foreign markets. But we must remind such economists that the prime motive force here is not trade but investment: a surplus of exports over imports is sought as the most profitable mode of investment, and when a nation, or more strictly its investing classes, is bent on becoming a creditor or parasitic nation to an indefinite extent, there is no reason why its imports and exports should balance even over a long term of years. The whole struggle of so-called Imperialism upon its economic side is towards a growing parasitism, and the classes engaged in this struggle require Protection as their most serviceable instrument.
The nature and object of Protection as a branch of imperialist finance is best illustrated in the case of Great Britain, because the necessity of subverting an accepted Free Trade policy lays bare the different methods of Protection and the forces upon which it relies. In other nations committed to or entering upon an imperialist career with the same ganglia of economic interests masquerading as patriotism, civilisation, and the like, Protection has been the traditional finance, and it has only been necessary to extend it and direct it into the necessary channels.
Protection, however, is not the only appropriate financial method of Imperialism. There is at any given time some limit to the quantity of current expenditure which can be met by taxing consumers. The policy of Imperialism to be effective requires at times the outlay of large unforeseen sums on wars and military equipment. These cannot be met by current taxation. They must be treated as capital expenditure, the payment of which maybe indefinitely deferred or provided by a slow and suspensible sinking fund.
The creation of public debts is a normal and a most imposing feature of Imperialism. Like Protection, it also serves a double purpose, not only furnishing a second means of escaping taxation upon income and property otherwise inevitable, but providing a most useful form of investment for idle savings waiting for more profitable employment. The