20 MARCH 1909, Page 3

We do not, of course, deny that on moral grounds

it may be, an occasionally is, necessary to forbid or hamper exchanges. All we contend is that when the professed object of for- bidding or hampering exchanges is the creation of more wealth, the advocates of that policy are simply drawing water in a sieve. Until men understand this fundamental fact, and realise that wealth can only be increased by the increase of exchanges, they do not understand the prime and elementary foundation of the science of wealth. At the present time Mr. Balfour on the one hand, and the Government on the other, seem equally oblivious of this fact. Both of them appear to believe that you can draw more water out of a well by obstructing the mechanism of the pump. We cannot leave Mr. Balfour's speech without noting his easy dialectical victory over Mr. Churchill's foolish and uncalled-for remarks in regard to retaliation. Mr. Balfour had, of course, no difficulty whatever in showing that a man who could use such language is no Free-trader.