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 … - David Lloyd George

Dumping is the exporting to this country of goods from a foreign land under the cost—beneath the price at which they are sold in their own country. There could be only one object in doing that, and that is to make war upon a particular industry in our country. That is unfair. ... In the interests of fairness, as well as in the interests of British industry as a whole, the Government have decided to submit to Parliament proposals which will effectively deal with dumping in the sense in which I have defined it.

I felt as I reviewed all the circumstances of the national situation, and realised beyond a shadow of doubt the supreme and vital importance of a proper supply of munitions for our success in the war, and remembered the insistence with which I had urged this upon the Government, that I was in honour bound to accept if the Prime Minister thought I was the man best fitted for this post. I made my decision; and I never had cause to regret it. As I look back today upon the problems which were then presented to me, the extraordinary difficulties that surrounded the work which I took in hand, my own inexperience in that kind of work, the chaos and tangle with which I was confronted, I feel that in many ways the creation of the Ministry of Munitions was the most formidable task I ever undertook.

In this election we have killed Protection and destroyed reaction. It now remains to us to make sure that at the next election, which cannot be long delayed, we shall put before the people a programme of well-considered and soundly-constructed social reform which shall kill the crudities of Socialism.