in the building programmes of other Powers. It is well to 
realise, therefore, that we are faced with a programme of 
cruiser construction, not merely to replace old units, but to 
replace them by a type of vessel equivalent to those which 
are being built by other Powers. In these days of financial 
stringency, it is difficult, I know, to find the money, but no 
wise man ceases to insure his business premises because trade 
is bad. (Hear, hear.) It must be remembered that when 
we speak of a One Power Standard, in it is included all the 
ships of the Dominion Navies, and though it may not come 
wholly to pass in our time, yet in the future it is probable, 
as the Dominions grow in population and wealth, you will 
find the main fleet of the Empire composed partly of ships 
provided by the Mother Country and partly by the Dominions, 
(Cheers.) This Empire Fleet will be stationed in some 
central position from which it can rapidly go to the danger 
zone, wherever that may be, always supposing the necessary 
base from which it can operate has, by foresight, been 
provided. (Hear, hear.) A matter which has received much 
public comment of late is the question of developing our 
Naval Base at Singapore. After exhaustive examination by 
the Naval Staff, it was deeply considered and approved by 
the Imperial Conference of 1921. At the time of the 
Washington Conference, in drawing up the status quo 
agreement, it was fully recognised by the United States and 
Japanese Governments that the British Empire should be 
left a free hand to develop a base in the East outside the 
defined limits. During the past two years, the whole question 
has been most thoroughly re-examined at the Admiralty by 
men tried and proved in war, and it is their considered opinion 
that the ability of the Fleet to fulfil its functions in defence 
of the huge Empire trade depends on the development of the 
outpost base at Singapore and the fuel depots en route to it. 
The picture I have drawn, and it is one which I have no 
doubt will come true, is dependent on the development of the 
Navies of this country and the Dominions side by side. 
(Cheers.) Parts of a homogeneous whole, trained on the 
same lines, and imbued with the same spirit. I am aware 
this has not always been advocated, but I can assure you that, 
from now onwards, the Admiralty fully subscribe to this idea 
and will do all they can to help in the development of those 
Dominion Navies which already exist and to help the others 
through the pangs of childbirth. (Cheers.) During the past 
our power to maintain our sea communication has often 
been challenged, and no doubt it will be again. But if the 
Empire will maintain an efficient Fleet, I think the issue can 
be confidently left to the British seamen. (Cheers.) In this