A WARNING FROM SHEFFIELD.
[To THE EDF/OR ON THE " SPROTATOIL".1 SLE,—Being deeply interested in the subject mainly occupy- ing the tapir just now, I invested in a Spectator for the first time in my recollection. My object was to ascertain its views on the fiscal question. I have been connected with the steel and steel goods trade of Sheffield for many years, and although Sheffield is represented to be pro-Protection—by virtue of Sir lloward Vincent's connection with it—I do not think Sheffield will be found on his side at the reckoning day. Sheffield's export trade per the ports of Hull, Grimsby, Liverpool, and London is a huge one, and I think it would be an evil day for my city were any embargo placed on trade. Of course her home trade would be likely to benefit, as some Yankee files, saws, and other joiners' tools might be partially ex- cluded. On the other hand, there are a few American goods which are so much below any possible Sheffield cost that no tariff likely to be imposed could possibly keep them out ; and all the assertions about Americans and Germans selling goods in this country below cost price are mere blarney. Any thoughtful business man capable of work- ing that practice out in its tendency, and to the far end, knows that it would finish in bankruptcy. It is absolutely impossible to continue a policy of that sort. I notice that you do some clever table-turning in your notes appended to some of your correspondents' letters,—e.g., French chocolates and English biscuits ; but there is a highly important aspect of the Free- trade case suggested by the Duke of Manchester's figures of exports and imports (August 8th). It is a point rarely empha- sised. I refer to the difference in values now and in, say, 1850. Startling as the Duke's figures are, they would be far more so were the values (or prices) as high now as then. For instance, the prices of Bessemer or mild steels are only about half what they used to be ; and the prices of many other steel goods have come down enormously, and without detriment, on the whole, to wages. Cheap imports and improved methods have contributed to this end. The value of exports on this basis would stand probably 50 per cent. higher than the Due's figures, and this should always be borne in mind. The argu- ment that Britain has prospered in spite of Free-trade, and Germany and America because of Protection, is at least funny. It is a poor rule that will not work both ways.—I am,
[Our &n-respondent's point, that in considering the statistics of a generation ago the change in money values must not be forgotten, is one which cannot be too often or too strongly insisted on.—En. Spectator.]
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