§ 4. Sir R. Boothbyasked the President of the Board of Trade whether he is satisfied that Her Majesty's Government possess adequate powers and effective machinery to impose import controls discriminating against the United States of America should a continuation of the present United States recession render this necessary to protect our own economy.
§ Sir D. EcclesYes, Sir. Our import licensing powers are comprehensive. We have every confidence that the United States Government will take effective action to deal with a recession.
§ Sir R. BoothbyHas my right hon. Friend made it plain to the American Government that they really cannot expect us to take more from them than the equivalent of what they themselves import or lend or give away; and that if the dollar shortage continues and if the recession continues, we shall really have no option but to restrict our dollar imports to the level of our dollar earnings?
§ Sir D. EcclesWhen I was recently in the United States, I made some speeches referring to the need for a liberal trade policy on the part of the United States Government, but I hope that we shall not come to discrimination.
§ Mr. JayIs the President of the Board of Trade at least giving his mind now to the question of what we should do if, unhappily, this recession gets worse?
§ Sir D. EcclesI am always thinking about that kind of thing.