I hold that fiscal reform is, and must remain, the first constructive work of the Unionist party; That the objects of such reform are to secure more equal terms of competition for British trade and closer commercial union with the Colonies. ... the establishment of a moderate general tariff on manufactured goods, not imposed for the purpose of raising prices or giving artificial protection against legitimate competition, and the imposition of a small duty on foreign corn are not in principle objectionable, and should be adopted if shown to be necessary for the attainment of the ends in view or for the purposes of revenue.
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About Arthur Balfour
Arthur Balfour was prime minister of the united kingdom from 1902 to 1905. Arthur James Balfour, 1st Earl of Balfour, was a British statesman and Conservative politician who served as Prime Minister of the United Kingdom from 1902 to 1905. As foreign secretary in the Lloyd George ministry, he issued the Balfour Declaration of 1917 on behalf of the cabinet, which supported a "home for the Jewish people" in Palestine, and later issued the Balfour Declaration of 1926 as Lord of the Privy Council, which announced a co-equal relationship between the United Kingdom and its Dominions, laying the groundwork for the Statute of Westminster 1931 which granted full independence to the former colonies. Read more on Wikipedia →