Strict fiscal policy Fiscal performance will be guided by prudence.
This fiscal policy he pursued during his three Federal premierships (1903-4, 1905-8, 1909-10), and he was also a strong supporter of Australia's cooperation in Imperial defence, being responsible for the acceptance of the measure authorizing Australian naval construction in 1909 and for the invitation to Lord Kitchener to come to Australia to report on the question of defence.
Delbruck now began, with the support of Bismarck, to apply the principles of free trade to Prussian fiscal policy.
In this year began the " Tariff Reform " movement initiated by Mr Joseph Chamberlain, but Free Trade retained a strong hold on the British electorate, and the return of the overwhelming Radical majority to parliament in 1906 involved its retention under the fiscal policy of that party.
On October 1st Mr Balfour spoke at Sheffield, reiterating his views as to free-trade and retaliation, insisting that he "intended to lead," and declaring that he was prepared at all events to reverse the traditional fiscal policy by doing away with the axiom that import duties should only be levied for revenue purposes.