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