The story of their success is one of the romances of industry and trade. In the face of a natural hostility aroused by our own tariffs, and compelled to pay for a higher standard of living, our manufacturers have gone into the markets of the world and undersold their European competitors at every point. Carrying coals to Newcastle were child's play in comparison with what these modern captains of industry have accomplished. The story is told in the statistics of our export trade: In 1898 the balance of trade in our favor was $2,000,000 for every working day, or more than $600,000,000. For the first time since the War of the Rebellion, the interest on our securities held in England is not enough to pay for our exports, and the extinction of our floating debt abroad is clearly foreshadowed. But how long is this to continue? With our experience of tariffs we need not be reminded that low prices do not command markets. Continental Europe does not like us. We saw that during the Spanish war, and we have heard it since in various impatient declarations of hostility, at Berlin or Vienna, far more significant than official assurances of distinguished consideration. Indeed, if Germany, or France, or Russia does not openly break with us, it is because fear or prudence is stronger than inclination. The moment any one or all of them combined feels able to slam the door in our face without fear of reprisals, the door will be slammed. Germany and more especially Russia are straining every nerve to establish in China "spheres of influence," which is the polite phrase of diplomacy for cutting up the Celestial Empire and dividing the pieces among the powers. England, on the other hand, favors maintaining the integrity of China and the "open door" of commerce to all comers. It may be that England's preference is due to the reasonable fear that at the "spheres-of-influence" game she may be (if she be not already) beaten by her continental neighbors; whereas with an "open door" her chances would be as good, if not better than the others. If so, England is as disinterested as her neighbors--and no more so. Each and all are after China. "China for trade!" is the slogan. Even the pretense of missionary design has been dropped, so desperate is the struggle; for China, with her four hundred and thirty millions of people, is the sole remaining market of the world. If Germany and Russia get it, they will shut out England, and the United States as well. Can they do it?