'/ol We could not admit, as Professor IIale's words might seem to m,ggest, that policies whioh are contrary to seenernie theory can be approved in practice. We m?st show that the theory upholds the practice iu ?he e?se under consider- ation. Thus economic theory does not condemn, but upholds protection of industries whose cost of production may be expected to dec?? as they develop, espe?ly if the duties be moderate and on & sliding so?le. In saying ?h?t India held Mercautilistio views he did not mean to condemn them. On the contrary, he had shown that their policies were right in many eases, even where their arguments were wrong. The p?per w?s intended to show ttutt India's imports of gold were only her ta?r share. India should have the requisite St?te Aid for her industries, including protection with the safeguards suggested, and probably s gold ourrenoy also. _ In answer to Professor 8later, Professor Thompson ad- mitted that he should have said "gold and silver" in many places where he had written "gold" alone. On the afternoon of December 8let's bdsiness meeting of the members of the conference was held to discuss and adopt a Constitution for the Indian Econorode Assooistion. A Drafting Committee was appointed which reported to an- other business meeting held session of the Conference on 1919. The minutes of this immsdiatmly after the morning the following day, January let, meeting, and the Constitution and Rules of the Association have been printed, and may be obtained by members of the Association by application to the Honorary Secretary: Professor J.C. Co?ajee, M.A., Presidency College, Calcutta. WEDNESDAY, JANUARY let, 1919. DISCUSSION Of paper by Mr. E.. SUNDABAM REDDI, (Honorary Seerstar)', Ryotwari Landholders Association, Madras) on Th? Distributio? of ?gricultural Holdi**gs (see page 522). that the s?ze of an of strips of which it left to local THE HON'BLE MR. HEATINGS said economic holding and the number should consist were questions which should be consideration: no general discussion wou!d be fruitful. There have been difficulties in the way o? change; but we have come now to a parting of the ways. If a government or a party stood not for economic progress, but for religious
