Few in this country have realized the extent to which other countries have organized their foreign commerce on national lines. We are now becoming informed as to the carefully worked-out programmes of commercial education, merchant marines, trade agreements, consular service, financial and moral support from the home government, and mutual aid among various salesmen of the same nationality living in a foreign country. We are preparing to undertake similar enterprises. We are reminded that "eighty per cent of the world's people live in the countries bordering on the Pacific Ocean, and that as a result of the rearrangement of trade routes, San Francisco's chance of becoming the greatest distributing port of the Pacific for goods _en route_ to the markets of the Orient, are now more promising than ever before." Can the United States take part in this commerce in such a way as to help, not hinder, international progress in harmony? Not unless we remember that commerce may be as predatory as armies, and that we must provide international guarantees against the exclusive types of competition which we have had to control by law in our own domestic affairs. An Indian or an African may be deprived of his possessions quite as effectively by trade as by violence. We need at least as high standards of social welfare as in domestic commerce. I cannot better present the situation than by quoting from a recent article by Mr. William Notz in the "Journal of Political Economy" (Feb. 1918): During the past twenty-five years competition in the world markets became enormously keen. In the wild scramble for trade the standards of honest business were disregarded more and more by all the various rival nations. In the absence of any special regulation or legislation, it appeared as though a silent understanding prevailed in wide circles that foreign trade was subject to a code of business ethics widely at variance with the rules observed in domestic trade. What was frowned upon as unethical and poor business policy, if not illegal at home, was condoned and winked at or openly espoused when foreign markets formed the basis of operations and foreigners were the competitors. High-minded men of all nations have long observed with concern the growing tendency of modern international trade toward selfish exploitation, concession-hunting, cut-throat competition, and commercialistic practices of the most sordid type. Time and again complaints have been voiced, retaliatory measures threatened, and more than once serious friction has ensued. Mr. Notz brings to our attention various efforts by official and commercial bodies looking toward remedies for such conditions and toward official recognition by all countries of unfair competition as a penal offense.