MR. BALFOUR ON INSULAR FREE TRADE.
THE HONGKONG DAILY PRESS, SATURDAY, OCTOBER 24TH, 1903
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THE WEATHER. CHINA COAST METEOROLOGICAL REGISTER, 2011 OCTOBER, 2.1.
STATION.
Hour.
sarometer.
Fatu
Vladivostok, p. Nemuro...... Hakodate...
Tokyo Kochi.. Nagasaki Kagoshima
Laichu...... Banua Koulup Pescadores
zaadmə
ture.
Humidity
ther.
29.90
96.92
20.01
29.75
29.83
*
Debim
20,80
Natu
20,51
Ishigakijion Laihoka
29.82
20.03
29.7
20.73
Weihaiwei... 3 p.
30.01
jutzlaf
30.03
Slurp Peak
»
Amoy
2.30)
211
3 p.
29.75
Hongkong... p.
+4
20.71
NXE
NE
20.65
2967
Mise Theodors cobbinginphong.... Mr. S. B
.X
20.76 82
W
2 b
19
Pavolod...... 3 p
Jiko
29.70
40
pity North Mr. C. J. Min. G. Osbo Mr. W. Fa fit Me J. A. Fattie Hr. A. G. Potter
"
Mr. T. 3. Pousonby
Sir. W. Hutton Potte
Dr.
A. P. Preston
Swatow
Canton ......
in Pook.
Mr. Mire. E. Rabbiusap Rock
Miss A. A. Kobbins
| to a free train nation in a scorld of free traders ¿ piher, and instead of appealing to, acoustic remains suited in every detail to a free trade theories in which they wbally disbelieve to use nation in a world of protectionists."
understand. We, and we slons, among the Dr. A. Albert fiscal inducements which they thoroughly In answering this question Mr. In's short preface to his pamphlet Fronomie Notes on Insulor Free Trude, Mr. Balfour ex- examines the nature of the injury which way nations are unable to employ this means of plains that these notes were originally circulated be inflicted on a free trade nation by the pro-ratasion, cot because in car hands it need to his colleagues early in Angust last and are pabtective policy of its neighbours, and he pro-be fa-featul, but because in obedience to Mr. H. Harratt lishod, with a fow slight alterations; in order to pounds thres cases. The first is a small islead principle" we have deliberatoly thrown it Mr. & Mrs. W. M. Black
It cannot be right for a country | Mo. & Mrs. R. Boggan gito sa opportasity to a larger circle of readers of limited productive capacity, which grows and away. to study the argument they contain. He adds: manufactures nothing that cannot be produced with free trade ideals to enter into competition Sir. E A. Bonner
wick "It is one of the diflonlties inherent in the elsewhere with the aid of protection. Buck an with protectionist rivale, self-deprived of the Mr. Mca. E. W. Borth
Mr. W. 8. Brown
Hart Buck present controversy that some important points island would be completely ruined. The case only justrument by which their polisy can can hardly be made interesting, or even intelli- resembles that of St. Vincent, which could pro-qonceivably be modified. The first and most
Mr. F. T. Colson gible, on the platform without an amount of duce nothing but sagar that could be sold only essential- object of our national efforts should Mr. J. W. G. Clark Canon expansion and illustration which would rendernt a loss under the system of bounties. The be to get rid of the binds in which we have ir. 1, J, Convall within the limits of a single speech. The more great resourers and many variaties of climate. manner in which we should use our regaland it imposible to put them in their proper setting second case is that of a vast island enjoying gratuitously entau gled ourselves. The provise general, and in some respects more theoretical, It would be jujurai to some extent and liberty is an important, yet after all only s treatment of the problem attempted in this essay for a time by diminution of experts in secondary, issue. What is fundamental is that may therefore be a fitting proliminary to the consequence of forriga tariffs, but would our liberty should be regaised.' statement which it will be the duty of the writer not sufler, seriously in the long rHD. "Domestic free trade would be enough," in a few days to make before a public audience." His purpose is to discuss some of the more The third case comes between the others. It fundamental economic questions which require is that of an island possessing mineral resources, consideration on the part of those who desire capital, and labour, but as special monopoly. to arrive at a sober and unprejudiced estimate Belog unable to provide its a food supplies, it becomes dependent on outside sources to feed the of our fiscal policy.
