Mr. Lloyd George is a colleague with whom I have always been on the best of terms personally, and the Budget raises the money required in a way which… - Edward Grey, 1st Viscount Grey of Fallodon

[O]ne or two others, and certainly the Australians, require a good deal of education. They must realise that, if we denounce the Japanese Alliance, we can no longer rely on the assistance of the Japanese Fleet, and we must prepare for the possibility that Japan may enter into arrangements which may bring her into hostility with us. This would mean maintaining on the China Station a Fleet superior not only to the Japanese Fleet, but also to any probable combination of the Japanese Fleet with any other Fleet in those waters. This would, of course, be in addition to maintaining the two-Power standard in European waters, both in home waters and in the Mediterranean. The logical conclusion of denouncing the Japanese Alliance would be that Australia and New Zealand should undertake the burden of naval supremacy in China seas. This they are neither willing nor able to do.

I believe it is absolutely true that for the peace of Europe good relations between France and Germany are the key to the situation. It should be the business of the British Government not to take a side with France or with Germany, but to collaborate in the cementing of good feelings between them.

[T]he real decision of the electors must be taken now, as always, on large principles and broad lines. Their real choice lies between those who are for the House of Lords and those who are for the House of Commons. I am frankly on the side of the House of Commons. A majority for the House of Lords means also a majority for Tariff Reform. I am for Free Trade as well as for a free Constitution, and for these I ask your support.