thirty-five years ago, we embraced Free Trade, and during that period we have been gradually emancipating ourselves from their baneful influence. The countries I have named, however, still cling to Protection, and there seems to be no immediate probability of their changing their creed. If I be asked—Is this not an astonishing fact? I should answer—Not at all. England has been ahead of the rest of the world in other things before now. We had our revolution, and settled matters with our king, a hundred years before France did; in the matter of the abolition of slavery we were thirty-five years before the Americans; while as to Germany, the Cæsarism, the militarism, the despotism which reign there, and which impoverish her, place her in some respects a hundred years behind us in the march of civilisation.
The ground is now sufficiently cleared, I trust, for us to take a survey of our position under what is called our one-sided Free Trade. The first thing to which I shall call your attention is the Board of Trade returns, which, as you know, give the particulars of our trade with the rest of the world under the heads of Imports and Exports. The totals of these, as you are aware, have been growing, with slight interruptions, ever larger and larger year by year, until last year the sum total of our foreign trade amounted to the stupendous figure of 697 millions, which figure seems likely to be eclipsed by that of the year which is now drawing to its close. Of this trade our imports amounted to 411 millions, and our exports to 286 millions, leaving an excess of imports of 125 millions. Now, let me remind you that it is in regard to this excess of imports over exports that the Fair Trade battle most hotly rages. The Fair Traders maintain that this excess of 125 millions is the measure of our national loss for 1880; while the Free Trader ridicules this view, and maintains, on the contrary, that it may more justly be considered a measure of our national gain.
In a little pamphlet call "The Reciprocity Craze," which I had the honour of writing for the Cobden Club, I made the assertion that this question of imports and exports consti-
