The Guardian from London, Greater London, England • 15

THE MANCHESTER GtTABJHAN, SATURDAY, NOVEMBER 10, 1923. 15 PREMIER'S GUILDHALL SPEECH. SIR EDWARD GRIGG AND OLDHAM. traatmant and acdlities to the produce and manufacture of other parta of the Empire, and 2. Arrangement! by whloh the intending migrants tram the United Kingdom may induced to Mtga In countrits rmdsr the British" flag.

(Cheers.) These subjects have been discussed at length and, if I may say a word about Preference, each Dominion is master in its own household and has adopted its own fiscal pplicv, but that has not been inconsistent with considerate treatment of ona Dominion by another and on the part of all Dominions bv the Mother Country. The People Will to Prevail. We have sought in this Conference to have an. increasing regard for the needs and aspirations of one another. We have not been able to travel in this matter as far as some of the Dominions would have us, but we are definitely moving towards a closer commercial co-operation, and how much farther, how much laster we dare move rests with the people of this country.

hear.) Xou have read of speeifio extensions proposedextensions of great importance, for Mr Bruce has stated that the preference that has has been made in recent yeirs in the standards of authority and information of those who write in tha press on foreign affairs. So profoundly convinced am I of that, that if I realiy want to know what is going on I look to the morning newspapers instead of waiting for my telegrams and despatches to come from the Foreign Office a little later. But the press, after all, is not impeccable. The press sometimes takes sides; sometimes it gets into the hands of people (loud laughter) who use it for purposes that are not equally acceptable to all and, therefore, even the press, well informed as it is, requires a certain amount of discount to be applied to its labours and results. His Royal Highness also alluded to the second class of information available to students, that is, in books, memoirs, biographies, and autobiographies.

Oi course, an autobiography (laughters must be regarded witn extreme suspicion. sou see, it is tne most fallible of all human documents, and no doubt the first law of students of history is to burn all autobiographies and proceed to construct the biographies themselves." "Statesman, Yet Friend of Truth." Referring to the third class, of miscellaneous publications, Lord Curzon said: It is to guide you through that labyrinth that this Institute has been formed. Lastly, there is the. class of information, almost undiscoyerable, of the real truth. I say undiseoverable.

because in the sphere of foreign affairs wa( keep that under padlock for the space of thirty years wisely so, not that our actions majf be regarded with suspicion, but because so many persons may be involved." That sort of information the Instituta would not be able to take possession of. The Foreign Office would take good care of that, but it would bo ready to give the Institute other assistance ana miormation. I have said the work of this Institute is an attempt to arrive at the truth," said Lord Curzon. Lord Grey eaid it is an attempt to create a public opinion. You could not have a more true remark.

It is on the support of public opinion that the conduct of the foreign affairs of any country, if it is to be sncnessful. must depend. There is in the world a sort of suspicion of diplomacy. People think that diplomats are rather crafty persons, and that muva in uu awiiospnere or intrigue. CS 10 JliJt.

11, Qtcu of Cabinet Ministers laughter), possibly even uouiAiiiun r-feuuers. iijaugnter.f "Do VOU remember tha nascana in n-ViirVi Pope addressed Addison, who was a Secretary of State and a very respectable person? (Laughter.) He began a stanza to him with tnese woros: statesman, yet mend of That was a most hnrrihlo iirniiKaHnn (Laughter.) It suggested a sort of contrast and contradiction -oetween tne two. I believe the more the Institute pursues its labours the more it will succeed in showing that as regards our OWn COUntrv ilier-ft IS Tiri Anr.h (4i'nrr the two. and that the nroceedmss of the British uv.ciuiiiuut, uuii uuwi uub ai any tune mliiui the memory of any of us, will stand tho test 0 examination, and that those responsible for your policy whether Lord Grey or anyone else 111 jus piace navo pursued a policy ot integrity, straightforwardness, and regard for the uuuuur meir country. The Tellers of Secrets.

As to what you must not do as inconsis tent with your task, do not let anyone for a moment that we at the Foreign Office want this Institute to become an adjunct or bureau of the Foreign Officer That would be perfectly fatal. You must be autonomous and independent of anybody. Do not let anyone imagine that you are going to divulge secrets. The ral secrets of public affairs are only divutged. by ex-Cabinet Ministers laughter) with art occasionally indiscreet general or colonel thrown in." i Renewed laughter).

In tribute to the Prince, Lord Curzon said I confess I am perfectly astonished at his versatility. One dav he is a soldier, another day a sportsman, a third day, at a considerable distance, ho is a successful farmer. Then he constantly appears as a statesman and a diplomatist. 'He is a man so various that he seems to bi not one but all mankind's (Cheers.) I will not complete the quotation. It is a little dangerous, and his Royal Highness might not like it.

But among bis various attributes and spheres ot work, if he has to make a pronouncement about foreign affairs, I 'hope he will remember that be is the visit-ov of this Institution and visit it." The vote of thanks to the Prince was carried with cheers, and the Prince, in acknowlcdg-mentj said he was only too pleased to be associated with the Institution, and wished it every possible success. REPREHENSIBLE TRADLV.Gr.' HEAVY LOSSES THROUGH SELLING BELOW COST. Sam Leonty Bloom, who carried on business at 12, Robert Street, Cheetham, Manchester, as a silk, cotton, and woollen goods merchant, wag examined in bankruptcy by Mr. J. Grant Gibson, tha Official Receiver, at Manchester yesterday.

In answer to Jfr. Gibson he stated that his liabilities were 11,433 and his assets He agreed that it was "a very bad situation." I obBervo that you have spent on yourself and your wife in 3i years If not more, ir. Do you think that that is Justifiable No, but it wa3 owing to the illness of my "wife. I am suggesting that a man is not entitled to spend 1,500 or more out of his creditors money on illness? I agree wilh you, and I am very sorry, but when your wife is seriously ill you don't think of that: you run for a doctor. In examining the debtor "on bis accounts Mr.

Gibson asked: Do you seriously tell us that 18,000 of new goods which you bought from April to September of this year realised only t.ii,uuuf it so, your trading was very repre- hensible? self. -It was am sorry uj say mat xuy- In further examination the debtor estimated the cost of goods which he bought from April to September at from 15,000 or 16,000, and he attributed the discrepancy between that figure and what he received for the goods to selling below cost and bad buvincr. In Anril lie owed about 7,000 or 8,000 to trade creditors, and had 500 to 800 of stock. Why did vou. with that heavv amount of liabilities outstanding, continue the business? I would still nave been able to carry on it one firm had not advertised.

