Commerce, the most important of these new forces, flourishes unprejudiced by armaments and military prestige. In the open competition of the world's markets stronger powers meet and suffer from the rivalry of states that have no military standing. Relative to population, Norway has a carrying trade three times as great as England's. With her million trained warriors Germany is beaten by the merchants of Holland. The flag of little Denmark flies at more mastheads than does the Stars and Stripes. Where then is the commercial advantage supposed to attend superior military strength? But it is to prevent the seizure of its commerce by others that nations must empty their treasuries to keep ironclads afloat. Yet what could be gained by attempted confiscation? If Germany annihilated England's navy to-morrow, how would she profit? Commerce is a process of exchange, the continuance and promotion of which is dependent upon the degree of mutual profit. Commercial gain is not a consequent of military success. It is since England seized the gold fields, diamond mines, and fertile plateaus of lower Africa that British securities have dropped twenty points. In 1871 Germany humbled and humiliated France almost beyond toleration, yet her share of the world's commerce has not been augmented thereby. So would it be with England. True, Germany might commit some depredations and hinder the passage of trade, but what would be her motive? How could she gain? Even if the British Isles were depopulated, it is doubtful whether Germany would benefit. For by what miracle would Germany be able to develop the facilities, the shipyards, mills, factories, foundries, mines and machinery, to supply the trade which the foremost of commercial nations has been generations in building up? Germany's banner might wave over the Bank of England, her excise boats police the Thames and the Clyde, yet she would behold the trade of a conquered province going to foreign nations. Trade does not follow the flag. Undisturbed by political changes or military reverses, it flows in constantly widening channels wherever productive fields are found.