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THE NEW PROTECTIONISM

Free Trade has enabled us not merely to make a considerable and growing contribution to our own current war expenditure, but to undertake the added burden of finding huge sums for the assistance of our Allies. Only by means of the immense and various commerce with foreign countries, built up by our habitual policy of free markets, by the predominant power of our navy and mercantile marine — itself at once the product and the support of our free markets — and by the vast resources of credit and financial machinery established for the conduct of this commerce, could Great Britain have made what will prove to be the determinant contribution to the resistance by which the superior military preparations of Germany will be worn down.

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