Note 7 — I

Lord Farrer says: "It is the privilege of honourable trade that, like mercy, it is twice blessed; it blesseth him that gives and him that takes; each of its dealings is of necessity a benefit to both parties. But traders and speculators are not always the most scrupulous of mankind. Their dealings with savage and half-civilised nations too often betray sharp practice, sometimes violence and wrong. The persons who carry on our trade on the outskirts of civilisation are not distinguished by a special appreciation of the rights of others, nor are the speculators, who are attracted by the enormous profits to be made by precarious investments in half-civilised countries, people in whose hands we should desire to place the fortunes or reputation of our country. When a difficulty arises between ourselves and one of the weaker nations, these are the persons whose voice is most loudly raised for acts of violence, of aggression, or of revenge."—The State in its Relation to Trade, p. 177.