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THE COTTON INDUSTRY. further this object. All bounties are open to grave objection, but a bounty such as I suggest could be justified on the ground that the cotton industry accounts for over one-fourth of our export trade, that it gives employment to a large proportion of our population, and that its continued existence is of importance not only to Lancashire, but to the nation.

But the cotton trade is not the only industry of national importance, and cotton is not the only article for which we are too dependent on the United States, The decline in agriculture and in our agricultural population is at least as important from the national point of view, while the extent to which we draw our food supplies from the United States constitutes a national danger. Import duties on corn and other agricultural produce, with a substantial preference in favour of the Colonies, would tend to benefit the British agriculturist, and to make the Empire self-supporting as regards its food supply; while, judging from the history of prices during the past century, it is quite possible that the imposition of moderate duties might not lead to a rise in the price of food.

The industrial progress of Germany and the Consumer United States during the last ten years at any rate producer. shows that protective tariffs are no hindrance to cheapness of production. For the past sixty years the fiscal policy of this country has been governed by the interests of the consumer. No other important country has followed our example. It is therefore possible that our existing policy may be wrong, and that a fiscal policy which would pay some regard to the interests of the producer while not ignoring those of the 145