His Majesty’s Government cannot for a moment entertain the Chancellor’s proposal that they should bind themselves to neutrality on such terms.  What he asks us in effect is to engage to stand by while French colonies are taken if France is beaten, so long as Germany does not take French territory as distinct from the colonies.  From the material point of view—­

My right hon. friend, as he always does, used very temperate language: 
  such a proposal is unacceptable, for France, without further
  territory in Europe being taken from her, could be so
  crushed as to lose her position as a Great Power, and
  become subordinate to German policy.

That is the material aspect.  But he proceeded: 

Altogether, apart from that, it would be a disgrace for us to make this bargain with Germany at the expense of France, a disgrace from which the good name of this country would never recover.  The Chancellor also in effect asks us to bargain away whatever obligation or interest we have as regards the neutrality of Belgium.  We could not entertain that bargain either.

He then says: 

  We must preserve our full freedom to act, as circumstances
  may seem to us to require.

And he added, I think, in sentences which the House will appreciate: 

You should ... add most earnestly that the one way of maintaining the good relations between England and Germany is that they should continue to work together to preserve the peace of Europe....  For that object this Government will work in that way with all sincerity and goodwill.

If the peace of Europe can be preserved and the present crisis safely passed, my own endeavour will be to promote some arrangement to which Germany could be a party, by which she could be assured that no aggressive or hostile policy would be pursued against her or her allies by France, Russia, and ourselves, jointly or separately.  I have desired this and worked for it—­

The statement was never more true—­
  as far as I could, through the last Balkan crisis, and
  Germany having a corresponding object, our relations
  sensibly improved.  The idea has hitherto been too Utopian
  to form the subject of definite proposals, but if this present
  crisis, so much more acute than any that Europe has gone
  through for generations, be safely passed, I am hopeful
  that the relief and reaction which will follow may make
  possible some more definite rapprochement between the
  Powers than has been possible hitherto.