§ Mr. Rowlandasked the President of the Board of Trade why it is not possible to make an estimate of the extent to which Rhodesian exports to Great Britain would be reduced by the removal of Commonwealth preference.
§ Mr. RedheadThere is no reliable basis for estimating either the changes in the prices of different commodities which are likely to result from changes in duty or the changes in the volume of trade consequent upon such price changes. These changes depend on such factors as the elasticities of supply and demand, the opportunities for substitution and the inconvenience and expense of changing to212W new suppliers of each commodity. Each of these factors may be expected to vary in importance from time to time and from commodity to commodity.