Professor Barna makes certain adjustments for depreciation and the resultant figure is not net or gross, but what he thinks is the fair economic representation of the figure. [Interruption.] Of course, before taxation. That means—and it is important—that if we take the possibility of an increase in the cost of living as a result of devaluation as amounting to two, three, four, or even five per cent., the whole, and more, of that could be changed by a voluntary reduction of profits to the figure they should be at, if they only maintained a proportion.

I want to mention one matter which I know is very near to the hearts of my hon. Friends and indeed of all right hon. Gentlemen on the front bench. This policy that we are considering today is a comprehensive policy. It involves a large number of detailed recommendations. No Minister can hope that every hon. Member approves, or heartily approves, of every one. Many of them cause grave misgivings on these benches. But that the Government have managed to produce a scheme which involves the minimum of hardship with the maximum of saving, I am sure most of my hon. Friends will agree. There is coming to the great Labour movement, which has always had the cure of poverty and the relief of poverty as one of its fundamental resolves, the need to consider at once the question of supplementary allowances. These figures were last fixed in 1948. I hope my right hon. and learned Friend will find it possible to make some increase in supplementary allowances, based, of course, on need, adequate to meet the increase in the cost of living which has taken place, or is likely to take place, since they were fixed. I am sure I do not make that appeal in vain. I am sure he has had it in mind while considering these proposals.

I hope I may mention two other matters which affect my Constituency. I have never, as I have said before, associated myself with a general attack on private enterprise. I think that very many firms—a large proportion of firms—work loyally and well in accordance with the national effort. But the picture is not wholly clear. There are firms which are deliberately slowing down production in a district not so far away from my constituency in order that they may spread prosperity over a longer period. I want my right hon. and learned Friend to say, whether evidence is forthcoming to convince him that it is no use appealing to workers who are threatened with redundancy by the policy of the management, that he will take vigorous steps to deal with this. If we can show him large factories not being used to anything like capacity, will he take them over, adapt them and use them in the national interest?

My hon. Friend the Economic Secretary to the Treasury said a few days ago that the dollar crisis would be with us for a lifetime. It was a serious statement to make, but I think it was well to have it said. I agree with him. There is no easy way out of the dollar crisis. I agree with him—or rather I agree with the proposition widely shared—I do not attribute it to him—that devaluation may be a shot in the arm. It is a shot in the arm of a drug which creates and develops a craving. The history of nations which have devalued their currencies is that they have found it necessary to continue the process. It is vital to deal with this on the lines which my right hon. and learned Friend has outlined and to try to find a permanent remedy for this serious position.

I do not think that, in putting forward this proposal, I am putting forward anything new. I know it is being considered by the economic advisers to His Majesty. But the only really permanent solution to the dollar gap is foreign investment. President Truman, in his statesmanlike and progressive approach, made it clear in his fourth point that he was thinking on these lines. We have reached a stage in the affairs of nations when we find that the exporting nations are themselves paying for their own exports. We have reached a point where we have to recognise that foreign investment is one of the real cures for planning in the future.

It must be the duty of the exporting nations to go into the undeveloped territories. Moneys can be used to develop these undeveloped territories and bring life to the darkest parts of the earth. Britain would find vast and much needed markets for constructional engineering; America, or the creditor nations, would have a gilt-edged investment; and Africa would receive the stimulus she never had in years gone by. I have had, during these past few years, the privilege of visiting some of the furthermost parts of the Empire. I have been to Western Australia, wholly unproductive and undeveloped through lack of irrigation. I have been to Vancouver and British Columbia, through vast areas ripe for development. There is ample opportunity for other developments in the Colonial Empire.

The proposals that have been put before the House today have been received by hon. Members opposite with cacophonous laughter, with discourteous criticism and with mild jeers. I do not blame them, though I think it is a sign of their undeveloped minds. Looking back, it seems to me that they were once looking like boys from the school of Mr. Wackford Squeers: today they look more like the pupils of Mr. Robert Copping. There has not been much progress in their education. We in this Labour movement are still endeavouring to assist our navigator and captain in pulling the ship of State through stormy economic waters and, so far as we are concerned, all hands are at the pumps, but too many of the first-class passengers are jeering at us. We have confidence, however, in our captain and navigator, and we are confident that we shall reach undisturbed and undismayed the haven to which we sail.

I want, in conclusion, to say that I regret having had to deal tonight very largely with the type of criticism to which we have been subjected. It would have been much easier and better to deal with this matter on the basis on which the Chancellor of the exchequer opened the Debate only a few hours ago. It would have been better for the nation had that attitude continued; but we have had to face personal denigration and personal criticism. We have had to face contemptuous insults to the country that have come from the mouth of the right hon. Member for Woodford, whose voice still counts abroad and whose voice—[Interruption.] I gather that hon. Members opposite want to hear this voice. He said: Every account from Europe shows how much more rapid in many ways has been the recovery of the European countries than it has been here. Does anyone believe that?