate if we have no merchant marine.
Chronic failure to heed the warning for a national shipping will make
our dependence upon foreign holds both acute and costly.

Our trade needs more than a government professedly friendly to business.