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 propor… - Joseph Chamberlain

I can conceive it is a possible theory that we might be even richer if we became simply a distributive Empire, a home for millionaires and for their dependents, with no productive industry whatever, no one who would come under our present description of working men, that is to say, a man who labours at some definitive trade or industry for himself. I can conceive that it might be possible that there should be even more cheques passing through the Clearing-house than there are now; that the returns of income-tax would be larger. A single millionaire might increase the returns from income-tax more than they would be diminished by the destruction of a whole industry of Birmingham. But, for reasons of difference in national character and position (hear, hear), you may be richer, but not greater. (Hear, hear). You may sink to a position which I do not like to contemplate, and yet all these official statistics might show you a constant tale of progress and increasing wealth.

He is opposed to expansion of the Empire and to any expense, on the ground, as I understand, that we have enough to do at home. Now, suppose this view...had been put 50 or 100 years ago, and suppose it had been accepted by the Parliament of that day, I ask myself what would now be the position of this country, what would be the position of persons in the slums for whom my hon. Friend has so much sympathy and feeling? Does my hon. Friend believe, if it were not for the gigantic foreign trade that has been created by the policy of expansion, that we could subsist in this country in any kind of way—I do not say in luxury, but in the condition in which at present a great part of our population live? Does he think that, we could support 40,000,000 of people in these small islands? Is it not the fact that the great proportion of the 40,000,000 people of this country earns its livelihood by the trade brought to the country in consequence of the action of our ancestors 50 or 100 years ago who did not shrink from making sacrifices, and who were not ashamed...to peg our claims for posterity? We are the posterity who enjoy the result of that policy; and are we to be meaner and more selfish than those who preceded us? Are we to do nothing for those who come after us? Are we to sacrifice that which those who went before have gained for us? Why, if this idea of closing all the doors through which all new trade is to come to us is to be accepted by this House, we must adopt some means or other by which our population can be kept stationary. And I venture to say that when our ancestors pegged out claims for us, as they did in many parts of the world, they were not at the time more promising than the claims which are now under consideration.

The terms of peace at Vereeniging were the charter of the Boer nation. They had every right to call upon the British to fulfil them in spirit and letter. If, in any respect, they thought these terms had not been, or would not be, carried out in the future, let them bring complaints and they would be redressed.