under the stimulus of the World War; but, in his opinion, such action is, in all probability, not the best course to pursue at the present time, particularly because of the international financial situation brought about by the war. It overlooks the real function of imports in our foreign trade (p. 113), and the pressing necessity of adopting a policy whereby foreign countries may be able to undertake to cancel their indebtednesses to us by sending us goods on favorable terms. Unless the provisions in the law for flexibility accomplish more in the way of tariff reduction than appears on the surface, it would seem that a really serious check upon importations has been imposed. If this proves to be the case, one of the important future problems for our legislators, in coöperation with the business interests of the country, will be to work out in a non-partisan manner a more enlightened policy with respect to the import trade. Sooner or later, the situation must be squarely faced that if we wish to increase our sales abroad we must be prepared also to buy liberally from abroad, and that, if we expect payments from the nations that are indebted to us, we must make it possible for them to pay.

the "

Furthermore, in the opinion of able thinkers on the tariff question, a policy of similar or equal treatment for all countries with which we do business open door" policy as it has been called-seems, in the long run, a wise one to follow, although exceptions may very well be made in certain cases because of geographical proximity, sentimental ties, or other similar unusual reason. Assuming that a protective tariff is, for the time being at least, to be retained, the principle of flexibility in the schedules accompanied by wise executive action will help to safeguard our interests against undue discrimination by foreign countries. And, finally, those who shape our commercial policy in the future would do well to remember that it must be consistent with our foreign policy, politically and otherwise. Our position in the world of affairs

is not what it was in 1914. We can no longer close our eyes to the larger problems of international concern and shape our own policy in foreign trade and politics with solely our own aims and purposes in view; for, whether we like it or not, we are bound, sooner or later, to participate considerably in the shaping of the policies of the European nations, and our viewpoint must continue to widen until we can think easily and judge wisely not only of national questions, but of international problems as well.

BIBLIOGRAPHY

The list of books, pamphlets, reports, etc. given below contains the main published material that was consulted in the writing of this volume. The list is not exhaustive, but if supplemented by other bibliographies and lists of references which have been used to some extent by the writer, it would include most of the available material on the topics discussed in this book.

Other bibliographies and lists referred to include: "Bibliography of Foreign Trade Publications," by Herbert S. Shuey (The ten Bosch Company, San Francisco, California); the catalogue of publications of the Bureau of Foreign and Domestic Commerce, Washington, D.C.; "A Reference List on Commerce, Exporting and Importing," by Charles E. Babcock (The Pan-American Union, Washington, D.C.); the classified list of references at the end of Volume II of Johnson's "History of Domestic and Foreign Commerce of the United States" (Carnegie Institution of Washington); the authorities listed in Day's "History of Commerce" (Longmans); and the bibliography at the end of Fisk's "International Commercial Policies" (Macmillan). Some of the recent books on foreign trade also contain brief bibliographies; for example, the volume by Wolfe entitled "Theory and Practice of International Commerce" (International Book Publishing Company) contains a considerable number of titles, including some of the principal foreign works of assistance to the student of international commerce. Moreover, Ford's "Foreign Trade of the United States" (Scribner's) contains a bibliography at the end of each chapter. Finally, there should not be overlooked the list of references at the close of Friedman's "International Commerce and Reconstruction" (Dutton).

ANDERSON, B. M., JR. "America and Europe-Our Interest and Our Policy." The Chase Economic Bulletin, August 31, 1922. ANDERSON, B. M., JR. The Value of Money. New York, 1917. AUSTIN, O. P. "The Post-War Foreign Trade of the United States from the Standpoint of Quantity instead of Value." The Americas, October, 1920. Republished in the Economic World, November 13, 1920.

AVERY, W. G. Business Advantages of Acceptances. Address before the Bridgeport, Connecticut, Chapter of the American Institute of Banking, October 22, 1918.

BASTABLE, C. F. The Theory of International Trade, with Some of Its Applications to Economic Policy. Dublin, 1887.

BERGLUND, A. "The War and the World's Mercantile Marine." American Economic Review, June, 1920.

BERRIDGE, W. A. "An Analysis of the Exports of Merchandise from the United States." The Review of Economic Statistics, October, 1919. BISHOP, A. L. "Recent Reforms in the Consular Service of the United States." Yale Review, May, 1907.

BISHOP, A. L. "The Extension of American Commerce." The Atlantic Monthly, February, 1909.

BISHOP, A. L. "Why Canada Rejected Reciprocity." Yale Review, January, 1912.

BISHOP, A. L. "The Promotion of Foreign Commerce." The Atlantic Monthly, May, 1914.

BISHOP, A. L. "The War and the World's Trade." Bulletin of the American Geographical Society, September, 1915.

BISHOP, A. L. "Our Approaching Unfavorable Balance of Trade." Administration, the Journal of Business Analysis and Control, November, 1921.

BISHOP, A. L., and KELLER, A. G. Industry and Trade. Boston, 1920. BISHOP, J. W. "To Link All Power in One." The Nation's Business, October, 1920.

BLAKEY, R. G. 'Government Restriction and Promotion of Foreign Trade." The Annals of the American Academy of Political and Social Science, March, 1921.

BOULTON, S. "Lloyd's: Its History, Its Organization and Its Activities." The Economic World, December 31, 1921.

BRETON, A. Commercial Credits through Acceptances. Address before the convention of the New England Bankers' Association, New London, Connecticut, June 22, 1918.