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, and would be adopted to-morrow if it were not for the hatred and suspicion which nations feel one toward another. From the point of view of preserving the peace of the world, free trade between the different civilized states is not so important as the open door in their dependencies. The desire for exclusive markets is one of the most potent causes of war.

Exploiting what are called "inferior races" has become one of the main objects of European statecraft. It is not only, or primarily, trade that is desired, but opportunities for investment; finance is more concerned in the matter than industry. Rival diplomatists are very often the servants, conscious or unconscious, of rival groups of financiers. The financiers, though themselves of no particular nation, understand the art of appealing to national prejudice, and of