To reap the rich rewards which invention dangled before commerce only two fundamental requirements had to be fulfilled. The one was ample cheap power in close proximity to virtually inexhaustible supplies of the essential material, namely soft woods, which constituted the second factor. Scandinavia held unrivalled attractions in this respect. Accordingly the princes of the paper-making industry trekked to Norway and Sweden, to convenient points amid the endless reaches of forest, and there planted huge mills beside waterfalls and swiftly running rivers, which were harnessed to provide the cheap power which hydro-electric energy offered. The outlook was additionally alluring from the circumstance that these mills, metaphorically speaking, could be established within the proverbial stone’s throw of the biggest and most promising markets of the world. So Scandinavia succeeded in building up a rich monopoly which experienced continuous prosperity until a few years ago. Then similar activity became manifest in certain corners of Farther Britain, notably in Newfoundland, Eastern Canada, and British Columbia, where, owing to the prevailing climatic conditions favouring huge reserves of suitable forests, ribbed with abundant water power, a bold bid was made, not only for the European but the American markets as well. For the first time in its history the Scandinavian interests were brought full tilt against powerful competition. With the advent of the halfpenny newspaper, the popular periodical, and the cheap edition of a favourite author, all of which depend upon mammoth circulations for their financial successes, the wood-pulp industry received a tremendous boom. In 1913 British imports from Scandinavia aggregated 756,252 tons valued at £3,533,509--$17,667,545. Germany, attracted by the glamour of the commercial possibilities held out in this direction, essayed to participate in the boom, her exports of pulp to these islands during the above-mentioned year reaching 40,972 tons worth £330,456--$1,697,280. In comparison with the figure for Scandinavia the Teuton contribution may appear small, but it must not be forgotten that this represented a 50 per cent. increase in Germany’s favour within two years. During the year in question Canada and Newfoundland also swelled the home market, the aggregate of pulp and paper accepted from their mills by Britain being 119,742 tons valued at £279,374--$1,396,870.