therefore only add this, that, while I and many XIX. of us notice with sincere respect the efforts which have been made by the League of Nations, in circumstances of very great difficulty, we recognise that they cannot possess the full advantage which this Association already possesses and will continue to possess, that amongst its representatives are those who speak on behalf of all the great countries in the world. I do not of course say a single word as to the historical reasons which have prevented the participation of the United States of America in the work of the League of Nations. It was for them and for them alone, it was their undoubted right, and they have exercised their undoubted right, to take their own decision as to the course which they would pursue. I refer to the subject for one reason and one reason only, and that is to congratulate ourselves that the reasons which were found in the actual political circumstances to prevent the participation of the United States of America, for the moment at least, in the work of the League of Nations have not been sufficient to prevent their participation in the vital labours which lie in front of this Conference.

We therefore approach the consideration of the great questions which I have imperfectly summarised to you with the enormous advantage of having represented amongst us some of the foremost and most experienced commercial men in the United States of America. I have made it my business to read some of the speeches which have been made, either at Atlantic City or at Paris, by those who spoke on behalf of

XIX. the United States. I observed with the greatest

possible pleasure the insight and the intuition which led them most clearly to the conclusion that, whatever may be the political goal at which the great Republic, through the efforts of its statesmen, is likely to aim, at any rate as far as the world of business is concerned, not even the Monroe Doctrine can prevent the realisation of the great truth that the world is one and indivisible, and the United States of America, not only geographically but by every material standard by which we measure the greatness of nations, is part of the world, and must remain a very considerable part of the world.

Therefore without running the risk that any of our guests will think I am being too particular in the mention that I make of the American share in this new enterprise, I say that we, the Government, are well aware of the part which the great American Republic is so specially qualified to play; that we welcome their representatives amongst us and are confident that the exchange of so much experience operating upon so much goodwill will afford to us the most rapid relief of our sufferings which the extent of our difficulties renders possible. Let no one think that we shall escape them in a month or in a year or in two years, but if no effort of this kind is made it might easily happen that a generation or more than a generation would pass before we even saw the beginnings of a new dawn. I am one of those who believe that if we are more fortunate than we have been in our solution of our industrial difficulties, if we can imitate the greater elasticity

which has been exhibited by some countries in the world, and if we apply ourselves scientifically with goodwill, harnessing to the purpose all the resources of civilisation, and not merely working discordantly as separate countries, we may attain a solution earlier than some have even believed to be possible.

In conclusion, in offering you this welcome to-day on behalf of the Government I will only say that anything we can do as a Government will be most readily done in assisting you in your deliberations, and we will give you any official convenience which may render these enquiries easier to you.

When your Chairman points out that I have given some undertaking in reference to the codification of commercial law, he is, I think, a little too sanguine. To avoid misconception, I must make plain what the position is. So far as I know, I have entered into no undertaking of any kind upon that matter. Much progress in this country has been already made in the direction of codification of commercial law, and I do not doubt that it will be possible, even in the near future, to make further progress upon the same lines; I have not made up my mind. in any detail as to how far that process may usefully be extended at this moment-indeed, I shall look for advice to this Association, advice founded, I hope, on the harmonious recommendations of the commercial men of many countries. I give you the most definite assurance, upon the part of the Department of the Government which falls more exclusively to myself than to

XIX.

XIX.

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