countries which she requires, as we know she does, she thereby, in turn, confers on those countries a corresponding purchasing power, and they, in their turn, lay out the money so received among other nations, and, as we are the principal manufacturers, we get the principal share in the business.
So that by this indirect and roundabout way, everything England buys of France, even in the way of wines and silks, enables England to sell her products to other nations, and thus to pay for those silks and wines; England all the while, as the great carrying and trading nation, getting a tremendous pull by way of freights, insurance, and commissions, all of which are created by this all-round trade.
What were the figures of our trade with France last year? I see that our imports from her were about 42 millions, while our exports to her were only about 15½ millions; leaving, apparently, a balance against us of about 26½ millions. Did we pay away any cash for this? Not a bit of it. Instead of paying anything, we received from France last year in gold and silver no less a sum than £3,411,000. You are now, however, in a position not to be in the least astonished at what appears at first sight an absurd result. It would appear, if we only looked at the Board of Trade returns, and at nothing else, that last year France made this country a present of 26½ millions of goods, and 3½ millions of money! But we know that this is impossible, and that France, in some shape or other, has received full value, and it affords a good illustration of the necessity which exists for taking other things into account besides the bare figures of trade returns. I do wish our friends the Fair Traders would consider fairly and honestly this crucial example of France, and make their theory of the so-called adverse English balance of trade square with the facts as they stand. Whether they recognise the necessity or not, they are bound to show how we settled accounts with France last year, a country from which, in the course of a twelvemonth, we got in money and in goods, and apparently for nothing, no less a sum than 30 millions sterling! Of course, gentlemen, you and I know now how it was done, and in time perhaps the more intelligent of our Fair Traders
