"It is no part of my job as Chancellor of the Exchequer to put before the House of Commons proposals for the expenditure of public money. The function of the Chancellor of the Exchequer, as I understand it, is to resist all demands for expenditure made by his colleagues and, when he can no longer resist, to limit the concession to the barest point of acceptance."

“Truth," it has been said, "is the first casualty of war.”

“I hope you have read the election programme of the Labour Party...this is not socialism. It is Bolshevism run mad.”

“They were told that Cobdenism was dead. ... Cobdenism was never more alive throughout the world than it was to-day. ... To-day the ideas of Cobden were in revolt against selfish nationalism. The need for the breaking down of trade restrictions, which took various forms, was universally recognized even by those who were unable to throw off those shackles.”

“I would like to see the word 'nationalization' banned from the socialist vocabulary.”

“The object of Socialism is not to render the individual capable of living on his personal resources. That is the theory of radical individualism. Its object is to create in him a greater and greater sense of his dependence upon the state, and, at the same time, to inculcate in him the conviction that he is a part of it and that he has a duty and responsibility toward the state; and that only in so far as he fulfils this duty can he benefit by the advantages of a complete personal and social life.”