So far from regarding this as a test case on which the future of the League of Nations depends, I say that whatever happens in the Far East, I shall feel that the League of Nations is as important as ever to the peace of the world. The real test of the success of the League is not to be found in what happens in the Far East. It is going to be found in the way nations, especially of Europe, succeeded in reducing their expenditure on armaments.

[O]ur friendship with France and Russia is in itself a guarantee that neither of them will pursue a provocative or aggressive policy towards Germany, who is their neighbour and ours. Any support we would give France and Russia in times of trouble would depend entirely on the feeling of Parliament and public feeling here when the trouble came, and both France and Russia know perfectly well that British public opinion would not give support to provocative or aggressive action against Germany.

I am inwardly boiling with indignation at this stupid prejudiced attempt to dictate policy to us and break us, for that is what it is really; and if it goes on I shall be for taking the hottest election, upon who is to govern the country, that has ever been in our time.

In the present crisis it has not been possible to secure the peace of Europe: because there has been little time, and there has been a disposition—at any rate in some quarters on which I will not dwell—to force things rapidly to an issue, at any rate to the great risk of peace, and, as we now know, the result of that is that the policy of peace as far as the great powers generally are concerned is in danger. I do not want to dwell on that, and to comment on it, and to say where the blame seems to us lie, which powers were most in favor of peace, which were most disposed to risk war or endanger peace, because I would like the House to approach this crisis in which we are now from the point of view of British interests, British honor, and British obligations, free from all passion as to why peace has not yet been preserved.

The example would spread, and I am not without hope that one or more great European Powers would eventually make a similar agreement with us and the United States. The effect of such agreements on disarmament and the morale of international politics would be considerable.

The British, French, and Russian Governments mutually engage not to conclude peace separately during the present war. The three Governments agree that when terms of peace come to be discussed no one of the Allies will demand terms of peace without the previous agreement of each of the other Allies.

We worked for peace up to the last moment, and beyond the last moment. How hard, how persistently, and how earnestly we strove for peace last week the House will see from the papers that will be before it. But that is over, as far as the peace of Europe is concerned. We are now face to face with a situation and all the consequences which it may yet have to unfold.

The future liberties of Europe depend upon regulating disputes between nations by justice and law; and upon maintaining the sanctity of treaties, and thus making peace secure. That is the policy for which the League of Nations was created to be the instrument. If it does not prevail, then there will be renewed competition in armaments; nations ruining themselves by expensive preparations for new war, which will make their ruin complete. The result will be wars or more revolutions, probably both; and that in no very long time. No nation, not even France herself, will escape the catastrophe.

There is much poetry for which most of us do not care, but with a little trouble when we are young we may find one or two poets whose poetry, if we get to know it well, will mean very much to us and become part of ourselves... The love for such poetry which comes to us when we are young will not disappear as we get older; it will remain in us, becoming an intimate part of our own being, and will be an assured source of strength, consolation, and delight.

The smaller States in that region of Europe ask but one thing. Their one desire is that they should be left alone and independent. The one thing they fear is, I think, not so much that their integrity but that their independence should be interfered with. If in this war, which is before Europe, the neutrality of those countries is violated, if the troops of one of the combatants violate its neutrality and no action be taken to resent it, at the end of the war, whatever the integrity may be, the independence will be gone.

[T]he real decision of the electors must be taken now, as always, on large principles and broad lines. Their real choice lies between those who are for the House of Lords and those who are for the House of Commons. I am frankly on the side of the House of Commons. A majority for the House of Lords means also a majority for Tariff Reform. I am for Free Trade as well as for a free Constitution, and for these I ask your support.

If, on the other hand, by some misfortune or blunder our Entente with France were to be broken up, France will have to make her own terms with Germany. And Germany will again be in a position to keep us on bad terms with Germany and Russia, and to make herself predominant upon the Continent. Then, sooner or later, there will be war between us and Germany, in which much else may be involved.

I see Jagow says I could have prevented the war, but the German veto on a Conference struck out of my hand the only effective instrument I could use for peace... Bethmann-Hollweg's objection to a Conference was absolute; and after he had refused and Russia had accepted a Conference I could not protest against Russian preparation for the event of war, especially as the German preparations were far ahead of the Russian, and I could not promise the armed support of this country to Russia. Von Jagow says Germany could not have accepted a Conference as she would have lost prestige, but he admits she lost no prestige in the London Conference of 1912-3, and the precedent of that was a guarantee that there would have been neither diplomatic defeat nor victory for anyone, but a fair conduct of another Conference composed of the same persons and conducted in the same way. And as Serbia had submitted to about nine-tenths of the Austrian Ultimatum there could have been no loss of prestige in submitting the one or two points outstanding to a fair Conference.

The strength of the House of Commons is dissipated, its time consumed, and its dignity and reputation are threatened by the attempt to manage in one Assembly the purely local interests of different parts of the United Kingdom. Without some large measure of Devolution in the United Kingdom the House of Commons cannot attend to Imperial affairs and matters which concern the country as a whole.

We are going to suffer, I am afraid, terribly in this war, whether we are in it or whether we stand aside. Foreign trade is going to stop, not because trade routes are closed, but because there is no trade at the other end. Continental nations engaged in war all their populations, all their energies, all their wealth, engaged in a desperate struggle they cannot carry on the trade with us that they are carrying on in times of peace, whether we are parties to the war or whether we are not.