Well, we all know that Free Trade as thus defined does not exist. We are said to be living under Free Trade, but in a strict sense that is not so. We are living under a system in which our imports alone are free; our exports to some of the principal markets not being free. It is only as regards our imports that we enjoy perfect freedom; and it is for this reason that the present régime has been called Onesided Free Trade. It will now be our task to inquire whether this has been, as regards our national welfare, a success or a failure.
Now, all parties to the controversy are agreed as to the benefits Universal Free Trade would confer on mankind. So far as I can make out, no one whose opinion is of any scientific value denies that if Free Trade were universal, it would be of infinite advantage to the human race. There are some among us, however, who maintain that partial Free Trade—such as that under which we now live—is prejudicial to the country which opens its ports to foreign productions, and beneficial to the country which, on the other hand, shuts out, as far as it can, by prohibitory duties, the commodities of other nations. And this is just the point of the discussion. Let us call to mind why it is that Universal Free Trade is so beneficial. It is because a vital and energetic principle which political economists call "Co-operation of Labour" is brought into most efficient play. Free Trade in a natural manner causes each nation to produce those commodities which are most suitable to its soil, and to the circumstances and the genius of the inhabitants of the particular region; and to exchange the commodities thus produced for the products of other nations, who, in like manner, have their own peculiar advantages and industries. In such happy circumstances energy, invention, and enterprise are allowed full play, and, as regards wealth, there is a constant tendency, by means of more extended division of labour, and improvement of processes, towards the maximum of production at the minimum of cost. "But," as Mill says, speaking under the head of "International Trade," "the economical advantages of commerce are surpassed in importance by those of its effects, which are intellectual and moral." "Finally," a little
