FREE TRADE

—Name given to an economic principle, chief exponent of which is Great Britain. The term has | pa ed through various meanings in economic history, at one time being identified with smuggling; but since the teaching of the Manchester school a! of economists, Cobden as chief, it has come to mean the opposite of Protection, and is generally understood to be the policy which favors the abolition of any restrictions on international trade. The economic doctrine on which Free Trade | iS based is a root one of exchange. In exchange one person for the 2 time being | Places more value on the article he seeks the|@fter than on the article he offers in |@*Cchange. Applied to its fullest in in- | ternational trade, it is supposed that the | 8teatest amount of wealth will only accrue to everybody concerned when there is the greatest po ible freedom of »|trade. This position, it is claimed, | applies with special force to the economic position of Great Britain, chiefly dependent as she is for her corn-supply from trans-oceanic sources. Against °f the Manchester school have become | Obsolete, in view of the growth of foreign textile trades, and that only by protect- | img herself by tariffs against foreign competition will Brit. predominant trade | Supremacy be maintained, Federations like U.S., German Empire, Australia, | ¢., have Free Trade within the Federation, but have protective tariffs against | the outside world.; aciediat ocelot a term eed of |? WO reject belie: in divine revelation, | 2PPHed especially to the deistical writers questions, thought freely including for themselves ecclesiastical on and all theological subjects. capital, Sierra Leone, Africa, on Sierra Leone R.; good harbor; Brit. coaling station; contains governor’s residence, barracks, and cathedral; exports rubber, unhealthy climate. Pop. 35,000. ancient town, Italy, on Liris, near Via Latina.