3o6 LAND REFORM 



The subject will be referred to in detail later on, 

 but in the meantime it may be noted that the great 

 increase in our exports to America in the middle of last 

 century had nothing to do with free imports of corn. 

 In fact, it began before the repeal of the Corn Laws 

 came into operation, and was caused solely by the 

 pressing and increasing need which America had for 

 goods and capital which this country alone could 

 supply. As Cobden himself pointed out in 1845, 

 " manufactures and commerce are thriving, and the 

 revenue is flourishing."^ Indeed, looking at the 

 history of the time, there are strong grounds for 

 believing that if the legislation of 1846 had been 

 delayed for a single year, the total repeal of the Corn 

 Laws would not have taken place, so great was the 

 increase of prosperity and the consequent increase in 

 employment. 



Mr. Morley, writing of the state of things in 

 1845, says : "In spite of the activity which was in- 

 volved in those profuse supplies (subscriptions) the 

 outlook of the cause (repeal of the Corn Laws) was, 

 perhaps, never less hopeful and encouraging. The 

 terrible depression which had given so poignant an 

 impulse to the agitation had vanished, and trade and 

 commerce were thriving. The revenue was flourish- 

 ing, pauperism had declined." (Life of Cobden, 

 chap. XIV.) 



In spite of experience, another argument is still 

 used on political platforms, to the effect that if we 

 lessen imports by protecting our home production, 

 our exports will fall off. It is strange that any one 

 with experience of the foreign trade can really believe 

 in such a fallacy. Our sales to a foreign country are 



^ Speech in London, 15 January, 1845. 



