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INDUSTRIAL FUTURE
OF BRITAIN
Liberal Party's Inquiry
Impérial Preference Ruled
, Out
Development of Resources
LONDON, February 2.
Imperial preference has been ruleJ
out, but definite co-operation in the de-
velopment of the trade and resoureas
of both Great Britain and the Do-
minions is the outstanding conclusion of
the Liberal Party's industrial Inquiry
dealing with the industrial future of
Great Britain. The report, which runs
into 5t)0 pages, bears the signatures of
Mr. Lloyd George, Sir Herbert Samuel,
Sir John Simon, Professor J. M. Keynes,
Mr. Ramsay Muir, M7P.. Mr. Philip
Kerr, and others.
The report states that the Dominions
get access to the British markets for
their foodstuffs and raw materials,
which are their principal exports, and
therefore they desire British preference
as a fair return for their preference lo
Great Britain. "But there .is this differ-
ence between us," the report continues,
"that while Dominion preference J In-
volves no departure from their policy of
self-sufficiency, our preference involves
a radical departure from our accepted
policy, and necessitates raising barriers
against two-thirds of our customers."
The report denies that It is possible
to find within the Empire adequate com-
pensation for Great Britain's trade
losses witli the rest of the world which
preference would Involve, partly, be-
cause largely increased absorption of
British goods would be limited by the
smallness of the populations in the case
of the Dominions, partly by the low pur-
chasing power in the case of India and'
Africa, and partly because 'the .Do-
minions are determined to build up their
own industries behind tariffs only a
little below those1 against foreigners.
THE ALTERNATIVE FOR BRITAIN.
The report proceeds:-"Alternatively,
t
for Great Britain to raise barriera
against her foreign trade would prove
ruinous to her, and also impair he.
capacity for Empire development.
Though the self-governing Dominions,
embrace 60 per cent, of the area of the
Empire they contain only 6 per cent, of
the population, and therefore their chief
needs are more population, capital, mar-
kets, and communications, and in these
needs British Liberals are prepared to
co-operate. The Dominions heretofore
have been mainly dependent on Great
Britain for immigrants, but the shrink-
ing birth-rate will gradually wipe out
any available British surplus, probably
by 1940. If, therefore, the Dominions
want to be peopled by British stock, im-
migration must be accelerated while a
surplus exists.
MIGRATION TO AMERICA.
"In the meanwhile the United States,
notwithstanding her quota limitations,
is absorbing more Britons than Austra-
lia, New Zealand, and South Africa
combined. With reference to capital,
Great Britain provided her overseas em-
pire with JC 100,000.000 In 11127. but hhe
Is unlikely to continue that scale."
The report suggests, as an alterna-
tive, the Ely scheme of popular Invest-
ment trusts for small savings as likely
td provide a new source of supply of
capital for Dominion and colonial
needs.
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