So what did they do? They solemnly asked Parliament, not to approve or disapprove, but to 'take note' of our decision. Perhaps some of the older ones among you will remember that popular song: 'She didn't say "Yes", she didn't say "No". She didn't say "stay", she didn't say "go". She wanted to climb, but dreaded to fall, she bided her time and clung to the wall.'

So there you are – you can see what it is like. The camera's hot, probing eye, these monstrous machines and their attendants – a kind of twentieth century torture chamber, that's what it is. But I must try to forget about that, and imagine that you are sitting here in the room with me.

The most striking of all the impressions I have formed since I left London a month ago is of the strength of this African national consciousness. In different places it may take different forms but it is happening everywhere. The wind of change is blowing through this continent. Whether we like it or not, this growth of national consciousness is a political fact. We must all accept it as a fact. Our national policies must take account of it. This means, I would judge, that we must come to terms with it. I sincerely believe that if we cannot do so we may imperil the precarious balance between East and West on which the peace of the world depends.

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It is always a matter of regret from the personal point of view when divergences arise between colleagues, but it is the team that matters and not the individual, and I am quite happy about the strength and the power of the team, and so I thought the best thing to do was to settle up these little local difficulties, and then turn to the wider vision of the Commonwealth.

If inflation priced us out of world markets we should be back in the old nightmare of unemployment. What folly to risk throwing away all that we have gained... Our first duty at a time when there is more money about than goods to spend it on is to keep down Government expenditure... The second duty of the Government is to frame policies which encourage saving and discourage spending... [I]n the long run there is only one answer to the 64,000 dollar question—to increase production. That is the answer. That is where the real hope lies.

Indeed, let us be frank about it. Most of our people have never had it so good. Go around the country, go to the industrial towns, go to the farms, and you will see a state of prosperity such as we have never had in my life time—nor indeed ever in the history of this country. What is beginning to worry some of us is, is it too good to be true?—or perhaps I should say, is it too good to last? ... Our constant concern to-day is, can prices be steadied while at the same time we maintain full employment in an expanding economy? Can we control inflation? This is the problem of our time.

We must export to get necessities. We could not produce more than perhaps half our food. We had no raw materials, except coal and iron. Now we were importing both. We were even bringing coals to Newcastle, at least figuratively. All these imports must be paid for by exports... At first our main competitors—Germany and Japan—were out of the race. Now they were coming along very fast. We must not relax; on the contrary, we must make even greater efforts.

[Macmillan] said that another round of wage increases such as there had been in the past two years could be disastrous... Such increases would not bring any benefit to anyone. They would only benefit men in a particular industry if they were the only ones to get them. But they would not be. If one industry started, others would follow. No one would gain anything, except more and more paper money, which would buy less and less.

By the achievement of this period of our rule in India, the British stand justified. Much will be left in the material sense—railways, dams, irrigation schemes, health services and the like—but perhaps the greatest contribution which the British genius has made has been the sense of equal justice, incorruptible and unchangeable, carried out equally for Hindu and for Muslim, for the poor as for the rich, the humble as for the exalted. This has set a standard of equity unrivalled in the history of the world.