6 SEPTEMBER 1930, Page 3

A Reply to the Bankers' Manifesto

When the "Bankers' Manifesto" in favour of Protec-

tion was issued we expressed the hope that the opponents of Protection would organize a similar demonstration. They have done so. Their declaration, published on Monday, over an imposing list of signatures, reasserts the principles that even unilateral Free Trade is better than Protection, and that a duty on imports is a hindrance to exports. It points out that the Dominions are not ready for any Customs union which would materially help this country. The names of Sir Charles Addis, Mr. Henry Bell and many others prove that Free Trade is . not incompatible with the progressive spirit and with brilliant success in practical affairs. The manifesto deserves careful reading. * * * *