In late 1931 he chaired a cabinet committee investigating ways to improve the balance of trade which recommended a general tariff of 10 per cent alongside preferential trade with Britain's overseas dominions and colonies.

1931 年底，他主持了一个内阁委员会，研究改善贸易平衡的方法，建议对英国海外领地和殖民地实行 10% 的一般关税和优惠贸易。