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THE NEW PROTECTIONISM

mercial and financial penetration of foreign countries, including our Empire, so as to wrest from us our trade supremacy; thirdly, the establishment at home or abroad of monopolies of certain sources of supply or processes essential for war purposes or for the control of vital industries.

In order to meet this aggressive policy we are to set up a tariff which shall (1) make Great Britain less dependent than formerly on outside supplies in war and peace; (2) bind the Empire in a closer economic unity; (3) so strengthen the trade and financial relations among the Allies as to make the Alliance a virtually self-sufficing economic system; (4) boycott the trade of the Central Powers. It is right to add that a tariff is not to be the sole instrument of economic defence. It is to be supported by navigation laws, reforms of the Company and Patents Acts, and a complete Stock Exchange boycott, etc.

But the tariff is the main weapon. Now, its defensive efficacy may be submitted to two tests. Does it strengthen the position

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