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Prefatory Note.
This Memorandum is written from the point of view of a student of economics rather than an advocate of any particular policy. I have not held back my own conclusions on the questions to which my attention was directed. But I have endeavoured to select for prominence those considerations which seem at once important and in some danger of being overlooked, whether they tell for or against my conclusions.
The problem of the incidence of import duties is extremely complex. It is indeed too large and difficult to be handled shortly. But it is passing from the student's closet to the market-place; and it seemed to me, therefore, right to attempt to present its chief outlines in(...)"