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"Montana who worked copper for a cable for China, "which cable had become necessary because the en"couragement by the Republican Government in "China had caused Chinese Newspapers to print tele"grams from Europe) if all these factors and an entire "chain of similar ones had not been at work, the "owner of the Iron Works in Essen, would have been "unable to sell locomotives."

Nothing could better convince the reader of the fact that the prosperity of one nation is of the greatest importance to the others in our time. It has not always been so. There were times when certain countries could monopolize a particular branch of trade and so enrich themselves. Holland, some centuries ago, could still monopolize the Spice-trade. But today trade is mostly carried on by companies whose shares may be purchased by anybody, on any stock -exchange.

Still, although already now, and even after an oldfashioned peace, the various States of the world will be as interdependent as ever, the fact that tariffs will be raised as so many walls to keep out alien trade, will remain, and will remain one of the chief causes of organised murder.

In the olden days, when money was unknown, trade was nothing but barter. Onetribe possessed salt, another had fruit. So they made an exchange, and as a rule the one was no better off after the bargain than the other. But when money was invented, the

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