(4) Our industry and commerce had to be organized in such a manner as to secure an increase in the exports and thus be able to support our people by the increased purchasing power accruing from the profits made on foreign markets.

Therefore the problem was: A policy of territorial expansion or a colonial and commercial policy. Both policies were taken into consideration, examined, recommended and rejected, from various standpoints, with the result that the second alternative was finally adopted. The sounder alternative, however, was undoubtedly the first.