President Wilson has now placed all exports to all countries under license by the War Trade Board. His proclamations also apply the license system to all imports. Thus the entire foreign commerce of the country is now placed under the license system of the War Trade Board. It is a step to reduce ocean carriage of non-essentials, so as to release ships for the transportation of troops and supplies.

This is not an embargo. Restrictions are to be imposed only when essential to accomplish "definite and necessary objects." As the War Trade Board's explanatory statement says, this measure is "forced upon us by the critical tonnage situation and the necessity of availing ourselves of every possible means of maintaining our armies in France." . . .

The proclamation is worth several Presidential or Prime-Minister definitions of peace after war. It speaks louder than mere words. Our enemies, we believe, will fully appreciate the determination which lies behind the fact of any trade renunciation necessary to win the war. he Outlook.