My dear Prime Minister,
I hope your trip across the Atlantic was not too unpleasantly cold. The tape gives your first American speech in which you are reported as giving the Continent of Europe rather a dark character.
I have completed a summary of the series of discussions with traders, London Agencies, and with Cooper  and Gough , and I enclose the draft.
I have had long talks with Alexander  (Lab.) and Col. Angus McDonnell  of the Parliamentary delegation.5 The former is a dyed in the wool Free Trader, and the latter a mild Protectionist.
They both seemed equally impressed by the borrowing policy of the State Governments and with the extreme policy of High Protection.
I am accompanying Gepp6 when he meets the Delegation on January 6th, and I hope there will be a frank and useful discussion.
I hope you will realise that I really meant what I said on your last evening. I enjoy doing a job of work for you very much. I feel that our labours on educating people here on Empire economics will bear fruit, and I shall look forward to further progress on the economic side during the next three years, and a really successful Imperial Conference in 1929, when I hope you will again be over.
Yours sincerely, F. L. MCDOUGALL