Mr. Baldwin began by declaring that he had always regarded
our fiscal system as one of expediency rather than of principle. No clues could be obtained from the past, because we were living in quite new and strange times. Obviously we were not recovering under Free Trade, and in his opinion foreign countries would never be prevailed upon to lower their prohibitive tariffs against us if we merely went on waiting and seeing. As for the development of Imperial resources, he maintained that raw cotton, sugar and tobacco could be produced to such an extent that we should be independent of all other supplies. "it is an integral part of my policy to devote a portion of the new revenue to pushing ahead in Empire development as it has never been done before." lie looked forward to the ultimate emergence of an Empire which would have Free Trade inside its borders and would be regarded as one unit and one home.
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