The prospect of further naval increases among the Con- tinental
Powers was a very serious matter, but this competi- tion had got to be met, and in every respect the resources of
the country were equal to the demand. Here Mr. Churchll en- tered a caveat against the policy of a naval loan on the ground that it would lead to premature and excessive expenditure. What they wanted was steady building on a regular plan, and Mr. Churchill observed that it was well worth consideration whether our naval proposals ought not to be presented to the House of_Commons, not in a series of annual propositions, but in a more general survey, including two or three or even more years in its scope. As to the future, Great Britain would be the first Power to welcome any slackening of naval rivalry and would meet it by deeds, not words. But if there were to be any increases on the Continent we should have no difficulty in meeting them to the satisfaction of the country.
"As naval competition becomes more acute we shall have not only to increase the number of ships we build, but the ratio which our naval strength will have to bear to other groat naval Powers, so that our margin of superiority will become larger, an not smaller, as the strain grows greater. Thus we shall make it clear that other naval Powers, instead of overtaking us by addi- tional efforts, will only be more outdistanced in consequence of the measures which we ourselves shall take."
As we have urged this point in these columns for years past, in season and out of season, and almost in the identical words used by Mr. Churchill, we need only express our entire satis- faction with his frank and explicit declaration.
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