Even my own father-in-law would have assisted me if my name had not been nublished. Nearly all the liabilities that were owing at the date of the Receiving Order were for first transactions 1 No, sir. I should say first transactions represented only about 2,000. I have a list of eighteen creditors for nearly 8,000, and they are all for goods supplied within, the last four or five months. Tbcy are not people you have been dealing with for the past three or four years? No, but it is not the first or second transaction.

Mr. Heywortb (for the trustee) You had no difficulty in disposing of the goods? I had great difficulty in disposing of the goods, but at the price I sometimes sold at I had no difficulty because I sold them below cost price. That was the inducement to your buyers? Yes, to buy them and pay me quickly. With regard to a p.irtidular transaction the. debtor said the company to whom he sold the goods wrote complaining that the goods were useless and claiming damage.

On these grounds he had not paid this creditor's account. Would you be surprised 'to learn that the goods were sold the next day without complaint at a profit Well, that man must have complained to me to get a reduction. It ls-some-times done like that. Does thai look like having reason to complain? Yes. You can sell goods at a profit and complain afterwards.

The examination was adjourned until January 11. 1323. MANCHESTER'S HEALTH. Although Manchester's death-raU. is slowly rising Wilh the change from rain to colder weather, it is still very low for this -time of tho year.

Laet week it was 10.2 per 1,000, as against an average of 14.3 for last year. Bronchitis and cancer each accounted for IS deaths, pneumonia for 10. and diarrhoea for seven deaths. The total also included one each from diphtheria, and whooping cough, againet an average in the six preceding weeks of five deaths from the more familiar infectious diseases. In the coarse of last week 235 new cases of dangerous infectious disease were reported, including 67 from chicken pox, 38 from scarlet fever, and 33 from pneumonia.

The cases of measles numbered 23. as compared with 247 in the corresponding week of last year. Becord quantities of apples from Canada the United States have recently befinarrivirig; at Liverpool, the quantities received during tha week endad November 7. for insUne, toiallinff bfuuitt and Wt together Being the tuivafent ot over 440,000 txnteft COMPANY DIVIDENDS. REPORTS AND NOTICES.

HOHA'BBHOTUEIIS rirst interim: dividend cD- 7 per cent cmnuUttra prtierenw (hires iisaed in Apnl lut has been decUrwl. BLACKPOOL SOUTH SHORE PIER AND PAVILION. Accord: to last Iwued mora has been experienced than last year. when, dividend wad not deoJired. whereat director recommend tbac dhidcud ot 3 per cent le this year, 'statement ft account shows Uut profit fr jewr was against 1,411 last vrar.

Wiin 479 brought fotwai.l local is 2.370. and alter iajrir: debenture interest Atd iuwino lax, directors payment ul dividend already aiiucmriced. whu-h uiJi Absorb 957. off turnliure. ami natures and carpcraliou prunt iu 442, leaving to cairy lortvacd 244.

ASIIBVS 3TAINE3 year to end ol Mpiembcr last profit and arcuunt, alter rharirirm InU'reat un debentures leans, and mortgages, and provM-for income sbuwa credit of 2a.Ui3, Jhica. 25.039 brousht in. total J.J.U. rreiereiH-e uivmena auoriea iuu duet-tor propose tc pjy dividend ol 10 per rtnt jn uresary muros. nun Uurius ol 2 per cont.

ii add a.3.000 lit rr-eno. rarrt P'JC rwn year dividend of 10 per cent vas paid on ordinary haTc. wAitRLOW SOSS -SIt Philip II. Waterlow. Win resisoea chaiioijn.iiip ol London firm of italionar.

on olnh ultimo, pc-iiiou which he had occupied Jdr 44 years. Buard baio Mr William A. Water loir, one ol tne manning director, chairman ot Ouapany. TEA. Director have declared airiaend U( lo per cent on ordiruiy ihsrts for the yx mentis Uowmber 31.

aeninst 10 per cent a year ago. j.KCiIR -U-UB TEA. lutrrim dividend or 25 per tit. ireo ol tax. against 30 per cent a vear aio.

MAJUI.t dividend ol lZi per oenl. irse ot tax, 71, cent a year ago. EOJMAY ol tax; as a 1R1'r ai-c. I 10 per oenl, frra HUPA.IULI dividend ol free of tax. 10 par cent, liI-NGyRCCAMA TEA.

ASD HVBUER ESTtTEa aucoiid interim dividend ot 6 inna iVtiSi j.fi3Li Ueceoibor neat. Th ii etiuiiaent to Is. i 2od. per barc. Bitisroi, GEOiUlEs for eiKiiit September 125.9" ih.iA.i.

Jtva mnouptaur to it olul Juae aud interim on ordinary Hiirerit W.OO0 lo far lice xurei far bhrea liiunrh a i dividend on nrdinar? ibarea oVrafe ol 30 oer re n.ni L'w ath. sTptember mL IWtta ai previoua year). Ualaaci ot 6.19( Temains tn bB carried forward. STRAND HOTKL-Viual dividend at rate of 15 nr AUSTRALIA AIEItC.V.NTILE WD AND ITS 4vn rli-iian rfeini: '-Wnd ol 5 per ieii cent, tctetier boiUi ul LJ fSl per cent lor year, ol ia. ltp.r Teat Jrei i tax.

previous vearl there i-sl vo iT added 'u1a'I0 ol to bo carnuL forward, aubjoct to provi Sosa "r9iotomi and corporation profit ta. estied to ias O0O KRAMAT declared ol Is Mr fl.5Mnaa,M VS, BKn- This inrtaf divi dend in respect, of piflt for ycr to December Slncxt" cJred rati" dividend d- Iwriu ot per lice ot iaa. together wilh i-j-ixji'iuo co.vsTKUtrrKj.v. agS." laaual orJtna 'hr MOUNT ItlXlSG i JMirMvr.M. Melbourne state.

thlC after Yrfdend 7" nn.i,V u( i or year fMicim N'n- Dividend In. er ihaiu dojlared; wnie as a sar Aji.iui.wiATr.il zivc un: nw.ivsi Is. per khara declared; ling as a niro. -DivMcnd ot MOVEMENTS OF STEAMERS. (IJcviI Tclpfrr I ADItASms, for J.Diidftn.

Jcft 8. ALMANZOKA, lor Soutlmmptun, hit Buouoa Ayrti B. AM3u 9RA' aouihaniirtc'n, a'rrirtd AUTONIA, for Montreal. Icr, SsutiMTOnlnn 8. AgAffUAYA.

