This cartoon presents the Liberal government in the setting of a pleasure boat, a motif that at first seems appropriately celebratory for a summer issue of Punch. However, it alludes to the long-established allegory of the Ship of Fools, and so critiques a political lack of direction, as is signalled by the loaded title phrase ‘at sea’ and the image of the Prime Minister, Herbert Asquith, steering a wheel emblazoned with his procrastinating coinage, ‘Wait and See’. The ship itself is called ‘The People’s Will’, a term appropriated by the Liberals and, especially, Lloyd George, the Chancellor of the Exchequer, who had published a book of essays with that title in 1910.