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THE NEW PROTECTIONISM

Central Powers, the unquestioned supremacy of the "bill on London" would be lost, and a most injurious blow would have been inflicted on our control of world finance and commerce. Setting on one side the general effect of such a weakening of our national resources, we cannot fail to recognize how damaging this loss would be to the cause of national defence in the event of another war.

"But, at any rate," it is sometimes said, "you must admit that Free Trade has failed as a pacific agency." We can admit no such thing. If the example set by this nation had been followed by the other Powers, and nevertheless this world-war had broken out, it might have been contended that Free Trade had failed. But why does it seem even plausible to suggest that, because a number of Protectionist nations quarrel and come to blows, and Free Trade Britain is drawn in, Free Trade and not Protection has failed? No one who has followed recent Continental history can ignore the fact that

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