c. Increased European competition after Franco-Prussian

war.

3. History of trade in the 20th century.

4. Volume of contemporary trade, export and import, with United States; with Europe.

5. Character of the trade:

a. Standard articles imported and exported.

b. Non-competitive goods and raw products.

c. Competitive goods.

6. Purchasing power of Hispanic American countries.

7. Misconceptions, current in United States, as to Hispanic-American habits of business.

8. Obstacles in the way of trade:

a. Lack of merchant marine.

b. Established habits and traditions of trade.