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so much as the present foreign trade of little
Belgium. Still more unimportant were the
foreign loans. Holland was the only country
whose capitalists lent to foreign Governments,
and persons were hardly to be found who
ventured to put their money into industrial
undertakings in foreign lands, or even beyond the
provinces in which they dwelt. Consequently
at that time a neutral State suffered little or no
injury when two States were at war. A quarrel
between France and Spain or Germany then
did no more harm to English interests than a
war between China and Japan would do now.
At present it is quite otherwise. Trade and
capital have in our day become international.
While the foreign traffic of the civilized world
two hundred years ago did not exceed one
hundred millions sterling, it runs up now to about
five thousand millions; and foreign loans have
augmented in the same degree. In every
country there is a constantly increasing portion
of the population dependent for its subsistence
upon relations with other peoples, either for
the manufacture or exportation of goods, or
for the importation of foreign necessaries. In
France a tenth part of the population is
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