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, we have made a prodigious advance during the last forty years. In 1841, under Protection, the United Kingdom numbered 26¾ millions; in 1881, under Free Trade, we number 34¾ millions. In 1881, under Free Trade, there is not a man, woman, or child of these 34¾ millions—8 millions more than existed under Protection—who is not better off than he or she would have been under the old starvation laws. There is no class of labourers that I know of who do not command higher money wages now than they could then; and who with these wages cannot command more of the necessaries, the conveniences, and the luxuries of life than they could then, and who are thus enabled to get the utmost possible return for their labour. If it be not presumptuous in me to give a word of advice to our artizans and labourers, I would take the opportunity to say this: Endeavour, if possible, to master some of the first principles of Political Economy. Acquaint yourselves, for instance, with the meaning of the word Capital. Recognise in Capital that portion of wealth which is devoted to reproductive purposes, and that, as one of its chief purposes is the payment of wages, it should be treated as a friend, to be cultivated and encouraged, not as an enemy, to be plundered or destroyed. These things, however, are now, I am happy to say, better understood than they were. Trades Unions and Co-operative Companies are doing good service in the way of education respecting them, and are, I trust, preparing the way for the abolition of those disgraces to civilisation, those trade wars called strikes and lock-outs, which are as barbarous in their way as international war is in its way, and are much more inexcusable.

And, now, let me in conclusion say this: I hold it to be scientifically provable, mathematically demonstrable, that as a nation, that is, that taking the nation as a whole, we are in an excellent commercial position, and that the great efficient cause thereof is Free Trade—that One-sided Free Trade which our Fair Trading friends exclaim against. Under our system of free imports we get here everything that the globe produces on the cheapest possible terms. This advantage no Protectionist nation enjoys. The poor