The address which Mr. Carnegie delivered as Lord Rector, to
the students of St. Andrews University on Wednesday (a reprint of which is published by Messrs. Constable) has several points of interest. Without being in any way pro- found, it has a touch of eloquence and originality of view which will probably stir up a good deal of discussion. Mr. Carnegie's main theme was the economic changes which had come and were impending in the relative position and power of nations. After showing that Britain had lost her manufac- baring supremacy to America, and after dwelling on the indus- trial strength of the Continent, Mr. Carnegie said he still believed that the industrial future of Britain could' be viewed without misgiving. But though his address was interesting, Mr. Carnegie's speculations as to the future were greatly impaired by his falling into the conventional attitude of regarding the supply of the world's wants as a war. His mind, like that of all Protectionists, runs on " conquering" foreign markets, the American " invasion" of Europe, and Europe's power to " repel " the commercial invader. These bellicose metaphors are, of course, based upon the Protectionist view that trade can only benefit one side of the bargain, and that it is essen- tially more blessed to sell than to buy.
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