,,the ,,world ,,in ,,chains          99 
99       99       99       99    ,but   
should we stay to speak1 noontide would 
come1   ,and thwart ,silenus find his   
goats undrawn1   ,and grudge to sing    
those wise and lovely songs   ,of ,fate1
 and ,chance1 and ,god1 and ,chaos old1 
,and ,love1 and the ,chained ,titan's   
woeful doom1   ,and how he shall be     
loosed1 and make the earth   ,one       
brotherhood4444         99       99     
99       99       99     ,,the ,,world  
,,in ,,chains    ,,some ,,aspects ,,of  
,,war ,,and ,,trade    ,,by ,,john      
,,mavrogordato   ,m4,a4    ,,london3    
,,martin ,,secker   ,,number ,,five     
,,john ,,street ,,adelphi      ,first   
,published #aiag          99       99   
99       99       99    ,,in ,,memoriam 
,,amicorum   ,r4 ,f4 ,c4 ,,gelderd      
,,somervell   ,,ivar ,,campbell3 ,t4 ,r4
 ,a4 ,h4   ,,noyes3 ,j4 ,w4 ,,bailey    
,,qvi ,,ante ,,diem ,,periervnt         
99       99       99       99       99  
,note   ,there may be some exaggeration 

in this book4 ,i firmly believe that    
,england and her ,allies entered this   
,war with the noblest intentions4 ,if ,i
 have done less than justice to these1  
it is because my chief purpose in this  
essay has been to express my equally    
firm belief that all these fine emotions
 have been and are being exploited by   
the basest forms of ,imperialism and    
,capitalism4    ,j4 ,m4    ,january     
#ast1 #aiag4       ,contents            
,,chapter ,i    ,,the ,,massacre ,,of   
,,colleagues1                           
#c    ,,the ,,widening ,,sphere ,,of    
,,morality1                             
#d    ,,the ,,receding ,,god1           
#f    ,,the ,,philosopher ,,looks ,,at  
,,society1                           #h 
,,homo ,,homini ,,lupus1                
#h    ,,tribe ,,against ,,tribe1        
#aj    ,,the ,,city ,,state1            
#ab    ,,the ,,nations ,,of ,,europe    
,,ferae ,,naturae1                      
#ad    ,,the ,,convenience ,,of         
,,diplomacy1                            

#ae    ,a ,,note ,,on ,,democracy1      
#ah    ,,diplomacy ,,not ,,bad ,,in     
,,itself1                               
#ai    ,,manners ,,no ,,substitute ,,for
 ,,morals1                          #ba 
,,war ,a ,,moral ,,anachronism1         
#ba     ,,chapter ,,ii    ,,the         
,,armament ,,ring1                      
#bg    ,,eugenics8                      
#bi    ,,patriotism1                    
#ca    ,,the ,,moral ,,test1            
#cf    ,,trade1                         
#ci    ,,trade ,,in ,,time ,,of ,,peace1
                                    #db 
,,duties ,,of ,,commerce ,,to ,,the     
,,state1                           #dd  
,,restricted ,,sphere ,,of ,,government 
,,corresponding ,,to   ,,restricted     
,,sphere ,,of ,,morality1               
#ea     ,,chapter ,,iii    ,,trade      
,,during ,,the ,,war1                   
#eg    ,,trade ,,lives ,,on ,,increasing
 ,,demand1                          #fe 
,,war ,a ,,form ,,of ,,destruction1     
#ff    ,,war ,,stands ,,to ,,benefit    

,,neutral ,,as ,,well ,,as ,,belligerent
   ,,nations ,,but ,,not ,,to ,,the     
,,same ,,extent1                        
#fi    ,,the ,,greater ,,the ,,capital1 
,,the ,,greater ,,the ,,war   ,,profit1 
#ga    ,,the ,,blessings ,,of           
,,invasion1                             
#gb    ,,the ,,luxury ,,trades ,,don',t 
,,do ,,so ,,badly1                      
#gd    ,,trade ,,profits ,,in ,,war     
,,not ,,shared ,,by ,,the ,,nation      
,,but ,,confined ,,to ,,employers1      
#gg    ,,trade ,,profit ,,and ,,national
 ,,loss1                            #hb 
,,appendix3 ,,some ,,typical ,,war      
,,profits1                       #abe   
,,chapter ,,iv    ,,dialectics ,,round  
,,the ,,death-,,bed1                    
#hi    ,,german ,,responsibility ,,for  
,,the ,,war1                         #ij
    ,,the ,,value ,,of ,,german         
,,culture1                              
#ie    ,,the ,,manufacture ,,of         
,,hatred1                               
#ajb    ,,imperialism ,,the ,,enemy1    

#ajg    ,,possible ,,objects ,,of ,,war1
                                  #aab  
,,physical ,,force ,,in ,a ,,moral      
,,world1                          #aah  
,,imperialism ,,and ,,capitalism        
,,through ,,war ,,and ,,trade   ,,the   
,,enemies3 ,,socialism ,,to ,,the       
,,rescue1                         #abb  
99       99       99       99       99  
,,chapter ,i    ,greek3 mros de thntn   
ostis ekporthn poleis   naous de tumbous
 th1 iera tn kekmktn1   ermiadous autos 
leth usteron4    ,euripides3 ,tro4 #ie4 
#a  ,the ,massacre of ,colleagues   ,the
 existence of war in the modern world is
 primarily a question for the moral     
philosopher4 ,it may be of interest to  
the anthropologist to consider war as a 
gallant survival with an impressive     
ritual and a code of honour curiously   
detached from the social environment1   
like the ,hindu suttee2 or with a       
procedure euphemistically disguised1    
like some chthonic liturgy of ancient   
,athens4 ,but it is a problem too broad 

for the anthropologist when we consider 
that we have reached a stage of         
civilisation which regards murder as the
 most detestable of crimes and deprives 
the murderer of all civil rights and    
often even of the natural right to live3
 while in the same community the        
organised massacre of our colleagues in 
civilisation is not only tolerated but  
assumed to be necessary by the principal
 expositors of law and religion1 is the 
scientific occupation of the most       
honoured profession in the ,state1 and  
constitutes the real sanction of all    
international intercourse4   #b  ,the   
,widening ,sphere of ,morality  ,the    
existence of war stimulates the         
astonished watcher in the tower of ivory
 to examine the development1 if any1 of 
human morality2 and to formulate some   
law of the process whereby political man
 has been differentiated from the       
savage4  ,morality being a relation     
between two or more contracting parties1
 he will notice that the history of     