Southampton for Birrrnn Ayrei, left Sanloa 8 ATfiEtrs, fur London, left Port 8. AUT0LYCU3, Liiarpcol for Yokohama, lets ITong Konj 8. BAXTRY, for U.K., arrived Durum 7. BARBADIAN, from J-ondpn, arrived Norfolk 8. BENALDER, hr Naples, left Charleston 8.

BENTJE, for U.K., left Sierra 6. BOONAII, from London, nrmed Fremantle 9. BOORAL, Sydney for London, arrived AutVrerp 6. BRADFORD CITY. Africa for Antwerp.

I. LAi.bUU.MA, for London, left Singapore 8. CAS3AXDHA, from Clyde, arrived Montreal 6. riVv nWrvfSYr Sll'' Hnrabermouth 6. "I- f.lNCULN.

Hankow lor London, arrived Mhdral SMiS 'jMJvcrpool, left Dakar 6. SHu MAOKKLIjAK, for London, left Malta S. CLAN MACKENZIE, lor U.K., left Melbourne 7. $5 Btnha'. arrined Port Said ft.

left Dakar 7. ZSSXJSii S0INT' Montreal, errlvod Halifax T. Bueno Ayrei, left Graveiend 8. fr Calcutta, left Sins 7. fpm tondori.

arrived Walvij B7 6 Ha' avondon. left AUeppey 6. el' Newport 9. Liverpool for Briinar.e. Hotiart 7.

DORSET, lor.ljjndon, left Lytieltoh 7 DURHAM CASTLE. Eeira for London, arrived" Aip.a Bay. 8. EflOE. front Liverpool, arrived Dalrar 7.

Pwrpool, arrived fiajfela 7. SSSiJ- Jor Hif'THO1. arrived Biimtu 7. grfltlB. from Clyde, arrived Malt 9.

SHJPG133 Bbanftbal for Liverpool. left Majiil a. EURYLOOIIUS. Indon. led Ceha 6.

London, left. TringUiD 6. 8335 Yokohama, arrived Graveicod 7. Oraseiul 9 GHA5GBl Jrultl BnM" Ayret, arrived invnnAPrS1.1, "lTi BJo Janeiro 7. IJIN1JOO, fcr Hull, left Karachi 8.

Now Yor't. arrived Fluanlna- 9. iSKlJ8 BAY. from London, arrived FrejMllllB. 9 St AlgMBay S15' nhVXTkt iondee.

5EXP.T.A'Va,I,arai'n for U.K.. arrived Panama 6. KNIGHT TEMPLAR. Kobe for LtvcrpDol.rrlviVr Mjr- Jar Brisbane, arrived Porl Said 9. Valparaiso, left 4.

Sav arrived Suva 9. St.v clTlIe Cnt. Btta. airiveii Prt. Haid I torn.

London, arrival Colombo hr. Mainhcu-r. lelf. Haiitaa 7. for Ilalavia.

lrdt. Culsow 7. il'rSEJVi- B. MISSISSIPPI. tor Hull, loll San Frandr-cn 7.

MONGOLIA, from Lmlnn nrrired Rvdnev 9. NAGARA, for London, li-ft. Las Talr'nan 8. i-AWYA. Lonrloii (or I rillod Aden 8.

for I.oml.:s. kit Aden 8. NARKTJNDA, I.on'ioii Tor ielt Hues 8. tar xw yrk- Soolhampinn LT2r.A.rf'.'rom.L,T''rl,vl1' arrived New Orleam 8. Monlreal.

arrived Avonmouih 9. PATANI. lor U.K.. left. SMocot-i 7.

PEI.KU8. Clrdu for Kol arrived P'irt 9. 251 CTIRTIS. trnm Oravriend 9 PORT LINCOLN, far Ne- YotJ.WM Clyde 8. PORT NAPIER, tor London.

lr. 7. PRESIDENT ROOSEVELT, for Ni York, left fWhamo-ton 8. HHKSU.S. from HvernooT, nrrirol YriSobaroa 7.

SICANIA, Ceoiva for Valparaiso. Ml. TeneriHe 7. BOKfrTO. U.K.-, arrived 8ar1e 7.

SPECIALIST, for Pernambtico. left Cardiff 8. 9DfFOLK. from Australia, nrrfwd Avonmnulh 9. StrWMA.

from Alrlra. arrived Hull B. SUTHERLANO ORANGK; Buenos Ayre. for Lirrp.x,t left TenerlBe 8. BWIKBURNE, frrjm arrived 3ardoa 7.

TOXbMACHK. New York tor Kobe, leit Panama 6 THEMLTTOCI.ES. London for Brisbane, called rivrooiitb INJURY DONE BY GAMBLERS IN COTTON. To ihe Editor of the Manchester Guardian Sir, Where are the leaders in the cotton trade to-day that they are not up in arms against the cause of the sensational tils in cotton i la there any truth ia the remark one constantly hears that outsiders are the main cause, and that they have already amassed huge fortune, to the detriment of the poor, spinner and weaver and their families', who vre on the verge of starvation? Cannot gom cf those who are on the Lord Mayor'a Committee of Investigation give a consoientious expression of opinion? If not, is thero any other who will speak out? Yours. AS ISTEBESTEIj OCTSIDEB, PHOVISIONAL CURRENCY FOR DANZIG.

On October 19 the Danzig Parliament-pasfl a law creating a provisional currency. The la authorises the establishment of a Central Office (Zentralkasse) to Issue equivalent deposit of pounds sterling, without tax or charges, a provisional gulden at thB rale of to 1 and of 100 pfennigs to thJe gulden, pending the issue of the permanent currency at the same rate3 and value. On the issue Hit latter, tfie provisional currency will be redepm-able at par, and the gulden will become aftrr a short transition period the only legal currency. The h.v make proviiion for temporary expedients. The depreciated paper currency is already disappearing from the market.

Tha provisional gulden appeared in circulation for the first time on October 25, and by Uie end of the month stocks And shares, bills of exchange, and foreign notes were being quoted gulden only upon the Danzig Exchange. German marks being merely quoted against sterling. The prices of stocks have risen. MAXCBECTBS HIDE ASD SKIS. d.

horned): 0 and bailers: 901b. oLd upwarda, flrt sli. second SOtb. to flnt aft, leoand 7Jd. IPto nut second 60.

to 7I-, lecond 7jd. 501b. to Urst lecond 64 491b and onder, Ant aeeood 6 id. per lb. and upwards, first teonhd 601b to flrrt 7d.t second 6 491b.

and under, flrit second holla, flrat 61d. "second 4Jd. irrs-nlnrs, seomd Sd. Hart bit. 80s.

