It means, throughout all the world, an increase of what we call "Wealth." In discussing a subject so great as sea trade, while it may be considered presumptuous to look fifty years ahead, it can hardly be denied that we ought at least to try to look that far ahead.
To look fifty years ahead, is, after all, not taking in a greater interval of time than fifty years back; and it certainly seems reasonable to conclude that, if a certain line of progress has been going on for fifty years in a perfectly straight line, and with a vigor which is increasing very fast and shows no sign of change, the same general line of progress will probably keep up for another fifty years.

If we try to realize what this means, we shall probably fail completely and become dazed by the prospect.
We cannot possibly picture accurately or even clearly to ourselves any definite conditions of fifty years hence; but we certainly are warranted in concluding that by the end of fifty years, practically all of the countries of the world, including Africa, will be open to trade from one end to the other; that the volume of trade will be at least ten times as great as it is now; that the means of communication over the water and through the air will be very much better than now; and that there will be scores of appliances, methods, and processes in general use of which we have, as yet, no inkling, and cannot even imagine.
Now let us call to mind the accepted proverb that "Competition is the life of trade," and this will make us see that, accompanying this stupendous trade, extending over, and into, every corner of the world, there will be stupendous competition, involving in a vast and complicated net, every red-blooded nation of the earth.
We seem safe in concluding, therefore, that the importance of naval power will increase.
A great deal is said and written nowadays about the ability of arbitration to make wars unnecessary, and a good deal also about the possibility of an agreement among the nations, whereby armaments may be limited to forces adequate to insure that every nation shall be compelled to abide by the decision of the others in any disputed case.
In view of the number, the earnestness, and the prominence of many of the men interested in this cause; in view of the number of arbitration treaties that have been already signed; in view of the fact that arbitration among nations will simply establish a law among them like the law in any civilized country; in view of the fact that individuals in their dealings with each other sometimes surrender certain of their claims, and even rights, for the common good; in view of the fact that nations, like all business firms, like to cut down expenses, and in further view of the fact that a navy is not directly, but only indirectly, a contributor to a nation's prosperity, it seems probable that arbitration will be more and more used among the nations, and that armaments may be limited by agreement.

It is clear, however, that the practical difficulties in the way of making the absolute agreement required are enormous, and that the most enthusiastic advocates of the plan do not expect that the actual limitation of armaments will become a fact for many years.
After the necessary preliminaries shall have been arranged, and the conference takes place which shall settle what armament each nation may have, it is plain that it will be to the interest of each nation to keep down the armament of every other nation, and to be allowed as much as possible itself.

In this way, the operation of making the agreement will be somewhat like the forming of a trust among several companies, and the advantage will lie with that nation which is the most powerful.
For this reason it would seem a part of wisdom for each country to enter the conference with as large a navy as possible.
Therefore, the probability of an approaching agreement among the nations as to limitation of armaments, instead of being a reason for abating our exertions toward establishing a powerful navy, is really a conclusive reason for redoubling them.
This brings us to the important question, "how powerful should our navy be ?" This may seem a question impossible to answer.

Of course it is impossible to answer it in terms of ships and guns; but an approximate estimate may be reached by considering the case of a man playing poker who holds a royal straight flush.