Abundance, cheapness, 4.
Abuse of Shipping Statistics.
See Appendix.
Agriculture, Agreement for pro-
tection of, 80; protection of,
250; how affected by Prefer-
ence, see Chap. XXVI.;
modern, 255.

American economists, attitude
towards Protection, 73.
Appendix: Abuse of Shipping
Statistics.
Argentina, 260.

Artists, Protection of, 56.
Asquith, H. H., 199.

Australasia, Population of, 240n.
Australia, Imports into, 237; our
imports from, 243.

Avebury, Lord, 201n, 246 n,

Brabrook, Sir E. W., 178.
Brailsford, Joseph, 16.
Brewing, Materials used in, 86.
British preference, Choice be-
tween raw materials and food,
244.
Brunner, Sir John, 93 n.
Bullion, Imports and exports, 9.

Cairnes, J. E., 72.
Canada, Imports into, 229, 236;
population of, 240; our im-
ports from, 243; inducements
to increase sendings, 248; im-
migrants from U. S. into, 249;
what she may do, 261; prefer-
ence to groups in, 265.

Canadian Preference, see Chap.
XXIII.; history of, 226;
results, 228; effect on our
trade, 229; comparative im-
ports under, 230; reason of
failure, 231; a free gift, 233.
Canons of Taxation, Protection
as judged by the, see Chap.
XII.

Cape Colony, Imports into, 237;

our imports from, 244.
Capital abroad, 22; return on,
22, 41; transfer of, 30; "liv.
ing on," 38.
Capital, limited, 213.
Carnegie, Andrew, 167.
Chamberlain, Joseph, 124, 154n,
159 n, 168, 169, 184 n, 185 n,
193, 200, 214, 216n, 228n,
231n, 232, 240n, 244, 247,
252 n, 258 n, 266, 274; quota-
tions from old speeches, 192 n,
239 n, 245 n, 256 n.

Charities are excess imports, 26.
Cheapness, abundance, 4.
Clare, George, 37 n.

Clark, J. B., equalization of
costs principle, 73.
Class targets, 117.
Coal, Export of, 208;

as

"natural capital," 208; Royal
Commission on Supplies, 209;
labour employed in getting,

209.
Cobden, 164, 274.
Coghlan, 240 n.
Colbert, 63, 88, 127, 188.
Collection of taxation, 108.
Colonial Conference, 228.
Colonies, History of Protection
in, 69.

Colonial Preference, Possible
gain from, see Chap. XXIV.
Colonial Protection, 69 n.
Colza, 90 n.

Competition, as service, 2; as a

bad thing, 6; "unfair," 151.
Conclusions as to Protection,
Chap. X.; anomalies and in-
equities, 91; political immor-
ality, 92; commercial immor-

291

ality, 93; raises costs and
checks exports, 94.
Consumers pay producers in
Protection, 107.

Continental economists, Attitude
towards Protection, 52.
Contra-account in goods, 13.
Corn Laws, 64, 65, 117.
Cost, Labour, 71; equalization
of, 73; raised by Protection,
94; selling under, 148, 160;
difficulty of defining, 151, 170.
Cotton, Struggle to provide, 3;
competes with wool, 81.
Course of prices, 175, 196, 197.
Cox, Harold, 207.

Customs, Theory of, 48; and
excise stand together, 48;
indirect taxation, 100.

Debts, Local, 185.
Defence and Justice, 98.
Denmark, State aid in, 271.
Depression, Cycles of, 191; in
shipping, 191 n.

De Tocqueville, 281 n.
Direct taxation, 97.

Distribution of Income, 173, 218.
Drawbacks, 94, 141 n.
Drink, our national handicap,
273.
Dumping, see Chap. XVI.; not
the selling of naturally cheap
goods, 147; a new pheno-
menon, 149; definition of, 151;
its seriousness, 152; inter-
mittent, 153; compensations
of, 154; Nemesis of, 155;
its dimensions, 157; in iron
and steel, 158; an object
lesson in, 159 n.; possibility
of, 161; its natural limits,
162; retaliation on, 163; not
stopped by retaliation, 166;
how determined, 170; into
protected countries, 168; of
our Colonies, 172.