6dU 12a, 10s. 3d. Oait akiui: 91b. to -SrjS second 6Jd. under flrat lOld.

seooad sasoaltiea, Brit second 4ld. krp, ftrat per headleaa 2dL per lb. trm, Sbeeii akffis: tfoo) fkins, 9ii 7d 8 6a. 4s. 3i.

lid. Scotch theep, 7. eVfc Gs. 5a. 111 Welah aosap, At.

3. Za. Srsfalt nos, 6a. 44. eJt 4L 2.1.

Bf 10it Fa. 4a, 3d. aSd 3f pw atotlft. Bnile i Marroi t. aad roajn 63.

per ocrire. A SCHOOL OF FOREIGN AFFAIRS. CHATHAM HOUSE. PRINCE ACCEPTS GIFT TO THE EMPIRE. VISCOUNT GREY ON THE AIMS OP THE INSTITUTE.

The Prince of Wales yesterday publicly accepted on behalf of the Empire th gift of Chatham House, 10, St. James's Sguare, aa a borne for tho British Institute of International Affairs, givers being Colonel and Mrs. B. Leonard, cl Canada. Viscount Grey of Fallodon presided, and among those present were the ilarquis Ourzon of Kedleston, the Duke and D-jchess of Devonshire, the Prime 'Ministers of Newfoundland, New Zealand, Australia, and Canada, the Maharajah of Alwar, Viscount Peel, Sir Taj Bahadur Sapru, Lord Robert Cecil, Lord Stanhope, Lady Grey, Lady Meston, and Sir James Afasterman S'mith.

The Prince, in hi9 speech, said the eift was unique. In no other instance which he could recall bad any property like this been given and dedicated in speeifio terms by a donor to me British Empire as a whole. The British Empire was too old and too great for any single ruler or statesman to be named as its founder, but among those who helped to build it up Lord Chatham held a prominent position. The gift of the House in which Lord Chatham lived, at the hands of Colonel and Mrs. Leonard, both Canadians born, was singularly fitting, for to him we owed it that the British flag waved over Canada to-day.

Jvo less fitting to the work of an Institute like this were the associations connected with his successors in hU house two great scholar-statesmen and Prime Ministers of Queen VictoriaLord Derby and Mr. Gladstone. Their home would now be preserved for ever as a place for the study of those problems upon wruoh the welfare of nations so much depended. JTaey must not forget that the dedication of these walls bv Colonel T.snnarrl nrA Vil iV as" a school for the study of international relations had been made possible becauta there was alreadv in fivicfjanro a -j Mwlente organised and equipped for its use. Ine joint task there would be to ernt library where the student could lay his hand on every book, treaty, and published document relating to the study of foreign affairs.

Besides this, the results of their studies must be made accessible in printed form to everyone who had for them in all parts of the Empire. Tha donors," continued the Prince, "have recognised that in order to establish an Imperial school of foreign affairs on an adequate basis an ample endowment will have to be raised. To that end they have given the trustees not only the freehold of this buildine but a oheque for 8,000 in addition as the nucleus of an endowment fund. They look with confidence to the rest of the Empire to complete the work, and they will not, I. trust, look in vain.

I am happy to be able'to announce that en Englishman, Mr. Cecil Power, has lost no time following their load with a promise to contribute 10,000 for the erection of a hall behind this house large enough for the meetings of the Institute, which have grown rapidly in the last year, and which will, I have no doubt, show a tendency to grow far more rapidly on the present site. 3 "Apart from its historic associations, it would be difficult for Colonel and Mis. LeoAard to nave selected a house more perfectly situated for the purpose. A vast amount of information on foreign affairs is of course contained in books and published documents.

But a vast amount of information, and that of tha highest importance exists only in the heads of recent observers. To a great extent the latest information upon which great world issues depend can be obtained only by word of mouth. One of the most vital functions which an Institute like this can fulfil 13 to establish a place where men witn Urst-hand knowledge of other lands can meet to exchange tha information which either has not been, or oannot be, written down." Colonel Leonard, expressing his own and Mrs. Leonard 3 thanks, said that to make the results of the work available to the public an endowment would be needed, large perhaps in amount, but trivial when compared With the practical importance of the issues at stake. He had no doubt that whatever was needed would be forthcoming from the Empire at large.

Viscount Grey and the Dominions. Viecount Grey, who opened the meeting, said that the Institute originated three years ago from a piece of concrete experience. He referred to the mingling together in the Hotel Majestic at Paris, during tho Peace Conference, of numbers of people from all parts of the British Commonwealth, called together as experts in this or that branch of international affairs. In their association they became aware of two points, first, that Governments were limited by the public opinion behind them, and that if that public orfinion was prejudiced, narrow, or ignorant, they could not do great and good work. Secondly, they saw that by exchange and discussion of views and ideas they gained greater knowledge and grasp of international The Institute was fouuded principally upon those two ideas.

After all, the same eort of work 13 the Institute was doing for inter national aftairs had been dene for science by the Royal Society, for geoKraohy by the Royal Geographical Society. But the Institute know they were undertaking a task much more delicate and difficult than those of the institutes for tlie other subjects he had named. ilia eartu crust, ooservea ixra urev. is not always as stable as we could wish, but it is staDie inrteea compared witn tne course ot human affairs and thines under human control. In international affairs it is a' common method first to form an opinion, then to collect from the facte the things that suit that opinion (laughter) and, if those facts do not suit it, cither to ignore them altogether or to distort them until they fit; then, having done that, to use tne opinion, so caretuuy lortined by the selection of facts not for purposes of discussion out as a sort ol bludgeon, (laugnter.) Tiie oiroorite.

It is the real method of education." truth fnr this Emnire on matt-p-re -Xtie 8 teat ITUtU I0r tniS empire On TnaUeTS general importance oreign policy, declared iDord Grey in a reference to the Dominions, was that there could be only one policy, and that was to be arrived at by consultation with the equal Governments of the self-governing Dominions. In order that such consultation could function effectively it was essential that theie should be throughout the British Commonwealth an educated public opinion on' internatonal affairs. That Institute would form a centre from which people, whether resident here or overseas, could eet the very best information. All.the Prime Ministers of the Dominions, and the President of the Irish Free State, had agreed to become honorary "At the head of it all," added Lord Grey, it is essential that there should be someone entirely above suspicion of political controversy, and who is regarded throughout the British Commonwealth as belonging not epecially to one part of it but belonging equally to all parts. For that reason it gives us ureat nleosure to know that tha Prince of Wales has graciously accepted the office of visitor.

