To the forceful Roosevelt regime in the United States has succeeded the no less able and thorough, if less demonstrative, administration of President Taft. A policy of state-encouraged commercial expansion has been the keynote of past year. Public attention centred at first on the revision of the tariff, which, in spite of the general demand for a downward tendency, that the new President was believed to favour, has been pepalarly attributed to shop-carried through on the principle
copers, who safeguard themselves in " sale" time, by marking their goods at prices showing a redaction on a previous enbancement. In its actual incidence upon existing foreign trade the Payne Tariff bids fair to be more severe than the Dingley schedules, for, whereas duty was previously levied upon the value of goods at their wholesale price in the country of origin, it is now to be collected on the wholesale price in America. The country has been carefully prepared for the introduction of shipping subsidies, as part of the scheme for the expansion of American trade, which is to be supported as far as possible by American diplomacy. In addition to the exploitation of Central and South America, where commercial affairs are being supervised far more systematically under President Taft's regime, no little store has been set on the potentialities of the! Far Eastern market. The cooperation of American financiers in the international railway loan now under discussion with the Chinese Government has been referred to in our review of Chinese affairs.
While anxiety for a fair field in commercial enterprise is prompting the United States to keep a close
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