mankind is marked by a consistent       
tendency to extend this relation1 to    
include in the system of relationships  
more numerous and more distant objects1 
so that the moral agent is surrounded by
 a continually widening sphere of       
obligations4  ,this system of           
relationship1 which may be called the   
moral sphere1 has grown up under a      
variety of influences1 expediency1      
custom1 religious emotion and political 
action2 but the moral agents included in
 it at any given time are always bound  
to each other by a theoretical contract 
involving both rights and duties1 and   
leading each to expect and to apply in  
all his dealings with the others a      
certain standard of conduct which is    
approximately fixed by the enlightened  
opinion of the majority for the benefit 
of the totality4  ,the moral sphere then
 is a contractual unit of two or more   
persons who agree to moderate their     
individual conduct for their common     
good3 and the ,state itself is only a   

stage in the growth of this moral unit  
from its emergence out of primitive     
savagery to its superannuation in       
ultimate anarchy1 commonly called the   
,millennium4 ,the ,state indeed is a    
moral sphere1 a moral unit1 which has   
long been outgrown by enlightened       
opinion2 and the trouble is that we are 
now in a transition stage in which the  
boundaries of the ,state survive as a   
limitation instead of setting an ideal  
of moral conduct4#a  ,,footnotes3       
,footnote #a3 ,this conception of the   
gradually extending and still to be     
extended sphere of morality1 or from    
another aspect of law1 was implied1 ,i  
think1 by ,lord ,haldane in his ,address
 on ,higher ,nationality4 7,the ,conduct
 of ,life1 and ,other ,addresses1 p4    
#ii47  ,in this address ,lord ,haldane  
distinguished in the ,state three       
sanctions of conduct4       #a4 ,law4   
#b4 ,the ,moral ,sanction1 ,kant's      
,categorical ,imperative that rules     
the private and individual conscience1  

but that alone4       #c4 ,the force of 
social habit or sittlichkeit1 less than 
legal      and more than merely moral1  
and sufficient in the vast majority of  
the events of daily life1 to secure     
observance of general standards      of 
conduct without any question of resort  
to force4 ,the ,lord      ,chancellor   
adds1 ,if this is so within a nation1   
can it be so as      between nations8   
,but although ,lord ,haldane            
distinguishes three sanctions of        
conduct1 the resultant line of conduct  
is one4 ,and it seems to me unimportant 
to analyse the sanctions if we can only 
estimate the sum of their obligations4  
,it is this totality of obligations1 the
 whole systematisation of conduct in    
human life1 that in my adumbrated       
analysis ,i call the moral sphere4      
,curiously enough ,lord ,haldane was    
hounded from the ,government on the     
paradoxical ground that he knew too much
 about the enemy against whom we are    
fighting4 ,it is certainly true that he 

has a better understanding than any     
other statesman of the ,prussian        
perversion of aristocracy and of the    
true function of science in the ,state4 
,but it is too much to hope that        
philosophers should remain ,ministers of
 a ,state in which journalists are      
become dictators4   #c  ,the ,receding  
,god  ,i don't know that it is necessary
 to drag ,god into the argument4 ,but if
 you like to regard ,god as the sanction
 and source of morality1 or if you like 
to call the moral drift in human affairs
 ,god1 it is possible to consider this  
,sphere of ,morality from ,his point of 
view4 ,his point of view is precisely   
what1 in an instructive fable1 we may   
present as the determining factor in    
morality4 ,when ,he walked in the garden
 or lurked hardly distinguishable among 
the sticks and stones of the forest1    
morality was just an understanding      
between a man and his neighbour1 a      
temporary agreement entered on by any   
two hunting savages whom ,he might      

happen to espy between the tree-trunks4 
,when ,he dwelt among the peaks of      
,sinai or ,olympus1 the sphere of       
morality had extended to the whole tribe
 that occupied the subjacent valley4 ,it
 came to include the nation1 all the    
subjects of each sovereign state1 by the
 time ,he had receded to some heavenly  
throne above the dark blue sky4 ,and it 
is to be hoped that ,he may yet take a  
broader view1 so that ,his survey will  
embrace the whole of mankind1 if only we
 can banish ,him to a remoter altitude  
in the frozen depths of space1 whence   
,he can contemplate human affairs       
without being near enough to interfere4 
,the moral of this little myth of the   
,receding ,god may be that the ,sphere  
of ,morality is extended in inverse     
proportion to the intensity of          
theological interference4 ,not that     
theology necessarily or always          
deliberately limits the domain of       
morality3 but because the extension of  
moral relations and the relegation of   

anthropomorphic theology are co-ordinate
 steps in human advancement4    #d  ,the
 ,philosopher looks at ,society  ,the   
philosopher is apt to explain the growth
 and interrelation of ideas by          
tabulating them in an historical form1  
which may not be narrowly1              
chronologically1 or historically true4  
,the notion of the ,social ,contract may
 be philosophically true1 though we are 
not to imagine the citizens of          
,rousseau's ,state coming together on a 
certain day to vote by show of hands1   
like the members of the ,bognor ,urban  
,district ,council4 ,so we may          
illustrate a theory of moral or social  
evolution by a sort of historical       
pageant1 which will not be              
journalistically exact1 but will give a 
true picture of an ideal development1   
every scene of which can be paralleled  
by some actually known or inferred form 
of human life4    #e  ,homo ,homini     
,lupus  ,our imagination1 working       
subconsciously on a number of           

laboriously accumulated hints1 a roomful
 of chipped or polished stones1 the     
sifted debris of ,swiss palafittes1 a   
few pithecoid jawbones1 some painted    
rocks from ,salamanca1 produces a fairly
 definite picture of the earliest       
essentially human being on earth3 and we
 recognise a man not unlike one of      
ourselves2 with a similar industry      
interrupted from time to time by the    
arbitrary stirrings of a similar        
artistic impulse2 so close to us indeed 
that some of his habits still survive   
among us4 ,some of us at least have made
 a recreation of his necessity1 and     
still go hunting wild or hypothetically 
wild animals for food4 ,but when this   
primeval hunter emerged from his lair in
 the forest or his valley-cave1 he was  
prepared to attack at sight any man he  
happened to meet3 and he thought himself
 a fine fellow if he succeeded in       
cracking the skull of a possible rival  
in love or venery4 ,this was the age of 
preventive aggression with a vengeance4 

