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Although, as Free Traders, we have no belief in the

economic benefits of preferences, we are very ready to admit that there may be times when they had better be accepted on the ground of expediency. We are not at all sure that such a time has not been reached now. If it can be proved that on the whole the Dominions would regard the turning down of the recommendations of the Imperial Conference as a rebuff, we should say that the cost of preferences—on the assumption that we should lose rather than gain by them economically - —would be worth paying. Mr. Churchill in all-essentials, we take it, remains a Free Trader.

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