When we turn to examine the continent of Europe we observe that, treated as a unit, it also is well balanced as between manufacture and agriculture, though as in the United States of America, the manufacturing activities are somewhat concentrated. The bulk of the exports of the manufacturing countries of Europe is absorbed by the agricultural parts of Europe, and therefore it is not altogether surprising that Monsieur Briand, the French Foreign Minister, should be seeking to bring about a United States of Europe in the economic sense, though very obviously the differences in language and race would make it a a very remote possibility in the political sense. That we should ever see Europe a Free trade area with a common external tariff is exceedingly improbable, but the development of inter-European preferential arrangements is a possibility that we must contemplate very seriously indeed.
We now pass to to the consideration of the United Kingdom.
This nation, dependent as it is on its success in exporting a large proportion of Manufactures, finds itself between the highly protected United States of America on the one hand, ever seeking to increase its exports to the agricultural parts of the world, and Europe on the other hand, almost every country of which is highly protected, and some of the countries of which are also seeking to develop largely their exports to the agricultural parts of the world. Both America and Europe are also able to dispose of large quantities of manufactured goods in the unsheltered British market.