,we still feel a certain satisfaction in
 a prompt and crushing blow1 and in the 
simplicity of violence4 ,but we no      
longer attack our neighbour in the      
street1 as dogs fight over a bone or    
over nothing at all3 though some of us  
reserve the right to snarl4    #f       
,tribe against ,tribe  ,but this        
fighter's paradise was too exciting to  
last long2 and indeed it is hard to     
visualise steadily the feral solitary   
man who lived without any social        
organisation at all4#b ,consideration   
like an angel came and did not indeed   
drive the offending devil out of him but
 taught him to guide it into more       
profitable channels1 by co-operating    
with his neighbour4 ,when a man first   
made peace with the hunter in the next  
cave in order to go out with him against
 the bear at the head of the valley1 or 
even to have his assistance in carrying 
off a couple of women from the family   
down by the lake1 on that day the social
 and moral unit was constituted1 the    

sphere of morality1 destined1 who knows 
how soon1 to include the whole of       
mankind in one beneficent alliance1     
began with what ,professor ,mc,dougal   
has called the replacement of individual
 by collective pugnacity4 ,the first    
clear stage in this progress is the     
tribe or clan1 the smallest organised   
community1 sometimes no larger than the 
self-contained village or camp1 which   
can still be found in the wild parts of 
the earth4 ,tribe against tribe is the  
formula of this order of civilisation4  
,within the limits of the community man 
inhibits his natural impulses and       
settles his personal disputes according 
to the rules laid down by the headman or
 chief4 ,but once outside the stockade  
he can kill and plunder at will1 though 
owing to the similarly strong           
organisation of the next village he will
 usually reserve his predatory exploits 
for the official and collective raids of
 village against village and tribe      
against tribe4  ,of course the family is

 a step leading up to the tribal stage  
of morality1 and it may be that the idea
 of incest marks the social stage in    
which the moral sphere was conterminous 
with the family1 corresponding to the   
institution of exogamy in the moral     
system of the tribe4  ,it may be added  
that even in the modern family the      
feeling which unites the members often  
consists less1 very much less1 of       
affection than of a sort of obligation  
to hang together for mutual defence4    
,,footnotes3  ,footnote #b3 ,cf4        
,plato's myth of ,protagoras 7,prot4    
#cbb ,b ff474    #g  ,the ,city ,state  
,the ,city ,state1 self-contained1      
self-supporting1 truly democratic1 is   
marked by a similar pugnacity4 ,only    
full citizenship conferred full moral   
rights1 and any ferocity could be       
justified in war against another city4  
,athens wore herself out in the long    
struggle with ,sparta1 and ,greece was  
lured to destruction by the devil of    
,imperialism1 whose stock argument is to

 suggest that a ,state can extend its   
rights without extending its            
obligations4 ,but the limitation of the 
moral sphere by the boundaries of the   
city is less apparent in the ,greek     
,states1 because in the historical      
period at least they were already in    
transition to a larger view1 and        
enlightened opinion certainly believed  
in a moral system which should include  
all ,greek ,states1 to the exclusion of 
course of all barbarians3 but this      
larger view was even more definitely    
limited1 and the demarcation of those   
within from those outside the moral     
sphere was never more sharply conceived1
 than in the difference commonly held to
 exist between ,greeks and ,barbarians4 
,yet even so ,greece can maintain her   
pre-eminence in thought2 for ,plato and 
,euripides at least glimpsed the        
conception1 by which we do not yet      
consent to be guided1 of the moral      
equality of all mankind4#c  ,for all    
these reasons the ,city ,state as a     

limited moral sphere is better seen     
perhaps in ,medival ,italy1 where1 ,i   
imagine1 a ,florentine might kill a     
native of ,pisa whenever he liked2      
whereas if he killed a fellow           
,florentine he risked at least the      
necessity of putting himself outside the
 moral sphere1 of having that is to     
leave ,florence and stay in ,pisa till  
the incident was forgotten4#d           
,,footnotes3  ,footnote #c3 ,even       
,aristotle probably had some suspicion  
of it2 so in his anxiety to justify the 
institution of slavery he had to make   
out that slaves were not men at all but 
only machines4  ,footnote #d3 ,duelling 
might be classified theoretically as a  
survival of the wolfish condition       
sketched in  #e4 ,but the persistent    
institution of single combat should not 
be regarded as in itself a survival1 but
 rather as an outlet for the surviving  
instinct1 a concession justified by     
political or social considerations that 
vary from age to age4 ,even ,plato in   

his ,republic 7#dfe ,a7 agreed that the 
citizen might in certain circumstances  
take the law into his own hands1        
probably regarding such action as a sort
 of equity1 what ,aristotle calls       
,greek3 epanorthma nomou lleipei dia ton
 katholou1 a rectification of certain   
special cases not covered by law4  ,in  
modern states again1 e4g4 in ,austria   
and ,germany1 duelling is not so much a 
survival as a corollary of militarism1  
which involves a fetichistic veneration 
of the military uniform or of military  
honour4    #h  ,the ,nations of ,europe 
ferae naturae  ,in the next and latest  
stage in the expansion of the moral     
system we find it again conterminous    
with the frontiers of the ,state4 ,but  
it is now no longer the small city state
 of ,ancient ,greece and ,medival       
,italy1 but the large political unit1   
roughly and hypothetically national1#e  
which constitutes the modern ,state1    
whether ,kingdom1 ,republic1 or ,empire4
 ,i have called this the latest stage in

 the extension of the sphere of morality
 because it is the one which actually   
prevails and limits our national        
conduct4 ,for the paradox of legal      
murder and massacre in the modern world 
is resolved as soon as we realise that  
war is a conflict between two or more   
isolated moral systems1 each of which   
only regards violence as a crime to be  
suppressed within the limits of its own 
validity4 ,international warfare in its 
crudest form is only a manifestation of 
the original wolfish state of man1 the  
state of nature which exists between two
 moral agents who have no moral         
obligation to each other 7but only to   
themselves74 ,the fact that the         
primitive savage was an individual moral
 agent having no moral obligation to    
anyone but himself1 while the modern    
fighting nation is a moral agent of who 
knows how many millions1 does not alter 
the essential character of the conflict4
  ,,footnotes3  ,footnote #e3 ,see      
below1 ,chapter ,,iv1  #d4 ,nationalism 

