§ Well, we hope a good deal from the approaching Conference of the Nations at this moment, when, I believe, a desire for peace is more prevalent throughout the world than it has been for some time past. We hope that this Conference of Nations, animated by that desire, may be able to devise some means for checking this terrible competition in armaments, so wasteful of our ability, our energy, and our money, and from which even the wealthiest of the great family of nations may well pray to be delivered. Sir, I rest on that hope, but if I am asked, "Can I extend it further than that?" I confess I am not sanguine. If I am asked whether I look upon the estimated expenditure of this year as a mere temporary matter capable of being reduced next year, or the year after, or the year after that, to something like the Estimates of four or five years ago, I cannot honestly hold out to the Committee any such expectation as that. And why? Because even if it be possible, as we hope, to make a saving in one direction, I am convinced that we shall increase our expenditure in others.