In those days when one left the shores of Europe one entered a sort of international mercantile republic. It operated under the British flag; but by virtue of a principle called ‘fair play’ any white person, of whatever country, could take advantage of it. Economic management on a world-wide basis actually existed. Europe devised it and Europe largely benefited by it. The phenomenal development of the United States was not to come till later. It was a management of an exceedingly delicate and an exceedingly intelligent sort – nothing like the dictatorial ‘planned economies’ of today. It made money-changing, freightage and travelling very easy. Boats and trains were not so fast as they are now, but one was considerably surer of getting where one wanted to go. Bureaucratic difficulties were reduced to a shadow. One could rely on a general stability in almost everything. Tariffs and duties were stable under long-term treaties. National credits were stable – the word of any one of the great countries seemed as trustworthy as the existence of the country itself. Currencies had a value in gold and they were interchangeable at only slight fluctuations in price. There was the greatest freedom as