Looking at the matter from a purely business point of view, we see that
the great forward movement in trade and finance that we have led and
fostered, has helped us even by helping our rivals. In the first place,
it gives us a direct benefit as the owners of the mightiest fleet of
merchant ships that the world has seen. We do nearly half the world's
carrying trade, and so have reason to rejoice when other nations send
goods to the ports that we have opened. By our eminence in finance and
the prestige of a bill of exchange drawn on London, we have also
supplied the credit by which goods have been paid for in the country of
their origin, and nursed until they have come to the land in which they
are wanted, and even until the day when they have been turned into a
finished product and passed into the hands of the final consumer. But
there is also the indirect advantage that we gain, as a nation of
producers and financiers, from the growing wealth of other nations. The
more wealthy they grow, the more goods they produce want to sell to us,
and they cannot sell to us unless they likewise buy from us. If we
helped Germany to grow rich, we also helped her to become one of our
best customers and so to help us to grow rich. Trade is nothing but an
exchange of goods and services. Other countries are not so philanthropic
as to kill our trade by making us presents of their products and from
the strictly economic point of view, it pays us to see all the world,
which is our market, a thriving hive of industry eager to sell us as as
it can. It may be that as other countries, with the help of our capital
and example, develop industries in which we have been pre-eminent, they
may force us to supply them with services of which we are less proud to
be the producers. If, for example, the Americans were to drive us out of
the neutral markets with their cotton goods, and then spent their
profits by revelling in our hotels and thronging out theatres and
shooting in Highland deer forests, and buying positions in English
society for their daughters we should feel that the course of industry
might still be profitable to us, but that it was less satisfactory. On
the other hand, it would be absurd for us to expect the rest of the
world to stand still industrially in order that we may make profits from
producing things for it that it is quite able to make for itself.
Public-domain text, read in full here on John Shaqi.
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