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IN my endeavour to preach not political economy, but business, I may in these pages have run into a style of literature tacitly considered as immoral even by those who practice the very system I desire to preach. In one word, this book may be taken as encouraging speculation by recognising it. If so, I must accept the consequences without attempting beforehand to defend speculation except on its own apparent merits. That it has merits all must allow and the more readily will the value of speculation - its value to the nation as much as to the merchant - be admitted, if my readers will be so good as to separate in their own minds speculation from mere gambling. In the one case men conduct business with their eyes open; in the other they rush blindly into Operations without considering the pros and cons. This book attempts to show broadly the considerations to which a man's eyes should be open when engaging in such operations, and it cannot therefore be accused of encouraging mere gambling. National morality must not consider itself attacked.
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