,true and ,false4    #i  ,the           
,convenience of ,diplomacy  ,as a matter
 of fact this original wolfish attitude 
of nations is already obsolete1 if it   
ever existed4 ,the expansion and growth 
of political and moral relations is a   
gradual process1 and the fact that for  
the sake of brevity and clearness we fix
 and describe certain arbitrary points  
in that process must not be taken to    
imply that it is discontinuous4 ,anyhow 
there is no doubt that the specifically 
wolfish attitude of one nation to       
another can hardly be found in its pure 
state1 being already tempered and       
mitigated by the practice and custom of 
diplomacy3 and this diplomatic          
mitigation1 however superficial1 does   
something to break down that windowless 
isolation which is the essential cause  
of violence between two independent     
moral entities4 ,pacificists of the     
democratic school sometimes present a   
fallacious view of international        
diplomacy1 and almost imply that the    

present war was made inevitable by the  
fact that ,viscount ,grey was educated  
at ,harrow1 or that peace could have    
been preserved with ,germany if only    
,sir ,edward ,goschen had begun life as 
a coal heaver1 or had at least been     
elected by the ,national ,union of      
,boilermakers4 ,their panacea they      
vaguely call the democratic control of  
,foreign ,affairs1 though it is not     
clear why we should expect twenty       
million still ignorant voters to be more
 enlightened than one educated          
representative who is1 as a matter of   
fact1 usually so much oppressed by a due
 sense of his responsibility that he is 
in danger of bungling only from         
excessive timidity4 ,the experience of  
the ,law ,courts shows that twelve men1 
be they never so good and true1 cannot  
at present be trusted to weigh and      
discriminate as nicely as one#f2 and the
 fact that the ,daily ,mail has the     
largest circulation of any morning paper
 is a sufficient mark of the present    

capacity and inclination of the majority
 to control public affairs more directly
 than they do4 ,it is said that the     
secrecy of diplomatic affairs breeds an 
atmosphere of suspicion2 and it might be
 said with equal truth that all secrecy 
of every kind is always and everywhere  
the most unnecessary thing in the       
world4#g ,but the fundamental fallacy of
 all these arguments is that they treat 
diplomacy as an essential of            
international relations1 whereas it is  
only an accident1 a trapping1 a         
convenience1 or a common form4 ,its     
defects are the result and the          
reflection of national opinion4         
,diplomatists are no more responsible   
for the defects of international        
relationship than seconds are           
responsible for the practice of         
duelling3 and we may note incidentally  
that duels are if anything more frequent
 when the place of the seconds in       
estimating their necessity is taken by a
 democratic court of honour4            

,,footnotes3  ,footnote #f3 ,the duties 
of a jury are1 of course1 very carefully
 limited by law4 ,but even in this      
reduced sphere they are remarkable      
chiefly for their incompetence1         
prejudice1 inattention1 and stupidity4  
,see particularly ,andr ,gide's         
,souvenirs de la ,cour d',assises1 all  
the implied criticisms in which apply1  
mutatis quibusdam mutandis1 with equal  
force to ,english and indeed to all     
juries4  ,footnote #g3 ,it is possible  
to argue1 though of course impossible to
 prove1 that if every diplomatic        
document of recent years had been       
immediately made public1 the relations  
between the ,powers would have remained 
very much what they are with secret     
diplomacy2 that public diplomacy would  
if anything have intensified the        
existing jealousy and distrust4 ,as a   
matter of fact anyone who takes the     
trouble can approximately discover the  
diplomatic situation existing at a      
particular moment between any two       

,powers1 even if he cannot know the     
verbal text of a particular treaty4 ,and
 if the supporters of public diplomacy  
reasonably point out that publicity is  
desired only as a means to ensure the   
democratic control of ,foreign policy1  
the answer is that the only way to      
ensure the democratic control of        
diplomats or any other public servants  
is to educate the people4    #aj  ,a    
,note on ,democracy  ,the outcry for    
democratic control demands1 ,i think1 a 
note1 if not a volume1#h on the         
limitations of democracy4 ,we are all1  
,i suppose1 agreed nowadays that the    
government of the future must be        
democratic1 in the sense that every     
adult has a right to full citizenship1  
and every citizen can claim a vote4 ,but
 it is obviously impossible for a modern
 ,state to be governed directly by the  
voices of say fifty or a hundred million
 citizens3 there must always be a small 
legislative and a still smaller         
executive body2 and these bodies should 

obviously be composed of the finest and 
most capable citizens4 ,if then         
,aristocracy means1 as it does mean1 a  
government of the whole by the best     
elements1 it follows that we are all    
equally agreed that the government of   
the future must be aristocratic4 ,the   
solution of this antinomy is of course  
that democracy is not an end in itself1 
but only a means for the selection and  
sanction of aristocracy4#i ,the best    
elements in the population can only come
 to the top if every man has an         
opportunity of using his voice and his  
intelligence4 ,we may note in passing   
that a common objection1 raised by      
writers like ,emile ,faguet1 to the     
effect that democracy puts a premium on 
incompetence by choosing its officials  
almost fortuitously from the mob1 is the
 exact opposite of the truth4 ,it is our
 present regime that leaves the         
selection of our rulers to the chances  
of birth or wealth or forensic success4 
,real democracy will stimulate the      

