Upon this they can depend for a return upon capital, and the surplus product can be exported with advantage, even when the prices received for it do not more than cover actual cost, provided the exports be charged with their proportion of all expenses.

The nation that has the best home market, especially if products are standardized, as ours are, can soon outsell the foreign producer.

The phrase I used in Britain in this connection was: "The Law of the Surplus." It afterward came into general use in commercial discussions..