Copy of a letter from [Sir] Horace Hamilton [Permanent Secretary, Board of Trade] to [Sir Warren] Fisher [Permanent Secretary, Treasury] about proposals for a development board and for state assistance with trade and industry. He explains that subsidies will not help put British industry on a 'proper economic basis', and would hinder progress, and that the President of the Board of Trade [Sir Philip Cunliffe-Lister, earlier Sir Philip Lloyd-Greame, later Lord Swinton] believes that duties should be only contemplated for the iron and steel industry and that state money would be better spent on research to support industry.Unsigned typescript.