themselves borrowers and having so many demands at home for their time, attention, and capital that they are unable to give consideration to the needs of any nation but their own; and the entire civilized world is well aware of the fact that, in spite of our vast war debt, we are today the most wealthy of all peoples.

These conditions—unfortunately, as far as we are concerned—will not last indefinitely; and if we are so short-sighted as to neglect to seize the golden opportunity which is not only easily within our reach, but which is actually being tendered to us and almost forced on our acceptance, it will not be long before both England and Germany will re-secure the grip on the world's trade which they possessed in ante-bellum days.

Prevention of Progress. One of the greatest stumbling blocks in the pathway of our nation's advancement is the conflict between labor and capital; and until it is removed the wheels of progress will be clogged, and the present paralyzation of all great peace industries will continue to exist— possibly in even worse form than it does today. Again, the main issues between labor and capital are these questions of contract-letting and profit-sharing. If they were once settled to the satisfaction of all concerned— bankers, manufacturers, contractors, and workmen—all other minor differences would quickly be adjusted. Such a settlement is perfectly feasible; and the possibility of its speedy accomplishment is neither a Utopian conception nor an idle dream.

Primarily, the men who do the work must have a substantial share in all net profits of manufacture and construction; but the way for them to obtain it is not by the organization of strikes nor by seizing the plant and running the business of the manufacturer or the contractor. The uneducated workman is no more fit to manage business and to handle industry than the sedentary office man is to undertake the physical labor of the workman in fact, much less so; because it would generally be totally impracticable to educate the illiterate workman up to a state of efficiency which would enable him to undertake business management and finance, while, in most cases, in a comparatively short time, the office man's muscles could be developed sufficiently to enable him to endure the physical stress of the workman's job. Nothing of value can be accomplished by mob rule, as the pending subsidence of the present wave of Bolshevism will soon prove.

Labor and Capital. Although it is certainly true that the laborer cannot succeed independently of the business man, it is equally true that the latter cannot accomplish much without the aid of the capitalist, hence it behooves business men and financiers to come quickly to a friendly understanding and agreement. In times past, the capitalist secured and exercised a strangle hold on the promoter, the manufacturer, and the contractor, often forcing them to turn over the lion's share of their profits as compensation for the use of money in the development of their under-takings;  and  these  men  in  their  turn endeavored to  even up matters by