It will be seen that without exception the articles in the above list belong either to the category of raw materials or to that of food. Any taxation therefore imposed upon any portion of these articles for the benefit of the Colonial producer would be a disadvantage to the British manufacturer, either by increasing the cost of his raw material or by diminishing the effective wages of his workpeople. Remembering that the main object of the British manufacturer is to keep his hold on the markets of the world, is it likely that he would ever consent to allow himself to be handicapped by such taxation? For all you can offer him in return is preferential treatment in Colonial markets, whereas more than three-quarters of the trade he wishes to retain is with foreign countries. DIVERGENT AMBITIONS. There is, however, an even more fundamental difficulty, which neither Colonial nor British preferentialists have yet had the courage to face. It is this:—That the Colonist and the Britisher are aiming at different ends. The Britisher wishes to expand in ever-increasing proportions his manufacturing business, and it is solely because he thinks that he may possibly get a better market for his manufactures in the Colonies than in foreign countries that he gives even momentary approval to the idea of preferential trade. But no Colonist looks forward to his country remaining for ever the dumping ground for British manufactures. He wishes, and wisely wishes, to manufacture for himself, and he has deliberately arranged his tariffs with that end. Towards realising this ambition it will advance him nothing to shut out the puny Teutonic infant and let in the British giant. In like manner, if we turn from manufactures to agriculture we find the same essential divergence of view. The Colonial producer regards England as the best market for his meat and corn and butter. But the British farmer wants none of it. If he is to be ruined by competition from abroad he would as lief that the last nail were driven into his coffin by Argentine beef as by New Zealand mutton. A DREAM OR A NIGHTMARE?