Note 134 — Chapter VI · VINDICATION BY EVENTS

There is one aspect of the possible success of France which is certainly worth consideration. France has now in her possession the greatest iron ore fields in Europe. Assume that she is so far successful in her policy of military coercion that she succeeds in securing vast quantities of coal and coke for nothing. French industry then secures a very marked advantage—and an artificial and ‘uneconomic’ one—over British industry, in the conversion of raw materials into finished products. The present export by France of coal which she gets for nothing to Dutch and other markets heretofore supplied by Britain might be followed by the ‘dumping’ of steel and iron products on terms which British industry could not meet. This, of course, is on the hypothesis of success in obtaining ‘coal for nothing,’ which the present writer regards as extremely unlikely for the reasons here given. But it should be noted that the failure of French effort in this matter will be from causes just as disastrous for British prosperity as French success would be.