elp it. Let me say that I think the conclusion, which I believe
any jury would come to, would perhaps be rather harsh upon the
Conservative Party. I believe they meant better than their record; I
am willing to admit that. But their record is before us, and it is a
bad one, and upon the facts I have no hesitation in saying that it is
not open to them to protest--they have not even an inch of foothold to
protest--against any expenditure which we may now have to incur in
order to defray the consequences of the policy of old-age pensions. So
much for the first cause of the increased expenditure.

I pass to the navy. The Naval Estimates have risen by three millions
this year. I regret it; but I am prepared to justify it. There will be
a further increase next year. I regret it; but within proper limits
necessary to secure national safety I shall be prepared to justify it;
but I hope you will not expect me to advocate a braggart and
sensational policy of expenditure upon armaments. I have always been
against that, as my father was before me.

In my judgment, a Liberal is a man who ought to stand as a restraining
force against an extravagant policy. He is a man who ought to keep
cool in the presence of Jingo clamour. He is a man who believes that
confidence between nations begets confidence, and that the spirit of
peace and goodwill makes the safety it seeks. And, above all, I think
a Liberal is a man who should keep a sour look for scaremongers of
every kind and of every size, however distinguished, however
ridiculous--and sometimes the most distinguished are the most
ridiculous--a cold, chilling, sour look for all of them, whether their
panic comes from the sea or from the air or from the earth or from the
waters under the earth.

His Majesty's Government are resolved that the defensive measures of
this country shall be prescribed by the policy of Ministers
responsible to Parliament, and by the calculations, subject to that
policy, of the experts on whom those Ministers rely, and not by the
folly and the clamour of Party politicians or sensational journalists.
In that determination we as a Government are united, and we shall
remain united. Yet it is clear that the increase in the Naval
Estimates of this year must be followed by another increase in those
of next year. That is deplorable. It will impose upon our finances a
strain which some other nations would not find it very easy to bear,
but which, if the necessity be pro