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incriminating bales, which lower Japanese credit and testify to the slow growth of commercial honesty. To eliminate the foreign importer altogether is, of course, better than to boycott him, and this, with Government aid, is gradually being accomplished. First, a law was passed that Government contracts for plant and material were to be given only to Japanese subjects. Then, when it was found that a foreign firm would try to evade this by employing a Japanese man of straw, an enactment was issued for the re-inspection of all plant on arrival in Japan. Mr. Stafford Ransome, in an article contributed to The Engineer on the subject of this official re-inspection, quotes the case of 16,000 tons of cast-iron pipes supplied by one Belgian and two British firms for the Tōkyō waterworks. Of the 10,000 tons of Belgian pipes only 2700 were accepted, and of the English 4000 out of 6000 tons. Yet in his opinion the rejected pipes were perfectly good for the purpose. That experience will correct short-sighted dishonesty, that the native merchant will gradually master the principles of international trade and become as respected as he was in feudal days despised, nobody doubts; and if for the moment the stranger within his gates must suffer, the gates are not yet stripped of all their gold. Already the Chambers of Commerce have realised that capital is cosmopolitan, and that excess of chauvinism spells bankruptcy for local enterprise. So long as the laws forbid the foreigner to own land, to hold shares in native companies or to assist in their management, he is naturally shy of responding to invitations to invest. But at first such invitations were not frequent. Ten years ago the craze for joint-stock companies, though widespread, was yet hedged