The author desires to make grateful acknowledg-
ment of the assistance given him by Director Harold
G. Moulton, Dr. Thomas Walker Page, and Dr.
Edwin G. Nourse, of the Institute of Economics.
The members of the Tariff Division of the Institute,
Mr. Philip G. Wright, Mr. Lynn R. Edminster, and
Miss Evelina P. Kean, read the manuscript and
offered much constructive criticism. Mr. Sheldon
B. Akers aided greatly in the collection of statisti-
cal material.

Professor Arthur H. Cole of Harvard University
and Dr. Louis G. Connor, of Washington, D. C., both
gave generously of their time to consider the entire
study in detail and made suggestions of the greatest
value. Dr. Connor prepared the statistical tables on
pages 140 and 167. Mr. W. A. Graham Clark, Chief
of the Textile Division of the U. S. Tariff Commis-
sion, and Mr. G. M. Youngman, Special Expert of
the Commission, read portions of the text, and gave
the author the benefit of their intimate acquaintance
with the wool trade and industry. It is needless to
add that none of these helpful critics should be held
responsible for any of the conclusions.

Washington, D. C., MARK A. SMITH.
November, 1925.

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