20 MARCH 1926, Page 3

The next few years will be a period of safety.

We ought to spend that •time in rigid economy and in trying to remove permanently the necessity for war. If we should fail there would be plenty of time to change our policy. In the meantime it is useless to spend money on ships which will probably be obsolete by the time they are wanted. If we spend money at all freely it should be on the Air. The Navy and Army could be confined to the minimum size that is necessary for the routine work of the Empire. Our truest defence now, and . so far as we can see ahead, is to build up our industrial resources.