The Abc of Free Trade An Address Delivered to the West Ham Liberal Association

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And now, if you want further confirmation of what I have stated, that the excess of imports is to a large extent due to accumulated wealth, look at other nations whose position is the reverse of ours, and who export more than they import, and you will invariably find that it is the nations who have been heavy borrowers in the past who are in this position.
There is one very instructive instance of a country which for a time exported more than it imported, and has since reversed the process. Tha
...t country is France, and the period when its exports were in excess a state of things that the Fair Traders tell you is a sign of such prosperity was in the four years immediately following the Franco-German war, and it was caused by the enormous indemnity which France had to pay out to Germany. Thus, as Mr. Chamberlain remarked the other day, if our Fair Trade friends want to stop our excess of imports, all they have got to do is to engage in a good long European war, and to do that they must first of all bring the late Govern- ment back into power.

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