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N the Allgemeine Zeitung of Munich, Dr. Alex, von Peez says, 'Slowly has England grown commercially, more rapidly has Germany risen after gaining political unity and establishing the protective system, but like a storm is the forward movement of the United States.'

In the ten years before 1897 the exports of manufactured articles averaged $163,000,000 annually; in 1898 the value was, according to the statistical abstract, $290,697,354; in 1899 it was $339,592,146, and in 1900 $433,851,756. This, be it noted, is the value of the manufactured articles, and does not include grain and agricultural products. The total sales of the United States to foreign countries amounted in 1900 to the tremendous total of nearly $1,500,000,000. In 1901 the exports in manufactures had decreased a little, being only $412,155,066, or about five per cent, less than in the preceding year; but this decrease is due apparently to a depressed state of trade in Europe during the last year—the general exports from Britain were also less in 1901 than in 1900.

The immense growth in the export of manufactures during late years is partly due perhaps to greater prosperity throughout the world, but since other nations, England, Germany and France, are not increasing to anything like the same amount, American competition is evidently becoming more prominent and distinct. The United States has a far greater share of the world's trade than she had ten years ago.

America's competition with the world is not confined to exports; the competition is also within her own borders and does not show in international trade. The United States now manufactures for her own consumption many things that formerly she imported from abroad. In many departments she has hitherto just been able to keep up with her own growth in consumption, having little left over for export. But in these departments she now threatens to invade the world.

Coal is an essential for a manufacturing nation. In 1896 the United States produced one hundred and sixty-seven million tons of coal, in 1900 she produced two hundred and sixty-eight millions. In that time the importation of coal increased nearly half a million tons, but the export increased four million tons. The total export of bituminous