[To THE EDITOR OF THE "SPECTATOR.") Sin,—Mr. Crombie's answer in
the Spectator of July 11th to Sir A. Conan Doyle's instance of the motor-car purchased in France instead of in Birmingham does not appear to me so exhaustive as could be desired. He says the purchaser does not send a thousand gold sovereigns in payment, nor does his banker." True ; but the assumption that he sends 21,000 worth of woollen manufactures is not justified by an examination of a table of exports to France, of which the item of greatest value is coal. Now coal is as much capital as gold, besides being entirely irre-
placeable when exhausted, and the essential basis of all out home industry. A very cursory glance at the statistics of our trade with France since 1880, when the French refused to renew the Cobden Treaty, will show that they have taken less and less of our manufactures, and have required payment for our purchases of theirs more and more in coal, the very worst form of capital in which it is possible for us to pay. What the " Fair-traders " fear is not that we shall buy without selling something in return, but that we shall continue to be driven into exports which afford less employment for our industries, and which, as in the case I have named, tend to cut the future from under their feet. I hope this important point will not fail to receive exhaustive examination and discussion by the Government and the country.—I am, Sir, &c.,
[We cannot agree that we ought to hoard our coal as old maids are said to hoard trumps, rather than expend it when it is most valuable. Suppose water-power, wind-power, or tide- power largely replaces coal-power, as is quite likely. In that case, we shall surely not regret having sold our coal while it was still valuable, and got in exchange other forms of capital. —En. Spectator.]
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