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Full text of "The Struggle For Peace"

hesitate to take in peace time, unless they were convinced
that matters had become so critical that it could not any
longer be avoided ; but, of course, to do that would be to deal
a terrible blow at industry. It would not merely mean the
loss of orders on hand or immediately in prospect; it would
mean the loss of the good will which, if it once disappeared, it
might take a very long time to recover, if indeed it ever
were recoverable. The fact is that wars are not only won
with arms and men; they are won with the reserves of
resources and credit. That is what we mean when we speak
of the staying power of a nation. Staying power depends
upon the maintenance of those commercial and industrial
activities. When we glance over our past history we see that
our staying power has made important contributions to
victory.
" There is another point, too. The economic stability of
a country, its possession of staying power, is recognised
to be a powerful deterrent against attack, because unless a
nation can feel that it is possible to knock out its opponent by
a sudden blow—and recent experience is not encouraging to
that theory—then the strongest people may hesitate to risk a
struggle with a country whose staying power may be able
indefinitely to prolong their resistance. From these considera-
tions I draw the conclusion that in a period of protracted
and heavy expenditure, such as we are passing through now,
we must be careful to preserve our economic and industrial
stability. So in making this investigation to which I have
referred, we thought that it should embrace all the factors
that were relevant to its consideration—the international
situation, the policy for which the programmes were designed,
the productive capacity of the country, our resources in
labour and especially in skilled labour, the armaments of
other countries, and, finally, financial considerations. 'After
weighing up all these factors the results of this investigation
have been translated into a balanced plan of Defence prepara-
tion and expenditure, based upon the full consideration of all
factors, strategic and otherwise. These results are shown in
the White Paper and in the memoranda which accompany the
Estimates. Knowing, as I do, the careful and thorough
work which has been put in upon that inquiry, I can assure