…this is not the end. It is not even the beginning of the end. But it is perhaps the end of the beginning.

Now… we have a new experience. We have victory – a remarkable and definite victory. The bright gleam has caught the helmets of our soldiers and warmed and cheered all our hearts.

… I doubt whether anyone feels greater sorrow or pain than those who are responsible for the general conduct of our affairs.

We shall go forward together. The road upwards is stony. There are upon our journey dark and dangerous valleys through which we have to make and fight our way. But it is sure and certain that if we persevere – and we shall persevere – we shall come through these dark and dangerous valleys into a sunlight broader and more genial and more lasting than mankind has ever known.

When I was at Teheran, I realized for the first time what a very small country this is. On one hand the big Russian bear with its paws outstretched – on the other the great American Elephant – & between them the poor little English donkey – who is the only one that knows the right way home.

You ask, what is our aim? I can answer in one word: Victory – victory at all costs, victory in spite of terror, victory, however long and hard the road may be; for without victory, there is no survival.

If this long island story of ours is to end at last, let it end only when each one of us lies, choking in his own blood upon the ground.

If the British Empire is fated to pass from life into history, we must hope it will not be by the slow process of dispersion and decay, but in some supreme exertion for freedom, for right and for truth.

I must tell you that in spite of all our victories a rough road lies ahead. What a shame it would be, and what a folly, to add to our load the bitter quarrels with which the extreme socialists are eager to convulse and exploit these critical years. For the sake of the country and of your own happiness I call upon you to march with me under the banner of freedom towards the beacon lights of national prosperity and honour which must ever be our guide.