(Cheers.) Lord Curzon's Sallies. Lord Curzon, proposing a vote of thanks to the Prince ot Wales, said that the previous speeches came io this: That the Institute had been constituted, and -was to exist, in order to enable people as far as possible in the realm of foreign affairs to arrive at the truth. "Now the truth, especially in that domain, is very difficult to find," added lord Cutton amid Janshter. "I suend a eood deal of mv life in searching for it. I think it warn some poet who said that truth, lies at the bottom of a well.

Undoubtedly it needs very long rope, a verv strong bucket, and very sturdy hands, to drag it to the surface. I see here of the Premiers of onr St eat Dorninions with whom I have had the honour of standing in association darina the last month round the elides of that well. Every day we have been letting down the bucket into the water and we fondly believe-aad wa hone wo have some reason for. onr confidence in bolisving that we have succeeded cringing vo a certain amount of truth to the surface. Vmr flu Print- of Wdles allurlerT to file difierent classes of information thai are at the present moment avausrya aoooc axuurs.

There first, to ww. to scions than mymel of toe styt CONQUERED MENACE OF THE SUBMARINE. EARL BEATTYJS CASE FOR CAPITAL SHIPS. CRUISER REPLACEMENT URGED. Earl Beatty, responding for the navy at last night's Guildhall Banquet, said that at the Washington Conference tha strength of the navies of the Great Powers was definitely laid down eo far as capital shipa and aircraft carriers were concerned.

It was recognised that our peculiar situation as a scattered Em pire admitted of special treatment In the matter of cruisers. The approximate length of the British trade routes was 80,000 miles. At any given moment there were over one thousand British merchant ships scattered over these routes, and as attack might be made at any point of the 80,000 miles it would be realised what a gigantic task was the protection of ship ping in war time, and how impossible it was to carry it, out without an adequate number of cruisers. Owing to the need for economy, however, our cruiser-building programme had not kept pace w'itri out needs. The older vessels wers wear- ing out, anil they must be replaced by new and up-to-date ships.

The Prime Minister had already announced the forthcoming replace ment of the county class, which were first laid down specially for trade protection in 1899, Speaking of the term "capital ship," Karl Beatty said it seems to me that it can best be defined as a ship which combines the greatest offensive powers with powers of de fence, which make it capable of withstanding attack from all other types and weapons that can be brought against it- It must, in addi tion, possess speed ana gooa qualities. The capital ship of to-day has to meet very different forms of attack from those to wuicu a was exposed a lew years ago. "Not only have guns and torpedoes developed immenselv. but submarines and air craft are additional weapons to contend with. The run' has greater velocity, the shell has greater bursting charge, and tha protecting armour has had to be increased accordingly.

The inoreasod efficiency of the torpedo has led. to the successful adoption of 'newrmetbods of under-water protection. Submarine and Air Attack. The advent of the submarine has increased the liability of ships to torpedo attack, and this has necessitated the development of anti-submarine measures. To-day the development of 3nti-submarine devices is more than keeping pace with the submarine so much so that to the Power in command of the surface of tho sea the submarine is not a great menace.

To a Power weak on the surface of the sea it is. a serious menace. Then we come to the question of air attack on the capital ship and the means for countering und defeating it. The Improvement in armour protection againBt the gun is effective agaiust the bomb, and the underwater protection against iho torpedo is equally effective against aircraft bombs bursting close alongsido a ship. Anti-aircraft fire has made great strides, and wa should be able to rely on our own fleet aircraft for counter-attack.

"The decision that capital ships can be equipped to withstand all these forms ot attack has not been reached without the most careful investigation or without giving every consideration to the points which have been "reed aeainst it bv those "who hold that the ly of the large surface ship is past. The decision based upon experiment ana exhaustive triad, fortified bv the best naval opinion available and the advice of all officers who have held important command within the iBSt ten years, the period during which the new menices have developed. Naval constructors corroborate the naval opinion and their views are in turn confirmed by the "decisions reached in the United States and Jrtnan. "The capital ship that is to say, the most powerful ship afloat is the basis sea power. It is the unit upon the support of which depends tho freedom of action of every less powerful type of craft.

It is a match for any ship or weapon that can be brought against it. To turn again to the air. It is not too much to say that in the future no fleet, no ship will be fully equipped without aircraft. Victory may weal depend upon tins. It must be remembered that shore-based aircraft can function only in comparatively narrow waters.

The great oceans which carry our trade and commerce are as free from their influences as ever. As in the case of the submarine it is only the Power which comi'imds the sea that can secure the full use and freedom, of action of aircraft borne in aircraft srriers and in ether vessels of the Singapore. Earl Bsalty wci.t on to defend the Singapore project. For he siid, Singapore had been recognised as the beat strategical position in the Far East. As for the naval forces of the Empire, he said he wished to make it clear that the Admiralty were definitely in favour of the policy ef the development of Dominion navies.

He eoacluderl with an appeal for the maintenance of the personnel of the nai-y. Tho Esrl of Cavan, Chief of the Imperial General Staff, expressed gratitude to Lord Derby for his definite pronouncement that there would bo no further reductions in the fighting troops. There was no militarism in the British army, but there was one point where their armour was weak and lie appealed for help; recruiting for the anti-aircraft brigades in the Territorial army was not good. They find only TOO nieu out of the 3,000 required and later they would want, broadly shaking, another 12.000. and they were wanted for the definite task of defennding their own home3 and their own kith and kin.

Home Defence Aeroplanes. Sir Samuel Hoare, Secretary for Air, replying for the Koya.1 Air Force, spoke of the increasing strength of the Air Force and said that it would increase in strength until "eventually) as tne nrst necessary stage in our erpansion nZl SS'n1, As to civil aviation, he could lot ivllr firct jiin: chmilrl r.rir Hr fit-on fnr Martin n. i-rpi Tr, rVTTl ni, hT.tw"; Great Britain and the Far East. BRITISH MERCHANTS AND MOROCCO. Sir Frederick Eley, speaking at the annual meeting in London of the British Merchants' Morocco Association, said the narvest on the whole had not been a good one.

Apart from that, one of the features of the year's activities was, of course, the preliminary conferences which bad taken place with a view to settling the political status of lh4 town and district of Tangier. Many who were mostly concerned with business in the French zone might not fully Tealise the very important issues-dependent upon the successful solution of this problem, but it was agreed by most who studied the question that, apart from the political or strategic aspect, it was ot vital importance to British trade throughout Morocco that an active part in the development of Tangier should be retained by this country. It is fairly evident that, if wa surrendered any of onr rights in Tangier their maintenance throughout the rest of the country would thereby be rendered increasingly difficult. As regards the bpamsn zone, tnere was little to report from the point of actual accomplishment! Everyone was interested in the effort which the new directory in Spain was making to eliminate the waste and corruption which had been allowed to clog the wheels of her administration in the past, and everyone wished success to the reformers. But it was early yet to judge.

