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 The following Memorandum was written in 1898 for the consideration of a distinguished Statesman.

admitting that Free Trade, as conceived by Cobden, is in theory perfectly sound, I believe there are grave reasons for doubting whether it is the right policy to-day, from an Imperial point of view, or even from that of the United Kingdom.

1. The reduction in the population of Ireland from over eight millions in 1851 to under 4&frac34; millions in 1891 seems to show that Free Trade has not been beneficial to Ireland. The trade policy of Great Britain was governed by her own selfish interests, and without regard to those of Ireland in past centuries. Has it not been the same in the century now drawing to its close?

2. The shifting of population from agricultural to urban districts has been due partly to the opening up of virgin soils all over the world, partly to the cheapening of the means of communication, but also in large measure to Free Trade. The decline in the agricultural population must entail in time a decline in the strength of the race; for it is from the agricultural 127