The most significant phrase in Mr. MacDonald's speech was that
"one step" was enough for him, so long as it led to another step. There was no mention whatever in his speech of reconstructing society, of nationalizing the means of production, or of dealing Capital a blow on the head. He repudiated the idea that Labour would take office in order to prepare for a General Election :— "Nothing of the kind. I give you this guarantee if you want it. We arc going to take office in order to do work. We are going to inherit a bankrupt estate, and they tell us that instead of nourishing that estate, sowing it, ploughing it, tending it, encouraging its growth, we arc only going to increase its bank- ruptcy. There is nothing further from the truth. If Capital flees from this country when we come in, it will be the panic- mongers that will be responsible, not the Labour Party."
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