I am very anxious not to get into figures of millions of pounds. One million pounds to-day is quite a different thing from £1,000,000 before the War. The fairest way that I can put it is to say that our export trade is only three-quarters of what it was before the War. That is a fairer and more comprehensive statement. As to the question put by the hon. and gallant Member for Central Nottingham (Captain Berkeley), I am not quite sure whether it affects it one way or the other, but practically I think it is negligible. On the whole, I am inclined to think that the figures are rather worse than better. That is my impression, and I think the President of the Board of Trade will confirm that. What are the three factors which we have to consider in a solution of this absolutely vital problem, because it is a problem of our bread and butter? The first consideration is the extension of markets, the second is the efficiency of our industry, and the third is the cost of manufacture in this country. These are the three principal factors which we must consider when we are dealing with this matter.

I do not know whether a Committee such as the one that is proposed in this Resolution or a Committee of a different character would help as regards markets. I am not sure. I am inclined to think that you have most of the evidence that you need if you will only act upon it. It is very often said, "Well, all you have to do if you want to get the markets right is to restore Europe and get stable conditions." Undoubtedly that is of the greatest possible importance, and if you take the long view over a great period of years it is of absolutely vital importance; but do not let the House be misled into thinking that that alone is the solution, or that immediately that is going to be even a palliation. I remember this point being put very forcibly by the right hon. Member for Carnarvon Boroughs (Mr. Lloyd George), when he said, "Do not suppose for a moment that when you have restored Europe that that is going to put things right."

The right hon. Gentleman was quite right in that statement, because when you restore Europe the first thing that you restore in Europe is not its purchasing power, but its producing power. Remember that throughout the War every country was increasing its capacity to manufacture. Every country in the War was manufacturing munitions as hard as it could, and extending its plant, and every country that was neutral was doing the same thing to supply belligerents with munitions, and also preparing to take that overseas trade which the belligerent countries had hitherto enjoyed, so that you have to-day in Europe, as you have in this country, an enormously increased capacity for production.