FREE-TRADE AND " DUMPED " GOODS.
[TO THE EDITOR OP TER " SPECTATOR.']
SIR,—One of the reasons which is frequently given for the need of reconsideration of our Free-trade system is the impor-
tation of foreign manufactures at less than cost price, the grievance being that goods are—to use the popular expression —"dumped down" into this country at a price which is less than the cost of production. I am a little puzzled to know why this is a grievance as far as the nation is concerned. The complaint is made in such a way as to imply that the grievance would be less if the purchaser paid a little more for the goods imported. Let us see how this works out. Assuming that the cost of production of an imported article is 25s., but that the foreigner is willing to "dump it down" for 20s. in England, the English purchaser has saved 5s., which he can either purchase more goods with or save up for an old-age pension. I cannot see that this country would be better off if goods to the value of 25s. instead of 20s. had to be sent in exchange for the imported article. Then I try to imagine what would be the effect if some kind Protectionist friend developed a habit of "dumping down" goods in my back-yard at a less cost to me than the exchange value of such goods. Should I complain ? I think not. I should rather hire a larger yard to encourage such imports ! I should do it under the im- pression that it would enable me to make some provision for old age. I think, however, the relatives of the " dumpers " might have reasonable cause for anxiety as to the mental condition of my supposed Protectionist friend. May not the present satisfactory financial condition of this country, in spite of many adverse circumstances, be attributable to a great extent to the fact that we are wise enough to keep our "dumping ground" always open am, Sir, &c., .Finchfield House, Wolverhampton. GEORGE H. SANKEY.
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