15 AUGUST 1903, Page 16

1 11:1/, PROTECTIONIST'S IDEAL.

[To THE EDITOR OP TIM "SPECTATOR.")

SIR,—England is not the only country that ought to fear ruin. Other countries are in the same plight, and get too much • in return for their exports,—e.g., Holland and Belgium and Switzerland and Germany. On the other hand, how enviable the lot of the Indian ryot and the citizens of those South American Republics which send abroad so much more than they get back again ! In time of famine the Hindoo can feed on the thought that his country exports millions more than she imports. Venezuela may have her little troubles at home, but she must be piling up wealth somewhere, for do not her outgoings exceed her incomings by 20 per cent. P 0 si sic