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THE NEW PROTECTIONISM

German trade more than British trade? How will it advantage this country to limit its sources of supply of sugar and yarns and machinery and chemicals, and to pay a higher price for them? For the notion that we can produce all these things, as well and as cheaply, within this country or the Empire, without the necessity of importing them from foreign countries, is unwarranted. It is based upon a childish refusal to admit the utility of specialization, division of labour, and exchange between nations.

There is no reason for supposing that the fivefold discrimination of the proposed tariff would assist the "defence" of this country, though it would certainly diminish its opulence.

No tariff could go any appreciable distance towards making the United Kingdom economically self-sufficing for the necessaries of life.

Exclusive dependence on our overseas dominions for foods and other necessaries would not reduce the submarine or other

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