This Report incorporates a memorandum by the Secretary, Sir David
Chadwick, on " The Trade of the British Empire, 1918- and 1925 to 1928." This is mainly statistical. The author discovers an increase between 1918 and 1927 of about 27+ per cent., which compares favourably with -the League of Nations . estimate of a 20 per cent. increase in world trade. He points out, however, that the rate of expansion slowed down in the last two years, 1927-1928. The increase of Canadian trade is as much as 100 per cent., that of New. Zealand 40 per cent. A final indication that the United Kingdom remains the focus of inter-Imperial trade—having in 1927 -about' 84 per cent. of the whole—helps us more than anything to obtain a proper perspective -of the British Commonwealth.