Churchill announced for the first time his view towards a negotiated peace with Germany that included Malta and Gibraltar and some African colony at the War Cabinet on 26 May. As a result, on 5 p.m. 26 May the War Cabinet decided that Halifax must draw up the suggestion of Italy’s mediation. But while Halifax considered positively the position of France at the negotiation, Churchill and Chamberlain expressed the tendency to ignore France. But considering the desert of France, Churchill expressed the will of fighting on at the War Cabinet on 4:30 p.m. 27 May. Then Halifax attacked Churchill’s view by pointing out Churchill’s statement at the previous War Cabinet. Because of Halifax’s criticism, if Hitler demand the restoration of the German colony and the supremacy of the central Europe, Churchill expressed the will to accept Germany’s terms. But Churchill did not think that Hitler would suggest the terms corresponding to the British interests. Churchill’s doubts were about whether Hitler wanted a general settlement, which is what Halifax thought possible, or whether it was more likely that he would demand a peace reflecting German military conquests. But the War Cabinet accepted Chamberlain’s view. Though Italy’s mediation might be ineffective, Chamberlain argued that we did not ignore the France’s suggestion and waited the result of Roosevelt approach. But Mussolini rejected the Roosevelt’s mediation, Halifax’s ‘peace now’ was unconvincing at the War Cabinet on 4 p.m. 28 May. In this situation, Churchill accepted Chamberlain’s argument. Now was not the right time to approach Mussolini. If Britain held out she would later be able to obtain terms which did not affect our independence. According to this position, Churchill informed the British position to Reynaud. Thus Chamberlain’s ‘war now, peace later’ line defeated Halifax’s ‘peace now’ line. In this respect, not Churchill but Chamberlain took the lead of the debate of the War Cabinet. Thus considering the result of this study, Ponting’s assesment is correct. There are two significant points about these long debates, held over three days, about whether Britain should ask for peace terms. First, Churchill did not advocate a policy of absolute resistance and fighting on to the end. He favoured fighting on for a few months. Second, Churchill accepted that it might well be necessary to make peace. But Churchill felt that Britain ought to be able to obtain better terms at that stage than when France was collapsing. And in order to obtain that peace Churchill was quite prepared to trade British territory to Germany and Italy.