I should like to make an observation to right honourable and honourable Gentlemen opposite. It is that I do not think they will help to produce the atmosphere in Europe which is so desirable by issuing papers that have been issued by the National Council of Labour, headed 'Hit Hitler'.
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Speech in the House of Commons (11 March 1935); published in Hansard, House of Commons, 5th series, vol. 299 cols. 50-1.Stanley Baldwin
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There was a plea from honourable Members relating to the need for formal Gross National Product figures. Such figures are very inexact even in the most sophisticated countries I think they do not have a great deal of meaning, even as a basis of comparison between economies. That other countries make use of them is not, I think, necessarily a good reason to suppose that we need them. But, although I am not entirely clear what practical purpose they would serve in Hong Kong, I am sure they would be of interest. I suspect myself, however, that the need arises in other countries because high taxation and more or less detailed Government intervention in the economy have made it essential to be able to judge (or to hope to be able to judge) the effect of policies, and of changes in policies, on the economy. One of the honourable Members who spoke on this subject, said outright, as a confirmed planner, that he thought that they were desirable for the planning of our future economic policy. But we are in the happy position, happier at least for the Financial Secretary where the leverage exercised by Government on the economy is so small that it is not necessary, nor even of any particular value, to have these figures available for the formulation of policy. We might indeed be right to be apprehensive lest the availability of such figures might lead, by a reversal of cause and effect, to policies designed to have a direct effect on the economy. I would myself deplore this.
John James Cowperthwaite
These people in the North-east of Ireland, from old prejudices perhaps more from anything else, from the whole of their past history, would prefer, I believe, to accept the government of a foreign country rather than submit to be governed by honourable gentlemen below the gangway [i.e. the Irish Nationalist Party].
Andrew Bonar Law
I would suggest to my honourable Friend that the foreign investor is at least as discouraged by high national debt for that, as all example shows, is the surest precursor of high taxation.
John James Cowperthwaite
I have three objections to my honourable Friend’s wider proposal that exchange control powers be used to require the fixing of exchange by merchants on entering into both export and import contracts. The first is that I think it excessively paternalistic to require a merchant to protect himself against a risk he is prepared to take. Secondly, I think it wrong to impose a condition which is likely to cause one group of merchants a loss, for the purpose of providing the other group with protection at no cost to them. Thirdly, I do not think it is in fact practicable to enforce such a system. I am sorry to be so negative, but I am sure that the solution to my honourable Friend’s problem should not depend on compulsion but on the provision of voluntary protection on insurance principles.
John James Cowperthwaite
I was particularly struck in this context by my honourable Friend, Mr K. S. Lo's concern at the decline in the enamelware industry as an example of the effect of lost advantages, as if this decline were a loss rather than a gain to the community. It has declined, I believe, because we have learned to use our resources of enterprise, capital and labour in other more profitable directions. That is progress. We would be in a sorry way if enamelware was still our fourth biggest industry.
John James Cowperthwaite
Baldwin, Stanley
Bale, Qoriniasi
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