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 justify us—even if purely Imperial interests allowed it — in giving absolutely free import to manufactured articles from countries which would continue to discriminate more or less severely against British goods. But, like Clara Middleton, we have 'a dreadful power.' Out of a total export last year of £261,000,000, Germany sent no less than £50,000,000 to our market, or nearly one-fifth of the whole. France sent us £51,000,000 out of £179,000,000, or much more than a quarter of the whole. The United States, out of an entire export of £299,000,000, sent us £112,000,000, or considerably over a third of the whole. These are great interests, and the countries concerned cannot lightly jeopardize them. Let us remember that in the whole world there is no substitute for this market. To the 'most favoured nations ' we should offer in return for appreciable concessions far better terms than they will concede to us or enjoy elsewhere. To other nations we should apply a sharp penal tariff, to be kept in reserve for purely retaliating and negotiating purposes. There can be no reasonable doubt that we should secure in this way somewhat fairer conditions of entry into the principal protected markets than we can hope to obtain in any other manner.

But this is Zukunftsmusik. The new continental treaties are concluded for a term of twelve years. A Radical Government is in all probability about to obtain office in this country. Under these circumstances free imports will be continued for a further period—'the last phase'—and our finished exports to the first group of countries will continue to decline, while all classes of their trade will make further progress in the open island. In 'man-power' and 'money-power' our position by so much will be comparatively weakened, while their relative strength will be simultaneously enhanced. Casting about for means to maintain our commercial supremacy,