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would be the ones to give their resources and offer up their lives in national defence, and not even balk if the nation should become committed through vainglorious bravado to a war of foreign aggression. None will, we believe, deny the need of some regulation of wireless telegraphy, but the character of such regulation should be the subject of careful discussion in which the interests of the art and of the people as a whole should receive merited attention. A means to this end would be the authorization by Congress of a commission to study the subject and report recommendations, the membership to be so chosen that the military and bureaucratic elements shall not dominate. We sincerely hope that no action will be taken by Congress until the subject of regulation has received m this country much broader and much wiser consideration than is evidenced in the bills thus far offered at Washington.

20. The Outlook and Prophecy

As before stated, it is the lack of capital behind private or legitimate enterprise that is holding back the development of wireless telegraphy; but even with this handicap, we firmly believe that, within five years from date, we will see it successfully competing with cables and trunk lines, and that our trans-Atlantic rates will be cut down to one-fifth of what they are to-day. From our experience and observations we are thoroughly convinced that within ten years the laying of trans-ocean