[T]he idea of public right. What does it mean when translated into concrete terms? It means first and foremost, the clearing of the ground by the definite repudiation of militarism as the governing factor in the relations of States and of the future moulding of the European world. It means next that room must be found and kept for the independent existence and the free development of the smaller nationalities each with a corporate consciousness of its own. ... And it means finally, or it ought to mean, perhaps, by a slow and gradual process, the substitution for force, for the class of competing ambition, for groupings and alliances and a precarious equipoise, of a real European partnership based on the recognition of equal right and established and enforced by a common will.

It is, I think, a mistake to treat the annual Budget as if it were a thing by itself, and not, as it is, or as it certainly ought to be, an integral part and a necessary link in a connected and coherent chain of policy. In my opinion...the country has reached a stage in which, whether we look merely at its fiscal or at its social exigencies, we cannot afford to drift along the stream and treat each year's finance as if it were self-contained. The Chancellor of the Exchequer, in other words, ought to Budget, not for one year, but for several years.

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[T]he rise of Germany into the front rank of the commercial Powers of the world was the most remarkable illustration that was to be found of the practical value of education, organization, and concentration. ... Any man who read the accounts of what was done and provided in France, Germany, Belgium, Austria, and, above all, the United States of America, and contrasted the magnificent educational apparatus in which the humblest boy in those countries might aspire to be a participant with our own scanty, slovenly, unscientific, and ill-organized system, or want of system, would no longer be at a loss to understand why England was handicapped in the race for commercial supremacy.

The socialization or nationalization of production and distribution and the extinction of what is called Capitalism—by whatever name the ideal, and the process for its attainment, is called—would starve the resources, and, in time, drain away the life-blood of the great productive industries which depend for their efficiency on the free play of initiative and enterprise. And Labour is becoming more and more a class organization, an expression and embodiment of what is called “class-consciousness.” That again was significantly illustrated in the general strike, which was directed by organized Labour, and which was countenanced—it is true, in a somewhat shamefaced fashion—by the Parliamentary Labour Party leaders.

More important still, perhaps, the sanctity of treaties and of the public law of Europe has been finally vindicated; and last, and most important of all, we have set up in the League of Nations a new international polity which promises, if it is given free scope and full authority, first to bring about progressive disarmament, and next to provide in future a rational and humane substitute for the ruinous arbitrament of war.

Is Germany prepared not only to evacuate Belgium, not only to make full reparation for the colossal mischief and damage which have accompanied her devastating occupation of the country, and her practical enslavement, so far as she can carry it out, of large portions of the population...but to restore to Belgium not the pretence of liberty, but complete and unfettered and absolute independence?

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[O]ne thing is certain, that the Budget of next year will stand at the very centre of our work, by which, I was going to say, we shall stand or fall, by which certainly we shall be judged in the estimation both of the present and of posterity.

[T]his long and sombre procession of cruelty and suffering, lighted up as it is by deathless examples of heroism and chivalry, cannot be allowed to end in some patched-up, precarious, dishonouring compromise, masquerading under the name of Peace. No one desires to prolong for a single unnecessary day the tragic spectacle of bloodshed and destruction, but we owe it to those who have given their lives for us, the flower of our youth, the hope and promise of our future, that their supreme sacrifice shall not have been in vain. The ends of the Allies are well known; they have been frequently and precisely stated. They are not selfish ends, they are not vindictive ends, but they require that there shall be adequate reparation for the past and adequate security for the future. On their achievement we in this country honestly believe depends the best hopes of humanity.

What is the use of talking of Empire if here, at its very centre, there is always to be found a mass of people stunted in education, prey to intemperance, huddled and congested beyond the possibility of realising in any true sense either social or domestic life

[T]hree of the most important resolutions, namely, those relating to the Most-Favoured-Nation treatment, protection against dumping or unfair competition, and the adoption of measures to render the Allies independent of enemy countries as regards essential industries, were proposed by the British delegates and passed at the Conference in the form in which they were put forward.

Everyone desires outrages to cease, and its perpetrators, from whatever camp they proceed, to be detected and punished. (Hear, hear.) But this cannot be too clearly said—it is possible for the State to pay too high a price for what is called the vindication of the law. The price is too high, far too high, when it involves the enthronement in the seat of justice of revenge, and the borrowing by the Executive of the criminals' own methods of indiscriminate robbery, arson, and murder. (Cheers.)