Page:(Commercial character) The Joseph Fisher lecture in commerce, delivered at the University of Adelaide (IA commercialcharac00jessrich).pdf/32

28 :: chemical scientists and manufacturers, whereby scientific co-operation on the largest scale is made possible.

It seems clear that the commercial prosperity of the German Empire owes much to a policy of high protection, regarded not only as a defensive bat also as an offensive weapon, for Mr. Elzbacher writes as follows:— ""The German Government observes the development of huge trusts in Germany not only with a benevolent interest, but lends them its active assistance and encourages their formation.""

And further, ""The German Government adopts this attitude chiefly because the activity of the German trusts outside Germany largely consists in undermining and ruining foreign industries by swamping them with surplus products, which are sold below cost price, and in thus ridding German industries of dangerous competitors.""

Assuming this to be true, and I know no reason to doubt it, what a lurid light is thrown on the spirit in which our latter-day Commerce is conducted. Let it be written on the walls of the Temples, "There's no sentiment in business."

What Germany has done Australia may do, and do it on a more colossal, scale if her people so desire. We have our fate in our hands in this young country. We can, if we will, profit by the triumphs and take warning from