In my view there is no security in armaments comparable to that which can be derived from the effective working of a collective peace system. The foreign policy of his Majesty's Government is unalterably based upon the League of Nations as being the most effective mechanism yet devised to operate such a system. It will, I am confident, be clear to any impartial critic upon examination that the moderate measures of national defence provided for in the White Paper do not constitute in themselves any departure from that policy.