FISCAL POLICY AND AGRICULTURE 353 



institutions in every way favourable to the utmost 

 development of the industry and ingenuity of her 

 citizens, she must be able at least to maintain her 

 superiority of position where (an important proviso) 

 circumstances are in other respects equal." 



It is not the intention here to discuss the conditions 

 under which England had risen to the manufacturing 

 supremacy described. " Down to 1820, manufacturers 

 probably enjoyed as ample a share of legislative pro- 

 tection as the growers of corn."^ But protection was 

 continued for years after that ; for though much store 

 is placed by free importers on the reduction of the 

 excessive duties on foreign imports by Huskisson's 

 legislation (1823 to 1825), yet after these reductions 

 were made the English industries remained sufficiently 

 protected, and the Navigation Laws remained in full 

 force till 1849. 



Protection may be right or wrong, but it cannot be 

 denied that the old trading supremacy of England 

 grew up under it : nor can it be disputed that the 

 manufacturing prosperity of Germany, the United 

 States, and other countries, has been since secured by 

 the same means. 



The free-traders of the day, arguing from the state 

 of things which then existed, had grounds for believ- 

 ing that our manufacturing position was an impregnable 

 one, and that foreign countries would continue to take 

 our goods in exchange for their *' corn, cattle, timber," 

 and other productions. It was pardonable for them 

 to believe that England had had too great a start in 

 manufacturing to be caught up by the puny efforts 

 of other nations. They are, perhaps, hardly to be 

 blamed for not foreseeing what has since taken place, 



^ Morley's " Life of Cobden," p. 105. 



