The comparison, which Churchill makes about the bookkeeper's balance sheet in the last sentence of the passage, is that the capabilities of the British people to wage the war against the German Nazis are equally balanced by the inevitable dangers she faces and the resilience of the people.
Prime Minister Churchill declared war against Germany during the second world war, which lasted from 1938 to 1945.
In financial accounting, the financial position of an entity at a given time is captured by the balance sheet. It lists the assets (resources or capabilities) that the entity has and the sources (including equity and liabilities) which finance the assets. The similarities of the passage to a bookkeeper's balance sheet are:
- the British war capabilities are like her assets
- the dangers are like her liabilities, and
- the resilience of the people is like the equity.
Similarly, Churchill listed the capabilities of the British Forces to include
- Improved defense method
- Trained British pilots
- Capable aircraft.
He balanced these capabilities partly with her equity:
- the eternal vigilance and resilience of the people
- the intense exertion of efforts in the war.
He did not overlook the liabilities, which included:
- the dangers posed by the German Air force
- invasion devices that the enemy could conceive and
- the inability of France to provide some protection.
Thus, he actually balanced the assets (what Britain owns) with the liabilities and equity (what Britain owes), thereby presenting a balanced perspective of the British position during the second world war, like a balance sheet of a business entity. By so doing, he was able to persuade the British people to not only fight on courageously, but to win the war over Nazi Germany.
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