Xi.—: Conclusions.

The basis of Mr. Chamberlain’s Fiscal Reform was a Customs duty on foreign wheat, meat, and dairy produce.

This duty was to raise the price of home and Colonial wheat, meat, and dairy produce by the full amount of the tax.

The profits resulting from it to the British Colonies and Possessions by increasing their purchasing power would increase their market for our manufactures.

In return for this preferential treatment the Colonies were to grant favourable tariffs for English manufactures.

While at the same time the taxes on wheat, meat, and dairy produce were to revive English agriculture and attract part of the urban population back to the land.

To obtain this result Fiscal Reform imposed a tax on all English consumers of bread, meat, and milk for the benefit of 98,000 estates of more than 100 acres, representing 70 per cent. of the arable land of the country, and for the benefit of the Colonial landowners.

In only daring to propose a 2s. duty per quarter on wheat and 5 per cent. on meat and dairy produce, Mr. Chamberlain himself nullified the promised results.