The Triumph of Free Trade, And Other Essays And Speeches

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I do not rejoice in this. I am disappointed. I think our growing colonies might have done better. But I do not complain of them ; they have a right to their own fiscal and tariff system. But they have effectively knocked the bottom out of Mr. Chamberlain's economic case for Colonial Preference. Even Mr. Bonar Law is not now found so bold as to appeal to experience and figures to support it. He abandons history and takes to prophecy. It is no longer the trade in being, it is only potentialities ...of trade in a nebulous future he presents, not to our gaze as Mr. Chamberlain did, but to our imagination.
And now for a moment let us look at Mr. Chamberlain's other bold generalisation, that which he made the basis and foundation of the other branch of his fiscal revolution — the protection of native industries. " My case is," Mr. Chamberlain boldly laid it down in Liverpool, " My case is that the trade of the country, as measured — and I think it ought to be mainly measured — by the exports of this country to foreign countries and to British possessions, has during the last twenty or thirty years been practically stationary." This is the case he so artistically elaborated in those earlier years, in his pictvires of our various ruined industries.


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