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I think that my part in the proceedings to‐night is certainly the easier part and I think that it is perhaps right that it should be the briefer part. I have to set, as your Chairman has said, a course which Mr. Mallaber has to follow, and I may, in setting the course, lead him into some rather murky and rough waters. We should therefore give him plenty of time to steer on an even keel through them.

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