investigation and negotiations. It might be twenty-five, or
thirty-three, or even fifty per cent. And whatever it was, I think we
should reserve the right also to give a preference, but never of the
same amount, to any foreign country which was willing to give us some
substantial equivalent. It need not be a general preference; it might
be the removal or reduction of some particular duties. I may say I do
not myself like the idea of engaging in tariff wars. I do not believe
in prohibitive or penal tariffs. But I do believe in having something
to give to those who treat us well, something to withhold from those
who treat us badly. At present, as you are well aware, Great Britain
is the one great nation which is treated with absolute disregard by
foreign countries in framing their tariffs. They know that however
badly they treat us they have nothing to lose by it, and so we go to
the wall on every occasion.

And now, though there is a great deal more to be said, I feel I must
not trespass much further on your patience. But there is one objection
to Tariff Reform which is constantly made, and which is at once so
untrue and so damaging, that before sitting down I should like to say
a few words about it. We are told that this is an attempt to transfer
the burden of a part of our taxation from the shoulders of the rich to
those of the poor. If that were true, it would be fatal to Tariff
Reform, and I for one would have nothing to do with it. But it is not
true. There is no proposal to reduce and I believe there is no
possibility of reducing, the burden which at present falls on the
shoulders of the upper and middle classes in the shape of direct
taxation. On the other hand, I do not believe there is much room for
increasing it--though I think it can be increased in one or two
directions--without consequences which the poorer classes would be the
first to feel. Excise duties, which are mainly paid by those classes,