selection of the best1 just as trade    
union standardisation of wages          
encourages the employment of the better 
workmen4#aj  ,,footnotes3  ,footnote #h3
 ,such a volume or something very much  
like it has actually made its           
appearance1 since these lines were      
written1 in ,professor ,robert ,michels'
 ,political ,parties 7,jarrold1 #aiaf74 
,footnote #i3 ,cf4 ,bernard ,shaw1 in   
,pease1 ,history of the ,fabian         
,society1 p4 #bfh3 ,sooner or later1    
unless democracy is to be discarded in a
 reaction of disgust such as killed it  
in ancient ,athens1 democracy itself    
will demand that only such men should be
 presented to its choice as have proved 
themselves qualified for more serious   
and disinterested work than 'stoking up'
 election meetings to momentary and     
foolish excitement4 ,without qualified  
rulers a ,socialist ,state is           
impossible4    #aa  ,diplomacy not bad  
in itself  ,the real importance of      
diplomacy1 as ,i have said1 is in the   

fact that it is a mitigation of primary 
ferocity1 a symptom of readiness to     
negotiate1 a recognition of the fact    
that disputes need not be settled by    
immediate violence3 and as such it      
points to a time when war may be        
superseded1 as personal combat has been 
superseded by litigation4 ,the man who  
puts a quarrel with his neighbour into  
the hands of a legal representative is a
 stage higher in social civilisation    
than the man who fights it out at sight4
 ,diplomats are the legal               
representatives of nations--only there  
is no supernational court before which  
they can state their case4  ,of course1 
it is perfectly true that the ultimate  
sanction of diplomacy is always force1  
that international negotiations may     
always be resolved into a series of     
polite threats1 and that the envoy of   
the small and weak nation rarely has any
 influence4 ,indeed there are few less  
enviable situations than that of the    
minister of a very small ,state at the  

court of a very large one4 ,but the mere
 fact that force is their sanction does 
not ipso facto dispose of diplomatic and
 arbitrational methods4 ,we all know    
that the force at the disposal of the   
,sovereign is the ultimate sanction of  
,law4 ,but that force never has to be   
fully exerted because there is a common 
consent to respect the ,law and its     
officers4  ,,footnotes3  ,footnote #aj3 
,cf4 ,webb1 ,industrial ,democracy1 p4  
#gah4    #ab  ,manners no ,substitute   
for ,morals  ,the real difference       
between legal methods and the methods of
 diplomacy 7in which ,i here include    
international conversations of every    
sort7 is that the latter take place1 as 
it were1 in a vacuum4 ,there is no      
,sovereign1 no common denominator1 no   
unifying system in which both parties   
are related by their common obligations4
 ,they exist and act in two separate    
moral spheres1 and no real intercourse  
is possible between them4 ,for all their
 ambassadors and diplomatic conferences 

the nations of ,europe are only wolves  
with good manners4 ,and manners1 as we  
all know1 are no substitute for morals4 
#ac  ,war a ,moral ,anachronism  ,thus  
we come back to our thesis that war is  
not only possible but inevitable so long
 as the extent of the moral sphere is   
conterminous with the frontiers of the  
,state4 ,but merely to explain          
laboriously that all this organised     
killing is not really a paradox but the 
natural accompaniment of a certain stage
 of moral development1 and to leave it  
at that1 would be rather to exaggerate  
our philosophic detachment4 ,the point  
is that we are long past the stage of   
regarding any but our fellow-subjects as
 moral outlaws4 ,for some years1 to say 
the least1 it has been generally        
received that the sphere of morality is 
co-extensive with mankind4 ,in spite of 
certain lingering exceptions1 it is     
to-day a commonplace of thought that    
every human being on the earth is our   
colleague in civilisation2 is a member  

that is of the human race1 which finding
 itself on this earth has got somehow to
 make the best of it2 is a shareholder  
in the human asset of self-consciousness
 which we are called upon to exploit4   
,it would certainly be hard to find a   
man of what we have called enlightened  
opinions who would not profess1 whatever
 his private feelings1 that it is as    
great a crime to kill a ,hottentot or a 
,jew as to kill an ,englishman4 ,with   
certain lingering exceptions then we    
already regard the foreigner as a member
 of our own moral system4 ,the moral    
sphere has already extended or is at    
least in course of extension to its     
ultimate limits3 and war is a survival  
from the penultimate stage of morality4 
,war1 to put it mildly1 is a moral      
anachronism4 ,war between ,european     
nations is civil war4 ,logically all war
 should be recognised at once1 at any   
rate by enlightened opinion1 as the     
crime1 the disaster1 the ultimate       
disgrace that it obviously is4 ,why then

 do we cling to the implications of a   
system that we have grown out of8 ,why  
do we affect the limitation of          
boundaries that have been already       
extended8 ,or is our prison so lovely   
that though the walls fall down we      
refuse to walk out into the air8        
,,chapter ,,ii       ,a sociologist     
wrote to the ,vali of ,aleppo1 asking3  
,what are the      imports of ,aleppo8  
,what is the nature of the water-supply8
 ,what is      the birth-rate1 and the  
death-rate8       ,the ,vali replied3   
,it is impossible for anyone to number  
the camels      that kneel in the       
markets of ,aleppo4 ,the water is       
sufficient2 no      one ever dies of    
thirst in ,aleppo4 ,how many children   
shall be born      in this great city is
 known only to ,allah the compassionate1
 the      merciful4 ,and who would      
venture to inquire the tale of the dead8
      ,for it is revealed only to the   
,angels of death who shall be taken     
and who shall be left4 ,o idle ,frank1  

cease from your presumptuous            
questioning1 and know that these things 
are not revealed to the      children of
 men4    ,the ,bustan of ,mahmud ,aga   
el-,arnauty4    #a  ,the ,armament ,ring
  ,what1 in short1 are the forces that  
make for the anachronistic survival of  
war--apart of course from the defect    
that it is always with us1 the habit of 
inertia1 sometimes called ,conservatism8
  ,the obvious answer is not1 ,i think1 
the correct one4 ,at least it is correct
 as far as it goes1 but leaves us very  
far from a complete explanation of this 
unpleasant survival4 ,so scandalous is  
the interrelation of the armament       
firms#aa which has developed the world's
 trade in munitions and explosives into 
one obscene cartel2 so cynical is the   
avidity with which their agents exchange
 their trade secrets1 sell ships and    
guns1 often by means of diplomatic      
blackmail1 to friend or foe alike1 and  
follow those pioneers of civilisation   
the missionary1 the gin merchant and the

