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 There are good reasons for supposing that the existing state of things is not to be regretted by us from the selfish national point of view.

I am not sure, as some are, that Great Britain would in the long run be a gainer by universal Free Trade, and I now start this as a question worthy of calm discussion.

If universal Free Trade existed, its vital and energetic principle, division of labour, would, of course, have full play, and mankind would by its means achieve the maximum of production at the minimum of cost.

I am not quite certain that, as a nation, we should, under it, be absolutely, or comparatively, as well off as we are now.

Let us for a moment imagine all hostile tariffs suddenly abolished.

Has any one ever seriously considered the possible effects, immediate, and remote, which might arise?

Among them would be:—  A sudden and vast demand for labour at home.  A sudden and a great increase in wages.  A rapid increase in the number of our factories, workshops, mills, furnaces, &c.  A rampant speculation in everything connected with trade and manufactures.  A general rise in prices distressful to those with fixed incomes.  A rush of population from home and abroad to our manufacturing centres.  A stimulus given to marriage and population.  A demoralisation of our labouring classes.  Strikes for an increase of wages.  The culmination of the foregoing.  The beginning of a reaction owing to the commencement of foreign competition.  The commencement of a fall in prices.  Labour disputes, and strikes against the fall.  Progress of the fall in prices. <li> Failures of millowners and manufacturers; closing of mills and factories, and blowing out of furnaces. <li> Labourers thrown out of employment, and consequent increase of pauperism and crime. </ol>