ABSTRACT
The commercial history of the iron trade is more or less an epitome of the records of tariff legislation. The most remarkable feature of British tariff history is probably the great advance that was made by the iron and other industries, not during the high-tariff period, but after all tariff duties had been removed. The history of the iron trade has also made it perfectly clear that protected countries do not necessarily maintain a higher average range of prices than they would be likely to do under free trade. Free traders have been accustomed to argue that this was the result of throwing open British markets to all the world. Two things have to be admitted as fundamental in the history of customs tariffs as affecting the iron trade the first, that they aid in the building up of home industries under artificial conditions, no doubt, but still effectively; and the second, that they give confidence and encouragement to capital.
