Page:The New Protectionism.djvu/52

And is it not a just assumption that the stoppage of trade between two nations, or groups of nations, injures or weakens both equally? I know that there are those who think that in the past the Germans have gained more from trade with us than we have from trade with them. By this they generally mean that our imports from Germany were much larger than our exports to Germany. In 1913 did we not receive from Germany goods to the value of 80 millions, whereas we sold to Germany only 40 millions of British produce and 20 millions of colonial and foreign? There exists a curious belief that Germany got the advantage of us in this transaction. The presumption surely ought to be the other way. For if we had really received 80 millions' worth of goods, and paid in return no more than 60 millions' worth, the "pull" would surely have been ours. In point of fact, of course, we paid in exports of goods or services, either directly to Germany or to other countries on her behalf, the full 80 millions. Apart from