The future of Morocoo is bound up with the future of Europe. Mr. Leslie Conper said that, eo fax as he cold see. the position of Germany to-day accounted for the retrograde movement which had so strongly set in during this year. He had lately returned from a visit to Germany.

They all recognised that it was just that Germany should suffer, that she should be made fully to recognise that she lost the war, that it was just that she should make reparation, and that any advantage her manufacturers enjoyed should be met by taxation, but he affirmed that she ws now being unfairly treated, and that there was a risk thai British' sympathy, perhaps slowly but certainly sorely, might become an listed in favour of Germany. I CONFERENCES WITH TORY AND LIBERAL EXECUTIVES. (From our Correspondent.) Or.DHM, Friday. Edward Grigg, the National Liberal for Oldham, is fulfilling public encase Mr JI.P. ments in Oldham this week-end, but is keeping clear of political platforms.

Last evening he had a private discussion with tha Conservative Association Executive Committee, and to-morrow evening he will uieu tne ar.ijnai LiDcral Association Executive Committee also, in private. wiw eveuiBj ue naa anytnme to S3V resrardint hie vii- Pra. his Mr. Lloyd George had deolared himself in favour of it, Sir Edward said he preferred not to make any public statement on his position until he had had the opportunity 01 a personal talk with bis chief, llr. iiioyd ueorge.

Sir Edward some months acra matlm ifoflni-a promise to the Conservative Association that iro nuum uu naming or wnicn ne Knew they did not approve until he had put his views before them. PROPOSED TAX ON BARLEY. MALTING IMPORTS ONLY. As was announced fn the Manchester Guardian" yesterday, the Government have promised the Dominions that in the event of a duty being put on hops or malting bariey a preference of one-third should ba given to the Empire and the Minister of Acriculture informed tha Imperial Conference in this connection that a cut-and-dried scheme in regard to barley was readv. j.iie rress Association yesterday learned that the Treasury Committee which, had been considering a scheme with reference to the proposed import duty on barley intended for use by brewers and diatillers.

had reported to the Cabinet favour of a plan which will cam' out that objectc E-v this year thB brewing trade informed the Government that, if it was considered that a duty would benefit the agricultural industry, they would offer no opposition to a tax of 10s. per quarter on all foreign barlev, but the farmers have contended that the dutv should be limited to malting bariev. iu import, oi Daney into tins country has this year averaged over 1,300,000 cwts. per month, of which it is estimated brewers and distillers use about one-ihird onlv. It is understood that the Treasury Committee has recommended that the "tax should be limited to malting barley.

fraud on a municipal candidate: PRISON FOR THE MAN WHO INTERVIEWED HIM. For obtaining 20i. from Edwin Iwis, candidate at the recent Manchester municipal elections, on 1 fie false pretence that he had been sent by a newspaper to interview him regarding his candidature, and for obtaining money by false pretences from Manchester licensed victuallers by staling that histories of their licensed preriiises would he published in t'he Licensing News a journal defunct since September, 1920), Alfred Horan (43), lodging in Grosveaor Street, Chorlton-on-Medlock, was at Manchester City Police Court yesterday sentenced to three imprisonment. Horan represented to Mr. Lewis that he was.

a re'ioiter for the Daily Mail" and that he had been sent to interview him. He took ehort-hand notes of the candidate'! olicy, and then falsely represented that a sum of 1 would be necessary to pay to the paper for the photo-blook of the candidate to appear that paper. Horan also falsely represented that in order to secure the publication of his photograph and other propaganda it would be necessary to give him another 1 for a similar purpose in the "Daily Dispatch." Evidence was given that Horan had no authority to represent either paper, representatives of both papers stating that 'hey bad no knowledge of Boran. Leonard McCann. printer, of Market Street.

Stoneclough, near Bolton, said that in 1920 he printed the Licensing News to tne order of Horan for about eleven weeks. Hotan disappeared suddenly, leaving a debt of about 220. In his evidence Horan denied 3'iv intention to defraud, denied that he had leceived any money from Mr. Lewis, and alleged that the last-named made the flret overtures to him regarding his candidature, promising to "see him later on." This Mr. Lewis denied.

HoTan. in the course of further evidence, said it wis "his intention to restart the licensing paper in January next. Certain friends of his were going to finance him the new venture. The Stipendiary Magistrate (Mr. E.

Brierley): Wasn't it about time you iaid the other printer? Horan had been found fjuiltv Detective Sereeant Walsh, said there wero cases of a similar nature against the accused in the Lancashire County Constabulary area, and Horan desired these to be taken into account. Cturt Inspector Brough said that in June last Horan, -who -was charged with obtaining 5. 19s. 6d. by false pretences in similar circumstances, was bound over on his undertaking to refund the money.

Passing sentence as stated the Stipendiary Magistrate said there was no doubt that Horan had been defrauding people for some time. EMERGENCY BANKING IN HAMBURG. The Department of Overseas Trade is informed that, an organisation has been established in Hamburg under the name of the Hamburgische Bank von 1923 for the purpose of providing means of payment in money of fixed value. It is a purely emergency measure which the Hamburg banks, insurance offices, have taken in order to deal 'with the present difficulties, it was constituted on the 24th ultimo, and the capital of 12,000,000 pold marks (600.000) was guaranteed by the following day, 25 per cent being paid up immeaiateiy. 'ine name win issue notes on the strength of actual caBh.

credit balances in New York. Bills In respect of such-balances will only be accepted from first-class houses. SILVER "CORNER" IN INDIA. BomuT, Friday. It is reported that those who engineered the silver corner which is now ended, have cleared over 100,000.

This has been a slack week owing to holidays. Government securities met a good inquiry. Cotton mills are firm, coltoh steadv-. and piecegoods favourable, the strength of the Manchester market helping in inducing demand and steadying prices. Exchange.

LONDON WOOL AUCTIONS. Tim London wool auction were continued yesterday wit): ftmaner efferiasv. covering 8 .600 bates of rrrlvaiely- otvned wool. Croasrbred clipa lorrned the major portion of tni oaennga, wnicn -sera again in active requefflj, eapeii-alJ for Yorkshire and other tame convumer. the wede tinting wrm values mujr equal to tnoae recently obtained for mrino wool at Mr to 6 tier cent above Ute Septerh- ber Medium crombrMli maintain the late rise of IO In 15 per cent, vrith coaree grades 10 per cent higktr.

while the finer rpialiHee are rather firmer, being nov quoted per cent to 7 per cent dearer. Tne large aiKrtraent of gitasy crosbred from Xeir Zealand yesterday, rcainiy cfimtMag oi medium to lower gradev. ranzed from 91d. to aljpe half-hred qualHie realiiied 23id. for the C.F.M.iFairfleW" and F.F.lLBeKait clipa, end a lair quantity of elifie errasortfl iruoM, marten ranged item iJrL to Zljd.

