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70 not sheer desire for territory, a sentiment never entertained by any cabinet, and by scarcely any of our statesmen. Our real motive was the fear that, once a foreign rival occupied a given territory, our trade would be hampered, our traders handicapped, and the demand for our goods limited. This has been the inward impulse which has forced such immense annexations upon a series of unwilling governments. Primarily, we formed the Empire as an insurance of our business. The Empire, in this practical sense, is demand.

Hitherto, however, modern statesmen have experienced some disappointment in this regard. Though we have burdened ourselves with an enormous debt incurred in the general interests of the Empire; though the hardships and poverty of our people have been seriously aggravated by the financial weight of armaments undertaken partly on the Empire's behalf; though we have given its occupants a free market; though the aggregate of our capital invested in the Colonies and India is great; though we have lent the Colonies and India these sums at a rate of interest at least 1 per cent below that which they could have obtained from foreign countries; yet, practically, we cannot feel as yet that our Dominions have erred on the side of generosity towards us in business. In the memorable words of Mr. Chamberlain: "We think that it is time that our children should assist us. … The Colonies are rich and powerful. … The United Kingdom is a mere speck