Ebbw Vale Co., 159 n, 161.
Economic strength of Great
Britain, 281.

Ecroyd, Mr. Chamberlain's reply

to, 245 n.

1872, Comparison with, 193.
1871-5, Comparison with, 193;
as "boom years,” 194.
1846, Circumstances changed
since, 274.
Empire, Price of, see Chap.
XXVII.

Employers, their lesson, 280.
Employment, Importance of, 54;

Can Protection ensure? 54.
Employment as affected by Ex-
ports and Imports, see Chap.
XXI.; coal exports, 208;
employ much labour, 209;
manufactured imports mostly
our materials, 211; but some
we could make, 212; why we
do not, 212; our "loss," 214;
what employs a nation, 217;
constant employment

not

secured by either system, 219.
Employment, under Protection,

217, 219; depends on National
Income, 218; in America,
219; not secured by either
system, 219.

English economists too economic,
50.

Equivalence of Imports and
Exports, see Chap. IV.; main
currents and feeders, 30; not
between two countries, 31;
an equivalence of debts and
credits, 31; oatmeal and
oranges, 32; wine-growers
and teetotallers, 32; Canada
and Great Britain, 33; no
conscious connection, 33.
Exchange, a motive to sendings
of goods, 34.
Excise, 102.
Exports, excerpt of British, 8;
totals, 1902-5, 9; payment for,
13; balance of, 15; f.o.b., 18;
"invisible," 19; second "in-
visible," 21; of the nations,
43; check to, 44; checked by
Protection, 94; proportion to
home trade in United States,

66

167; and home trade, 184;
and dumping, 187; no ade-
quate measure of prosperity,
187; of surplus, 187; quin-
quennial, 193; foreign in-
crease, 199; German statistics
of, 200; American, 201; per
head, 201, 204; stagnation of,
see Chap. XX.

Exports as a Test of Prosperity,
see Chap. XIX.; falling ex-
ports may mean active home
trade, 184; increasing exports,
dumping or depression, 187;
under Free Trade no adequate
measure, 187.

Fall of prices since 1873, 196.
Fallacies, 61, 193, 195, 199, 249.
Farrer, 82.

Fawcett, 70n, 112, 149.
Fielden, 233 n.

Fifty millions, the possible field
of Retaliation, 5.
Fish, not included in imports, IO.
Flux, A. W., 227.

Food, Necessity of free, 79; as
raw material, 87; tax on,
140; Preference on, 244.
Foreign trade, as service, 5; our,
see Chap. II.; importance of,
7; totals, 1902 to 1905, 9;
done freely by individuals, 10;
similar to home trade in
motive, method, and payment,
IO; an extension of home
trade, 12.

Forgings at Dusseldorf, 155.
France, Political justification of
Protection in, 51; reason for
Protection in, 65, 76.
Franco-German War, 194, 201 n.
Free," ambiguity of word, 46.
Free food, necessity of, 79;
opposition to, 80.

Free Trade, the economist's
policy, 49; adoption by Eng-
land, 64; approach to, in
U.S., 67; the statesman
under, 92; commercial side
of our political faith, 263;

argument unshaken, 269; only
a condition, 270; progress due
to, 270 n; may be outweighed,
271; and political theory, 271;
and national expansion, 282.
Free Trade country defined, 48.
Free Trade Empire, A, 223..
Freights, a motive to sendings
of goods, 34.

Gas, Municipal, 104.
Germany, Political justification

of Protection in, 51; can re-
taliate, 124; retaliation on,
142; unemployed in, 221;
business methods in, 272.
Gide, Chas., 27 n, 45, 187.
Giffen, Sir Robert, 19, 20, 23,
28 n, 38, 39, 173, 177, 186 n,
194, 211.

Gifts, as excess imports, 26.
Gladstone, 223 n, 270 n.
Glasgow tramways, 104.
Gold, not a payment in home
trade, 12; nor in foreign, 13;
current of, 14.

Golf foursome, illustration, 3.
Goods, the contra-account in, 13.
Goschen, 192 n.

