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The speaker's opinion that Imperial defence and tariff reform are very intimately co-related and connected, and how that is so. Characteristics of mercantile empires, including the British Empire. Defending oneself against an attack from the sea and against the possibility of your oversea trade being cut off: the need for a strong navy. Illustrative instances of this need for a strong navy. Canada's fortunate situation in that the danger of invasion seems a small one. The impossibility of improvising an army or a navy. The security of the British Empire largely a question of the purse. The present position in that regard. The difficulty for Great Britain in having to scatter her defences all over the world, unlike the United States or Germany. The wealth of Great Britain shrinking largely because of Free Trade: a proposition from the speaker in examining free trade and its effects. An explication of how Imperial defence and tariff reform go hand in hand. How tariff reform will provide very largely for future financial requirements. How to provide against danger. Defending the citadel and naval base of the British Empire, one's own liberty and fleet, and helping in the defence of that small outpost which protects one against the over crowded nations of Europe by defending Great Britain.