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The memorial points out that, according to the Report of

the International Economic Conference, the true way to cure industrial depression is to remove the barriers which now prevent freedom of exchange. The signatories of the memorial say that the initiative in giving effect to the Report can most easily be taken by Great Britain, as such Protective measures as we have are a recent departure from traditional policy. Moreover, no country is so dePerident as Great-Britain upon the free exchange of goods. So far as we prevent other countries from selling to us we prevent them from buying from us. The creation of sheltered industries is achieved at the cost of a contraction in the vastly more important export industries.

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