Toryism would confiscate, in the interests of a private monopoly, the produce of the industry, the toil, the capital, the risk and the effort of others. Socialism would also confiscate, in the interests of a State monopoly, the efforts of the individual. Liberalism stands for a free opportunity for the individual to do the best for himself and the nation.

This is a Government of to-morrow. ... It is all swagger and pose, and no action. Let it be done. No, he cannot do it, he is too busy doing other things. Russia must come first. No time to carry schemes for the unemployed, no time to deal with profiteering in food and in materials for building. ... Yet there was time for a Russian loan. Moscow first, and Camberwell afterwards.

[The Labour government] flung away the opportunity. They flung away a Heaven-given opening. What for? Not in order to emancipate the land, not in order to find work for the unemployed, not in order to build homes for the houseless, but in order to commit the taxation of this country to a gigantic loan to a number of fanatical visionaries who are ruining the great land of Russia.

The time has come for Liberalism to resume the leadership of progress—to lead away the masses from the chimeras of Karl Marx and the nightmares of Lenin, and to carry on the great task to which Gladstone and Bright devoted their noble lives.

Before they [Labour] came in unemployment was gradually improving year by year. Since they have been in it has gone up. Before they came in the cost of living was going down. It has gone up. Since they came in the number of houses that had been built for the workmen had gone down and their cost gone up. Before they came in the export trade of this country was gradually but steadily improving. Have you seen the last returns? They are going down. If this is what Mr. Ramsay MacDonald means by a Labour success, Heaven save this country any more Socialist triumphs.

The question was whether the Liberal Party was going to be merely a political party which is "the Keeper of the Doctrines." Its sole business would be to see that no man should stray. It would become purely a political sect, strictly, sternly, severely, painfully orthodox, and painfully select. If that was to be its rôle it would dwindle from generation to generation and decade to decade, until it would only have representation amongst the more tenacious races, to one of which he belonged.

We are not taking full advantage of the assets at our command. Capital and labour are alike strangled by vested prejudices and traditions. Both are capable of producing infinitely more wealth for the benefit of the community than they are now creating. It is of no avail to spend time on distribution if production lags behind the common need. The best means of achieving production seems to be the most urgent task of our industrial and political leaders at this hour.

A far-seeing manufacturer utilizes periods of slackness to repair his machinery, to re-equip his workshop, and generally to put his factory in order; so that when prosperity comes he will be in as good a position as his keenest competitor to take advantage of the boom. I suggest that the nation ought to follow that wise example, and that this is the time to do so. Let us overhaul our national equipment in all directions—men and material—so as to be ready...to meet any rival on equal or better terms in the markets of the world.

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My right hon. Friend says she [Germany] is in such a condition that she cannot possibly pay [reparations]. No, she cannot pay us. She is to pay France in full. Everything goes to France, everything goes to Italy, everything goes to Belgium; but, forsooth, she has not the capacity to pay Great Britain. I object. We were equal in the sacrifices we had to make, and I think it is about time that someone should stand up for the rights of Great Britain.

He repeated the view...that the only possible course, under present conditions, for the Liberal party was to back the Labour party whole-heartedly to the full extent open to it, and in concert with it to reap a full harvest of Radical reform.