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pursuing a policy of "scientific dumping." The only intelligible meaning to this term would be that of a deliberate policy of a German cartel or "monopoly" to pour goods on to our markets at cut-prices, so as to ruin British competitors, drive them out of trade, and then improve their goods at prices raised so as to recoup them for the earlier cut-prices by which they acquired the market. I believe a good many people believe this is what "the Germans" have been doing. But nobody can point to any actual trade where they have done it. In theory, no doubt, it is a possibility, though the conditions of success would be very difficult. In practice it has been found impossible to dump successfully in a Free Trade country. "It has," says Mr. Macrosty,^[1] "been demonstrated by abundant German experience that dumping does not pay, and that it is more advantageous for a domestic trust or cartel that export trade should be so regulated as to yield the maximum of profit."

1. ↑ "The Trust Movement in British Industry," p. 342.