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THE NEW PROTECTIONISM

through other foreign countries, the injury inflicted by this process on German export export trade and the protection afforded to our manufacturers would be inconsiderable. The German sugar, cottons, woollens, steel manufactures, and toys, which we refused to take from Germany, would find a larger market in other European countries, displacing their own goods for consumption in those countries and diverting them into our markets. What difference would it make if, instead of receiving German engines, Holland received those engines, and we imported Dutch engines?

Of course, the actual effects of an attempted boycott of German goods would be a good deal more complicated. German semi-manufactured goods would go to other countries for a final process qualifying them for entrance to our markets. Neutral countries, profiting by the larger importation of German steel, dyes, yarns, machinery, chemicals, etc., which were refused entrance to our markets, would build up manufac-

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