"Last week I watched the Trooping the Colour and our young Queen riding at the head of her Guards... Certainly no one of British race could contemplate such a spectacle without pride. But no thinking man or woman could escape the terrible question: on what does it all stand? It does indeed seem hard that the traditions and triumphs of a thousand years should be challenged by the ebb and flow of markets and commercial and financial transactions...and that we have to watch from month to month the narrow margins upon which our solvency and consequently our reputation and influence depend. But fifty million islanders growing food for only thirty millions, and dependent for the rest upon their exertions, their skill and their genius, present a problem which has not been seen or at least recorded before. In all history there has never been a community so large, so complex, so sure of its way of life, posed at such dizzy eminence and on so precarious a foundation."