While England has from time to time objected to some of the corollaries deduced from the Monroe Doctrine, she has on the whole been not unfavorably disposed toward the essential features of that policy. The reason for this is that the Monroe Doctrine has been an open-door policy, and has thus been in general accord with the British policy of free trade. The United States has not used the Monroe Doctrine for the establishment of exclusive trade relations with our Southern neighbors. In fact, we have largely neglected the South American countries as a field for the development of American commerce. The failure to cultivate this field has not been due wholly to neglect, however, but to the fact that we have had employment for all our capital at home and consequently have not been in a position to aid in the industrial development of the Latin-American states, and to the further fact that our exports have been so largely the same and hence the trade of North and South America has been mainly with Europe. There has, therefore, been little rivalry between the United States and the powers of Europe in the field of South American commerce. Our interest has been political rather than commercial. We have prevented the establishment of spheres of influence and preserved the open door. This situation has been in full accord with British policy. Had Great Britain adopted a high tariff policy and been compelled to demand commercial concessions from Latin America by force, the Monroe Doctrine would long since have gone by the board and been forgotten. Americans should not forget the fact, moreover, that at any time during the past twenty years Great Britain could have settled all her outstanding difficulties with Germany by agreeing to sacrifice the Monroe Doctrine and give her rival a free hand in South America. In the face of such a combination our navy would have been of little avail.