10 NOVEMBER 1923, Page 2

Mr. Baldwin declared his fiscal policy at Manchester on Friday,

November 2nd. Lancashire was almost as curious about what Lord Derby would say as about Mr. Baldwin's programme. Lord Derby, who as Chairman of the meeting spoke first, said, "I have been and I still am a Free Trader." He went on to explain that he had never been "bigoted on the subject," and he felt that among Free Traders there were many like himself who thought that exceptional circumstances required exceptional treatment. Thus he had no a priori objection to the prevention of dumping. He could not, however, support taxes on bread or meat, and he hoped that the Prime Minister would make it clear that "under no conditions whatsoever" would there be such taxes.