 procurer1#ab into the wildest part of  
the earth2 so absurd on the face of it  
is the practice of allowing the         
manufacture of armaments to remain in   
the hands of private companies2 that it 
is very tempting to see in the great    
,armament ,firms the principal if not   
the only cause of modern war4 ,examiners
 of ,german militarism1 most of them    
stupid enough to quote ,nietzsche1 may  
be pardoned for emphasising the         
political influence of ,krupp2 and since
 every great ,power has a more or less  
efficiently organised ,krupp of its own1
 it would be permissible to suggest that
 war would be already obsolete but for  
the intensive cultivation it receives   
for the benefit of ,krupp1 ,creusot1    
,elswick and the rest4 ,but it would be 
wrong2 our syllogism would have a badly 
undistributed middle4 ,it is true that  
,krupp in particular1 who is the actual 
owner of more than one popular ,german  
newspaper1 and other armament firms in a
 smaller degree1 exercise an enormous   

influence on national opinion1 create   
their own markets by the threat of war1 
and would go bankrupt if wars should    
cease4 ,you may also say that their     
shareholders live by prostituting the   
patriotism of their fellow-citizens3 in 
short1 you may denounce them with the   
most expensive rhetoric to be had       
without doing them any injustice4 ,but  
the fact remains that their position    
with regard to war is exactly analogous 
to that of the great breweries with     
regard to drunkenness4 ,they live by    
taking advantage of human weakness4 ,it 
is quite accurate1 therefore1 to        
describe their earnings as immoral1 but 
they are no more the cause of the       
immorality they exploit and undoubtedly 
encourage1 than makers of seismological 
instruments are responsible for the     
occurrence of earthquakes4 ,the         
interests of one trade alone1 however   
powerful in itself1 would never be      
strong enough to plunge a nation into   
war4 ,they are1 of course1 accessories  

to the crime2 but the militarism they   
are guilty of fostering has other       
primary explanations4  ,,footnotes3     
,footnote #aa3 ,several books have been 
published giving details of the         
,armament ,ring and international       
,kruppism4 ,i don't think that the      
language here used does any injustice to
 the facts4  ,footnote #ab3 ,see below1 
#g4    #b  ,eugenics8  ,in this brief   
investigation of the possible causes of 
war1 it must be understood that what we 
want to find is what is called a        
sufficient reason for its continued     
existence4 ,the armament trades may     
supply the means1 the occasion1 the     
stimulant1 but their relation to it is  
not essentially causal4 ,many writers of
 another school have attempted to prove 
that the sufficient reason of war is a  
beneficent function of which they       
believe it to be capable4 ,this         
imaginary function is none other than   
that of improving the race1 and we may  
admit at once that1 if there were the   

slightest scientific basis for such a   
belief1 the bloodiest war would be      
morally justified1 and it would be the  
religious duty of every individual to   
kill as many as possible of his fellows 
for the benefit of their descendants4   
,but of course modern warfare so far    
from improving the race must sensibly   
exhaust it4 ,in ancient ,sparta1 and    
generally whenever the conditions of    
warfare approximated to those of        
personal combat1 courage and the allied 
characteristics of mental as well as of 
physical nobility must have had a       
survival value2 whereas in modern       
warfare which makes for the             
indiscriminate extermination of all     
combatants1 the result is exactly       
reversed4 ,our semi-scientific          
militarists forget that the survival of 
the fittest#ac is in nature essentially 
a process of selective elimination2 and 
modern war is a process of inverted     
selection which eliminates the brave1   
the adventurous and the healthy2        

precisely those members of the community
 who are best fitted to survive1 that is
 to propagate their kind1 in the        
ordinary environment of political life4 
,conscription1 indeed1 spreading a wider
 net than the voluntary system1 may be  
described as an institution for exposing
 the best citizens of a state to        
abnormal risks of annihilation4 ,as a   
matter of historic fact we are told1    
though ,i don't know on what authority1 
that the ,napoleonic wars1 how much less
 deadly than our own1 reduced by an inch
 the average height of the ,french      
nation4  ,so much1 in brief1 for the    
scientific justification of war4 ,it is 
evident that by the eugenic argument war
 could be defended only if we agreed to 
send into battle precisely those men    
whom our recruiting officers disqualify4
 ,a good deal might be said1 from the   
sociologist's point of view1 in favour  
of a system of cathartic conscription   
which would rejuvenate ,england with a  
watchword of ,the ,unfit to the         

,trenches4  ,,footnotes3  ,footnote #ac3
 ,they usually add to their mental      
confusion the elementary blunder of     
using the word fittest in a moral       
instead of in its biological sense4     
#c  ,patriotism  ,if again there were   
any evidence to show that war and war   
alone kept alive the spirit of true     
patriotism1 it would be less easy to    
denounce its manifold wickedness4 ,for  
true patriotism1 although like all      
passionate emotion it involves a certain
 mental distortion1 a slight disturbance
 of the rational orbit1 is yet one of   
those happy diseases which relieve the  
colourlessness of strict normality4 ,it 
is a magic1 a glamour1 of the nature of 
personal affection1 which only great    
poetry can fully express1 and volumes of
 bad poetry cannot quite destroy4 ,it   
has besides a real political value1     
binding the ,state together1 and giving 
it a stronger moral coherence than can  
be attained by any legal or             
constitutional authority2 a fact that is

 illustrated by those distressful       
countries in which its limits are not   
conterminous with the political         
boundaries of the ,state4 ,i am inclined
 to think that just because true        
patriotism is of the nature of a        
personal affection1 it is an emotion    
that cannot be inspired by an empire1   
any more than personal affection can be 
inspired by a corporation or a          
joint-stock company4#ad ,certainly      
,imperialism more often gives rise to a 
sentimental worship of force and a      
certain promiscuous lust for mere       
extension of territory which are quite  
alien to the steady devotion of the     
patriot to the land he knows4#ae        
,unless one be a poet1 it is difficult1 
as may perhaps be gathered from the     
preceding paragraph1 sufficiently to    
praise genuine patriotism without       
falling into vague rhetoric4 ,but ,i    
submit that there is nothing to show    
that this political emotion is created1 
stimulated1 or even discovered by war4  

