28 JANUARY 1922, Page 2

Mr. Churchill went on to denounce " the organized propa-

ganda of Socialism, with its outrageous threats and its grotesque fallacies," which, if not faced with courage, would be a danger of the gravest kind. The advent of a Socialist Government to pgwer would be a national and imperial disaster. " The

Socialist Party, as I said two years ago, have shown themselves in tReir present state of development quite unfit to govern." If they came into office, they would destroy the credit and confidence upon which the economic revival of the country depended. The Coalition, Mr. Churchill said, stood for the middle way, avoiding both the extreme courses which had brought Germany and Russia to ruin.