questioned. [Laughter.] Full supplies of
food and of raw materials are making their way to our shores from every
quarter of the globe. [Cheers.] Our industries, with one or two
exceptions, maintain their activities.

Unemployment is so far not seriously in excess of the average. The
monetary situation has improved, and every effort that the zeal and the
skill of the Chancellor of the Exchequer, [cheers,] with the
co-operation and expert advice of the bankers and business men of the
country, can devise--every effort is being made to achieve what is most
essential, the complete re-establishment of the foreign exchanges.

Meanwhile, the merchant shipping of the enemy has been hunted from the
seas [cheers] and our seaman are still patiently, or impatiently,
[laughter,] waiting for a chance to try conclusions with the opposing
fleet. Great and incalculable is the debt which we have owed during
these weeks, and which in increasing measure we shall continue to owe,
to our navy. [Cheers.] The navy needs no help, and as the months roll
on--thanks to a far-sighted policy in the past--its proportionate
strength will grow. [Cheers.]

Army's Glorious Record.

If we turn to our army [cheers] we can say with equal justice and pride
that during these weeks it has rivaled the most glorious records of its
past. [Cheers.] Sir John French [cheers] and his gallant officers and
men live in our hearts, as they will live in the memories of those who
come afterward. [Cheers,]

But splendid achievements such as these--equally splendid in retirement
and in advance ["Hear, hear!"]--cannot be won without a heavy
expenditure of life and limb, of equipment and supplies. Even now, at
this very early stage, I suppose there is hardly a person here who is
not suffering from anxiety and suspense. Some of us are plunged in
sorrow for the loss of those we love; cut off, some of them, in the
springtime of their young lives. We will not mourn for them overmuch.
One crowded hour of glorious life is worth an age without a name.
[Cheers.]

These gaps have to be filled. The wastage of modern war is relentless
and almost inconceivable. We have--I mean his Majesty's Government
have--since the war began dispatched to the front already considerably
over 200,000 men [cheers] and the amplest provision has been made for
keeping them supplied with all that was necessary in food, in stores,
and in equipment. They will very soon be reinforced by regular troops
fro