To illustrate. wheat raised in the Argentine Republic upon a silver basis may be shipped to Great Britain and sold upon a gold basis. but. with prices stationary and unaffected by the dislocation of exchanges. the amount of Argentine money which can be secured by the consideration received for the cargo of wheat is so much greater that competition with it becomes extremely difficult. or may become so. while the profit is. of course. merely a matter of calculation. I am not going to hark back to the silver question. Mr. President. but I simply want to emphasize the fact that until there is a regulation and fixity of exchafgea nd that is the fundamental questionbetween Asiatic and European producIng countries and America until by some sort of interuational convention or agreement there is a fixity of exchange. the possible menace of competition may become extremely seriousnot now. but at a time when capital is attracted to a sufficient degree and labor conditions have become satisfactorily adjusted. Alr. Thomas B.