16 SEPTEMBER 1916, Page 2

But America as a whole has benefited equally. "America was

innocent of the art of making munitions when the war broke out." The industry is entirely new, and the outlay on buildings, plant, wages, and systems of protecting works has been so great that the writer discounts the stories of extravagant profits. In conclusion, he is convinced that the war has laid the foundations of the present prosperity of the United States by creating a new and vital industry, and by shifting the whole balance of international commerce and finance enormously to the advantage of America. Above all, it has immeasurably strengthened America's capacity for defence. " Working for themselves and for the Allies, the American manu- facturers have also been working for their own country."