We have dealt at length elsewhere with this carefully balanced
statement, and will only say here that in reality it merely amounts to a repudiation of a policy which neither Mr. Chamberlain nor any one else professes to advocate at the present moment. No doubt the Chamberlain policy will in fact raise prices, but its advocates loudly declare that such is not their intention, nor will that be its effect. Having next assured us that he is neither a Free-trader in the old- fashioned, or indeed any, sense, as well as that he is not a Protectionist in the sense repudiated by all those who at present attack Free-trade, Mr. Balfour went on to show how very little in reality his policy differs from that of Mr. Chamber- lain. He is perfectly willing to impose Custom-duties if they are asked for, not to raise prices at home, but (1) to retaliate on the foreigner, or (2) to prevent "tariff-fed competition,"— that is, to put down "dumping." But since the British manufacturer whenever he finds competition disagreeable calls it "dumping," we do not see that the distinction sought to be made between Balfourism and Protection on this ground is a very important one. There is certainly no real distinction between it and Chamberlainism.
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