A good fuppiv of aiaiilar fefrrrpfioru rewiral from Punta Arenas vaa well distributed between borne and foreign buyers, the be5t of the gnay half-bred af and slipe half-bred Iambs, under the mark Frigo-. rilico Bariev," sold up to 54d. per lb. The Anstrslian merino weft represented chiefly by mall tots of fffeaiy, clips from Victoria, the beat parcel reaHsinf 36d. per The Cape wool was mostly withdrawn owing io firm Tne fatal offerlngi comprised 863 hales frorb Kew tooth Wales, 6SO Victoria, 81 "West, Australia, 3,432 Hew Zealand, 262 Cape, 3,800 Ponta Arenas; BS Peruvian.

Australian Wool Sales. a. Keuter's message rora Adelaide atates that the third series of wool sales ormied there yesterday, when 23,000 btlee were offered. Witbdiawsls -war nfli jibte. Mipcr fiaece was.

10 per ent higher. Best lambs were bb. and other dcrijitiaes-were fins. Oatinatiilrro was fzoOcral. Vaxashira adAmrle.

baiak mat lAtrkSaoea. The SfjSesa prie SSoT, 4 WoWrl tor ft CE POLICY DEFENDia). TO OEEATE MARKETS AND ABSORB SETTLERS. ALLIED COOPERATION THE FIRST BRITISH INTEREST. The lord Mayor's Banquet at the fimldhsm last night followed tradition.

Nest to the Lord Mayor (Sir Louis. Newton) sat the Prime Minister, and the other guests included several ol Mr- Baldwin's Cabinet colleagues, the AinoassaaoM ana Ministers of other nations, Dominion Premiers, many Judges, Church dignitaries, distinguished sailors, soldiers, unri airmen, hankers, city merchants, captains cf mausiry ana commerce, and men of distinction In all departments of public life. air. samwin, who was received with enthusiasm, said: In opening the Imperial Conference I said that the present troubles cf this world wera largely owing to the fact that we had learned to control the forces of nature, but had not learned to acquire control of our selves. If I am right in this diagnosis more pains must be takeu in future to apply the methods of science to human problems, and I cannot but welcome a step taken this after noon in that direction, under the auspices of th Pnnoe.

of Wales, at a gathering where he was supported by Ministers from all the Dominions and by my colleagues, the Secretary for Foreign Affairs, the Secretaries for the Colonies and India. Two generous and far- eeing Canadians have presented to the British Empire the house where three of my predecessors, Chatham, Derby, and Gladstone, had lived, and it will now become the home of a great Imperial school where all the nations of the British Commonwealth can combine to state their relations "with, each other and with foreign nations. (Cheers.) The creation of a body to deal with foreign affairs like tho Royal Geographical Society does for geography and the learned societies for other sciences fills a gap amongst our institution which ought to have been filled years ego. (Hear, hear.) Yesterday and to-day have seen tho end of the series of notable gatherings of the Imperial Conference and the Economic Conference. It baa been ray privilege to preside at the meetings of the Imperial Conference, and I need not tell you the pleasure which it has given me and all my colleagues to welcome the distinguished members ol the Conference who have come from the Dominions and from India.

The Imperial Conference. Curing the. last 6iz weeks their personalities bane become familiar to you, and I need not dwell on them beyond eaying this that a num-ler of aspects of thought, of variety of experience, are represented amongst the overseas members of the Conference, quite apart from that one characteristic, the political and administrative 'capacity which has brought them into the positions which they hold. We have liis Highness the llaharajah. of Alwar, a ruling prince, a soldier, audi a lover of the arts.

We have a student of social and economic problems I in Mr. Mackenzie King. (Cheers.) We have several lawyers of eminence, including General-Smuts Uoud cheers), Mr. Warren, -Mr. Burton, Mr.

De Wet, and Sir Tej Bahadur Sapru. In Mr. Bruce wa have a combination of legal and commercial experience, and in Mr. Slassey a well-known expert in agriculture. We have scholarship reuresented in Professor MacKeill, and literature in Mr.

Graham and Mr. Fitzgerald. Lastly, let us not forget that Mr. Bruce Mr. Warren will take anyone on in this room in a boat or at golf.

Ifoiv I should like to make a few observations about the work of the Conference. I am glad to say that yesterday we agreed upon a report which will be published in a few days. That is no reason why we should not anticipate here something of what we may see later. Xhe Conference, wa must remember, is a conference of representatives of Governments, and its purpose is not to frame absolutely final and binding resolutions. Such conclusions as are icached are necessarily subject to any action which may be taken by the Governments of c.n'h Dominion later on.

Defence and Armaments Reduction. But I can say with some assurance that what has been accomplished will in my view commend itself readily to our Parliament at home. (Cheers.) The chief subjects coming under review are foreign policy and Imperial defence, and it is a great opportunity for the representatives of the Governments to -meet each other and discuss frankly what is in their minds, i Hear, hear.) We learn to understand each other's point of view by personal contact far wtr tVian we can bv correspondence. In the sphere of foreign policy conclusion nn such matters as the Washing- Agreements, the Xear East, the league Xations, and the present situation on the Continent, in which I shall say a few words by and by. With regard to defence, it is for Governments and Parliaments to decide what forms of defence are necessary and suitable, but I am glad to say that we drew up a number oi guiding and the Comerence felt mat while it was necessary, and while nothing reelected in the department ef Im terial Defence, we were desirous, having pro- that ne Ann vided for the safety of the Empire, mat as and when the opportunity in the luture nuguw ouC.

should always be prepared to consider, in with other peoples, what possi bility there was of future limitation of arma ment (Hear, hear.) There is one matter I should like to touch uuon. There has been an intensity of feeling in India on the question of the status of British Indians in the Empire, and considerable Urn was devoted to this subject. It was felt India that any disabilities which might attach in other Darts of the Empire were baed on distinction of colour, end were badges oi social inferiority. But the proceedings of the Conference made it plain that that was not so. and that any disability that may exist in anv parts of the Empire is due solely to complicated and local economic and pohtaoal considerations.

