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 been built up and could not now be kept together under any system but a system of Free Trade.

VI.

I shall be told, no doubt, that the old Free Traders certainly never thought that Empire and Free Trade had any connection. Instead, it will be argued, they admitted that they were antagonistic. I grant the truth of this assertion in respect of many of them. The old Free Traders were not as a rule aware that Free Trade would prove the best possible foundation-stone for the Empire. They builded, that is, better than they knew. And herein we see an example of the good results that may incidentally arise from laying hold of and following out a really sound principle. Probably Mr. Cobden would have rejoiced in an Empire such as we have to-day, but, if not, and if it could be proved that he would have been annoyed at its persistence, it troubles me very little. Free Trade is far too great and vital a matter to be pinned to any one man's coat-tails. We should always refuse to allow the policy of Free Trade to be tested by what Mr. Cobden or Mr. Bright would have thought of its most recent developments. They did not discover the doctrine of Free Trade, and it is not subject to any limitations that may be found in their writings. Hence I feel perfectly entitled to proclaim myself both an Imperialist and a Free Trader, or, indeed, an Imperialist because I am a Free Trader.

VII.

There is not only no antagonism, but an essential connection, between a sound and reasonable Imperial policy and the policy of Free Trade. The one thing that can and would ruin the Empire would be the abandonment of Free Trade in any shape or form. Once give up the principle that, subject only to the needs of the revenue, all men may resort to our markets