The Report of Lord Balfour of Burleigh's Committee, appointed by
Mr. Asquith in July, 1916, on Commercial and Industrial Policy after the War, was issued by the Ministry of Reconstruction on Friday week. A recommendation of major interest is that goods of enemy origin should be shut out—unless specially licensed—for a year after peace. It is suggested alsb that the Allies should control important commodities required to restore their industries ; that safeguards against penetration of industries by aliens should be provided, and foreign banks licensed ; that the Treasury should take a closer interest in finance in relation to reconstruction ; that Income Tax principles should be reviewed ; and that British pro- ducers should be protected against " dumping " and " sweated " goods. In our view, the sound fiscal policy is to safeguard all our " key" industries against foreign competition, without introducing Protection as a policy of general, or even of wide, application. Let us regard Protection as an expensive necessity in certain circumstances, not as a good in itself.
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