§ 85. Mr. S. Lloydasked the President of the Board of Trade whether he is aware that the opinion is widely held in the U.S.A. and in the United Kingdom that the permanent closing of the Liverpool Cotton Exchange was contrary to the spirit of the Loan Agreement; and whether, in view of the importance of this country acting in accordance with the spirit as well as the letter of its international undertakings, he will reconsider the decision not to reopen the Liverpool Cotton Exchange.
§ Mr. MarquandNo, Sir. While I am aware that the decision to continue centralised purchase of raw cotton has been the subject of considerable discussion in the U.S.A. and in this country, I do not agree that it is in any way contrary to the spirit of the Loan Agreement or of the " Proposals for consideration by an International Conference on Trade and Employment " which were issued, concurrently with the Loan Agreement, by the United States Government. These Proposals, which were fully discussed with328W United States representatives last autumn, contain a section covering the operation of state trading organisations.