monopoly.

These are the great distinctions which I draw, and which, I think, you
will agree I am right in drawing at this election between our
respective policies and moods. Don't think that Liberalism is a faith
that is played out; that it is a creed to which there is no expanding
future. As long as the world rolls round, Liberalism will have its
part to play--grand, beneficent, and ameliorating--in relation to men
and States.

The truth lies in these matters, as it always lies in difficult
matters, midway between extreme formulas. It is in the nice adjustment
of the respective ideas of collectivism and individualism that the
problem of the world and the solution of that problem lie in the years
to come. But I have no hesitation in saying that I am on the side of
those who think that a greater collective element should be introduced
into the State and municipalities. I should like to see the State
undertaking new functions, stepping forward into new spheres of
activity, particularly in services which are in the nature of
monopolies. There I see a wide field for State enterprise. But when we
are told to exalt and admire a philosophy which destroys individualism
and seeks to replace it absolutely by collectivism, I say that is a
monstrous and imbecile conception, which can find no real acceptance
in the brains and hearts--and the hearts are as trustworthy as the
brains--in the hearts of sensible people.

Now I pass over the revolutionary Socialists, who, I admit, if they
feel inclined, are justified in throwing away their votes on Saturday
next, and I come to the Labour and to the Trade Union element in our
midst. There I have one or two words to say of rather a straight