ms of this vote of
credit--that he realized, as we all must realize, that in a country
situated like ours the development of industry and the supply of food at
home is just as much an operation of war as the conduct of our armed
forces. [Cheers.] I do not wish to minimize our difficulties, but I am
quite sure--as sure as I can be of anything--that there is no danger of
a scarcity of food. ["Hear, hear!"] The only danger is the fear of a
scarcity of food. ["Hear, hear!"] Every one who has been in business
knows that what causes panic prices is not an actual scarcity at the
time, but a fear of scarcity coming. This is a case where every one of
us must do all he can to impress upon the people of this country that
there is, as I believe, no danger. [Cheers.] Here I should like to give
one warning note. Remember--at least I believe it--that this war,
unexpected by us, is not unexpected by our enemies; and I shall be
greatly surprised if we do not find that at first on our trade routes
there is a destruction of our property which might create a panic. That
is inevitable, I think, at the outset. Let us be prepared for it, and
let us realize that it has no bearing whatever on the ultimate course of
the war. [Cheers.]

There is something else which I think it is important to say. We had a
discussion yesterday about credit. That is the basis of a successful
war, as it is of every branch of industry at this moment. I think the
Government have taken the right course. I have followed it closely, and
I know that they have been supported by those who best understand the
situation. I think the danger is minimized as much as it can be. But,
after all, the question of credit really depends on what we believe is
going to be the effect of this war upon our trade and our industry.

The Command of the Sea.

I hope the House will not think that I am too optimistic, but I do think
there is a danger of our taking too gloomy a view of what the effects
will be, ["Hear, hear!"] and, by taking that gloomy view, helping to
bring about the very state of things which we all desire to avert. Again
I wish to guard myself against seeming to be too hopeful; but let us
look at the effect as if we were examining a chess problem. If we keep
the command of the sea, what is going to happen? It all depends on that.
I admit that if that goes the position is gloomy indeed; but of that I
have no fear. [Cheers.] If we keep the command of the sea what is going
to