358 LAND REFORM 



agricultural distress set in which has lasted to the 

 present time.^ 



Even the advantaofes to the tradino- and manufac- 

 turing classes, which were the set-off against the 

 sacrifice of agriculture, have of late been fast dis- 

 appearing. Foreign Governments, by their fiscal 

 policy, have been the nursing mothers of manufactur- 

 ing concerns in their respective countries. By high 

 tariffs, which more and more exclude British goods, 

 their infant industries were nursed up and protected 

 till they have become strong enough, not only to sup- 

 plant the "workshop of the world" in the supply of 

 their own home needs, but even to dump vast quanti- 

 ties of goods into our own market, which by our 

 policy was made as free to them as their own. 



Cobden, unfortunately, did not live long enough to 

 see this development. To the last he believed that, 



^ In considering the causes that led to the repeal of the Corn Laws, 

 this " natural protection " argument must not be left out of account, as it 

 was largely used by Cobden and other repealers. One of the most in- 

 fluential writers of the day gave the cost, based on the sums actually paid, 

 of the transit of a quarter of wheat from Dantzig to England, Dantzig 

 being then the chief continental market and source of supply. The total 

 cost in the form of freight, dues, insurance, handling, warehousing, 

 brokerage, etc., is put at i8s. 3d. per quarter. " Influence of the Corn 

 Laws," James Wilson. Longmans, 1840. 



In 1868 the cost of transit of wheat from Chicago to Liverpool was 

 IIS. 6Jd. per quarter. In 1902 it had fallen to 2s. lojd. "British and 

 Foreign Trade," Cd. 1761. 1903. 



McCulloch assured the agriculturists that " they had little reason to 

 fear from the downfall of the protective system," that " there were no 

 grounds for thinking that the average price of corn in this country will 

 sink under the free system about to be established to less than from 42s. 

 to 48s. a quarter." But he adds, "At the same time we should have pre- 

 ferred seeing this question settled by imposing a low fixed duty of 5s., 

 6s., or 7s. a quarter. ... In scarce times (when importation is necessary) 

 a duty of this description would fall wholly on the foreigner without 

 affecting prices or narrowing importation." (" Principles of Political 

 Economy," 4th edition, 1849.) 



