EXPORT POLICY. Memo. by President of the Board of Trade.

-2- provoke misunderstandings between us. We should adopt a policy of unreserved co-operation with the United States in this as in other matters. This gives the best hope both of full American help now, and of a fair deal in the post-war restoration of trade. The Americans will have a long start of us in resuming normal commerce after the war, and unless such co-operation can be maintained, we may be left badly behind in the race. Until this co-operation is achieved, I accept the view of the Chancellor of the Exchequer that we must prevent our experts to the South American countries falling so low that these countries refuse to supply the goods we need from them.