In view of these considerations there is clearly ground for saying that a close political union between the greatest money-lending centre of the world and countries which have the widest range of undeveloped resources, between the greatest consuming country and those mainly productive, will be of the greatest advantage to both. {274} I have often, to audiences in the colonies, put the financial relation in the following way: 'You borrow from Britain in public debts many hundred millions of pounds. When, as merchants, ship-owners, or house-holders, you borrow money in a private capacity, on your goods, your ships, or your houses, the lender requires that as a guarantee your property must be insured, and for this insurance you must yourself pay. Now when British people lend you money, on your state credit, they themselves provide the insurance of the whole strength of the British army and navy--an insurance which it is admitted secures the cheapest money in the world. But not only does Britain lend you the money for the development of your resources, and provide the insurance which enables you to have it at a cheap rate, but under her Free trade system she then in addition throws herself into the open market for every pound of wool or ounce of gold or tin that you produce. She asks no preference in colonial markets. Any conditions which would be more favourable for a borrowing country I cannot find it possible to conceive.' A further point seems worthy of consideration. While the colonies, under the national production, borrow money cheaply on the public credit, the United Kingdom borrows more cheaply still. Low as is the rate of interest paid on the National Debt, for many purposes of investment it is deemed the most satisfactory, because the most secure, of all.