South and Central America absorb about one fourth--24.6 per cent of imports and 26.7 per cent of exports--of the world's trade here summarized. The colonies peopled by Anglo-Saxon population and the Latin-American states together, though but 7.3 per cent of the inhabitants, do an importing trade of 57.4 per cent of the trade of the world here reviewed. The countries trading under the protection of the British flag and the Latin-American states combined have about seventy-three per cent of that trade among them. All this trade, as well as by far the greatest part of the rest, is incontestably accessible to-day on an equal basis to all the world. The key to it lies in the best terms, the best value. The trader and not the admiral governs the field. Prince Heinrich will not succeed better than Admiral von Diederichs in convincing China of the advantages Germany can offer if Mr. Carnegie's rails are cheaper than Mr. Krupp's. A whole fleet of American battle ships will not convince the Asiatics that our cotton goods are as desirable as the English so long as the latter make goods suitable to their markets, and the Americans offer only products calculated to cover the home demands. The golden rule is a more effective trade opener than the cannon's mouth. Fair and square dealing among nations does not entail expense, but brings in good returns. Our national policy, however, has been one studiously calculated to array the world against us. Like every policy in behalf of a selfish interest, it injures the foreign people against which it is directed far less than the nation which devises it.