I should like, if I may, to pass to another topic, for this is the only opportunity I can have. Consider the conditions under which this war is going to be carried on. I was pleased to hear the Prime Minister say the other day in answer to a speech of the honorable member for Merthyr Tydvil—he has developed it in describing the terms 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 happen? Five-sixths of our production is employed in the home trade. What goes abroad is very important, and, of course, if the population which supplies this one-sixth were thrown out of work that would react on the whole. But, after all, the total amount of our exports to all the European countries which are now at war is only a small part of our total exports. There is here no question of fiscal policy. We are far beyond that. It is a question of fact. Our total exports to all the countries which are now at war do not, in my belief—I have not looked into the figures—exceed our exports to India and Australia taken alone. Now, consider this, we shall have freedom of trade, if the command of the sea is maintained, with the colonies and with the whole of the American Continent, while, unfortunately for them, both our allies and our enemies will not be competing with us in these markets. Look at it as a problem. I think we have a right to believe, not that trade will be good, but that it will be much more nearly normal than is generally supposed. [Cheers.] I hope the House will not think that that is a useless thing to say at such a time. [Cheers.]
There is one thing more only I wish to say. This is the affair of the nation. Every one would desire to help. There will be a great deal of work to be done which cannot be done by the Government. I was glad the Prime Minister has already asked the co-operation of my right honorable friends the members for West Birmingham and the Strand. They gladly came. But I am sure I speak not for this bench but for the whole of our party when I say that the Government has only got to requisition any one of us and we will serve them and our country to the best of our ability. [Loud cheers.]
PACT OF TRIPLE ENTENTE.
Statement Issued by British Foreign Office, Sept. 5.
DECLARATION.
The undersigned duly authorized thereto by the respective Governments hereby declare as follows: