Mr. Asquith certainly confirmed the principles laid down in Paris
more warmly than in any previous utterance. Having appreciated more fully than ever what the industrial penetration of a country by Germany' means, he very rightly concentrates his attention, not on the policy of making the uttermost farthing in trade, but on placing national security above everything. It cannot be too much emphasized that here is no question of Free Trade and Tariff Reform to be decided on its abstract merits. Personally, we remain Free Traders in the sense that we believe that an unrestricted trade, a perfect freedom of exchange, is much the shortest road to wealth. But we confess that we Free Traders in the past did not make enough allowance for the elements of insecurity which would he introduced by following the line of least resistance. We gave hostages too freely to Germany, and she, of course, did not scruple to make a dishonest and brutal use of them.
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