,actually it seems that the reverse is  
the case1 if one may judge by the fact  
that war is invariably accompanied by an
 overwhelming outbreak of every spurious
 form of patriotism that was ever       
invented by the devil to make an honest 
man ashamed of his country4 ,true       
patriotism is a calm and lovely         
orientation of the spirit towards the   
vital beauty of ,england4 ,it has no    
noisy manifestations and consequently   
one may not be able to find it among the
 crowds who shout most loudly for war4  
,one finds instead a sort of violent    
fever and calenture which not merely    
deflects1 as any emotion may1 but       
totally inhibits the rational operations
 of the mind4 ,the newspapers supply a  
legion of witnesses4  ,thus the ,evening
 ,standard perorates against some       
pacificist lecturer 7who had attempted  
to clear his views from all sorts of    
misrepresentations7 with the magnificent
 comment that he had not repudiated his 
remarks as to the pleasure which the    

tune of the ,austrian ,national ,anthem 
gave him4#af ,but ,i should weary you   
were ,i to transcribe a tithe of the    
stupid remarks made by persons in       
authority under the influence of war4   
,the record1 ,i believe1 in ,england is 
held at present by ,mr4 ,bodkin1 ,k4,c4 
,it may be said of course that men1 and 
newspapers1 are equally stupid in time  
of peace2 and ,i fear that fundamentally
 this is true4 ,war does not change     
their nature1 but only brings to the    
bubbling surface the dregs and vileness 
and scum4 ,war does not change any one's
 nature2 and that is why it is vain to  
expect that under its influence those   
crowds will love their country who never
 loved anything before4 ,but if war     
cannot create it may at least be        
supposed to discover and test the       
existent patriotism of the nation4 ,and 
this supposition is corroborated at     
first sight by the realisation that     
hundreds of thousands1 that actually    
millions of previously ordinary young   

men have implied by enlisting their     
willingness to die for ,england4 ,one   
might1 of course1 reason that no        
individual recruit really believes he is
 going to be killed1 that each boy      
thinks he will be one of the lucky ones 
who escape all the bullets unhurt to    
enjoy an honoured return1 that          
recruiting would have failed entirely if
 the barracks were explicitly a grave   
and enlistment the certainty of violent 
death or mutilation4 ,but somehow ,i    
don't think that would be a fair        
argument4 ,it is more pertinent if less 
easy to remember that a readiness to die
 for one's country is not the highest   
form of political virtue4 ,if it be1 as 
it is1 a solemn and wonderful thing to  
be willing to die for the salvation 7ex 
hypothesi7 of ,england1 it must be much 
more wonderful and solemn to be willing 
to die in order slightly to increase the
 income of one's family4 ,and every     
schoolboy knows that the ,chinaman of   
the old regime was willing to have his  

head cut off for the payment of a few   
dollars to his next of kin4 ,let no one 
ever deny our soldiers the honour of    
their courage and nobility2 but the fact
 remains that the readiness to die for  
,england is a less adequate test of     
patriotism than a readiness to live for 
,england2 and if the readiness to live  
for the ,state rather than for private  
interests had been for a hundred years a
 social virtue whose votaries could be  
numbered by the million1 then indeed    
,england would be to-day a nation worth 
dying for4  ,,footnotes3  ,footnote #ad3
 ,if anyone were to suggest that this is
 disproved by the unparalleled nobility 
of ,australians1 ,new ,zealanders1      
,canadians and ,indians in the present  
campaign1 ,i should reply that they are 
actuated by devotion not to the ,empire 
but to ,england1 not to the ,company but
 to the ,chairman of the ,company4 ,this
 may be a quibble1 but ,i think the     
distinction is real4 ,anyhow1 ,i leave  
it at that1 as the point has no primary 

relevance4  ,footnote #ae3 ,see below1  
,chapter ,,iv1  #e4  ,footnote #af3 ,the
 paragraph is worth preserving in its   
entirety3 ,mr4 ,w4 ,n4 ,ewer1 who       
lectured at ,finchley for the ,union of 
,democratic ,control1 has explained that
 the report which we published of his   
speech is unfair1 and that he is really 
in substantial agreement with ,mr4      
,asquith4 ,this is disingenuous1 and    
,mr4 ,ewer knows it is4 ,he has not     
repudiated the correctness of the       
report1 which stated that he dilated on 
the danger of ,british navalism1 and    
declared that we must give up singing   
',rule ,britannia6' nor has he          
repudiated his remarks as to the        
pleasure which the tune of the ,austrian
 ,national ,anthem gave him4 ,does he   
think that ,mr4 ,asquith would          
substantially agree with that8 ,or the  
country8--,the ,evening ,standard1 ,july
 #bf1 #aiae4    #d  ,the ,moral ,test   
,the theory that war is beneficial as a 
moral test1 a furnace in which character

 is proved--ut fulvum spectatur in      
ignibus aurum--is that generally adopted
 by the ,christian ,churches1 who may be
 said without disrespect to have taken  
every advantage of their founder's      
unique reference to the sword4 ,i cannot
 help thinking that there is something  
fundamental in this ecclesiastical      
advocacy of war2 that some psychological
 theory could be outlined to correlate  
this almost uniform advocacy with the   
facts that such religious men as        
,tennyson and ,ruskin were among the    
loudest in their support of the ,crimean
 ,war1 that such a militarist as        
,rudyard ,kipling in his best work 7in  
,kim1 in ,puck of ,pook's ,hill and the 
intercalated poems1 in the most         
successful of his short stories7 shows  
himself to be at heart a deeply         
religious mystic2 and that in ,france   
the very active ,clerical party1 one    
consequence of a disestablished ,church1
 is always closely supported by the     
,chauvinists4 ,in many cases1 however1  

