BOUNTIES OR DUTIES 107 



certain level. This takes us into the very debatable 

 land of duiijs and bounties. Both may be regarded 

 as economically unsound in the sense that they would 

 make the nation as a whole pay more for the food it 

 consumes than it would if left free to purchase in the 

 open market which exists during times of peace. Both 

 benefit one class of producer at the expense of the 

 whole community of consumers, both carry with them 

 certain incidental dangers such as the encouragement 

 to the formation of rings and trusts, the removal of the 

 stimulus of competition, etc. We may concede the 

 validity of all the standard free trade arguments, grant 

 that the maintenance of agricultural prices is likely 

 to be attended by some expense to the nation, and yet 

 accept that cost as a part of the national defences, as 

 necessary and as immediately unremunerative as the 

 Army or the Navy. It is more than possible that the 

 need for duties or bounties will not arise ; before the 

 war it seemed likely that the rise in fundamental food 

 prices would be maintained for some time to come, and 

 they were high enough to sustain much of the develop- 

 ment of agriculture that we are seeking. But it is 

 difficult to prophesy what prices are going to be when 

 peace comes again ; even the most experienced econo- 

 mists differ in their opinions. From one point of view 

 the great destruction of men and materials that has 

 been wrought must diminish production and so raise 

 prices ; on the other hand, it may be objected that 

 the destruction has been wrought in the old countries 

 which were buyers. The new countries which are the 

 great producers of cheap food are untouched, and have 

 been even stimulated by the needs of the old world; 

 they will still have their produce to sell in a market 



