The Economic Aspects of International Exchange. 1 7 



even in the shipping industry we had not advanced so much as 

 some other tariff countries, such as Germany, Italy, and Japan. 

 The speaker proceeded to argue that the possession of a general 

 tariff in this country would, first, enable us to produce goods on a 

 footing of equality with manufactures from other countries which 

 were stimulated or assisted by bounties, trusts, or cartels ; second, 

 it would help to stop the dumping of the surplus production of 

 Europe and America at prices under cost, but which it paid the 

 producers to dispose of in this way to a non-tariff country, seeing 

 that it enabled them to produce in quantity and keep their works 

 going full time, and thus have a net gain although selling a portion 

 under cost ; third, it would enable us to have a powerful voice in 

 the settlement of every tariff arrangement with foreign countries, 

 which we do not at present enjoy owing to our system of having 

 nothing on which we can negotiate ; fourth, it would broaden the 

 basis of our taxation, without imposing any extra burden on the 

 poor or working class consumer, since more could be taken off 

 such articles as tea, coffee, cocoa, sugar, and tobacco than would 

 be imposed on the other necessities of life, and in this way the 

 working man would stand to gain immensely as a producer, seeing 

 that he would have regular and constant work at probably better 

 wages, and also as a consumer, since his food would cost him no 

 more, but very probably less ; fifth, it would enable us to form a 

 commercial bond of union with our colonies, and so stimulate 

 trade to and from these countries. They had proved beyond 

 doubt by their preferences, which they had given us, their desire to 

 improve their trade relations with us. All they asked in exchange 

 was some small advantage over the foreigner, who gave us no 

 concession, and who frequently showed his unfriendliness and his 

 disregard of our interests. It was urged that by rearranging our 

 tariff system we could achieve all these desirable ends, rendering 

 our workers, manufacturers, and merchants more prosperous with- 

 out inflicting hardship on anyone, and, while at the same time we 

 could make our empire more homogeneous and more self- 

 sufficing, we would not be depending on the foreigner, as we were 

 at present, for about one half of our foodstuffs. 



