I propose that where private enterprise has been proved to be palpably unable, under present conditions...to solve our national difficulties and fulfil our national needs unaided by the State, the administrative and financial resources of the nation as a whole should be made responsible for setting on foot and supporting those developments in town and country which would bring into fruitful activity our undeveloped resources and opportunities.

How do you propose to deal with this twofold problem [of unemployment]? I give exactly the same answer as President Roosevelt gave Congress the other day. I would find work for the workless instead of doles, and I am as convinced as he is that it can be done.

[Lloyd George] talked of Gladstone, and how he [Lloyd George] had attacked him in his very early days in the House of Commons on the Clergy Discipline Bill. ... When [Lloyd George] went down to Wales afterwards, & the more proper folk reproached him for his attack on Gladstone, he said: 'I give you the same reply that Cromwell gave, "If I meet the King in battle, I will fire my pistol at him".' [Lloyd George] says that he thinks Gladstone as a Churchman had a fundamental dislike for Dissenters. ... 'I admire him, but I never liked him', is [Lloyd George]'s qualifying comment always.

They condemn him <nowiki>[</nowiki>Adolf Hitler<nowiki>]</nowiki> for persecuting the Jews, but he has not shown half the ferocity which Cromwell showed towards the Irish Catholics—as for instance, in the siege of the fortress of Drogheda and the burning alive of its inmates.

All the trouble that had arisen in Europe had come from a flagrant breach of the undertaking to disarm by all the victors except one. ... He knew that there had been horrible atrocities in Germany, and they all deplored and condemned them, but a country passing through a revolution was always liable to ghastly episodes owing to the administration of justice being seized here and there by an infuriated rebel. He was neither a Nazi nor a Fascist nor a Communist. If the Powers succeeded in overthrowing Nazism in Germany, what would follow? Not a Conservative, Socialist or Liberal régime, but extreme Communism. Surely that could not be their objective.

[L]et us meanwhile do something for our country, and not always be looking forward to something happening just round the corner. Do not let this country be like that Pompeian slave just discovered in Italy who was found among the ruins clutching the leather bag of his savings. Utilise them!

When one recalls the lessons of 1814, 1870 and 1914-18 it is not to be wondered at that those who dwell within daily sight of the scars due to the tearing wounds inflicted by Teutonic hands on their living land should have a natural apprehension lest the same calamities should befall again. Stripped of some of its richest provinces, Germany has still a population 50 per cent above that of France. The German is industrious, intelligent and resourceful, and although he is poor to-day such qualities soon make riches. He will therefore, so Frenchmen realise, once more become a formidable menace. The Teuton is on the French nerves. This accounts for the anxiety to keep him chained by Treaties, impoverished by levies, and overawed by armaments.

Our more serious devastation was invisible—the shattering of our export trade through our being cut off for over four years from our normal overseas markets. We were the largest international traders in the world and were, therefore, more vulnerable in this respect than any other country. Our customers had been driven either to secure their supplies from rival sources or to start manufacturing for themselves. Indeed, our export trade has never recovered from the War, as the derelict factories of our industrial districts bear melancholy witness. While world trade had by 1927 risen to 120 per cent of the pre-war level, British export trade was only 83 per cent of its pre-war height. That is our real devastated area.

[Lloyd George] said they [the British] would have to make up their minds whether they were going to give the Indians what they wanted, or handle the situation. The trouble was that, although the Englishman talked about handling things, when the Government tackled the question the nation got up in arms about the methods, which would have to be like the Black and Tans in Ireland. In that case anyone could come along and shoot a defenceless officer in bed, or his wife, but immediately the assassin was hounded out there was a hue and cry from some of our own people. There was a curious sentiment in the English.

Upon their casting vote depends the question whether Britain is to continue its honourable career as a pioneer in the path of human progress which, on the whole, it has pursued so nobly for generations, or whether it is in one leap to spring backward over 80 years and place itself on a level with the protectionist countries of the Continent of Europe, with their low wages, taxed food, fettered industries, and policy of international antagonisms, which interfere with prosperity and imperil the peace of the world. ... Free trade is at issue. ... I appeal fervently to Liberals not to walk straight into this booby trap set for them by the protectionists merely because it is decorated by the Union Jack.

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I want to urge him again not to be too frightened of the City of London. Since the War the City of London has been invariably wrong in advising the Government, not merely in the advice which it gave us, and the advice which it gave to the late Government, but in the advice it is giving now. ... [D]o not let the Government run away the moment a few volleys are fired from the City of London. It may save them trouble for a short time but no progressive Government can survive long under the protection of the white flag.

The influence of Liberalism is not merely restraining. It will be recorded how, even in the days of its discomfiture, the Liberal Party undertook the surveying and prospecting of the surest paths to further progress; how it pointed these paths out to the nation and encouraged the Government boldly to tread them.

The prospect of Liberalism is a prospect of enduring service of a high order for the nation and for this generation. Office, power, and emoluments are not everything for a party. If they were, then faith would be a vain thing indeed for multitudes of men and women. When the history of these times comes to be written it will be recorded that in these days Liberalism stood between Britain and irretrievable blunder; that, but for Liberalism, this great country would have been consigned to the degradation of that most selfish and sordid aspect of nationalism which is represented by the haggling, grasping, clawing of tariffs. That, I think, we should be able with wisdom to save the nation from.