A.—6a

32

These at least show that we are taking at this moment a very substantial part of the trade. Personally, I am certain that we could elei very much more, and, of course, as I will show later on, the value to Britain of exports to the Dominions is considerably greater than the value of exports to foreign countries ; but before- I do that, I would like to put em record anel bring under the notice of the Conference the development of Dominion markets over the last forty years and also to try and stress the point of their possibilities. The following figures show the overseas trade of the different Dominions :—

Total Overseas Trade.

These figures show a very considerable development anel growth, and I venture to say that if there had been any statesmen in 1880 who could have visualized the development and growth of the Dominions trade they would have given very serious thought to the question of concentrating upon Dominion trade; and Dominion expansion, and of seeing whether that was not the best way to develop British ineiustry generally. As we; look back upon the position I think that thought must cross our minds to-day, Surely, if we view it in that way we ought to lay ourselves open to a similar charge a generation hence when people look back and see what we did—an increase from £112,000,000 to £1,026,000,000, while: we: made no really serious effort to develop the Empire: at all. The Empire has merely developed of its own initiative. Up to elate there has been no concerted plan, and, I venture: to sugge:st, no real and genuine effort. If we took the matter in hand and really did concentrate upon it I think the: expansion in the figures over the next forty years would tell a tale which woulel mean a perfectly amazing position for the whole of the Empire as a commercial nation. That side, I think, is one: we must stress if we are going to pretend that we have any sort of a vision into the future, and if we are really determined to try and achieve something for the generation that is coming after us. Comparative Value of Dominion and Foreign Trade. Just now I referred to the question of the comparative value of the Dominions' trade as against foreign trade, and I wish to emphasize' it in this way. I want to show in regard to the exchange between the Dominions and Great Britain that the Dominions take from Britain just about what Britain takes from them. In the case: of foreign countries it is a very different story, particularly in regard to those countries where there is a possibility of development on the same lines as in the Dominions—namely, countries which are producing foodstuffs and raw materials. In those cases Britain takes a great deal from them, but they take very little from Britain. The particular countries I refer to are the Argentine, Denmark, and the United States, and these were the figures for 1922 :—

Taking as a whole these three countries, the e;xports to Britain in 1922 were, £318,842,759; the exports from Britain in 1922 were, British produce and manufactures £90,182,275, re-exports £23,557,960, making a total of just over £113,000,000. These three: countries exported to Britain £318,000,000, and they took from Britain £113,000,000. In the same year the five large Dominions exporteel to Britain £232,000,000, and they took in exchange £229,000,000. I think one can appreciate the value: of a trade of that character as against the value of a trade where the amount taken by the other country is so much smaller. I think that point has to be particularly emphasized ; it can be very well illustrated by the case of the United States, which exported to Britain in 1922 £222,000,000, whilst the total exports from Britain to them were £76,000,000. In view of the burde:n of interest on the American elebt it would certainly h?lp our whole economic situation if we could to some extent vary the position which exists at the iKesent moment,

Year. Australia. Australia. Can a Can a South Africa. South Africa. New Zealand. N, tew Zealand. Grand Total. Orand 'Total. [_ 1S80 1901 1921 £ 50,000,0(1(1 92,000,000 296,000,0(10 j £ 29,000,000 71,000,000 510,000,00(1 £ 18,000,000 55,(100,000 132,000,000 ( i £ 15,(100,000 28,000,000 88,000,000 £ 112,000,000 246,000,0(0 1,026,000,000

I in ports from Britain, 1(122. Countries. Exports to Britain, 1022. British Produce and Manufacture, Re-exports. Total Exports. Argentine Denmark (including Faroe Islands) Uniteel States of America £ 56,520,259 40,309,506 222,012,994 £ 22,708,073 12,451,767 55,022,435 £ £ 655,884 23,363,957 1,247,767 13,699,534 21,654,309 76,676,744 £ 23,363,957 13,699,534 76,676,744 318,842,759 90,182,275 23,557,960 113,740,235 Five large Dominions 232,112,491 .11,372,409 229,145,624 232,112,491 217,773,215