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gain, both to those parties directly engaging in each act of commerce and to those who indirectly profit by doing business with parties thus enriched. The validity of this economy of co-operation by division of labour is as obvious in practice as in logic. Almost everyone admits it on a smaller scale, within the village, the province, the nation. It is only disputed when it is sought to apply it to the wider co-operation of men and businesses in the world at large.

There are one or two errors, common to all Protectionist proposals, fundamental in their character, which need to be exposed in the outset of every discussion of the subject.

The first is the presentation of nations as trading firms. Great Britain is treated as if she did business, in her corporate capacity, with Germany or the United States. The several commercial countries are also regarded as competing with one another for trade with other countries. Neither of these views is correct. Great Britain does not