§ 45. Mr. MAXTONasked the Prime Minister what new legislation the Government intends to introduce to provide for expanding production and to check the continuous fall in exports from this country; and whether the Government will find time for legislation for the redistribution of the national income to prevent the starvation now prevailing among many of our people?
§ The PRIME MINISTER (Mr. Ramsay MacDonald)The policy of His Majesty's Government has been and will continue to be to provide in every way within their power the conditions requisite for a natural revival of trade and industry by balancing the Budget; by converting the National Debt to a lower rate of interest as opportunity offers, and so facilitating the supply of cheap and abundant money; by stimulating trade within the Empire; and by negotiating with foreign 813 countries for the removal or reduction of existing barriers on international trade. No country can hope to escape altogether from the effects of such a depression as now exists throughout the world. But on both the points mentioned in the question, production and export trade, we have remained relatively unscathed since last September while great declines were occurring in the United States, France and Germany.
§ Mr. MAXTONIs the Prime Minister aware that to-day the pound has dropped to the lowest point it has reached for almost a year; that exports during last month were at their lowest point, and the unemployment figures at their highest; and does he regard those facts as evidences of the success of the policy which has been pursued so far
§ The PRIME MINISTERNo, these things are very bad, but my hon. Friend must take extended periods and not odd days. Moreover, it is very easy to imagine how very much worse things might have been if His Majesty's Government had not pursued their policy.