E. Cobham Brewer 18101897. Dictionary of Phrase and Fable. 1898.
Fair Trade.
Smuggling.
1
Neither Dirk Hatteraick nor any of his sailors, all well known men in the fair trade, were again seen upon that coast.Sir Walter Scott: Guy Mannering, chap. x.
Latterly the phrase has been introduced into politics to signify reciprocity of protection or free-trade. That is, free-trade to those nations that grant free-trade to us, and vics versa.