DURING the last decade it has been the fashion to talk of the Manchester School with pity or contempt as of an almost extinct sect, well adapted, no doubt, for the commercial drudgery of a little, early Victorian England, but utterly unfitted to meet the exigencies or satisfy the demands of a moving Imperialism. Many of the authors and abettors of public extravagance, and especially of what is called imperial expenditure upon war and armaments, believed themselves to be champions of free trade. It never occurred to them that protection would trickle into the ship, if the plank of economy were removed. But the commercial system of free trade depends for its political safety upon public thrift, because the more the revenue that is required the stronger is the demand of the governing classes that indirect taxation, which bears most heavily upon the poor, shall be increased. During the last three years we have seen indirect taxation increased–‘a widening of the basis’ it is called–and we have seen how this policy led at last to the revival of protection in the shape of a shilling duty on corn. But the corn tax has only lasted a year. The principle which triumphed in 1846 has survived the challenge of 1902 and received a triumphant vindication in the Budget of 1903. In each case the instrument of victory was a Conservative Premier, under whom the party, the interests, and the opinions opposed to the Manchester School were arrayed in a hostile and apparently invincible phalanx…. [From the Introduction]