It was not considered to be the time for new ventures or for the extension of existing undertakings. Those countries that have abandoned the gold standard were undoubt-codly in a better position to compete, Dut home industries continued to be by the low value of silver fore able to consolidate their position still further. In addition to the general decline in' trade, it should be noted that the loss of the Manchurian and Dairen imports! during the second half of the year would affect the figures in the sub-Joined table. "Japan lost ground heavily in all tines, but possibly did] not feel it overmuch as her engine wise fed. in equipping that ing works were very much othe:
country for war. Taking machinery imports og they are grouped below, Germany led in the supply of elect: Heal machinery: "Britain' took the lead unmistakably in the next two important groups, textile machinery and machinery not, otherwise recorded; Germany took the lead again in machine tools; the United States took frat place from Japan in ele: trical fittings; Belgium supplied the bulk of the telephonic and tele. graphic equipment; and the United States was an easy gainer in radio sets.
Text read from the printed page and cleaned; old type leaves the occasional error.