John A. Hobson
A business man estimating the value of an extension of his business will set the increased costs against the increased takings. Is it unreasonable that a business nation should adopt the same course? From this standpoint our increased military and naval expenditure during recent years may be regarded primarily as insurance premiums for protection of existing colonial markets and current outlay on new markets.
In order to test the finance of the new Imperialism, let us compare the growth of expenditure on armaments and wars since 1884 with the increased value of colonial trade:–
Year
Armaments and War
Colonial Trade (Import & Export Trade with Possessions)
£
£
1884
27,864,000
184,000,000
1885
30,577,000