We should emerge from the rearmament period with inadequate reserves, with no assurance of further U.S. aid, with our export markets reduced, with a continuous and possibly increased claim on our resources for defence, with German and Japanese competition at full blast and finally, with industrial efficiency in a relatively worse position compared with the United States than it is now.

What struck me at the League was the prestige in which our Government and our Prime Minister are held. What has struck hon. Members who have listened to this Debate is the fact that public opinion in the dictator countries has conceived a profound admiration for our Prime Minister and our country. Our country, therefore, is the country which is in a priceless position for securing the future of peace...It seems to me that we have two choices either to settle our differences with Germany by consultation, or to face the inevitability of a clash between the two systems of democracy and dictatorship. In considering this, I must emphatically give my opinion as one of the younger generation. War settles nothing, and I see no alternative to the policy upon which the Prime Minister has so courageously set himself—the construction of peace, with the aid which I have described. There is no other country which can achieve this, and I ask hon. and right hon. Gentlemen opposite sincerely to believe that in our efforts to understand, to consult with and, if possible, to get friendship with Germany, we do not abandon by one jot or tittle the democratic beliefs which are the very core of our whole being and system. In conclusion, I must gratify the right hon. Gentleman the Member for Wakefield by quoting Shakespeare. The right hon. Gentleman will remember the little poem "Under the Greenwood Tree"—"Here shall he see" "No enemy," "But winter and rough weather". We have the winter before us, and we have a great deal of political rough weather, but in that rough weather, do not let us forget the joint idea of peace which animates us all.

Many a time I have sat in the jungle in Central India watching a bait, in the form of a bullock or calf tied to a tree, awaiting the arrival of the lord of the forest, and put there as a trap to entice him to his doom. On this occasion, I have exactly the same feelings as those of the miserable animal whom I have so often looked upon in that position, and, if I compare myself to that bait, I may compare my right hon. Friend the Member for Epping (Mr. Churchill) to the tiger. I hope that hon. Members and the right hon. Gentleman himself will remember, however, that there is waiting for the tiger a pair of lynx eyes and a sure and safe rifle to ensure his ultimate fate.

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The Government will have to give consideration to the question of how much this inflow can be assimilated into our society at the present time. If you give the Government a little longer, we shall try to find a solution as friendly to these people as we can and not based on colour prejudice alone.

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There are great economic opportunities ahead of us. If we are sensible, we can have rising production and rising standards of living without constantly rising prices. Why should we not aim to double our standard of living in the next 20 years, and still have our money as valuable then as now? The faster we modernize and expand our productive capacity, the more we shall be able to increase the national wealth.

You can imagine how lonely and sad I felt in Parliament, and indeed in the whole political world, when I knew that Mr Chamberlain had gone. I do not think that the party will ever be the same again. I looked upon him as the last leader of the organisation in the State which I joined very late in its life but which has been responsible for much of England's greatness.