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A large and influential body of politicians considers that in preferential trading between the parts of the Empire, and in the erection of a tariff wall against exterior peoples, lies the secret of that deepened emotional understanding we all desire. I have never belonged to that school. I am no impassioned Free Trader—the sacred principle of Free Trade has always impressed me as a piece of party claptrap; but I have never been able to understand how an attempt to draw together dominions so scattered and various as ours by a network of fiscal manipulation could end in anything but mutual inconvenience, mutual irritation, and disruption.

In an open drawer in my bureau there lies before me now a crumpled card on which are the notes I made of a former discussion of this very issue, a discussion between a number of prominent politicians in the days before Mr. Chamberlain’s return from South Africa and the adoption of Tariff Reform by the Unionist Party; and I decipher again the same considerations, unanswered and unanswerable, that leave me sceptical to-day.

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