The great countries of Europe are raising enormous revenues, and something like half of them is being spent on naval and military preparations. You may call it national insurance, that is perfectly true, but it is equally true that half the national revenue of the great countries in Europe is being spent on what is, after all, preparations to kill each other. Surely the extent to which this expenditure has grown really becomes a satire, and a reflection on civilisation. Not in our generation, perhaps, but if it goes on at the rate at which it has recently increased, sooner or later I believe it will submerge that civilisation. The burden already has shown itself in national credit—less in our national credit than in the national credit of other nations—but sooner or later, if it goes on at this rate, it must lead to national bankruptcy.

[T]here is no comparison between the importance of the German Navy to Germany, and the importance of our Navy to us. Our Navy to us is what their Army is to them. To have a strong Navy would increase their prestige, their diplomatic influence, their power of protecting their commerce; but as regards us—it is not a matter of life and death to them that it is to us.

My own personal feeling is that we are justified in any measures which will result in taking the Congo out of the hands of the King. He has forfeited every claim to it he ever had; and to take the Congo away from him without compensation would be less than justice, for it would leave him still with all the gains he has made by his monstrous system.

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.

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Now, a word as to our policy. It is not anti-German. But it must be independent of Germany. We wish to keep and strengthen the Entente with France... [T]he Entente with France means good and easy relations for both of us with Italy and Spain. This means that peace and quietness are assured among the four Western Powers of Europe. To complete this foundation, we wish to make an arrangement with Russia, that will remove the old traditions of enmity, and ensure that, if we are not close friends, at any rate we do not quarrel. If all this can be done, we shall take care that it is not used to provoke Germany, or to score off her, if she will only accept it, and not try to make mischief.

If, when the time comes, the United States proposes the reduction or limitation of Armaments as a subject for consideration, I am sure that our delegates will be instructed cordially to support the proposal. And the initiative of the United States in this matter would be very welcome to us.

They all knew what Anti-Semitic feeling was, and what it gave rise to. But there was another view of the Jewish race, that of millions of persecuted people who had been, through generation after generation, scattered without homes and without hope; and he said frankly that if it was the intention to attempt to provide a refuge and a home for people of that description in the British dominions it would have his entire sympathy.

I welcome the Agreement, and I hope...the Government will lose no opportunity of making it a working model for other cases where it is possible to do so. I welcome this Agreement because I believe not only will it be a working model for other cases, but because it has in it great possibilities for keeping us in contact with France, with a growth of friendly relations to the advantage of both countries, and the many points of contact in various parts of the world will not, as in the past, be occasion for dispute and debate, but will be so many opportunities for the interchange of international courtesies.

Europe was some time ago divided into two, I will not say hostile, but certainly not friendly, camps—the Triple Alliance and the Dual Alliance. There has been a tendency to obliteration of the hard-and-fast lines between those two camps... There has been a tendency to more direct inter-communication, more direct settlement; and this has been more favourable to a frank adjustment of the relations between these Powers; and we in our turn have now taken part in making a sort of arrangement with a view to creating greater frankness and friendliness between ourselves and France. It would not have been possible to establish this Agreement between ourselves and France some years ago, because the atmosphere... between ourselves and France may be said to have been of the glacial epoch. It has happily now changed to a genial epoch.