A HALF-TARIFF OR HALF-A-DOZEN TARIFFS ?
[To THE EDITOR OF THE "SPECTATOR."]
SIR,—Mr. Balfour asks for power to retaliate by tariff, alleging that he could by tariff get better terms than we now enjoy. Yet he recognises that his retaliatory tariff can be only a partial one, because the country will not endure food- taxes. What is not recognised is that Britain has already the advantage of half-a-dozen retaliatory tariffs,—so far as these may be advantageous. Our system of free imports secures for us the " most-favoured-nation" treatment all round. Whatever America's carefully devised tariff secures for her in the markets of Germany, Britain is at once given without any trouble or coat ; the concession in the German market is, so to speak, automatic. Similarly we gain the advantage of all that is secured in the German market by the French, Russian, Austrian, Italian,—every other tariff. In the American market we get, in like manner, all that the German tariff secures for German exporters, with, in addition, all the advantages secured by the tariffs of other countries. Not one tariff alone, but the product of several tariffs, is ours under the present system, and Mr. Balfour's proposal would reduce us to the condition of bargaining with only a partial tariff. He would throw away (in losing the " most-favoured- nation" position) the effect of all the tariffs combined, and would arm himself with only a half-sized weapon. He admits that even his idea of partial retaliation cannot be carried out without cost. Meanwhile, we get all that all the united tariffs can procure, and get it without entailing the cost which Mr.
Balfour refers to.—I am, Sir, &c., H. R.
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