The lace mills established here today represent a capital" investment of at least $20.000.000 and give employment to 15.000 workers. The industry here would be disorganized and these thousands of people thrown upon relief rolls or put out on the street. It may be possible that the laces which. at. present are made in this country could be purchased from some European or Asiatic country. but we should not forget that their wages amount to less than 25 percent of those which our workers receive. and in the case of China they amount to practically nothing. A great outcry has been raised about the falling off of our foreign trade. However. it should be remembered that since 1929 the total volume of goods exchanged between all important trading countries has been diminished 30 percent.