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368 filling the place of the European bankers. This we are now unable to do to any great extent, on account of the large amounts we owe to Europe. However, with industry and economy our indebtedness there should rapidly be reduced, when we can aid them. The branches now to be established in South America by the National City Bank of New York, under the federal reserve act will assist, by making loans and by enabling exchange to be bought and sold there (in dollars instead of pounds as at present), but it will probably be some time before our trade with South America even reaches normal proportions.

But I must not forget that I was invited to address you on our foreign trade and not on general conditions, because of my personal experience of nearly 60 years as a manufacturer, and 45 years as an exporter of implements and machinery. Some practical knowledge won from such experiences is doubtless what is here desired. To bring this strictly to date, let me recall its most recent chapter.

I visited Europe last summer—Germany, Austria-Hungary, the Balkans and Italy—went on a semi-official mission of the Southern Commercial Congress under auspices of the Secretary of State to study municipal conditions, and particular advantages were consequently given me. I found all apparently peaceful and prosperous, no thought of war or apparent preparation for war. There is a large field for the sale of our products in all that region. Hungary seemed especially prosperous.

I spent two weeks in Bulgaria, thoroughly examining conditions there. The Balkans will be a great field for our export trade when peace is declared and the Dardanelles opened. Bulgaria, Roumania and Servia are accessible by water via the Dardanelles and Bosporus, for goods may be landed direct at various ports on the Black Sea, and at reasonable rates. The country is rich and prosperous and rapidly recovering from the ravages of recent war. Bulgaria is determined to keep out of the present war if possible. I had several conferences at the palace. King Ferdinand is a botanist, much interested in conservation and the improvement of his country. Queen Elenora is a wonderful woman, understands a number of languages, is alive to all that concerns her people, was chief nurse in the army during the war, even caring for cholera patients. I went with her to their principal hospital, which is up-to-date. She arranged when I was there to have three of the nurses sent over to America to take a postgraduate course. Although Bulgarians, all spoke English. The Queen was anxious to come herself to examine American institutions and look after Bulgarians here, but the war put an end to this, as there was no way of getting over. Sofia, the capital of Bulgaria, is a handsome and prosperous city, fine buildings, streets beautifully paved. One of them, by the way, is named after Andrew Carnegie, whose benefactions seem to