A great mass of statistics has book and is increasing population caused by free trade and being brought forward, and to utilies this industrini expansion. Such an island, confronted 'information properly some groep of principles by universally hostile and increasing tariffs, is uecessary. He "approaches the subject would be much worse off than if it had never from the free-trade point of view that is to adopted free trade at all."From the very nature of the case, free trade requires open -say, as be entsequently explains, "with the desire to promote free trade as far as contem-markets somewhere," The island would be com porary circumstances permit" though his peliad to look abrat, find the weakest spots is conception of free trade is not quite that of the proteolive wall, and adapt its industries popular controversy, which "insists on labels, accordingly; and every change would involve an and likes its labels old," and divides the world into economic loss, When this failed it would be protectionista and fres-traders after the manner compelled to lower prices till they would no of Lord George Bentinck and Mr. Cobden re-longer support the existing population. spectively, and can conceive of no other variely. His own view of free trade is explained in the course of the argument. Ha bagin by pointing out a natural antagonism between soms of the most potent forces of social life and the ideal of pure free trade. Under the latter, labour and capital would be perfectly (0) Large aross stiti remain which are nue Commons recently whether the mail contract was Mr. Ralph A. Brabazou Miss C. Mertimore Buid, and would flow where they could operate protected at all.
(e) Existing protected areas are got complately with the greatest advantage, producing by natural ca10AS
of "temporary protectal.
Heexamines each of these propositionsisiurn. equilibriam," just as "the ocean adjusts its lavel under the force of gravity," But neither With regard to the first, he points out that it is better for capital owned by the inhabitants
A
state
|
This hypothetical onse resembles our own Why, then, have not these svila befallen as Mr. Balfour gives thre reasons falle
(*) Foreign countries ows us a great deal of money, which they pay by means of imports into the United Kingdom.
in
r
dr.3. Hooper
Mr. C. S. Hughes Hay. J. Icoly Mr. H. J. Jackman Mr. D. Ja
Alta. E. H. A
Mr. J, W. Jones Mr. & M. Jos Mr. E. Kempofer Mr. D. Kittairs
Mr. P. H. Lacon
PEAN
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DAO Beck Str. Greo. Behn Major & Alts. Bewley,
E.A.M.C.
rox
دیده با
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Mr. Louis with MIT. E. A
Seowin
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Mrs. Leslie Stuart Mr. C. B, tha's
Mice. La Wall
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MAST
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THE P. & 0. 00.8 DANGER. The Daily Express of the 16th ult. writes :- City merchants and other who have basiness Mr. H. W. Goadcean relations with Chins and Japan are suxiously Mr. C. Glor awaiting to learn whether the Postmaster. Mr. 4. W. Ura
Capt. T. Hall General will renew the mail contract with thee, W. B. Hoaglwont P. & O. Company for another five years. The Mr. Thos. A. Hanner
Mr. B. D. Harvey opposing factor is the new route over the Traus. Mr. W. V. Hanna Sibrian Railway, by which means letters Mr. J. T. Hayton reach Paris in twenty days feam Peking and twenty-thros or twenty-foar days from Shanghai. The P. & 0. ronte overland to Brindisi and thoase by steamer through the Suez Canal oc- cupies thirty-six days to Shanghai. As a rule passengers and mails for China are translipped from the Australian steamers at Colombo, and they complete the journey in the oldest vessels the company's sorcies. Owing to the. numerous complaints, the P. & O. Company bad three new steamers-the Plassy, Assam and Sicilia-built for the China trade, bat just as they were ready the war broke out, and they were engaged es trooping vessels, Mr. Henniker Heston gaked in the House of
to be renewed in its present form, but the Col, L. E. Brawa Postmaster-General did not give any definito Mr. George Base
Bunny & children reply. The difficulty regarding the renewal of Major and Mira, F. W the Australian mail contrasts owing to the Miss Bunny men and British subjects shall be employed,str. & Mrs, & Care demand by the Commonwealth that only white Mr. & Mrs, Allen Came.
