The Chancellor took the opportunity of welcoming the speech recently
made by M. Bonnet to the second committee of the League Assembly, and the resolution subsequently adopted in favour of fewer trade restrictions and bilateral trade agreements subject to the most- favoured-nation clause. He pointed out that the American Secretary. of State had sent a message support- ing the resolution. Whilst Mr. Chamberlain must figure in the eyes of his countrymen, as an active Protectionist he is justified in claiming some of the merits of a Free7 trader when he is talking to foreigners. Our duties are at least relatively low. We do not discriminate in duties between one foreign country and another, or place quotas upon manufactured goods, or impose exchange control. We can still claim it as a virtue that the world would come nearer to Free Trade if it were as moderate in Protection as we are. In regard to the gold standard Mr. Chamberlain certainly carries. most informed opinion in this country with him when he says that the time has not yet come to return to it. He might have added that it will not come till certain foreign countries change their central-banking methods. In the meantime we aim at stability within the sterling area.
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