[To the Editor of the SPECTATOR.]
Sin,—Your correspondent Mr. Herbert W. H. Green has hit the nail on the head when he says that tariffs are bad if they increase the price of commodities in our factories.
Unfortunately tariffs are being urged solely by interests who will directly profit by them at the cost of our manu- facturers and consumers. Take, for instance, the iron and steel interests, which for a long time have been clamouring for Protection under the name Safeguarding. Our Midland manufacturers of finished goods for export are at present buying their raw material, which is steel sheets and plates from the Continent, at £5 per ton, while the English steel combine demand £7 15s. to £8 5s. for the same thing. If by tariffs this imported supply is shut out, the English price will at once be still further advanced to £9 10s. to £10 per ton, which was quoted a little while back ; the immediate result being that the manufacturers' export trade of finished goods would be Idlied and thousands thrown out of employment, But the purpose of the tariff is served, namely, increased dividend to the shareholders of the steel companies, but at the expense of the British consumer. You only have to apply this to other safeguarded interests to arrive at the true ethics of Protection.—I am, Sir, &c., I Leadenhall Street, London, E.C. 3. JAMES H. %YEAGER.
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