“The fact that so long as the freight is paid to a foreign ship-owner, so long will it be a foreign profit on a foreign product, is fundamental and unanswerable.
“The English steamship is a foreign product, and its earnings, which we pay, are a foreign profit.
“No sane man will argue that a foreign profit on a foreign product can be of domestic benefit.
“Add to this the fact, equally important, that the carrier of commerce controls its exchanges, and the condition of commercial, financial, and industrial subjugation is complete. Such is our condition to-day.
“Great Britain has many outlying colonies and dependencies.
“The greatest two are India and the United States.
“She holds India by force of arms, whereby her control of that country costs her something. She has to pay something for her financial and commercial drainage of India.
“She holds the United States by the folly of its own people, whereby her control of this country costs her nothing. She has to pay nothing for her financial and commercial drainage of the United States.
“But the amount of her annual drainage of gold from the United States far exceeds that from India.
“Therefore the United States is by far the most valuable of all the dependencies of Great Britain.