This is not a Budget, but a revolution; a social and political revolution of the first magnitude. - Archibald Primrose, 5th Earl of Rosebery

The Prime Minister <nowiki>[</nowiki>Ramsay MacDonald<nowiki>]</nowiki>...circulated pamphlets by the thousand in German against our contention. It is terrible to think that such a man should be in high office with the support of anybody in this country.

The old Liberal party is drawing to its end. These last two elections, particularly the last, are the Mene Mene Tekel Upharsen of the Liberal banquet. The socialist does not indeed get a majority but while the two old parties are cutting each other's throats, he slips in and will continue to slip in and the encouragement to his party is great. The Liberal party will lose their industrial seats, while the Conservative party, the natural refuge in time of trouble, creams off all who will accept protection.

It is always possible that that may happen here which has happened in Belgium—the elimination of Liberalism, leaving the two forces of Socialism and Reaction face to face. Whether that shall happen here depends on the Liberal Party.