So far from enjoying the undisputed hegemony which was so confidently predicted for British trade 50 years ago, there was not now an inch of ground in any one of the international markets for which we were not fighting with all our available strength. We had long ceased to enjoy that relative superiority in natural advantages with which we started upon the race.

[F]or us here, 43,000,000 of people in these two small islands, dependent as we are upon extraneous sources of supply for the food of the people and the materials of the industry, the one free, open, untrammelled market in the whole world—for us, I say, free trade is the breath of life, and there is no social reform that would not be dearly purchased by its sacrifice.

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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.

[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.

We are met here this afternoon under circumstances which are unexampled in the history of the British Parliament. ... For the first time in English history, the grant of the whole of the Ways and Means for the Supply and Service of the year—a grant made at the request of the Crown to the Crown by the Commons—has been intercepted and nullified by a body which admittedly has not the power to increase or to diminish one single tax, or to propose any substitute or alternative for anyone of the taxes. The House of Commons would, in the judgment of His Majesty's Government, be unworthy of its past and of the traditions of which it is the custodian and the trustee if it allowed another day to pass without making it clear that it does not mean to brook the greatest indignity, and I will add the most arrogant usurpation, to which, for more than two centuries, it has been asked to submit.

In dealing with an opponent who has openly repudiated all the restraints, both of law and of humanity, we are not going to allow our efforts to be strangled in a network of juridical niceties. We do not intend to put into operation any measures which we do not think to be effective, and I need not say we shall carefully avoid any measures which violate the rules either of humanity or of honesty. Subject to those two conditions I say to our enemy—I say it on behalf of the Government, and I hope on behalf of the House of Commons—that under existing conditions there is no form of economic pressure to which we do not consider ourselves entitled to resort.

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[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.

[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.

I...say to my working-men friends here, before you forsake your support and allegiance to the Liberal party, and before you go trying to found some separate organization of your own, let me venture to put before you two considerations. In the first place I would beg of you to remember that in English public life and in English history we have hitherto always had parties which did not represent, or which, at any rate, did not profess to represent, particular classes, but which looked at the interests of the community from the point of view of the community as a whole.

Let us realize...that we are fighting as a united Empire in a cause worthy of the highest traditions of our race. ... [L]et us recall the memories of the great men and the great deeds of the past, commemorated, some of them, as you have reminded us, in the monuments which we see around us on these walls, not forgetting the dying message of the younger Pitt, his last public utterance made at the table of your predecessor, my Lord Mayor, in this very hall: “England has saved herself by her exertions and will, as I trust, save Europe by her example.” (Cheers.) England in those days gave a noble answer to his appeal, and did not sheathe the sword until, after nearly twenty years of fighting, the freedom of Europe was secured. Let us go and do likewise. (Cries of “Bravo” and cheers.)