I have been in favour of all men who believe in the principle upon which our prosperity has been built—free, private enterprise—of men who are oppose… - David Lloyd George

There was no conspicuous officer in the Army who seemed to be better qualified for the Highest Command than Haig. That is to say, there was no outstanding General fit for so overwhelming a position as the command of a force five times as great as the largest army ever commanded by Napoleon, and many more times the size of any army led by Alexander, Hannibal or Caesar. I have no doubt these great men would have risen to the occasion, but such highly gifted men as the British Army possessed were consigned to the mud by orders of men superior in rank but inferior in capacity, who themselves kept at a safe distance from the slime which they had chosen as the terrain where their plans were to operate.

Our more serious devastation was invisible—the shattering of our export trade through our being cut off for over four years from our normal overseas markets. We were the largest international traders in the world and were, therefore, more vulnerable in this respect than any other country. Our customers had been driven either to secure their supplies from rival sources or to start manufacturing for themselves. Indeed, our export trade has never recovered from the War, as the derelict factories of our industrial districts bear melancholy witness. While world trade had by 1927 risen to 120 per cent of the pre-war level, British export trade was only 83 per cent of its pre-war height. That is our real devastated area.

I have already accepted the policy of Imperial preference...to the effect that a preference will be given on existing duties and on any duties which may subsequently be imposed. On this subject I think there is no difference of opinion between us. ... I am prepared to say that the key industries on which the life of the nation depends must be preserved. I am prepared to say also that, in order to keep up the present standard of production and develop it to the utmost extent possible, it is necessary that security should be give against the unfair competition to which our industries have been in the past subjected by the dumping of goods below the actual cost of production. ... I shall look at every problem simply from the point of view of what is the best method of securing the objects at which we are aiming without any regard to theoretical opinions about Free Trade or Tariff Reform.