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In a leading article we have discussed the significance of

Mr. Lloyd George's speech at the forty-fifth Con- ference of the National Liberal Federation which opened at Yarmouth on October 11th. Here we need only mention his chief points. He said that he expressed the " collective opinion of the leaders of the Party." The first part of the speech was an apparently daring but actually platitudinous affirmation that Liberals" must remain Liberals whatever happened in the General Election. For his part he believed that there would be a Parliamentary deadlock. Never- theless the Party could not " enter into any under- standing, formal or informal, with any Party in any circumstances to advance measures or policies in which it disbelieves." [But who thought that it would I

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