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investigate, as rapidly as possible, the standard of Empire Content which should be required by them for the import under preferential rates of the different classes of goods, bearing in mind the following principles: (a) That though it must rest with each Government to decide what standard it will require, a greater degree of uniformity throughout the Commonwealth is desirable; (b) The standard required should not be such as to defeat or frustrate the intention of the preferential rate of duty conceded to any class of goods. On the question of export bounties and anti-dumping duties within the Commonwealth, the Committee recommend for the consideration of the Conference the following resolution: This Conference, recognizing that export bounties and exchange depreciation adversely affect the value of tariff preferences within the Commonwealth, expresses the hope that with a rise in the level of commodity prices and with stabilized exchanges such bounties and the special duties which have been adopted as a means of adjusting the situation so created, may be withdrawn. At an early stage in its deliberations the Committee was informed that negotiations were in progress between the various delegations for the conclusion of trade agreements, and accordingly a drafting committee, under the Chairmanship of the Right Hon. Neville Chamberlain, was appointed to prepare a resolution to record and present the bilateral trade agreements so negotiated during the Conference. The Drafting Committee presented the following resolution which is recommended by the Committee to the Conference for consideration: The nations of the British Commonwealth having entered into certain Agreements with one another for the extension of mutual trade by means of reciprocal preferential tariffs, this Conference takes note of these Agreements and records its conviction: That by the lowering or removal of barriers among themselves provided for in those Agreements the flow of trade between the various countries of the Empire will be facilitated, and that by the consequent increase of purchasing power of their peoples the trade of the world will also be stimulated and increased; Further, that this Conference regards the conclusion of these Agreements as a step forward which should in the future lead to further progress in the same direction and which will utilize protective duties to ensure that the resources and industries of the Empire are developed on sound economic lines. The Agreements referred to are annexed hereto* and the Conference commends them to the Governments of the several parts of the Empire. B—Conference Conclusions The Conference approved the above report, adopted the statements and resolutions contained therein, and commended them to the several Governments for their consideration.

♦The Agreements will be published later as Annex V to this Report.