Mr, Winston Churchill, Conservative member of the Epping division of Essex, who followed Mr. Attlee, described the present period of history as a period of bloodless war. They hoped and prayed, he added, that this war would remain bloodless and that, subsequently, real peace would emerge.
In the present midway position, unparalleled in Great Britain's history, Mr. Churchill went on, it was essential to the realization of the hopes of the British people that the full strength of Great Britain, both actual and potential, should be' used to the highest advantage by the Chancellor.
It was right, therefore, he said, that the Chancellor should use the powerful and heavy weapon of British credit., It seemed, he continued, that the right balance had been struck by Sir John Simon between revenue of loan expenditure in defence.
This massive loan bill, he declared, had been a factor of confidence at home and a factor upon the side of stability abroad.
Text read from the printed page and cleaned; old type leaves the occasional error.