labour or capital is perfectly fluid. If they conotry to be savning profit at home than combined with the possible loss of the China Major A, A, Chicester were, national life would be impossible; it is held together by the friction of variom forces-sbraad, and that the expatriation of capital is contract, is causing a good deal of discussion at M Crossley ́such as love of home, the power of customs, encouraged by foreign tariffs. It is assumed by the P. & Q. headquarters. Many of the the difficulty and cost of moving-which prevent the free trade argument that when a British officials fear that the company may lose the labour from being fluid in the sense demanded manufacturer is seriously injured by foreign monopoly which they have held for many years. by pura free trade. Capital, though to some protection he transfers his capital to some other As their total mail contract, and subsidies from extent more fluid, is also "vissons" as a whole and mara profitable business; bat there is a the British Government amount to narig£1,000 the matter is a very serious one to the company. frem similar natural causes. Nations, as we alternativo. He may keep his business, and perday, it will; therefore, readily be seen that know them, are therefore economically possible transfer that to another country.
Passing on to the secont point, Mr. Balfour. It is suggested that even if the Government enter into a coatract with Russia for the only becsuse, for various reasons, mankind is both unable and unwilling to turn the natural reminds us that there are still large portions of
conveyance of the Chinu mnails by the Siberian resources of the world to the best economic the earth's surface where protective tariffs are account." Nations are, in fact, “a standing still unknown. In by far the most important radway the old route by steamship via the Suez trade, of these our open markets depend in the last Canal will still be continued. The matter wil not be defnitely settled until next mouth, when Tiolation of cosmopolitan fres
the controller of the present packet serviso and "In their efforts at all-preservation resort upon our military power, without which they have not felt themselves bound to both diplomatic and territorial rights would
Lieut. & Mrs. J. S. Hac
TOY consider only arguments drawn from cosmo disappear." When we ref of how necessary returns from his vacation. Meanwhile the
business MBU who have Mrs, E. Hug They have recognised these markets are to the full success of insular question is being discussed with keen interest politan economics..
by the that the State is something more than the free trade, and remember how in many cas
Mr. W. Holm P individuals composing it at any one time, and they have been originally won, and how in all dealings with China. Oue prominent China Mrs. Johnston & child that not only is it irrational to suppose that cares they are now maintained, I marroi that merchant voiced the general opinion posterday. what is good for the wealth-producing capacity stall armaments, small responsibilities, a "amall. I hope something will be done to quicken the of the world must necessarily be good for each Empire, and a large osternal trade should ever mail services between hers and China," he said. "The P. & O. Company have kept to their times and delivered mails within their contracts, particular State, but that quite certainly it is hare bson considored as harmonious elements in
our political idea!." .
a fast service of steamers from Colombo to but the service takes too long. By putting on China a difference of at least four days could be saved. The Trans-Siberian route is easily the quickest for the mails, and I think that most business mon will want to send their letters that way,"
not."
It follows that, sinca "there is no pro stablished harmony between economic world interests and national well-being, we seem required to abandon the lotsner faire position as absolute dogma and to accept provisionally the view that the character of car fiscal policy should vary with varying circumstances, and that we have no right whatever to regard any plan as perfect, morely because it is simple, unartificial, and, above all, familiar."
The ground being thus cleared, Mr. Balfour proceeds to consider what plan is best suited
Fasther, there is no probability of increase in these non-protective areas, and we must thers. fore look to the development of their wealth for improved opportunities of trade.
A
many
Mr. Uloth, one of the managers of the P. & O. Company, said that they had nothing to say in the matter at present, as to what they would do with regard to running faste steamers from Calorbo. The negotiations with the postal authorities were not comple ed.
HONGKONG DAILY PRESS PUBLICATIONS.
