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 of its world-wide territory. Were it possible, then, to bring the great and growing sections of our empire to trade without restriction among themselves, though with a system of "Protection" or "reciprocity," as the case may be, against, or in favour of, foreign nations, surely a great advance would have been made even from Adam Smith's standpoint on the present state of things, when this country remains alone, preaching and practising a doctrine which even her children ignore or deride.

On this point a very suggestive conversation took place between one of the most representative of the young statesmen of Australia who attended the Colonial Conference in Downing Street, and a veteran English Free-trader of world-wide fame.

"Why," said the Englishman, "do you colonists come all the way to London to settle the matter of your own defences?"

"Because," said the Australian, "we recognise that we are a portion of the British Empire, and the question of common defence is an Imperial question. We meet in London as the centre, because we regard this as the mother country, and ourselves as the offspring."

"That is the reason, I suppose," interjected the