“It appears that we are to reconcile ourselves to the fact that we are to have 1,300,000 unemployed in this country. There are no unemployed in the United States of America, no unemployed at all in France. There are hardly any unemployed in Italy. The United States of America, France, and Italy are protectionist countries. We are a free-trade import country.”

Speech to the Constitutional Club (20 November 1923), quoted in The Times (21 November 1923), p. 17

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F. E. Smith, 1st Earl of Birkenhead 27
British politician 1872–1930

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