§ But I hope that my having drawn that comparison will not lead the Committee to believe that I wish to make light of our expenditure on armaments. On the contrary, necessary though it may be, I confess I view it with great concern, more especially when our annual outlay on other objects is inevitably growing at such a pace. As regards Army expenditure, I hope we may be able to make considerable reductions in the next year or two, as reorganisation on a normal peace footing becomes complete. With regard to the Navy, a strong fleet for us is not a matter of advantage or convenience only; it is not a mere gratification of national pride; it is for us a matter of life and death. It is not an instrument of aggression, it is the safeguard of national existence. And more, it is not a matter, I am glad to think, of party controversy. Our trade and industry, the trade and industry of our colonies and dependencies, our supplies of food and raw material, the employment of our people, all depend on our supremacy at sea. To preserve this we will grudge no cost. Certainly, so far as I am concerned, I will never be responsible for crippling the efficiency of our Navy by refusing to find the means for maintaining our command of the sea. Cobden once declared that he would spend £100,000,000 to maintain the irresistible superiority of our Fleet; and there is not, I feel sure, any responsible body of persons who would not be prepared to agree with Cobden. Our naval preparations are no menace to any foreign Power. Happily we are on friendly terms with all. When Cobden gave expression to the opinion I have quoted it was of France that he was thinking. I am very glad to know that our position is quite different to-day. The relations between the two Powers are of the most cordial description. We all hope that the mutual feelings of respect and regard which animate the Governments and peoples of the two countries, so strikingly shorn by the cordial welcome which is being prepared 250 for the King on his visit to France, will year by year become stronger. It is no jealousy of any Power which compels us to spend more and more on our Fleet. So long as other fleets grow, our Fleet must grow also; but there are not wanting, I am glad to think, indications that some of our neighbours wish to call a halt in their naval expenditure. We welcome such an indication on their part, and we can assure them that, if they will adopt and adhere to such a policy, we will readily and loyally follow suit.