wish prices of our textile immediate post-war nevertheless it will be desirable to have then a system from which the present element in cotton prices has been eliminated, as a subsidy of this kind on exports might well conflict with the general lines of post-war commercial policy. Equally there appears to be no justification now for subsidizing cotton going into non-utility goods on the home market, although the proportion of such cotton to our total cotton consumption is small and is shrinking. 5.