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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 [1] and Gough [2], and I enclose the draft.

I have had long talks with Alexander [3] (Lab.) and Col. Angus McDonnell [4] 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