4. Liberalism and Labour (1926) 1

I do not wish to live under a ConservativeGovernment for the next twenty years. I be-lieve that the progressive forces of the countryare hopelessly divided between the LiberalParty and the Labour Party . I do not believethat the Liberal Party will win one-third of theseats in the House of Commons in any probableor foreseeable circumstances. Unless in courseof time the mistakes of the Conservative Govern-ment produce an economic catastrophe—which isnot impossible—I do not believe that the LabourParty will win one-half of the seats in the Houseof Commons. Yet it is not desirable that theLabour Party should depend for their chances ofoffice on the occurrence of a national misfortune;for this will only strengthen the influence of theparty of catastrophe which is already an im-portant element in their ranks. As things arenow, we have nothing to look forward to excepta continuance of Conservative Governments,not merely until they have made mistakes inthe tolerable degree which would have caused

1 The substance of a speech delivered at the Manchester ReformClub, February 9, 1926.

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