asked the President of the Board of Trade what estimate he has now formed of the effect on British exports of the reductions of the margins of Commonwealth preferences announced in the new Trade Agreement with New Zealand.

I do not know to what extent or how soon the New Zealand Government will choose to exercise the rights which they will acquire under the new Agreement to reduce the preferences accorded to imports from the United Kingdom, but over a large field it is likely that they will not do so for the time being. Our exporters will continue to enjoy preferences over nearly 90 per cent. of their trade, and I am confident that they remain fully competitive.

On a point of order. May we know whether the President of the Board of Trade has resigned or has a bad cold?

That is not a point of order.