The Arms Programme On Tuesday the Prime Minister once again
derided fears of a trade depression ; and perhaps Sir Thomas Inskip's speech on the same day revealed some of the reasons for the Government's confidence, which all do not share. The Minister for the Co-ordination of Defence said that the defence programme would last longer and cost more than had been contemplated ; the cost next year was estimated at something between L320,000,000 and £340p00,000, the programme would not slow down for four or five years, and would employ over four times as many workers as at present. Here, then, is an unproductive " public works " programme of staggering proportions ; before it ends its cost will bear heavily on all but a few, and Sir Thomas Inskip indicated that, whereas until now armaments have played a relatively small part in industrial activity, in the near future their effect on the national economy will be vital and decisive—a discouraging prospect. But it is difficult to believe that other nations will be able to compete with armament expenditure on such a scale over a period of five years ; in the arms race Great Britain should be an easy winner, and she and her potential allies possess immeasurably greater resources than any possible combination of enemies. But in this there is an element of danger as well as of security. Nations go to war when their armaments are at their highest point relatively to those of their possible enemies' ; it seems certain that, in four or five years' time, that point will be passed for any conceivable enemy of Great Britain.
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