31 MARCH 1883, Page 24

Political Economy Examined and Explained. By Arthur M. Smith. (Williams

and Norgate.)—" The Free-trade theory is constructed upon an egoistic system for producing idleness, instead of being, like Protection, founded upon an altruistic system for increasing labour." This is one of Mr. Smith's most characteristic utterances of the theoretic kind ; his practical policy seems to be included in the recommendation to the Conservative party to introduce pro- tection into Ireland. This is a novel panacea, but it is not so amazing as the suggestion of Lord Randolph Churchill posing as an, enthusiastic altruist, with his proposition for adding twenty millions or so to the incomes of the landlords by imposing duties on imports.