ABSTRACT
The iron trade does not often attract within its pale men who have not been trained in its commerce and technique. Among the many notable changes of the British iron trade during recent years the decreased supply of home ores, the decreased output of puddled iron, and the increased output of open-hearth steel, are the most striking. The Cleveland district is more or less a microcosm of the whole country in reflecting these movements. The vicissitudes to which all iron and steel manufacturing businesses are liable are not limited to any one country or to any particular system of tariff policy. Great Britain, on the whole, shows less fluctuation than either the United States or Germany, but he would be a bold man who should assert that this fact is necessarily a function of her tariff system.
