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German manufacturers and merchants, cut off from our markets and those of our Allies, would be driven to cultivate more assiduously than before the markets left to them. To adopt the language of our Protectionists, these neutral countries would become their "dumping-grounds," and the competition of these "dumped" German goods would undersell our honest wares. But this is not the worst. The high tariff duties which we should have to put on goods from neutral countries, in order to protect our own produce and to give preferences to our Dominions and our Allies, would give grave offence to neutral countries whose goods we have always hitherto admitted free. Retaliating on our conduct, they would no longer give us most-favoured-nation's treatment. Germany, not being hampered by so complex a tariff, and being under urgent pressure to "make up to" neutrals, would clearly be in a position to negotiate trade treaties with powerful neutrals like the United States and the countries of South America upon more