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trialists, though they might prefer to couple their demand for tariffs with a demand for lower wages, would probably be willing to surrender the latter demand, if it seemed politically necessary in order to win the suffrages of workers for their tariff by representing it as the shield of a high-wage system.

This exploration of the policy of wage-reduction in times of trade depression serves to bring out two extremely critical positions. The first is the continual danger to which higher standards of wages and living are exposed by the recurrence of these periods of depression and restricted markets. This danger is greatest for those advanced nations which are most dependent for foods and raw materials upon foreign countries and which must find foreign markets for their manufactures in order to purchase these essentials. Great Britain, Germany and Italy, among the great powers, are most exposed to these dangers, and the War has greatly increased their dependence upon foreign markets, by enlarging their foreign indebtedness and reducing their foreign investments. For us, with our dependence on overseas supplies for half our food, it is of literally vital importance to meet this danger of recurrent attacks upon our standard of wages and living in the only way in which it can be met, namely by international co-operation for the maintenance of standards of work and life for labour.

Economic internationalism of a constructive order, supported by the necessary intergovernmental apparatus, is the essential instrument for the maintenance of the industry and standard of life of our people.