"I venture to allude to the impression which seemed generally to prevail among their brethren across the seas, that the Old Country must wake up if she intends to maintain her old position of pre-eminence in her colonial trade against foreign competitors"

This quote by King George V is describing the requirement for the United Kingdom to remain competitive in its colonial trade versus foreign rivals. He is recommending that the UK needs to take action to preserve its pre-eminence in the colonial trade, as it is being challenged by other nations. This quote implies that the UK remains in threat of losing its competitive edge in the colonial trade, which it needs to take steps to stay competitive. The quote also recommends that the UK's competitors have actually been picking up speed, and that the UK must do something about it to stay ahead of them. This quote is a call to action for the UK to remain competitive in the colonial trade, and to maintain its pre-eminence in the colonial trade against foreign rivals.