25 JANUARY 1930, Page 2

Mr. Lloyd George and Lord Grey of Fallodon On Monday

Mr. Lloyd George spoke at the National Liberal Club, and at the end of his speech had something to say about the recent criticism of himself by Lord Grey of Fallodon. First he discussed the possible courses before the Liberal Party on the assumption that a three-party system had come to stay. In his opinion there were three possible courses : (1) opposition in the old sense, (2) co-operation (not to be confused with coalition), (3) completely independent action. He had come to the conclusion that the conditions of co-operation had not been fulfilled, and therefore he reluctantly fell back upon completely independent action which might, however, give way to co-operation if the Liberal Party should be offered honourable terms.