It has been India day at the Imperial Conference. I am 
not going to give away what has taken place there to-day— 
the time is not opportune; but so far as the members of the 
Imperial Conference and of the British Government are 
concerned, each and every one of them is prepared to do 
what is right and just, to have fair play, and do what is right 
to the citizens of India. I have reason to believe that they 
will be perfectly satisfied with what the Conference has 
recommended. H.H. The Maharaja of Alwar referred to 
the Empire as an oceanic Empire. It is an oceanic Empire 
because it was built up by sea power, and by sea power 
it will be maintained (Hear, hear.) I do hope there 
will always be an efficient Navy in order to main- 
tain connection between the different parts of the Empire, 
because if we have not an efficient sea force to maintain 
connection the Empire will go out of existence. (Hear, 
hear.) I want, if I may, to refer to the trouble you are 
experiencing in Britain at the present time. Most of you 
are financial and commercial men, and I sincerely trust when 
you are considering the present position that you will not 
restrict credit too tightly. This is not the time to indulge in 
that sort of thing, If we are to exercise true British 
friendship and help each other nationally and individually 
then we need not be afraid of depression, because when it 
comes it will not last for very long. It has been said that 
part of the financial and commercial difficulty which 
we are experiencing at the present time is due to the 
trouble in Europe between France and Germany. I believe 
that to be the case. During the war I had the opportunity 
of living for six months in France and seeing the devastated 
territories. The trouble that came to France brought in 
its train misery and death to millions of French citizens. 
During the last fifty years France has been twice invaded by 
a foreign foe, and the French cannot forget it. While my 
sympathies are with the French, I believe that France made 
a mistake in her action with regard to the Ruhr and in sending 
troops into the Ruhr. I am not going to say much about 
Germany. Up to the present she has evaded the provisions 
of the Peace Treaty of Versailles, What is going to happen 
in that connection I cannot predict, because changes are 
taking place every day in Germany ; but if it is possible to bring 
together a Conference of unbiassed men who may say that the 
amount of reparations that was fixed is too heavy for Germany 
to pay—very well and good, let the amount be altered, and let 
us come to a decision which will restore the peace of Europe 
and of the world. (Cheers.) Then I would like to say a word 
about the financial burdens which the heart of the Empire is