W. C. Plunkett of Adams and Frank H. Metcalf of Holyoke were also nominated to fill other vacancies on the board.

It was voted that the report be accepted and that the secretary be authorized to cast one ballot for the names submitted. It was so done and the men on the ballot were declared elected.

A vote of thanks was extended to the Nominating Committee for their work and report.

For the purpose of reference, the names of the directors whose terms expire in 1918 and 1919 are given:

Directors whose term will expire in 1918 Channing Smith.. Andrew Adie

...

.Cherry Valley Boston ..Attleboro .Providence, R. I.

flag and the new Home Market Club service flag was displayed for the first time. The service flag, which is based upon only partial returns, contains at present forty-four stars arranged in an original and impressive form. They spell out the letters U. S. A., U Serve America, and the flag was dedicated with brief remarks in honor of the members of the club who are enrolled in the country's service.

Secretary Marvin then read his annual report, which is published in full in the preceding pages.

of

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Winthrop L. Marvin, Secretary of the National Association Wool Manufacturers; Rufus Wilson, Secretary of the National Association of Cotton Manufacturers; Thomas F. Anderson, Secretary of the New England Shoe and Leather Association, and William J. Lynn of the United States Navy were elected honorary members of the club.

The following resolutions were unanimously adopted:

Resolution on Industrial Preparedness, presented by Mr. Lew C. Hill, of Boston:

Whereas: We are engaged in a world war in which victory will be won not by armies and navies alone, but with money, food and munitions; be it

Resolved: That we congratulate the Nation that an economic policy has been followed for a century and a quarter that has made us the strongest Nation in the world industrially and financially. We respectfully urge upon the attention

of the President and of Congress the tremendous contribution which the American Policy of Protection has made to the power and might of the Nation. It is the resources of the United States in men, money and material which will win this war for the liberty of the world, and we most earnestly petition the President and Congress for a speedy restoration of adequate protection that our safety and security may be preserved; that the welfare of our people may be promoted, and that we may meet the conditions that will confront us at the close of the war with all reasonable safeguards of industrial prepared

ness.

Resolution of Loyalty, presented by Mr. F. G. R. Gordon of Haverhill:

Amid this titanic struggle, not merely of armies and navies, but of ideals and of institutions, we pledge anew our loyalty to our country, our support of the Government and our allegiance to the Flag. That Flag flies now on foreign soil and challenges the enemy of the world on distant seas. Our Army and our Navy uphold that Flag with their valor and their lives. It is our privilege to uphold it in all fealty with all our strength and all our resources. In its defence we offer our factories, our money and if need be, our lives. The cause of civilization, the ideals for which Washington and Lincoln fought, the liberty of our country and of the world depend upon the issue of

this mighty conflict. To lose this war is slavery; to win it is renewed emancipation for ourselves and for posterity. Every consideration must bow to this one purpose: to end the war with a complete and triumphant victory and bring peace to a world drenched in blood. With this unfaltering purpose and in this great endeavor we unite with all the patriotic forces of the nation to sustain in every way our Army and our Navy until the honor of the country is vindicated and the cause for which we drew the sword shall triumph.

Resolution on the Death of Hon. William B. Plunkett, presented by Mr. William H. Chase of Leominster :

We record with deep regret the death of William B. Plunkett, president of the Home Market Club from 1897 to 1899. A business man of the highest integrity, a manufacturer of exceptional ability, a citizen of unfailing loyalty, the State, in his death, has lost one of its mightiest pillars and this Club has lost one of its most honored offiHis was a life rich in good deeds, in public service and in high achievement, and it inspires us all with a deeper love of a country that can produce such men and a firmer resolve that this Republic of liberty and opportunity shall not perish from the earth.

cers.

Peace, above all things is to be desired; but blood must be spilled to obtain it on equable and lasting terms. Andrew Jackson.

"And for your country, boy, and for that Flag, never dream a dream but of serving her as she bids you, even though the service carry you through a thousand hells. No matter what happens to you, no matter who flatters you or who abuses you, never look at another flag, never let a night pass but you pray God to bless that Flag. Remember, boy, that behind officers and government, and people even, there is the Country Herself; your Country, and that you belong to Her as you belong to your own mother. Stand by Her, boy, as you would stand by your mother."

-Edward Everett Hale.

Decreased consumption is urged; increased production must be encouraged.

At the outbreak of the war in 1914 Germany possessed over five million tons of shipping. Today nearly half of it has been sunk or is in the hands of ourselves or our Allies.

At least 300,000 horses and mules will be needed for the new army forces. Fifty boards are operating throughout the country, and about 3000 horses are purchased every

week.

In the last week of April the loss of British ships of more than 1600 tons was over five a day. But by the middle of September the loss had been reduced to a rate just over one a day.

President Wilson has given his endorsement to the declaration of the National Unity League that “agitation for a premature peace is seditious." This is a belated admission that there never was any justification for the plea for "peace without victory."

