The Prime Minister spent a lot of time painting to you a lurid picture of what would happen under a Labour Government in pursuit of what he called a Continental conception. He has forgotten that Socialist theory was developed by Robert Owen in Britain long before Karl Marx. He has forgotten that Australia, New Zealand, whose peoples have played so great a part in the war, and the Scandinavian countries have had Socialist Governments for years, to the great benefit of their peoples, with none of those dreadful consequences...When he talks of the danger of a secret police...he forgets that these things were actually experienced in this country only under the Tory Government of Lord Liverpool in the years of repression when the British people who had saved Europe from Napoleon were suffering deep distress. He has forgotten many things, including, when he talks of the danger of Labour mismanaging finance, his own disastrous record at the Exchequer over the gold standard.