After having glanced at national industries it would be very interesting to turn to some special branches. Let us take silk, for example, an eminently French produce in the first half of the nineteenth century. We all know how Lyons became the emporium of the silk trade. At first raw silk was gathered in southern France, till little by little they ordered it from Italy, from Spain, from Austria, from the Caucasus, and from Japan, for the manufacture of their silk fabrics. In 1875, out of five million kilos of raw silk converted into stuffs in the vicinity of Lyons, there were only four hundred thousand kilos of French silk. But if Lyons manufactured imported silk, why should not Switzerland, Germany, Russia, do as much? Consequently, silk-weaving began to develop in the villages round Zurich. Bâle became a great centre of the silk trade. The Caucasian Administration engaged women from Marseilles and workmen from Lyons to teach Georgians the perfected rearing of silk-worms, and the art of converting silk into fabrics to the Caucasian peasants. Austria followed. Then Germany, with the help of Lyons workmen, built great silk factories. The United States did likewise at Paterson. And to-day the silk trade is no longer a French monopoly. Silks are made in Germany, in Austria, in the United States, and in England, and it is now reckoned that one-third of the silk stuffs used in France are imported. In winter, Caucasian peasants weave silk handkerchiefs at a wage that would mean starvation to the silk-weavers of Lyons. Italy and Germany send silks to France; and Lyons, which in 1870-4 exported 460 million francs' worth of silk fabrics, exports now only one-half of that amount. In fact, the time is not far off when Lyons will only send higher class goods and a few novelties as patterns to Germany, Russia and Japan. And so it is in all industries. Belgium has no longer the cloth monopoly; cloth is made in Germany, in Russia, in Austria, in the United States. Switzerland and the French Jura have no longer a clockwork monopoly; watches are made everywhere. Scotland no longer refines sugar for Russia: refined Russian sugar is imported into England. Italy, although neither possessing coal nor iron, makes her own iron-clads and engines for her steamers. Chemical industry is no longer an English monopoly; sulphuric acid and soda are made even in the Urals. Steam-engines, made at Winterthur, have acquired everywhere a wide reputation, and at the present moment, Switzerland, which has neither coal nor iron, and no sea-ports to import them--nothing but excellent technical schools--makes machinery better and cheaper than England. So ends the theory of Exchange. The tendency of trade, as for all else, is toward decentralization.