SELLING  LATIN  AMERICA

I
GENERAL  REMARKS  ON  FOREIGN  TRADE
War  completely  changes  commercial  currents. ­
  The  victor  takes  the  established  and
profitable  trade,  leaving  to  the  vanquished  the
harder  lines  of  business  and  the  development
of  new  fields.  This  is  as  true  of  the  first  war
recorded  by  history  as  it  will  be  of  the  last.
As  an  illustration  of  the  veracity  of  this
statement  it  is  only  necessary  to  recall  our  war
with  Spain.  Prior  to  her  defeat,  Spain  controlled ­
  the  bulk  of  the  banking  and  commerce
of  the  Philippines,  Cuba  and  Porto  Rico.
To  her  possessions  she  exported  wines,  foods,
manufactured  articles,  textiles,  drugs,  perfumes.. ­
  canned  goods,  shoes  and  hats,  receiving ­
  in  exchange  their  sugar,  tobacco  and  coffee. ­