The old hide-bound Liberalism was played out; the Newcastle programme [of 1891] had been realised. The task now was to build up the country. - David Lloyd George

I am now approaching the narrowest and the most threatening gorge in the mad voyage, with one particularly jagged rock right in the middle of the stream and to all appearances barring the way. In the end it was the German boat that crashed against it and was broken to pieces, but I shudder to think that this experience was almost ours. The submarine campaign proved the ruin of Germany. It is a horrifying thought that it very nearly achieved the destruction of Britain’s sea power, with all that such a disaster would have meant to the fortunes of the Alliance and of humanity. We are all too apt, on looking back upon Germany's submarine campaign, to regard it as one of her most fatuous blunders. It is true that it turned out to be the fatal error which precipitated her ultimate defeat. But it was a miscalculation only by a margin which might have been on the other side. There were weeks when the German leaders had truthful reports which gave them confident assurance of success, while giving Britain and her Allies cause for an anxiety which at one stage reached the depths of alarm. There were times when some of our most cautious leaders thought we might be beaten and that we would do well to make peace whilst our ships were afloat.

I ask anyone to point to any territorial change we made in respect to Germany in Europe which is in the least an injustice, judged by any principle of fairness.

I appeal that these proposals should be examined, and, if found to be wise, adopted and carried out in that spirit of high and fearless patriotism and resolution which lifted this nation to such heights of endeavour and success but seven years ago.