The Turnover Test.

Mr. Snowden, who is Chancellor of the Exchequer, considers that taxes on food and on essential raw material are too big a price for Britain to pay for bigger Dominions trade, to the detriment of other trade. He is impressed with quantity (as against quality) markets, and he made this clear in a notable speech to Imperial Conference delegates on 23rd November. High-tariff, low-populated Australia has not (for him) the possibilities of low-tariff, highly-populated India. The comparatively few people of high purchasing power in Australia, even if they were able to buy a few more British goods than they buy now, would contribute a mere drop in the bucket compared with what British trade would gain if the low purchasing power of India's many millions could be even fractionally raised. Mr. Snowden, when looking for customers for British goods, thinks in terms of population and turnover, and would raise the buying power of low standard countries.