The Return to Protection by William Smart

Author:William Smart [William Smart]
Language: eng
Format: epub, pdf
ISBN: 978-1-61016-283-8
Publisher: Macmillan and Co., Limited
Published: 1904-11-06T16:00:00+00:00

1There is nothing in the theory of Free Trade against Retaliation as retaliation. It is “an expedient; not a policy.” It must be judged by its success and its effects.

1It may be thought that no harm is done if we accompany such taxation by drawbacks on exports—a drawback system, as has been said, being the safety-valve of Protection. This is very shortsighted. Does it seem reasonable to make it easy for our producers to sell goods abroad cheap, while the same goods are sold to us dear? Is foreign trade the only thing to be considered? Have our own people not some claim on us for cheap goods? But, even if there were no other arguments against it, the drawback system is notoriously an inadequate compensation for dear material.

1The illustration looks a little ridiculous, but that is the fault of circumstances. The alternative to taxing toys seems to lie between taxing woollen or cotton manufactures and taxing musical instruments. The consequences of the incidental protection to our woollen and cotton manufactures would, probably, be too serious, while a tax on pianos at any rate would not have any appreciable effect in diminishing the sale.

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