Excerpt from The New Tariffism
The Committee presided over by Lord Balfour of Burleigh was called to a difficult task. Before considering its recently issued Report, it is well to keep clearly in view the terms of reference set to it by the Asquith Coalition Government on its appointment in July 1916: -
To consider the commercial and industrial policy to be adopted after the war, with special reference to the conclusions reached at the Economic Conference of the Allies, and to the following questions:
(a) What industries are essential to the future safety of the nation; and what steps should be taken to maintain or establish them.
(b) What steps should be taken to recover home and foreign trade lost during the war, and to secure new markets.
(c) To what extent and by what means the resources of the Empire should and can be developed.
(d) To what extent, and by what means, the sources of supply within the Empire can be prevented from falling under foreign control.
These clear issues cover all the main topics broached during the first two years of the war as to future trade policy; and a set of clear answers to them would have been of great value. It was indeed unfortunate that the issues were all laid with a "special reference to the conclusions reached at the Economic Conference of the Allies."
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