[A] return to more thrifty and economical administration [is] the first and paramount duty of the Government. - H. H. Asquith

Perhaps the House will allow me to add this: that I am afraid we must brace ourselves to confront one of those terrible events in the order of Providence which baffle foresight, which appall the imagination and make us realise the inadequacy of words to do justice to what we feel. We cannot say more at this moment than to give a necessarily imperfect impression of our sense of admiration that the best traditions of the sea seem to have been observed and that willing sacrifices were offered to give the first chance for safety to those who were least able to help themselves, and of the heartfelt sympathy of the whole nation to those who find themselves suddenly bereaved of their nearest and dearest.

It is, I think, a mistake to treat the annual Budget as if it were a thing by itself, and not, as it is, or as it certainly ought to be, an integral part and a necessary link in a connected and coherent chain of policy. In my opinion...the country has reached a stage in which, whether we look merely at its fiscal or at its social exigencies, we cannot afford to drift along the stream and treat each year's finance as if it were self-contained. The Chancellor of the Exchequer, in other words, ought to Budget, not for one year, but for several years.

In 1851 Harriet Martineau had just published a...History of England during the Thirty Years' Peace. The Great Exhibition of 1851...was about to open its doors and inaugurate what many people regarded as a new era of international concord. Industry was to be the recruiting sergeant of the future, and war, with its unproductive expenditure, with its futile hatreds and animosities, was to be superseded by the bloodless revolution of free competitors in the open markets of the world. For success in that new and pacific international struggle no nation was so well equipped as our own. We started with enormous advantages. Fifty years had passed. How did we stand to-day? The civilized world, which in 1851 seemed to be in the mood to send in its swords to be beaten into ploughshares, was now transformed into an armed camp; the 30 years' peace which Miss Martineau described had been succeeded by 50 years of almost continuous war.