PRESIDENTS ADDRESS—SECTION F. 139 
improvement in the condition of consumers in each country ; but 
this improvement could only reach the highest possible quota for 
such a place where the exchanges are confined to the necessary 
products, which are either naturally easily produced beyond local 
needs, or in respect of products which are naturally deficient 
within its own border. In such case, the exchange of the former 
by exports would have to be met with a similar value of imports 
of the latter. But even here the disadvantageous effects of 
obstacles are not a whit lessened. The disadvantageous effects 
of obstacles have to be endured so long as they do not outweigh 
the advantages of the desired exchanges. 
Nay, there is one form of want—Food—which no obstacle can 
outweigh so long as the energies of the labourer in other directions 
remain unexhausted. The unfortunate country so circumstanced 
must of necessity effect exchanges with food conntries, or perish 
as a community. Still more terrible is it for the masses of this 
country if it should happen that it lacks the natural or raw 
products upon whose manufacture the exchanges for the food of 
other countries depends. 
In such a case the friction of obstacles (distance) between (1) 
producer of raw products (2), manufacturer, and (3), consumer, 
attains its maximum, notwithstanding that science and skill may 
have done, and are still doing, wonders by steam and other 
contrivances on sea and land to minimise its lowering influence 
on the amount of satisfactions proportionate to labour exerted. 
The Economist may here exclaim: How does the Euphrasian 
argument from obstacles reconcile itself with such a case as the 
United Kingdom. He will no doubt proceed to show that no 
nation on earth has carried the method of interchange with other 
countries to so high a pitch as the United Kingdom. Her vessels 
are found laden with the products of exchange in every important 
harbour of every country. 
Her aggregate wealth is the envy of nations, amounting to a 
sum something approaching £1,300,000,000 as a yearly income. 
Her external interchange trade amounts to 643 millions yearly, 
362 millions being imports and 281 millions being exports. Her 
annual value of real estate alone reaches £196,000,000. Surely, 
he would continue confidently, this is the most complete vindica- 
tion that could be given practically that the nation which has the 
greatest amount of foreign interchange trade and, presumably, 
the greatest amount of obstacles, is also the nation which, by her 
great wealth, affords the greatest amount of satisfactions to divide 
among her consumers. 
The answer to this supposed objection certainly involves many 
complex questions, but if may at once be aflirmed that it does not 
in the slightest degree diminish the value of the argument fronr 
obstacles as applied to Euphrasia. In making this affirmation, it 
is not denied that the wealth of the United Kingdom in //e 