The general results of the discussion and the practical steps which by agreement are going to be taken in this matter wiU, I feel sure, be a source of widespread gratification un India. (Hear, hear.) Preference. More than six years have passed since the Imperial War Cabinet, attended, amongst others, by Mr. Massey and General Smuts, passed an important resolution on the questions of Imperial Preference and migration. Its importance was fully recognised in 1917, and it is worth while recording the words of the resolution, which ran as follows: The time has arrived when all possible encouragement should be given to the development of Imperial resources and especially to making the Empire independent of other countries in respect of food supplies, raw materials, and essential industries.

With these objects in view this Conference extr-rensea itself in favour of 1. The prinoiplej ecli P8It 01 th v.mnit. bavin due xMtatd to the interests of our should give specially favourable it of of a ueen announced, or rather which we have announced cur intention of proposing to Parliament, wili make possible the full development of his Murray River scheme which it is expected will support three-quarters of a million people. There is no doubt that in that district the Empire -will supply fruit in such abundance as to make any possible change of price negligible. Similarly with regard to sugar.

"Increasing quantities can be grown inside the Empire, but although preference given is substan- i tial, there is no eertaintv- nn tn tha ftit.ii- sri is therefore proposed vo stabilise the present value of the sugar preference to ten' years, thus giving the security necessary for the development oi the industry. The home Government has agreed to certain measures ef financial cooperation where such help will lead to orders being placed at home, and the value of this double policy of Preference and financial co-operation is plain. It means orders placed in this country. It means the development of transport and utility undertakings which will directly assist in the growth such raw materials as cotton. And it means the absorption of settlers and growing markets for our goods.

(Cheers.) The whole policy is a practical one, and the Conference has considered the question of Empire settlement The initial discussion demonstrated that the extent of the settlement must necessarily depend on the reasonable certainty of markets to absorb the produce of the settlers and upon the rata of development, which, in its turn, rests largely on finance. Therefore, the key to settlement lay in the extent to which development could be accelerated, the financial co-operation which could be undertaken, and the market which could be created by Preference. Tho question has been thrashed out in all its aspects by the Conference. I believe that when the necessary legislation is passed we shall find that a great many of our hopes and ambitions have been realised. These meetings have been a most valuable experience for all us for us at home and for those from overseas.

I Temember how Mr. Page in that great work of his wrote in the early days of tho war with accurate vision, and said that When the war ends, the world will not take up its knitting and sit quietly by the fire for ruanv long year." That is true, but it is no reason why the British Empire should not tidy its own hearthstone and why we should not attempt to make at least a happy fireside clime for the family of nations to which we are so proud to belong. Trade Interests and Foreign Policy. It is an easy transition from these reflections to a brief consideration of British foreign policy. That policy must of necessity be directed to the safeguarding and maintenance of British interests.

(Hear, hear.) The inteiests of the British Empire in foreign countries are first of all economic and commercial. When we speak of peace behvg the greatest British interest we mean that British trade and commerce, which are essential to the life of our people, flourish best in conditions of peace. They expand or contract in proportion as the world is at peace or is disturbed by war or the result of war. War, revolutions, international jealousies and quarrels are alike inimical to our interests. And these trade interests arc not the materialistic- or sordid affairs which people would make the world believe who talk sneer- ingly of a nation of shopkeepers.

International trade lies at the base of a policy of justice and goodwill towards all mankind (cneers), ana mitisn are juaunea in placing the promotion of our trade in tho forefront of our foreign policy. That policy is often misunderstood and criticised. We are accused some time by our friends of being "anti" this and "pro" that, while in fact we pursue tha course, as other countries do, oi our national iuxeiiLs, tum our confidence that those interests hannonise with the highest ideals of international justice and the demands of free and active intercourse between all nations. (Cheers.) Not by Revolution and Changes of Dynasty To use the familiar words of the King's Speech our relations remain friendly with all Powers. We shall presently ask Parliament to ratify the Turkish Treaty, and with that the last outstanding war liability will have been wiped off the slate.

It is hoped that tho regions of the Near and East, which have been in a state of chronic convulsion since the war. will now settle down to the sorely needed task of reconstruction. These States must work out their own destiny. We have no desire to interfere with their internal or domestic affairs. But it is not by revolutions or changes of dynasty or by violent commotions that peace and progress are most likely to be secured.

The people or the States in question will not advance their own interests by any such methods. They are all of them, or nearly all, impoverished by the war. and they will rmerl financial aid for their rehabilitation. But when their agent comes knocking at the door in London, or wherever it may be. the first question that will be asked and the first guar mtee that will be required will he that if internal order and security.

(Hear, hear.i America and the European Muddle. The situation in Western Europe is still one of grave anxiety, and it cannot be said that the Great Powers principally involved have so far been very successful in finding a solution. And hence it is we herald with great satisfaction the signal of renewed willingness on the pan of the United States of America to co-operate with Europe in the task. (Hear, hear.) This does not. in bur opinion, involve any attempts to drag America into our European entanglements or to make her the arbiter over European misfortune.

She would emphatically repudiate either interpretation or both. But her interest in the economic recovery of Europe, in which she must inevitably play a considerable part, is not less than our own, and she is capable by reason of her detachment of forming judgments and offering advice which will be recognised and accepted by all. Whether the efforts to bring about the conference which is now under discussion will succeed it is yet too early to say, and it will be premature to hazard a guess as to the particular form that it will take. But that Europe should ha allowed to drift to her doom while the Powers look on with folded arms is no to be thought of (cheers) and the entire weicht of our authority and influence will be and is being thrown into the scales in favour of that co-operation with America, that common action between all by which just five years ago the war Was won and by which alone the peace can be secured. (Cheers.) Allied Co-operation and British Interest.

Speaking in this place a year ago to-day, Mr. Bonar Law made a solemn appeal for united action, by the Allies in the interests cf world peace. He said: TTibtb is onlv one wav at this moment by which peace can be secured, and troubles in overcome, ana mai is mat iuo Allies, who won the war together, should act together to secure the peace which they alone can secure, and that is tho policy that we have striven with all our power to carry out. Allied co-operation is not erolusively an international interest; it is a British interest There is a distinct and logical line of connection between what happening in Western Europe and the condition of our own people, let if. be believed, it is from exclusively abstract ox ethical considerations, nor again from the standpoint of treaty obligations alone, that Great Britain acts and will continue to sot She is ana she must be inspired by God for her awn interests by the contemplation of the industrial disorder in our own.

country, by the spectacle of unemployed millions, the closed works and she diminishing exports of Britain. Onr duty first ad foremost is to our own people. Let us never lorger, mat si we nww vSolotrofld. (TouS and -lrrltogja cheers.) vnm tne neaoerui nwiosi.