Mr. Roosevelt and Mr. King The trade agreement reached between
President Roosevelt and Mr. Mackenzie King at Washington this Week represents the first-fruits—and early first-fruits- of the Liberal victory in Canada. Though the terms of the agreement are not yet published, it is known that duties on a number of articles of commerce between the two countries (in particular Canada will gain by a lower tariff on her lumber, live cattle and various farm products) twill be reduced. Mr. King has always been a strong believer in reciprocity with the United States, and the Presence, of a convinced Free Trader, or freer trader, at the State Department in the person of Mr. Cordell Hull has made the path of progress smooth. But the scope for reciprocity is limited, since Canada has been diligently developing manufactures which compete with American, and the two countries arc equally competitive on the Igrieultural side. No exaggerated hopes, therefore, should ),e entertained regarding further progress on the lines of this week's agreement. But so far as it goes the new Pact does make for some reduction of trade barriers, and ° that extent 'may be cordially welcomed.