Mr. McKenna, speaking at Abersychan on Tuesday, said that last
March he had held out the hope that the tide of naval
xpenditure would cease to rise at the end of this year, and that if foreign competition did not increase beyond the known programmes an actual decrease in our expenditure would be possible next year. "I feel justified," he said on Tuesday, " in repeating that statement now." He then went on to emphasize the fact that our expenditure must depend absolutely upon that of other countries. "Peace is our greatest interest, but we cannot beg peace as a suppliant. We cannot buy peace. We can guarantee it only by our own exertions. There can be no enduring peace for the British Empire unless it be peace with honour." These are satisfactory words, but we wish that the Government would recognize that an additional expen- diture at a time when foreign countries are doubtful whether they can keep up the rivalry would be the cheapest way of putting us in a position of complete safety. In any case a reduction of expenditure in the present state of foreign affairs would be utterly unjustifiable. If new expenditure were provided for by means of a loan the plan would have the great additional advantage of advertising our intentions in advance. Our actions could not then be reasonably inter- preted as a, sudden threat against any particular Power. Our 'expenditure would be seen to be a calm and settled policy.
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