Mr. Chamberlain's speech has been discussed by us else- where,
but we must notice here his emphatic declaration that "a system of preferential tariffs is the only system by which this Empire can be kept together." This statement, untenable, not to say ridiculous, as it is, cannot by its nature be brought to the test of facts. Mr. Chamberlain's next declaration, however, is capable of having such a test applied, and when it is applied it will be seen to be a blunder of a very serious kind. Mr. Chamberlain, after stating that we did a trade of £10 per head with our Colonies—i.e., a trade of £100,000,000 with 10,000,000 people—asked whether it was good policy to lose the opportunity for improving our trade with the people who do a 210 per head trade with us for the sake of the 300,000,000 foreigners who take only a few shillings per head.
