fought, and English blood has been poured forth, and the treasure of England squandered, scarcely a country, scarcely a province of the vast expanse of the habitable globe would be thus undistinguished.
Perhaps there are in this room, I am sure there are in the country, many persons who hold a superstitious traditionary belief that, somehow or other, our vast trade is to be attributed to what we have done in this way, that it is thus we have opened markets and advanced commerce, that English greatness depends upon the extent of English conquests and English military renown. But I am inclined to think that, with the exception of Australia, there is not a single dependency of the Crown which, if we come to reckon what it has cost in war and protection, would not be found to be a positive loss to the people of this country. Take the United States, with which we have such an enormous and constantly increasing trade. The wise statesmen of the last generation, men whom your school histories tell you were statesmen, serving under a monarch who they tell you was a patriotic monarch, spent £130,000,000 of the fruits of the industry of the people in a vain—happily a vain—endeavour to retain the colonies of the United States in subjection to the Monarchy of England. Add up the interest of that £130,000,000 for all this time, and how long do you think it will be before there will be a profit on the trade with the United States which will repay the enormous sum we invested in a war to retain those States as colonies of this Empire? It never will be paid off. Wherever you turn, you will find that the opening of markets, developing of new countries,
