But if we refuse at present to enlarge the sphere of State management, we are still faced with the problem of dealing with trusts and monopolies.  In this matter, as in so many other instances, the right policy has already been worked out.  Under the stimulating conditions which obtained during the war, when old-established methods of thought had been rudely shaken, progressive ideas had unusually free play; and you will find in the general economic policy adumbrated during and immediately after the war much that Liberals are looking for.  On this question of monopolies, we should put into force the recommendation of the Committee on Trusts of 1919, with one qualification.  The policy I suggest is the policy of the majority, namely, that we should give very much enlarged powers of inquiry to the Board of Trade, and that a Tribunal should be set up by which investigations could be made.  But I would go further, and, taking one item from the Minority Report, I would add that either to this Tribunal or to the Board of Trade department concerned there should be given in reserve the power in special cases to regulate prices.  I do not think it would be necessary often to use that power, indeed the mere inquiry and publicity of results would be sufficient to modify the action of monopolies.  But such a power in reserve, even though price-fixing in ordinary circumstances is usually mischievous and to be deprecated, would have a very salutary effect.

In the case of public utilities of a standard kind, into which the element of buying and selling profits does not greatly enter, we should endeavour to start the experiment of putting representatives of the workpeople on the boards of directors, but in carefully selected cases, and not as a general rule.  My own view is that if we are ready with the machinery of investigation, and are prepared to deal in these ways with public utilities at home where foreign competition is absent, we have little to fear from trusts.

DISTRIBUTION

As regards distribution and wages, in the first place we should adhere to our traditional policy, developing the system of differential and graduated taxation, and we should be prepared, if unequal distribution of wealth continues, to limit further the right of inheritance.  This is not a new Liberal doctrine:  it is many decades old.  On the question of wages we have to recognise that unless we can secure an increase in terms of food and other commodities of the national production the State cannot radically modify the general standard of living in the country; or by administrative action raise the level of wages which economic conditions are imposing on us.  But the State can and should enforce a minimum in certain industries, provided that minimum is reasonably in harmony with the competitive level of wages.  Such action can prevent workers whose economic position is not a strong one—­and this applies particularly to many women’s employment—­from