In the first, the power was transferred from the Crown to the aristocracy; in the second, from the aristocracy to the middle classes; and now in the Third Crisis (if it was to be so decided) that power was to be transferred from the middle classes to the lower classes.

We have had two major crises - 21st May, when Herr Hitler attempted his first lightning coup against Czecho-Slovakia, and then September; and now very good judges believe that we are within sight of a Third Major Crisis not less serious than the last.

The Third Crisis is, by the very fact that it comes on top of two previous ones, bound to be more serious.

This Third Crisis would have exhausted all our reserves when it occurred in eight months.

I have no confidence at all in the present proposals of the Chancellor to meet This Third Crisis.

We might go into a Third Crisis if they do not control the public accounts and the public obligations sensibly.