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Ministry of Production.—Responds to Pethick-Lawrence’s comments in the House of Commons on his own remarks at Farnborough. While it is true that during the war rich people were not adding to the savings of the community, his own interest was rather in the contribution they make to industrial development by financing more speculative forms of enterprise.

Ministry of Production.—Thanks him for writing. Is sorry to learn his reasons for having to be away.

Crown House, Aldwych, W.C.2.—Encloses a more fully developed version of his argument than he was able to present on his feet (in the House of Lords?).

Thanks him for a copy of his paper.