MR BRIGHT ON FREETRADE.

Evening Star, Issue 7259, 9 July 1887, Page 1 (Supplement)

MR BRIGHT ON FREETRADE.

TO THE EDITOB. Sib,—You recently published a letter written by the great English statesman Mr Bright, repeating the views he entertained thirty or forty years ago in favor of Freetrade. He says: " Freetrade gives us freedom to buy and increase our buying, and the more we buy the more we sell, and the greater our trade, even in spite of the hiudrance of foreign tariffs." It appears that Mr Bright's views relative to the present phase 3 of Freetrade are those of a successful manufacturer rather than those of a statesman. His ideas are analogous to those of the provincial tradesman, who, knowing that he has no lack of would-be customers, provided they had the money, forgets that that money must be earned before it can be exchanged for his goods. ~ . .. j. i i The first consideration thould be that local purchasers are not legislatively stinted of emplojment and earnings. These secured, then trade is healthy, abundant, and profitable. Other nations having declined to accept the policy of Freetrade, it is clear that the almost universal opinion i» decidedly against the fiscal policy of Great Britain. Victoria has demonstrated that moderate tariffs result in greater progress for the people than open markets, and New South Wales is rapidly abandoning her Freetrade experiment. A Home journal says: —"Mr Bright may live to see the day when the nation will refuse to be receiver-general for the world -without consideration for it in trade. If he wore to write * the more we buy the lets we sell, he would be correct to the very letter. Let us briefly notice a few circumstances relating to our trado with the United States. In 1872, before Freetrade had become thoroughly developed, imports were 54 millions, exports 45 millions; balance of trade, 9 millions. In 1878 imports rose to 80 millions, exports phrunk to 17 millions, and the balaoce of" trade increased to 71 millions. During the interval from 1872 to 1878, American tariffs were greatly augmented, and in this way they became practically restrictive, thus diminishing British exports 150 per cent, in six years ! So much, then, for Mr Bright's assertion that the moro the nation buys the more it sells. The assertion is fallacious, as the figures prove, and the less he indulges 'n such unwarrantable state ments, the better for our national industries. The United States' balance of trade against us seems to have adjusted itself somewhere between 50 and 60 millions a-year. In 1886 the exports of the United States were 14*5 millions; imports, 134 millions; balance of trade, 12 millions. ] Although the United States drew from us 55 millions, yet they allowed 44 millions of it to be , absorbed by the various countries with which . they trade. We cannot blame them for that, only ourselves for sticking to such a foolish fiscal policy as yearly inflicts a loss upon us of 100 millions of "trade." With regard to tho United States being "burdened by a surplus revenue," it may be eaid that tho poople of that country do not complain about high taxation, for the reason that'it enables them to keep up the prices of everything—labor included. Besides, it operates to enormous advantage another way—it tends to keep in circulation a very large amount of the national capital, and this reacts for tho benofit of everybody. Very recently wc learned that the Glasgow Chamber of Commerce had voted in favor of Protection, and other signs are not wanting that Great Britain and Irchnd must legislate shortly in favor of fostering their i own industries in preference to those of foreigners.—l am, etc., W. A. W. WATHEN. Dunedin, July 6.