The third reason is that tariffe are not abo- lately prohibitive all round, though in some countries and some classes of goods they are. And the tendency is in that direction. Our expert trade, which should have grown with our growth, bas not done sa; it may have increased, but the rate of increase has "seriously diminished." National industries have not been allowed to It must evidently become mutually supplementary; they have been to our circumstances. depend, he says, upon the end we wish to compelled to become mutually exclusive. And secure. The old free trade battle of 60 years Mr. Balfour dada ao consolation in the argu ago was really a straggle between the went that toe bomas market is gaining what the manufacturing and agricultural interests, and foreign market is losing and that the stagnation it was decided (rightly in Mr. Balfour's of our staple industries is made up for by the variety of things we now manufacture for "▲ pre- opinion) in favour of the former. dominantly agricultural Britain could never foreiga markets. These are precisely the signs have supported the men or furnished the of that struggle which he has depleted the free money required for her Imperial mission" trade nation driven to in its attempts to find a But, he points out, two conditions are market. They are the consequences of protes- required for this state of manufacturing tion, and must involve an economic loss. "It supremacy. The first, is a large export trade would be impossible to hold a version of the free to pay for the necessary imports, and the trade theory so perverse as one which assumed socand, suficient ospital for home investment that, while any artificial diversion of industry in order that this end may be attained and due to home protection must necessarily be employment provided for our growing urban perzicious, the foreign protectionist accidentally population. Sixty years ago they did not confers upon us a benefit which we cannot trouble about these conditions. The fiscal confer upon ourselves!" reformers made two great mistakes. They failed to foresee that the world would reject free trade, and they failed to take full account of the commercial possibilities of the British Expire. Mr. Balfour thinks it a misfortuna to be expected." After discussing the theorYMAIL TABLES FOR ¡E03 ... that their views were so restricted; for a great and practice of damping." he asks the victory for free trade might possibly have been optimist to study tendencies-the dynamic, not
the statios, of trade and mapfactucas,"
Mr. Balfour then proceeds to examine our export returns, and finds that they confirm the satisfactory conclusions suggested by theory. Nor does ho see any indications of improvement
He
won then by abolishing restrictions within the thinks that we are bound to work for some Empire, as it was won-in his opinion "the mitigation; and that only in one direction can mcst momentous, perhaps the most permanent we hope to find it. The source of all the victory for free trale "when inter-State tariffs were abolished in the United States calty being protective tariffs imposed by fiscally-independent communities, it is plain Our present condition is the result of their that we can secure no concession in the double error; if other nations had adopted direction of a freer exchange, except by free trade, the present question would not negotiation, and that our negotiators can have arison; if ve bad bad free trade within but appeal to self-interest or, in the case the Empire, the protection of other of our Colonies, to self-interest and sentiment countries would have mattered little in the long combined. Now, on the free trade theory, relf- run. As it is, the refereers "ostablished interest should have prevented these tariffa insular free tande with its inevitable limitations, being originsly imposed. But it did not; and and left as bearing all the burden, but enjoying it argument failed before powerful vested only had the advantages which should attach to interests were created it is hardly likely to be empiro. In circumstances so little foreseep we affective now. The only alternative is to do to are driven to ask whether a fiscal system suited orvigo nations what they always do te, each
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Oshima.....
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Gutzlaff ... sharp Paak sharp Amoy
23.95
20 78
20.88
29.85
37
tra
2087
Fainty....
Koshunt...... Peausdores
20.76
198.77
29.19 20.79
Weinalwei... a.
3.14
20.95
6.30 m
20.89
29.970
Chaten.....!
dongkung... 10.
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Jap
Jap Rock ...
29.78
29.9,
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29 81
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fr. L disby Hayman Nr. W. 8. Lambert Br. & Mr. Macks and
family
Mrs. J. Vokiskis 11iss Jesie MoKinnis Hr. W. N. MoMallen Mr. W. Malatyre t Mr. Mas on E Mitobell
Dr. & Mr. G. L. Mason
children
Dr. Min. Newell Wil. zon and child Mr. Iwan Olsen Mr. H. Perkins
Mr. A. it, Powell
Mr. T. W. Fegner Air. Miguel
Farez Mr. N Robles Mr. O. Schmid Mr. C. Smith Mr. Mm. H. B. Stil Dr. E. Schaumlode! Mr. John A. Tra Mr. W. Watkîena
E. G.
G. Smith
h.p... Captain A. W. Carter, Hongkong Handy, torpedo-boat destroyer. 260 tons, bgane, 4,000 b.p. Lieut. Comdr. H. L Wells, Hougkong
Hart, torpedo-boat destroyer, 260 tons, guns. 4,000 b.p., Lieut.-Comdr. A. B. Barker, at Hongkong
Humber, storeship, 1,610 tuis, Comir. John D.
