20 NOVEMBER 1909, Page 19

One objection to this statement of the Free-trade contro- versy

requires a moment's consideration. "Instead of doing either of the things suggested above, a nation may buy the commodities it desires with its capital." No doubt. But this, it is often suggested, Britain is now doing. "Bleeding to death" is the name given to the process. In any case such a process could not go on for very long ; but we need not consider that, for it is certainly not a process which is going on in Britain. We are not buying foreign commodities with our stored-up capital, and thus gradually getting rid of our wealth, for our capital, as represented by foreign investments, is increasing every year, and, as represented by the hoard of precious metals, is certainly not decreasing.