G.H.Q. substituted the policy of "wearing down the enemy" as the primary purpose of their strategy. How did that thrive? We lost 400,000 men in our direct and subsidiary attacks. The enemy did not lose on the whole British Front during that period 250,000 men. Our losses were nearly five to every three of the Germans. In their Verdun offensive, the Germans had the excuse that they were slaying five Frenchmen for every three they lost. We could not claim that measure of justification for our persistence in the Passchendaele folly.

I have been told that I am a traitor to Liberal principles because I supported Conscription. ... Every great democracy which has been challenged, which has had its liberties menaced, has defended itself by resort to compulsion, from Greece downwards. Washington won independence for America by compulsory measures; they defended it in 1812 by compulsory measures. Lincoln...proclaimed the principle of "Government of the People, by the People, for the People," and he kept it alive by Conscription. In the French Revolution the French people defended their newly-obtained liberties against every effort of the Monarchists by compulsion. ... France is defending her country to-day by Conscription. In Italy the Italian Democracy are seeking to redeem their enthralled brethren by compulsion.

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We are not in the moral position to enforce disarmament in Europe until we cut down our own expenditure at home... I say, quite frankly, that we must take the same risks for peace as we took for war. You must take some risks. Personally, I do not see where the risks are. I do not see an enemy on the horizon. These enemies do not develop very suddenly. They develop over a whole course of years; but I do not see where the enemy is now.

I wonder whether it will not be too late? Ah! two fatal words of this War! Too late in moving here. Too late in arriving there. Too late in coming to this decision. Too late in starting with enterprises. Too late in preparing. In this War the footsteps of the Allied forces have been dogged by the mocking spectre of "Too Late"; and unless we quicken our movements damnation will fall on the sacred cause for which so much gallant blood has flowed.

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We won and saved our liberties in this land on more than one occasion by compulsory service. France saved the liberty she had won in the great Revolution from the fangs of tyrannical military empires purely by compulsory service; the great Republic of the West won its independence and saved its national existence by compulsory service, and two of the greatest countries of Europe to-day—France and Italy—are defending their national existence and liberties by means of compulsory service. It has been the greatest weapon in the hands of Democracy many a time for the winning and preservation of freedom.

I appeal that these proposals should be examined, and, if found to be wise, adopted and carried out in that spirit of high and fearless patriotism and resolution which lifted this nation to such heights of endeavour and success but seven years ago.

Socialism means the community in bonds. If you establish a Socialist community it means the most comprehensive, universal, and pervasive tyranny that this country has ever seen, the flaw that enters into everything in all the relations of life. It is like the sand of the desert. It gets into your food, your clothes, your machinery, the very air you breathe. They are all gritty with regulations, orders, decrees, rules. That is what Socialism means. You cannot trust liberty to Socialism. The only hope of liberty is in Liberalism, for Liberalism alone believes in it.

This, Mr. Emmot, is a war Budget. It is for raising money to wage implacable warfare against poverty and squalidness. I cannot help hoping and believing that before this generation has passed away, we shall have advanced a great step towards that good time, when poverty, and the wretchedness and human degradation which always follows in its camp, will be as remote to the people of this country as the wolves which once infested its forests.

The ownership of land is not merely an enjoyment, it is a stewardship. It has been reckoned as such in the past, and if the owners cease to discharge their functions in seeing to the security and defence of the country, looking after the broken in their villages and in their neighbourhoods, the time will come to reconsider the conditions under which land is held in this country.

In this election we have killed Protection and destroyed reaction. It now remains to us to make sure that at the next election, which cannot be long delayed, we shall put before the people a programme of well-considered and soundly-constructed social reform which shall kill the crudities of Socialism.