What we have to do...is to humanise the system of limited liability. - Stanley Baldwin

My tongue, not my pen, is my instrument.

Rightly or wrongly I was convinced you could not deal with unemployment without a tariff. After the war, opinion was more fluid and open. On political grounds, the tariff issue had been dead for years and I felt it was the one issue which would pull the party together including the Lloyd George malcontents. The Goat [Lloyd George] was in America. He was on the water when I made the speech and the Liberals did not know what to say. I had information that he was going protectionist, and I had to get in quick. No truth that I was pushed by Amery and the cabal. I was loosely in the saddle and got them into line in the Cabinet. Dished the Goat, as otherwise he would have got the Party with Austen and F. E. and there would have been an end to the Tory Party as we know it. I shall not forget the surprise and delight of Amery. It was a long calculated and not a sudden dissolution. Bonar had no programme, and the only thing was to bring the tariff issue forward.

O how I long for the days when, if the Japs were cheeky, we showed them the guns of the China Squadron, and no more was heard.