The loose-limbed days of America's youth are over. The nation must summon her mature powers, for her destiny rests upon her own shoulders, not in the lap of some unique and smiling fortune.

Ships are the the greatest need of the war, and the United States alone can produce ships in large numbers. Great Britain's limit for new tonnage in 1918 is placed at 2,000,000 tons. We are failing in our duty to our Allies and ourselves in not rushing ship construction to our utmost capacity.

The British have transported 13,000,000 human beings on the high seas since the war began, and only 2300 lives have been lost, though

their vessels plowed seas strewn with floating mines and infested by undersea boats equipped with the means to destroy them. It is a feat that speaks volumes for the efficiency of British seamanship.

It is announced by the Department of Commerce that an agreement made by the representatives of the Allied Powers, with the assent of the ministers of the United States and the Neutral Powers, will permit China to make material increases in her customs tariff. While we are thus cooperating in advances in Chinese import duties, it might be well for us to find some means to increase our own.

In a speech on Boston Common John McCarthy, Socialist candidate for Governor of Massachusetts, said that "the only difference between the Republican and Democratic parties lies in the tariff issue. When the Democrats are in power, under normal conditions, the workers are idle, say the Republicans, and they are right." The applause which these words evoked gave evidence that the audience agreed with Mr. McCarthy's statement.

Senator Frelinghuysen of New Jersey lately delivered a speech in favor of protection, which arouses the ire of a journal by the sea. The editor reminds the Senator that in the good old times an American sea captain would go forth with a cargo worth one hundred thousand dollars, and return with a cargo worth three times that figure. It does not strike the editor's mind that the return cargo might

be tea, spices and Oriental products, which in no degree competed with American industries. Were there not many such cargoes?

Two-cent postage has prevailed in this country through the space of a generation, for it was introduced by law, in place of the three-cent rate, in 1883. No person, therefore, under the age of 40 years is likely to have any recollection of a rate for ordinary domestic letters above two cents, and even to those who remember well enough the big old threecent stamp, with the dignified and complacent Washingtonian countenance upon it, have by thirty-four years of use become so much accustomed to the two-cent stamp that it is second nature to affix it.

Representative Fitzgerald of New York, chairman of the House Committee on Appropriations, said in Congress before adjournment that it made him indignant even to think of the passage of the bill to impose tolls on American coastwise vessels using the Panama Canal. But that was only a part of the free trade work of Congress at the President's dictation. At the recent session it passed an act to admit foreign vessels with their crews to American registry for the coastwise trade. President Wilson declared long ago that he favored sweeping away every vestige of a protective policy. Will the hard logic of events change his attitude?

Secretary Daniels, feeling that "there can be no real compensation

for the tragedy of war," says that while he hopes "we shall never return to the period of low wages and cheap agricultural products," we ought to return to the days of high thinking and plain living, adding that "if the war should convert this Republic from its lavishness in expenditure and its wanton extravagance that would at least palliate some of its ills." But it may well be asked, was the Administration of which Mr. Daniels is a member, faithful to the pledge for economy it gave before the election of 1912, or was it one of the most extravagant in the annals of the country?

In their effort to be less dependent upon foreign sources for foodstuffs Great Britain is bending every effort by holding out inducements for greater protection to the landholders and their tenants. Price fixing on fairly liberal terms, it is announced, has been a helpful factor in increasing the land under cultivation in 1917 by 1,000,000 acres over the acreage of 1916. Owing to the scarcity of farm labor 2500 tractors were at work in October, a number which will be increased to 8000 by next spring. These will materially help to bring under cultivation several million acres more and aid greatly in the movement to make the country less dependent and more self-sufficing.

Before the war American purchases of dyes from Germany amounted annually to $6,000,000. In 1916-17 the value of dye shipments from Germany was $464,499, brought to

this country by the Deutschland. In 1913-14 our imports of such products were valued at $7,241,406 and our exports, at $356,919. Last year, notwithstanding a withstanding a rapid increase in prices, the imports fell to $3,161,171, while the exports jumped to $11,710,887, an increase of nearly 600 per cent. The new capital invested in enterprises organized since Jan. 1, 1915, to manufacture drugs, chemicals or dyes, amounts to $30,670,000, nineteen companies with $1,000,000 or more capital having been organized in the current year.

While British free traders like J. A. Hobson assert that free trade equipped Great Britain to carry the war burdens of the Allies, Andre Tardieu, High Commissioner for the French Republic, told the American Manufacturers' Export Association that when this country entered the war "two duties were imposed on you, first, to arm yourselves, then to supply our needs." Speaking of the needs of France, Commissioner Tardieu pointed out the decrease of the French wheat production from the normal one of 90,000,000 French hundredweight to only 38,000,000 this year,

and said that and said that "during the next

months America will be one of the granaries of Europe," and "France relies on you for the supplying of the wheat of which she is in need."

Arthur Pollen, foremost English naval writer, interpreting to a New York Paint and Varnish Club the meaning of events on the Russian and Italian fronts, said that "England and France are desperately holding their lines and waiting for the United