Once you are so unfortunate as to be drawn into a war, no price is too great to pay for an early and victorious peace.

All the greatest economists, John Stuart Mill at their head, have always spoken of the evils of borrowing for the purposes of war, and have pointed out that as far as possible posterity should be relieved and the cost of what is consumed in the war be met at the time. That is a counsel of perfection, but nobody has ever come nearer to it than the late Chancellor of the Exchequer [Sir Kingsley Wood].

War never pays its dividends in cash on the money it costs.

They have destroyed your weapons, but these weapons would in any case have become obsolete before the next war. That war will be fought with brand-new ones, and the army which is least hampered with obsolete material will have a great advantage.

This truth may be unfashionable, unpalatable, no doubt unpopular, but, if it is the truth, the story of mankind shows that war was universal and unceasing for millions of years before armaments were invented or armies organized. Indeed, the lucid intervals of peace and order only occurred in human history after armaments in the hands of strong governments have come into being, and civilization in every age has been nursed only in cradles guarded by superior weapons and superior discipline.

I do not believe in a major war this year because the French army at present is as large as that of Germany and far more mature. But next year and the year after may carry these Dictator-ridden countries to the climax of their armament and of their domestic embarrassments. We shall certainly need to be ready then.