DRIVING CAPITAL OUT OF THE COUNTRY. [To THE EDITOZ Or.
THE " SPECTATOZ."]
SIR,—" Seldom if ever has the City entered upon a New Year with so pleasant a prospect to justify its hopes of still better times than it enjoyed in the year that has gone." This is the cheerful greeting of the Observer to the year 1910 in spite of the efforts of some financiers to foul our nest. Can it be that though some birds have been driven away by them, the silent action of Free-trade has counteracted their efforts P The following example may help to show how this may have happened. A short time ago an American company engaged in carrying produce to Europe had occasion to increase their fleet of steamers. For this purpose they made an issue of five million dollars in America. The money (or nearly the whole) was subscribed in America, but it was applied in building ships in England now sailing under the British flag and manned by British seamen, because—as one of the Americans connected with the company stated—in con- sequence of the unwise fiscal system of his country, Free-trade England can build ships thirty-five per cent. cheaper than Protected America. This case, which is one of many, illustrates the action of Free-trade in attracting capital to this country in spite of the scaremongers.—I am, Sir, &c., W. R. M.
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