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THE NEW PROTECTIONISM

traders than are their narrower markets to ours. But the considerations just urged prove the fallaciousness of this assumption. For the back-stroke of our boycott against German goods will be, not merely that we lose the German markets for our goods, but that we are seriously damaged in all the neutral markets of the world. This, we have already seen, will be the natural and necessary consequence of a protective tariff against the Central Powers. The further penalties we are here considering will materially enhance this damage to our neutral markets.

The proposal to exclude German ships from all British and Allied ports and coaling stations, comes with a powerful appeal to many who regard a protective tariff as a foolish or a highly questionable expedient. The abominable outrages committed by German vessels upon the high seas during the war, would, it may well appear, be appropriately punished by such a policy of exclusion. Moreover, obvious considerations

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