TEMPORARY RECOVERY 311 



was much evidence to the effect that, under existing 

 circumstances, war would raise prices considerably — 

 some said immensely. As regards raw materials, this 

 would place our manufacturers at a great disadvantage 

 in comparison with neutral countries. Our enemy, 

 on the other hand, would get his supplies overland, and 

 would not be so much affected. 



The supply of food was, if possible, even more im- 

 portant. Many were very anxious on this point. 

 The resolution, however, would remove any cause of 

 apprehension. Our supplies, both of raw materials 

 and of food, would be aljsolutely secured. 



Moreover, it must be remembered that Germany's 

 excuse for the sudden expansion of her Navy was the 

 desire to protect her commerce. If, however, private 

 property at sea were declared free of capture and 

 seizure, she would, he presumed, be willing to reduce 

 her sea forces, and both countries would save many 

 millions a year. 



Under the existing system we had much to lose and 

 little to gain ; if private property was made free of 

 capture and seizure we should lose little and gain much. 



From all these considerations it was of vital import- 

 ance to us that private property at sea should be 

 rendered free from capture and seizure. 



Finally, he wished just to say how much he regretted 

 our action from a moral point of view. He heard with 

 a feeling of astonishment that we opposed, at the Hague 

 Conference, this wise and statesmanlike proposal. We 

 did not oppose, however, because the proposal was 

 against our interests, but because the resolution did 

 not go far enough, and might, we feared, be evaded. 

 The reasons given did not affect the principle, nor con- 

 flict with the resolution he now proposed. In any case 

 we ought not, unless for the gravest reasons, oppose 

 the general wishes of other civilised nations. In this 

 case he had attempted to show that our interests were 

 the same as theirs. He trusted and believed that 

 public opinion in this country would ere long — and he 

 hoped soon — induce the Government to reconsider their 

 determination ; and he would rejoice to see the London 

 Chamber of Commerce take steps to secure this great 

 and beneficent reform. 



The motion was seconded by Mr. A. J. Hollington, 



