ABSTRACT

The reply given by the Chancellor of the Exchequer to Colonel Akroyd and the deputation from the Chambers of Commerce in regard to commercial treaties involves issues of such transcendent importance to the future commercial policy of the empire that I trust you will allow me space enough to examine the general bearings of the question, and, at a moment when an unusual amount of confusion exists in the public mind as to the raison d’être of commercial treaties, to inquire into the first principles which govern the subject, and to which, however we may dislike the process, appeal will sooner or later have to be made.