In the Times of Thursday there appeared a letter from
Sir Frank Swettenham asking, in the role of earnest inquirer, some very pertinent questions about Fiscal policy. His first point is the position of India, which has been rather slighted by Tariff Reformers. Is that country to be com- pelled to adopt the Fiscal policy of Great Britain, or to be treated with as if it were a separate Colony ? Again, what is to happen to prosperous Colonies like Hong-kong and Singapore, which owe their present position to their freedom from all trade restrictions ? And what of the other Crown Colonies, which all have their special interests ? Will they be allowed to settle their tariffs for themselves ? Assume that some retaliatory tariff is put in force, will the Colonies find it possible to keep their engagements with us if a foreign Power retaliates on them in turn, in the case where the exports which it is desired to benefit are rather British than Colonial ? Assume, again, that certain British industries are protected, will the discrimination not lead to such labour difficulties among other industries that a universal tariff will have to be adopted ? In any case, will not Protection, if it raises income to a higher level, also raise expenditure, so that the brunt will fall on " those who have no means of increasing their resources to meet the new conditions of life " ? The Times, commenting upon the letter in a leading article, makes the rather weak retort that no one is talking about Protection, but only about
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