[To THE EDITOR OP THE "SPECTAT0R.1 feel much interested in
Sir Conan Doyle's motor-car (Spectator, July 18th). Without in the least arguing for Protec- tion, but to get the theory complete, I ask the following ques- tion. Supposing, theoretically of course, that the motor-car from Paris arrives as part of the annual interest on foreign investments—sixty-two millions a year, I believe, known to Somerset House, and many more millions probably of which that House has never heard—what, in that ease, does the English workman export in return P The motor-car is paid for by the labour of ten, or twenty, or fifty years ago, which made goods sent out as capital. Of course, the happy recipient of the interest may, with it, order another motor-car, let us hope equally sound, from Birmingham ; but this, when we are on existing exports and imports, is another story. I only write because some of your correspondents seem to assume that all present imports are paid for by present exports, or labours, which would be more or less true if we were not so vastly a creditor country. I hope that you will continue for a time the argument about Sir Conan Doyle's motor-car. It is very educational, and assists in the inquiry.—I am, Sir, &c.,
B. H. H.
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