A.—B.

6

individual interests, we shall hope to assist as best we may in any movement that promises an improvement in the economic prosperity of the United Kingdom, and that we shall give most earnest and sympathetic consideration to any proposition that may be laid before the Conference. Honourable members will not, I think, expect me to enter into a discussion of the advantages or otherwise of various fiscal systems, or of the proposals that are now, I imderstand, agitating public opinion in Great Britain : the fiscal system of the United Kingdom is a matter entirely for the consideration of its own people and its own Government. We can all agree, however, that a determined effort to rise out of the economic rut of the present day is called for, and that the people of New Zealand would not wish to be behindhand in taking their part in this task. Unfortunately, it does not rest in the power of Governments or Conferences to remove at a stroke the economic ills from which practically the whole world is suffering. We yield to the people of no Dominion in our devotion to the principles of inter-Imperial unity, both economically and otherwise, and we will enter upon the discussion of the economic subjects at the Conference with all good will and with the desire to foster trade within the Commonwealth in every possible way. I do not propose to comment on the various subsidiary questions that are included under this heading in the agenda, except in the most general terms. We should, of course, welcome the fullest extension of capital investments and the establishment of branch industries in this Dominion, and we will encourage in every possible way the development of inter-Imperial trade by Trade Commissioner services or the other means referred to in the agenda. We shall enter into any discussion that may be promoted on the question of inter-Imperial tariff preferences in a helpful spirit, and, indeed, this Dominion has invariably been to the forefront in the preference which its Customs tariff allows to the products of other members of the Commonwealth. We regard the Imperial Economic Committee, the Empire Marketing Board, and the Imperial Institute as performing useful and valuable functions each in its own sphere, and we do not fail to realize the immense potential value of research both in agriculture and in industry. To the special meeting of experts in industrial research and standardization we have already arranged for the departure of the Secretary of the New Zealand Department of Scientific and Industrial llesearch, and the deliberations of this meeting of experts when reported to the Imperial Conference will, we hope, lead to results of real and permanent value. We regard any improvement in transport or communication between the various British countries as not only a most valuable aid to the cause of inter-Imperial trade, but as a potent factor in increasing the good will and understanding of the component parts of the Commonwealth, and we shall examine with care the considerations to be placed before the Conference on this subject. I feel it necessary to refer more specifically to the three remaining subjects on the economic side of the agenda. I do not propose to commit the Government on the subject of bulk purchases and price-stabilization. I am not yet aware of the proposals that will be placed before the Conference in this respect, and it would certainly be premature to express any views, but I look forward with interest to the discussion of these subjects. lam arranging to be advised of any comments that the various New Zealand Control Boards may wish to make, and no commitments will, of course, be made without the prior approval of the New Zealand Parliament. The question of oversea settlement is one of the utmost importance, and is at the same time one of the most difficult. Many of the difficulties of the United Kingdom are due to the fact that there is insufficient work to be found for its people, and any system that can lie devised to transfer surplus population from the United Kingdom to the Dominions must be of real value. So far as we are concerned, however, the unprecedented continuance of unemployment here renders it quite impossible that we should at present encourage immigration into this country ; and this not only in the interests of the people already here, but equally in the interests of the intending immigrant. It would be a disservice to the immigrant 110 less than to New Zealand to bring any man to the country unless it is clear that work is available for him, and, unfortunately, in the existing