Government services, 95; de-
fence and justice, 98.
Grey, Earl, 259 n.
Guyot, Yves, 75.

293

Imports, Excerpt of British, 8;
totals, 1902-5, 9; payment
for, 13; balance of, 15; c.i.f.,
18; of the nations, 43; check
to, 44; as an "attack," 216;
Colonial and other, 224; into
Canada, 229, 236; compara-
tive, 230; what determines,
231; woollen, 232n, 2340; into
Cape Colony, 237; New Zea-
land, 237; Australia, 237 ;
Natal, 238; Newfoundland,
238; what we could secure of
these under Preference, 238;
from Canada, 243; Australia,
243; New Zealand, 244;
Cape Colony, 244.

Import duties, explanation in
taxation, 48.

Income tax, returns, 175; yield
per penny, 176; Prussian, 176.
Incompatible policies, 266.
Index numbers, 195 n.
India under Preference, 256 n.
Indirect taxation, parallel with
Protection, 96, 104; the
difference, 101; why neces-
sary, 100.

Insurance services, 21.

Inter-colonial

relations under

Leisure as a test of prosperity,
181.

Lille Chamber of Commerce, 83.
Linen competes with wool, 81.
List, Friedrich, 59 n.
Little luxuries as a test of pros-
perity, 181.
Local debts, 185.

"Look after the imports," 46.

M'Kinley, President, 71.
MacMaster, Prof., 67 n.
Manufactures, Protection

of,

87; ambiguity in word, 88;
taxation of, 140; import of,
210; most of them materials,
211; which we could make,
212; loss thereby, 214; are
paid for by exports, 214.
Marshall, Alfred, 218 n, 275 n.
Materials, when raw, 83; equiva-

lent to raw, 85; taxation of,
86.

Matheson, Ewing, 37 n.
Meat, Colonial interest in, 265.
Mill, J. S., 60, 215.
Monopoly, 96; a double, 150.
M.F.N. clause, 130, 131, 137,
138.

Motor car illustration, 150.
Municipal taxation, 104.

Natal, Imports into, 238.
Nation as landed proprietor, 188.
National Dividend, 218.
National Income, 173, 218.
Nemesis, of Dumping, 155; of
Protection, 188.
Newfoundland, Imports into,
237.

New Zealand, Imports into,
237; our imports from, 244.

Open door, The, 283.

Our Foreign Trade, see Chap II.
Our Possible Gain from Colonial
Preference, see Chap. XXIV.;
deducting imports we could
not hope to send, 236; the
possibility is insignificant, 238;
even in the future, 240.

Palmer Shipbuilding Company,

156 n.

Parker, Sir G., 234.

Pauper labour argument, 72.
Pauperism, 173.
Peel, 123, 128, 252.
Percentages, Fallacy of, 199.
P.O. and Savings Banks, 177;
deposits per head, 177.
Population of Canada, 240; of
Australasia, 240 n.

Possibility of a Scientific Tariff,
see Chap. IX.; as regards
exotic goods, 79; food, 79;
raw materials, 80; other
materials, 85; manufactures,
87.

Preference, British, how affect
Agriculture, see Chap. XXVI.;
the sacrifice involved, 258;
will tax capital invested
abroad, 260; as unifying the
Empire, 260; will not give
even-handed treatment, 264;
permanence of, 267; and Re-
taliation incompatible, 266.
Preference, an old system, 222;
Canadian, see Chap. XXIII. ;
results, 228; effect on our
trades, 229; imports under,
230; reason of failure, 231;
a free gift, 233; Colonial,
possible gain from, 234; price
of, see Chap. XXV. ; on food,
244; should raise prices, 245;
probability of failure, 248;
how it affects the consumer,
251; direct subsidy better
than, 252.
Preferential Tariffs, see Chap.
XXII.; involve a return to
Protection, 223; but a peculiar
Protection, 233.

Price of Empire, The, see Chap.
XXVII.

Price of Preference, see Chap.

XXV.; taxing food, 244;
raising food prices, 245; if
it does not raise prices, 247;
if it does, 250; the cost to us,
251.