This is the richest part of the Malay world, and for centuries has been in the possession of Europe's most enlightened people. The results, if the _per-capita_ unit of imports and exports is taken as a criterion, are not different from those shown in the account of the Philippines, governed for centuries by Spain. The loss of their colonies is ascribed to the oppressive rule which the Spaniards exercised. The Netherlands, devoting all their efforts to the development of the resources of the islands, at least during the greater part of this century, do not show much better results. The imports _per capita_ of the Dutch possessions are $1.80, and the exports $2.63. The imports of the Philippines are $1.50 and the exports $2.63 _per capita_. From this we may be permitted to deduce that the Malay Islands are not likely to prove a more thankful field for cultivation by our traders than to the extent indicated in the trade reports set forth above. Under the conditions here delineated, it would be inviting all the risks and dangers connected with expansion and colonization, while nothing is to be gained in a commercial sense that can not be realized by the means now in our hands. All the ends of trade can be attained without territorial expansion. The trade in the hands of peoples under English sovereignty is open to all commerce on equal terms. Not even the sovereign country, except in the recent concessions by Canada, receives a preference. The protection of the British flag is tendered gratis to the colonies and dependencies. The imports of these countries cover about one half of the trade of all the world, outside of Europe and the United States. Though they have but 4.67 per cent of the population, the Anglo-Saxon colonies do sixty-nine per cent of the trade of all the colonies and dependencies of the British Empire.