I do not know which copy of the book was made in 1954, but hopefully I can tell you where it is well enough so that you can locate it easily in your own copy of the book.
First of all, it is in Chapter 5. It is about two-thirds of the way through the chapter. It is 7 pages from the end in the copy I have.
The words are spoken during the meeting, a few pages after Percival says that the beast comes from the sea. It is just a couple of pages after the part where the boys are arguing, saying "shut up," and "sod you" and stuff like that. You should be able to spot those lines because they are so short and they make the text look a lot different.
I hope that is helpful...
The 1954 version of William Golding's Lord of the Flies is the first edition and there have been many editions since and two movies; one in 1963 and another in 1990. The book's ability to expose human nature and its failings, regardless of the generation in which the story takes place, ensures that this novel is a piece of classic literature.
By the time the story reaches chapter five, Beasts from Water, the boys have certainly faced many uncertainties and difficulties. In chapter one, there is the conch and all it stands for; good order and civilization; and there is Ralph, the natural leader. In chapter two, with no "grown ups," and having established that the island is "uninhabited," there is a need for shelter and a rescue fire. There is also the first mention of a "beastie," a "snake-thing," and Jack's ironic comment that "After all, we're not savages. We're English..." Things are already showing signs of getting out of control, such as the fire and the presumed loss of the "littlun" with the mark on his face.
In chapter three, Jack begins to unsettle the group with talk of meat and is anxious to make his first "kill." The rescue seems secondary to Jack and his hunters. Jack, in chapter four, paints his face to camouflage himself and is delighted that he looks like "an awesome stranger." He has neglected the fire and there is no way, therefore, of alerting a passing ship to their whereabouts. He has however, killed his first pig.
Now believing that the beast may come out of the sea, there is much discussion and even the possibility that the beast is "a ghost." Ralph is anxious to "stick to the rules" but talk of the beast and the approaching darkness have intensified the problem, at this point in chapter five, and Ralph feels despondent as he considers: "The world, that understandable and lawful world, was slipping away."
It is on page 100 at the bottom of the page, right after Ralph says "I see".