that course, and to fix, if necessary, the prices of iron 
and steel in the home market.” 
We hold no brief for any particular form of machinery, 
but a properly constituted body as part of a nationally 
planned scheme of organisation and vested with the neces- 
sary authority would give the industry the security of 
fair competitive arrangements, with due regard to the 
interests of both the producers (including labour) and the 
consumers. In view of its authority and the bargaining 
power it would possess, the results of its efforts would be 
rather in obtaining agreements than in the direction of 
prohibition as proposed in the above resolution. Moreover, 
part of the difficulty is the extent to which the industry 
on its distribution side is in the hands of merchants and 
middlemen. 
On the general principles to be applied in the economic 
relations between countries we support those laid down by 
the World Economic Conference of 1927, and we would 
urge the British Government to follow up the efforts already 
made by the President of the Board of Trade, Mr. Graham, 
to induce the Governments of other countries, in common 
with that of Great Britain, to implement the approval 
given by them to the World Economic Conference recom- 
mendations through the official declarations of their re- 
presentatives at Geneva in 1928 and to co-operate with any 
Government "in that direction, as being an international 
policy designed to promote the common welfare of the 
people and the peace of the world. 
On the other hand, we regard as consistent with, and, 
in its broad aspects, essential to, a policy of sincere effort 
in that direction, a definitely constructive policy in rela- 
tion to the national economic life by organising and stimu- 
lating its industrial activities, and in that connection 
securing it against those unfair and aggressive forms of 
competition ‘made possible only by the exploitation of 
labour and a degradation of healthy commerce and effi- 
cient industry. 
This principle has had to be recognised by the Labour 
Government in its treatment of the Coal Industry. The 
regulation of output and prices as a part of industrial 
organisation are but devices to counter the effects of cut- 
throat competition, to secure an economic price for the 
coal owner and fair wages and working hours for the mine- 
worker, This is justified by the fact that as the Coal In- 
dustry is essential to the economic and social life of the 
nation, it must be secured from that exploitation which 
uncontrolled and unregulated competition has produced. 
This question is one which has agitated the minds of 
our members on different occasions since the War, and 
resolutions in various forms have reached the Executive 
from branches and Divisional Committee meetings. The 
feeling was acute in the earlier post-war years at the time 
when currency inflation was at its height in the countries 
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