Turning to the alleged recent change of British policy -in
favour of France, Mr. Baldwin said :— " I must contradict the idea that has gained currency in some quarters, but for which there is no shadow of foundation, that we have to some extent abandoned our position of impartiality and conciliation which we assumed at, the time of the Loearno Pact. That is not so. We have made no new engagements : there is no change in the orientation of our policy. Our interests and our inclinations alike prompt us to preserve and even strengthen the cordiality of our relations with Germany as welt as with France. With Italy we have been on the most friendly terms for genera- tions, and nothing has occurred, or will occur, to interrupt that friendship."
As regards America, Mr. Baldwin said that when he went to America to arrange the debt settlement nothing could have exceeded the frankness on both sides. " There was no suspicion of any kind in the minds of the Americans with whom I negotiated. I say that because I must add -to my profound regret that such speeches as I. have been able to read from America lead me to believe that _on most subjects, far different from my experience, there is now- a deep suspicion where this country is concerned. There is no echo of that in this country. [A remark which was received .with loud applause.] Our policy in - naval building is to go slow. We have no intention of building in competition with America. I would like to express the pleasure which I feel that the Kellogg Pact has been signed. It gives us all what in our private spiritual life we should be so grateful for—an oppor- tunity of a fresh start."
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