BUY BRITISH GOODS [To the Editor of the SPECTATOR.] Sia,—Your
correspondent " Conscience Stricken" uses the stock Free Trade argument to attack the slogan " Buy British Goods," and writes as follows :— " The writer, as a convinced Free Trader, cannot see that the foreigner has any choice except to take his payment, not in cash, but in the form of some British manufactured article or some British service, and that under such circumstances any injury is done to British Trade."
I agree that the " Buy British Goods " policy is a trade protection policy, and that his argument is applicable. I want to give himthe explanation for which he asks, and to point out where he does injury by unnecessary purchases of foreign goods. It is generally agreed that imports into this country are paid for in three ways, viz., by our own exports, by our services in carrying goods for other nations, and by the interest on our investments abroad. The first two of these means of payment are beneficial to the country, but I suggest that the third is injurious to us, unless we are in the happy position of having no unemployment among our workers. When your correspondent makes unnecessary purchases abroad he helps to lessen the demand for home-made goods.
The result of this is that money that could be invested in increasing productive work at home is driven to foreign invest- ment. It isthe interest on such money that pays for your corre- spondent's purchase. He may not, indeed, upset the balance Of trade ; he cannot, indeed, injure our financiers and our capitalists—for they can invest their money anywhere in the world ; but he can and does rob the home worker of a job.
This is the way in which he injures British trade.—I am, Sir, &c., BERNARD ROCHFORD, The Glen, Sunninghill, Berks.
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