London is the clearing-house of the world. - Joseph Chamberlain

It is absolutely impossible to reconcile free trade with trade unionism. You can have one or you can have the other, but you cannot have both; and I am glad to say that in saying that I have the support of a trade unionist with whom I have disagreed upon almost every other question, Mr. Keir Hardie... [I]t is not only the consumer you have got to consider. The producer is of still more importance; and to buy in the cheapest market is not the sole duty of man, and it is not in the best interest of the working classes.

What is the whole problem as it effects the working classes of this country? It is all contained in one word—employment. Cheap food, a higher standard of living, higher wages—all these things, important as they are, are contained in the word employment. If this policy will give you more employment, all the others would be added unto you. If you lose your employment, all the others put together will not compensate you for that loss.

If employment is falling off, what is the lesson? The lesson is that our home trade, our domestic consumption, must have decreased in a larger proportion than our foreign trade has increased. (Hear, hear.) The competition from abroad has grown more and more severe, and, on the whole, taking our trade as a whole, it must have declined if the employment in trade has decreased. (Hear, hear.) Wages have been reduced. You have only to read the papers to see almost daily some trade or another has to submit to a reduction. That, then, is not a proof of boundless prosperity. It is a proof of comparative decline, and, in my judgment, the handwriting is on the wall, there to be read by every impartial man; and, though I contemplate no immediate catastrophe, I say the situation calls for preparation while there is still time to find a remedy. (Cheers.)