Daintree, Hongkong
Janus, torpedo-boat destroyer, 280 Loue, & gaus, 3,900 h.p., Lieut.-Comdr. Cyril Asser, Hongkong
Kinsha, river gunboat, 331 tons, Lieut. Comdr.
G. B. Powell, on Yangtsze Leviathan, crniser, 14,100 tons, Capt. Hon. W.
G. Stopford, Japan Moorhen, tirer gunboat. 180 tons, 2 gans, Livut -Comdr, G. G: Webster, West River Mutine, sloop, 980 tons, 10 guns, Comdr. .
W. M. Plenderoath, Weihaiwai Ocean, battleship, 12,950 tons, 16 gans, 13,500 i.h.p., Captain R. F. 0. Foaie, C.M.G.. Japan
Otter, torpedo-boat destroyer, 350 tons, Lieut- Comdr. G. C. Codrington, Hongkong Phoenix, sloop, 1015 tons, 6 guns, 1,400 h.p.,
Condr. W. H. Nicholson, Yangtza Rambler, surveying ship, 583 tone, Capt Morris
H. Smyth, Shanghai
Rinaldo, alcop, 980 tons, 6 guns, Comdr. D. St.
Aubyn Wake, Yangtze Robin, river gunboat, 35 tons, 2 guns, 240
h.p.; Lieut.-Comdr. C. W. J. Howard, West
River
Rosario, sloop, 980 tons, 6 gune, 11,400 h.p..
Comdr. Thos. Jackson, Bangkok Sandpiper, river gunboat, 85 tons, 2 runs, 240 b.p., Lent-Camdr. L. W.Jones, West Kiver Sirius, 2nd class cruiser, 3,600 tons, Capt. C. H.
H. Moore, Sangbei
Snipe, river gan-boat, 85 tons, 2 guns, 240 hp, Lieut-Comdr. Ernest W. G. Davidson, on
Yanglaze
Sparrowuank, torpedo-boat destroyer, 360 tons,
-in reserve
Taku, torpedo boat destroyer, 250 tons, 6 gane,
5,000 h.p., in reserve
Talbot, cruiser, 5,600 tons, 11 gans, $,000 kP
pt. Lewis Bayley, Shanghai Tamar, receiving ship, 4,609 tous, guns, Com-
Capt
modore Robinson, A D.C., at Hongkong Teal, river gunboat, 180 tone, 2 gaus, Lient.
E. F. R. Dugmore, on Yangteze Comdr. Thotis, craiser, 3,400 tons, Capt. J. C. A.
Wilkinson, Shanghai Tweed, gaaboat, 86, tous, gaus, 300 bp
on Yangtsze Vengeance, battleship, 12,950 tons, 12 guns, 13,500 hp, Capt. L. C. Staurt, C.M.G., Weihaimoi
3
Vestal, stoop, 280 tons, 10 raus, 1600 b.p.
Comdr. Stuart St. J. Farquhar Shanghai Virago, torpedo-boat destroyur, 360 tons, in
reserve
Waterwitch, surveying-ship, 620 tons. 450 i.h.p.,
Comdr. B. C. Hardy, Weinaiwei Whiting, torpedo-bost destroyer, 360, tous,
guns, 5,900 h.p., in reserve
No Planter should be without it. Subscription, including postage, in advance: Sterling-Rupees 125 Dollar. Single copies 2a or K3. back copies 3a. or RI
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Mr. EDWARD EVANS, Missionary Home,
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Messrs. KELLY & WALSH, L., Hongkong
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