Is our commercial depression due to free trade, and would it be relieved by limited protection

Abstract

It used to be said formerly that after a bad harvest there was sure to be a change of Ministry. In recent times, whenever, through over-speculation or over-trading, the demand for banking accommodation has out-run the supply of banking capital, and money has consequently become scarce and dear, and the Bank Rate of interest has risen to 8 or 10 per cent., there has been a cry that the Bank Act is a failure, the cause of ruin, and that it must be repealed or amended. At the present time, trade being seriously depressed, the cry is raised that it is all owing to Free Trade!?that other countries are underselling us, and that our only chance of safety is in what people call ?Reciprocity?; or, ?Limited Protection?.