Hitherto the common man has found it difficult to divest himself of an habitual delusion on this head, handed down out of the past and inculcated by interested politicians, to the effect that in some mysterious way he stands to gain by limiting his own opportunities. But the neutralisation of international trade, or the abrogation of all discrimination in trade, is the beginning of wisdom as touches the perpetuation of peace. The first effect of such a neutral policy would be wider and more intricately interlocking trade relations, coupled with a further specialisation and mutual dependence of industry between the several countries concerned; which would mean, in terms of international comity, a lessened readiness for warlike operations all around. It used to be an argument of the free-traders that the growth of international commercial relations under a free-trade policy would greatly conduce to a spirit of mutual understanding and forbearance between the nations. There may or may not be something appreciable in the contention; it has been doubted, and there is no considerable evidence to be had in support of it. But what is more to the point is the tangible fact that such specialisation of industry and consequent industrial interdependence would leave all parties to this relation less capable, materially and spiritually, to break off amicable relations. So again, in time of peace and except with a view to eventual hostilities, it would involve no loss, and presumably little pecuniary gain, to any country, locality, town or class, if all merchant shipping were registered indiscriminately under neutral colors and sailed under the neutral no-man's flag, responsible indiscriminately to the courts where they touched or where their business was transacted. Neither producers, shippers, merchants nor consumers have any slightest interest in the national allegiance of the carriers of their freight, except such as may artificially be induced by discriminatory shipping regulations. In all but the name--in time of peace--the world's merchant shipping already comes near being so neutralised, and the slight further simplification required to leave it on a neutral peace footing would be little else than a neglect of such vexatious discrimination as is still in force. If no nation could claim the allegiance, and therefore the usufruct, of any given item of merchant shipping in case of eventual hostilities, on account of the domicile of the owners or the port of registry, that would create a further handicap on eventual warlike enterprise and add so much to the margin of tolerance. At the same time, in the event of hostilities, shipping sailing under the neutral no-man's flag and subject to no national allegiance would enjoy such immunities as still inure to neutral shipping. It is true, neutrality has not carried many immunities lately.