The Blue-book prepared by the Board of Trade to assist
the Cabinet in their fiscal inquiry was published on Wednes- day. Protectionists will doubtless find support in the statistics which point to a diminished volume of exports to protected countries, though, as a set-off, our exports to non-protected countries have so largely increased that our total trade has not diminished. Otherwise the facts and figures of the Report tell with crushing effect against Mr. C hamberlain's proposals. For they establish (1) that since 1877 the cost of food of the working man in Great Britain has declined 30 per cent., while his wages have increased 15 per cent. ; (2) that half the income of the labourer is expended on food, the greater pro- portion of which is bread and meat, both of which would rise in price if Mr. Chamberlain's preferential tariff scheme were adopted; (3) that dumping," while injuring certain manu- factures, has proportionately benefited others. To these points we may add the important deduction to be drawn from the statistics contained in the Report,—viz., that if we adopt retaliation, we must present "the big revolver" first and foremost at the head, not of Germany, but of the United States, on which at present we chiefly depend for our wheat and meat supplies. Retaliation is of no use unless you can hit harder than you are hit yourself. And—leaving political considerations aside—are we able to do this to America ?
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