GO 
It is difficult to say what effect the changes which I have 
enumerated will have upon the trade of the United Kingdom. 
Our total exportation of products from the United Kingdom to 
the States is about 804 million sterling, while our total exporta- 
tion to all countries is 248 millions sterling. Roughly, therefore, 
we send to the United States something like one-eighth of our 
total export. I have indicated in the former part of my address 
under the different headings what our total exports are. I will, 
however, enumerate them again. Our total exports of cotton 
manufactures amount to nearly 59 million sterling, of which we 
send over 2} millions to the United States. Our cotton trade 
with the United States is therefore less than 4 per cent. of the 
whole. In jute manufactures our total export is 2} millions, 
while we send to the States 14 millions, forming nearly 50 per 
cent. of the whole. Our total exports of linen are 5? millions, 
of which 2,900,000 is sent to the United States, forming over 
50 per cent. of the whole. Our total export of woollens is 21} 
millions, of which over 5 millions, or 25 per cent., is sent to the 
States. Our total exports of iron amount to over 29 millions, of 
which nearly 64 millions is sent to the United States, forming 
over 21 per cent. of the whole. You will therefore perceive that 
of the important trades I have enumerated, the one with which 
we are most intimately connected—namely, the cotton trade—is 
likely to suffer the least. 
The trades most likely to suffer are woollen, linen, jute and 
tin, and the places most affected will be Leeds, Bradford, 
fluddersfield, Sheffield, Belfast, Dundee, and South Wales. The 
manufacturing districts of France and Germany will also probably 
suffer to a considerable extent. 
The effects upon American trade generally will be very dis- 
astrous. Already prices have risen largely, and when the full 
effect of the tariff is felt, they will probably rise still more. The 
old axiom that the consumer pays the duty has already asserted 
its truth, and he pays not only the duty, but an increased price 
upon the consumption of protected goods produced at home. In 
the meanwhile we can only look on, in the earnest hope that the 
great mass of consumers in America will ere long discover that 
they have been taxed for the benefit of the few producers of 
protected goods. 
SR 
