it necessary to point out that, during the last fifteen or twenty years, domestic metallurgical and mechanical industries have developed to such an extent that the Russian railroad system procured all its supplies at home. It was only occasionally, and then in small quantities, that rolling stock and rails were purchased abroad. On the contrary, seven or eight years ago there was a period when a considerable amount of rails and cars was exported from Russia to Italy, England, and even Australia. Therefore, I think that we should not expect a very extended development of export trade in railroad supplies.
This, however, does not mean that Russia is not a good market for the sale of metallurgical and machinery products. On the contrary, I have no doubt that many of the American machines and means of production will find a ready and wide sale in Russia. This is true especially of all kinds of agricultural implements and machinery. The production of such implements in Russia has been developing very rapidly in recent years, but the demand for them was developing even more rapidly, and therefore the annual import of agricultural machinery has been very considerable. I have no doubt that in the future the demand for these articles will increase every year, and that, therefore, in this field the Americans can do a great deal.
In my opinion, the basis of all foreign trade is as follows: to export goods which are cheap at home and expensive abroad. Now, I consider that America possesses one class of goods, which is cheap here, but very dear in Russia. Therefore, trade in this class of goods is sure to be profitable. This goods is money, capital. Here, in America, money is cheap. Just now money is literally streaming in from abroad. After the War there will be a great deal of free capital on the American market. Capital will become even cheaper and will begin to seek new fields of application. Failing to find these at home, it will be compelled to turn to foreign countries.
There can be no better market for this kind of commodity than Russia. Russia's natural resources and her people's productive forces are truly enormous, almost incalculable. Russia's life, commerce, and industry are just beginning to develop, and they will continue to develop for many years to come. The people's purchasing power and the demand for all kinds of commodities is growing rapidly, and the tempo of this growth becomes faster and faster.
I cannot find a single field of trade or industry in which American capital would not be able to find safe and profitable
