The Prime Minister was described this morning in The Times, in the words of a distinguished aristocrat, as a live wire. He was described to me, and t… - Stanley Baldwin

And so it is, seven years nearly after the War, that we yet see this prolonged and intensified depression, and this horrible figure of unemployment...We stand to-day at a point where, roughly speaking, one out of every ten of the insured population is out of work...But there is no direct remedy from the State alone. There can be no direct remedy by private men alone. Nothing can be done unless we can all pull together with a will. And I am—and I speak seriously—quite profoundly thankful that the Labour Party have been in office, and for this reason: that they now know that they, no more than any other Government, have been able to produce a panacea that would remedy unemployment. And in their hearts they must admit that they have no remedy which can be guaranteed to cure this disease and at the same time maintain unimpaired the international position and power of the British Empire.

There is no more romantic episode in English history, or in the haphazard building of the Empire, than the story of the "Company of Adventurers of England Trading into Hudson's Bay." To look for the North-west passage while they made profits out of furs, to obtain a charter of sovereignty over the lands which contained all the waters flowing into that bay, and yet to leave those lands unexplored for many, many years—this is a typically British proceeding. They sought the western equivalents of "ivory and apes and peacocks," and they found an empire as a by-product. They created a great tradition, a tradition which is your own to-day, of discipline and endurance round a commercial ideal. They treated the Indians as a source of profit, yet they treated them with justice and with kindliness. They kept one eye on dividends and another on exploration. What race besides our own could be so casual, so far-sighted, so inconsistent and so successful?

Do not fear or misunderstand when the Government say they are looking to our defences. It does not mean that we look upon force as the judge and law-giver in the affairs of nations. We do not dedicate ourselves to such evil, and there is here no spirit whatever of aggression. But weakness, or wavering, or uncertainty, or neglect of our obligations—obligations for peace—doubts of our own safety give no assurance of peace; believe me, quite the reverse. Do not fear that it is a step in the wrong direction. You need not remind me of the solemn task of the League—to reduce armaments by agreement. I know, and I shall not forget. But we have gone too far alone, and must try to bring others along with us. I give you my word that there will be no great armaments.