What we do is to invest money abroad, but do these goods exported by us in the shape of machinery go to the building up of competitive industries in another country? I think that has been the case more often than not in the past, certainly in Germany. Instead of making it complimentary to our home industry we are making it supplementary to our home industry. We could have developed our raw material for our home enterprise by making our investments complimentary rather than supplementary. Instead of increasing the productive capacity of other peoples we could have used our investments for the development of raw material in our own home markets.

As the world proceeds along the line of industrial development all follow the blind habit of doing what their neighbours have done before, manufacturing with the coal, the fuel, and the machinery which has been invented the same kind of goods which have been produced in industrial countries using raw materials of the same kind. There is not a very wide field for development unless we get a greater demand for other commodities, because the industrial revolution definitely tends towards mass production, and mass production of the economic needs of the people as a whole, so it is confined to clothing, boots, shelter, means of transport and so on. If we are to understand the whole position of economic development on the lines of the industrial revolution, to avoid conflicts, not only for an export market but conflicts for the market from which they draw raw materials, we shall have to have not only business men on the Committee but men who are prepared to come not with ideas of export markets at all, men who may have new ideas of a co-operative system in the world with markets complimentary to the industry and not supplementary to it, people who are prepared to take a broad view, who are prepared to understand. That what we have to do at the moment is to get food for our people, and what we are attempting to do all the time is to export to purchase that food, remembering at the same time that it should be possible to have greater efficiency of production and higher purchasing power of our own people at home if you have a greater consumption at home, and so reduce the necessity for an export market.