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  • Joseph Chamberlain's Tariff Reform Campaign and the Institute of Bankers in London
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Joseph Chamberlain, who chiefly represented the interests of 'entrepreneurs' of the midlands, launched in May 1903 his political campaign for the policy of Imperial Preference and protective tariffs. From then on, the 'Fiscal Controversy' about 'Free Trade or Protection?' became prevailing all over the country. The City Bankers, who stood at the top of 'capitalists' or moneyed interest, formed an opinion of the Chamberlain's ideas through the discussions in the Institute of Bankers. At the meeting there in December 1903, Sir Felix Schuster most clearly explained their standpoint. He emphasized the necessity of advancing the 'unrestricted trade' regardless of the unfavourable situation of British industries resulting from foreign competition, and expressed his intention of keeping up the trade system adequate far the exports of capital which was closely related to the interest of 1VIerchant Bankers. His opinion, which Luke Hansard (Martin's Bank) termed 'status quo', was approved of by most of the City Bankers. In 1906 general election Chamberlain's Tariff Reform programmer was not supported and the powers of moneyed interest grew in British Parliament, that is, the ' status quo ' policy, instead of Tariff Reform, won the national.support.

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