The rest of Sir Alfred Mond's speech deserves close study.
He is one of the small body of public men who understand the present industrial situation. He knows that the existing evils are a direct product of a bad policy—are, in fact, home made. " With a policy of deflation, of heavy taxation and of debt redemption, we must. inevitably have diminution of exports and growth of unemployment." , We are convinced that Sir Alfred lays his finger on the spot. He might have added to his list of results the restlessness and growth of the revolutionary spirit which throughout history has accompanied the contraction of credit, and of the media of exchange generally. We are, in truth, suffering, not so much from Trade Depression as from Trade Repression. We have trampled out the fires of commerce instead of fostering them. The rest of the speech was excellent. In effect, he said, don't be afraid of lending money abroad, it will come back in orders for goods ; have the courage to use your credit and develop the splendid estate we own in the Empire. We would add " and do remember two things : (1) that to kill exchange is to kill wealth ; (2) that it is individuals who trade, not nations." The Traders are far ahead of the Politicians, and arc real, if unconscious, Internationalists.
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