X.—: Profits to English Landowners.

Wheat and meat have been dealt with; dairy produce remains: it is estimated in Mr. R. H. Rew’s Report at 168,000 tons of cheese at an average price of 8d. per lb., 160,500 tons of butter at 1s. per lb., and 620,000,000 gallons of milk at 31/2d. per quart or 1s. 2d. per gallon. Then—

This being the value of the total production at 5 per cent. it would give £3,250,000. But part of this produce is consumed at home; a third is a low estimate for this. Allowing for it the yield of the duties, and the measure of their advantage to the home products would be:—

In 1902-1903 the gross income from agriculture in the United Kingdom was £85,000,000. Consequently if Mr. Chamberlain’s programme produced its maximum effect it would add 5·64 per cent. to this income. The tax on food would bring in more to the British landowner than to the Colonies, and thus the magnificent Imperial policy would be no more than a cloak for unscrupulous agrarianism. Even so, however, it could not attain its ends, since Protection, like reduction, only succeeds where it is considerable.