Magazine content is available exclusively for TIME subscribers.National Affairs: More Horse Trading
Three months ago five U. S. cotton textile men, headed by Dr. Claudius T. Murchison. went to Japan and accomplished something remarkable. The Japanese had begun to make alarming inroads on the U. S. market for cotton goods. In recent years the almost standard method of competition in foreign trade has been horse stealing—for exporters to steal as much of a foreign market as they could by underselling, for the victims to steal it back by imposing political quotas, tariffs and restrictions, fair or unfair. Dr. Murchison and friends in a mere ten...
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