Tariffs: Debt.

Another angle of the debt problem is tariffs. You may reduce the burden of debt by means of concessions in tariffs as well as in capital or in interest. The burden of debt owed by one country to another can be reduced if the debtor is allowed to pay in goods—that is to say, if tariff barriers are modified or abolished. The United Kingdom did not abandon this principle when it created a tariff. On the contrary, a section of pro-tariff opinion in Britain to-day supports the tariff merely or mainly as a means of lowering foreign tariffs. In other words, those tariff supporters wish to draw foreign lands into reciprocal trade, not to substitute Empire trade for foreign trade. They would say that Britain's exporting interests and creditor interests equally bind her to certain foreign countries.