The whole position is a crystal clear example of the proposition that commitments and power must be balanced. Failure to balance them leads to bankruptcy, moral, political, and diplomatic. Neither Britain nor America was capable of paying the debt of honour.
Why?
Not because we did not support the League. Not because we did not believe in collective security. Not because we loved the Japanese. The reason is much simpler. Years of pacifism, disarmament, and false economy had deprived us of the power to do so.

The truth which the Left would not face—and will not face, even now—is that from 1932 and probably from 1929 collective security was moribund, owing to the re-emergence of a Germany determined to destroy it, and the existence of a Japan which had never really believed in it. It could only rise from the dead by the development of a system of armaments in the hands of the peace-loving nations capable of defeating and destroying the governments in the aggressor countries. The only future of the League lay through rearmament, and not through opposition to it.