368 TEE POPULAR SCIENCE MONTHLY 



filling the place of the European bankers. This we are now unable to 

 do to any great extent, on account of the large amounts we owe to 

 Europe. However, with industry and economy our indebtedness there 

 should rapidly be reduced, when we can aid them. The branches now 

 to be established in South America by the National City Bank of New 

 York, under the federal reserve act will assist, by making loans and by 

 enabling exchange to be bought and sold there (in dollars instead of 

 pounds as at present), but it will probably be some time before our 

 trade with South America even reaches normal proportions. 



But I must not forget that I was invited to address you on our 

 foreign trade and not on general conditions, because of my personal 

 experience of nearly 60 years as a manufacturer, and 45 years as an 

 exporter of implements and machinery. Some practical knowledge 

 won from such experiences is doubtless what is here desired. To bring 

 this strictly to date, let me recall its most recent chapter. 



I visited Europe last summer — Germany, Austria-Hungary, the 

 Balkans and Italy — went on a semi-official mission of the Southern 

 Commercial Congress under auspices of the Secretary of State to study 

 municipal conditions, and particular advantages were consequently 

 given me. I found all apparently peaceful and prosperous, no thought 

 of war or apparent preparation for war. There is a large field for the 

 sale of our products in all that region. Hungary seemed especially 

 prosperous. 



I spent two weeks in Bulgaria, thoroughly examining conditions 

 there. The Balkans will be a great field for our export trade when 

 peace is declared and the Dardanelles opened. Bulgaria, Eoumania and 

 Servia are accessible by water via the Dardanelles and Bosporus, for 

 goods may be landed direct at various ports on the Black Sea, and at 

 reasonable rates. The country is rich and prosperous and rapidly re- 

 covering from the ravages of recent war. Bulgaria is determined to 

 keep out of the present war if possible. I had several conferences at 

 the palace. King Ferdinand is a botanist, much interested in con- 

 servation and the improvement of his country. Queen Elenora is a 

 wonderful woman, understands a number of languages, is alive to all 

 that concerns her people, was chief nurse in the army during the war, 

 even caring for cholera patients. I went with her to their principal 

 hospital, which is up-to-date. She arranged when I was there to have 

 three of the nurses sent over to America to take a postgraduate course. 

 Although Bulgarians, all spoke English. The Queen was anxious tO' 

 come herself to examine American institutions and look after Bulgar- 

 ians here, but the war put an end to this, as there was no way of getting 

 over. Sofia, the capital of Bulgaria, is a handsome and prosperous 

 city, fine buildings, streets beautifully paved. One of them, by the 

 way, is named after Andrew Carnegie, whose benefactions seem to 



