friendlier kind were the negotiations with Italy, Belgium, and Switzerland, which led to treaties with those States in 1891. It is needless to say that in each of these cases the lowering of the corn duties was sharply resisted by the German agrarians. We may here add that the Anglo-German commercial treaty which expired in 1903 has been extended for two years; and that Germany's other commercial treaties were at the same time continued. It is hazardous at present to venture on any definite judgment as to the measure of success attained by the German protectionist policy. Protectionists always point to the prosperity of Germany as the crowning proof of its efficacy. In one respect they are, perhaps, fully justified in so doing. The persistent pressure which Germany brought to bear on the even more protectionist systems of Russia and Austria undoubtedly induced those Powers to grant easier terms to German goods than they would have done had Germany lost her bargaining power by persisting in her former Free Trade tendencies. Her success in this matter is the best instance in recent economic history of the desirability of holding back something in reserve so as to be able to bargain effectively with a Power that keeps up hostile tariffs. In this jealously competitive age the State that has nothing more to offer is as badly off in economic negotiations as one that, in affairs of general policy, has no armaments wherewith to face a well-equipped foe. This consideration is of course scouted as heretical by orthodox economists; but it counts for much in the workaday world, where tariff wars and commercial treaty bargainings unfortunately still distract the energies of mankind.