I should like, if I may, to pass to another topic, for this is the only opportunity I can have.  Consider the conditions under which this war is going to be carried on.  I was pleased to hear the Prime Minister say the other day in answer to a speech of the honorable member for Merthyr Tydvil—­he has developed it in describing the terms of this vote of credit—­that he realized, as we all must realize, that in a country situated like ours the development of industry and the supply of food at home is just as much an operation of war as the conduct of our armed forces. [Cheers.] I do not wish to minimize our difficulties, but I am quite sure—­as sure as I can be of anything—­that there is no danger of a scarcity of food. ["Hear, hear!”] The only danger is the fear of a scarcity of food. ["Hear, hear!”] Every one who has been in business knows that what causes panic prices is not an actual scarcity at the time, but a fear of scarcity coming.  This is a case where every one of us must do all he can to impress upon the people of this country that there is, as I believe, no danger. [Cheers.] Here I should like to give one warning note.  Remember—­at least I believe it—­that this war, unexpected by us, is not unexpected by our enemies; and I shall be greatly surprised if we do not find that at first on our trade routes there is a destruction of our property which might create a panic.  That is inevitable, I think, at the outset.  Let us be prepared for it, and let us realize that it has no bearing whatever on the ultimate course of the war. [Cheers.]

There is something else which I think it is important to say.  We had a discussion yesterday about credit.  That is the basis of a successful war, as it is of every branch of industry at this moment.  I think the Government have taken the right course.  I have followed it closely, and I know that they have been supported by those who best understand the situation.  I think the danger is minimized as much as it can be.  But, after all, the question of credit really depends on what we believe is going to be the effect of this war upon our trade and our industry.

The Command of the Sea.

I hope the House will not think that I am too optimistic, but I do think there is a danger of our taking too gloomy a view of what the effects will be, ["Hear, hear!”] and, by taking that gloomy view, helping to bring about the very state of things which we all desire to avert.  Again I wish to guard myself against seeming to be too hopeful; but let us look at the effect as if we were examining a chess problem.  If we keep the command of the sea, what is going to happen?  It all depends on that.  I admit that if that goes the position is gloomy indeed; but of that I have no fear. [Cheers.] If we keep the command of the sea what is going to happen?  Five-sixths of our production is employed in the home trade.  What goes abroad is very important, and, of course, if the population which supplies this one-sixth were