,i have no doubt that the pious         
,christian1 finding himself confronted  
with war1 and not having the moral      
courage or the political detachment to  
condemn it1 only applies automatically  
to its justification the arguments which
 he habitually uses to explain the      
existence of evil and pain4 ,it is      
certain at least that the theories of   
war as a ,moral ,test or a ,school of   
,character bear a strong resemblance to 
the commonplaces of religious           
consolation which almost any good       
,christian will offer to the bereaved   
and afflicted4 ,any one who has seen an 
innocent friend slowly tortured to death
 by some vile disease will know the     
futility of the ,christian defence 7for 
these religious consolations amount     
theologically to a defence7 that pain   
ennobles the character and proves the   
moral courage of the sufferer4#ag ,the  
leading fallacy of the defence that war1
 or pain1 is valuable as a moral test is
 akin to the common misunderstanding of 

the word prove in the saying that the   
exception proves the rule2 the truth    
being that a strong and noble character1
 one of whose corollary qualities is a  
capacity to bear pain1 is not less      
strong and noble if it is never called  
upon to exercise that capacity4 ,the    
,san ,francisco earthquake was not a    
blessing in disguise because it happened
 to test and prove the strength and     
flexibility of modern ,american         
architecture4  ,,footnotes3  ,footnote  
#ag3 ,i cannot help reproducing here a  
letter which originally appeared in the 
,manchester ,guardian at the time of the
 ,boer ,war1 and is quoted by ,mr4      
,norman ,angell in ,the ,great          
,illusion1 p4 #bha4  ,,sir1--,i see that
 ',the ,church's ,duty in ,regard to    
,war' is to be discussed at the ,church 
,congress4 ,this is right4 ,for a year  
the heads of our ,church have been      
telling us what war is and does--that it
 is a school of character2 that it      
sobers men1 cleans them1 strengthens    

them1 knits their hearts2 makes them    
brave1 patient1 humble1 tender1 prone to
 self-sacrifice4 ,watered by 'war's red 
rain1' one ,bishop tells us1 virtue     
grows2 a cannonade1 he points out1 is an
 'oratorio'--almost a form of worship4  
,true2 and to the ,church men look for  
help to save their souls from starving  
for lack of this good school1 this      
kindly rain1 this sacred music4         
,congresses are apt to lose themselves  
in wastes of words4 ,this one must not1 
surely cannot1 so straight is the way to
 the goal4 ,it has simply to draft and  
submit a new ,collect for war in our    
time1 and to call for the reverent but  
firm emendation1 in the spirit of the   
best modern thought1 of those passages  
in ,bible and ,prayer ,book by which    
even the truest of ,christians and the  
best of men have at times been blinded  
to the duty of seeking war and ensuing  
it4 ,still1 man's moral nature cannot1  
,i admit1 live by war alone2 nor do ,i  
say with some that peace is wholly bad4 

,even amid the horrors of peace you will
 find little shoots of character fed by 
the gentle and timely rains of plague   
and famine1 tempest and fire2 simple    
lessons of patience and courage conned  
in the schools of typhus1 gout1 and     
stone2 not oratorios1 perhaps1 but      
homely anthems and rude hymns played on 
knife and probe in the long winter      
nights4 ,far from me to 'sin our        
mercies1' or to call mere twilight dark4
 ,yet dark it may become2 for remember  
that even these poor makeshift schools  
of character1 these second-bests1 these 
halting substitutes for war--remember   
that the efficiency of every one of     
them1 be it hunger1 accident1 ignorance1
 sickness1 or pain1 is menaced by the   
intolerable strain of its struggles with
 secular doctors1 plumbers1 inventors1  
schoolmasters1 and policemen4 ,every    
year thousands who would once have been 
braced and steeled by manly tussles with
 small-pox or diphtheria are robbed of  
that blessing by the great changes made 

in our drains4 ,every year thousands of 
women and children must go their way    
bereft of the rich spiritual experience 
of the widow and the orphan4    #e      
,trade  ,i shall never forget the tones 
of hoarse satisfaction with which a     
vendor of the ,evening ,news disturbed  
the twilight of a ,may evening in       
,london1 triumphantly proclaiming a     
,great ,troop ,train ,disaster4 ,i had  
often noticed with what apparent joy the
 newspapers announced the sinking of a  
,british cruiser2 with what entirely    
neutral delight they welcomed or        
invented the report of ,terrible        
,slaughter on either side4 ,but somehow 
that hoarse and rufous man with the     
loose lip remained in my memory and     
became for me a type of one element in  
the population to which war was not     
unwelcome2 the journalistic element that
 lives by exploiting the sadistic       
curiosity1 the craving for mean         
excitements1 and all the gladiatorial   
instinct of the modern world4#ah ,it    

soon became clear that the newspapers   
were not alone in the commercial        
exploitation of war4 ,they were not even
 the worst offenders4 ,the publishers   
were hurriedly producing volume after   
volume of faked memoirs badly written by
 imaginary governesses4 ,the production 
of spurious memoirs and autobiographies1
 even if they are skilfully composed1 is
 always grossly immoral2 and of the     
specimens occasioned by this war one may
 say that if they had been genuine it   
would have been possible to attribute   
the low morality of some ,germanic      
princes to the literary style of the    
,english governesses who had had a share
 in their education4 ,the catchpenny    
manoeuvres of publishers are really only
 a branch of journalism1#ai and such    
trivial offences were not1 after all1   
unexpected1 because the very profession 
of journalism is to take advantage4 ,but
 the journalist is a man of straw who   
shows which way the wind blows1 and his 
raucous exultation over disaster was the

 manifest symbol of a commercial        
exploitation of war by tradesmen and    
speculators which soon became sensible  
from one end of belligerent ,europe to  
the other4 ,like the ,vali of ,aleppo1  
,i am not good at statistics4 ,it is    
well known however without the          
assistance of a mathematician that in   
,england during the winter of #aiae1    
when the cost of living had already     
risen by nearly #ej per cent1 wholesale 
dealers often kept provisions of all    
sorts rotting in their stores rather    
than break the artificial scarcity they 
had created2 farmers would not sell     
fresh eggs when the price was           
twopence-halfpenny1 because they knew   
that in a week or two the price for the 
same eggs would have risen to           
threepence4 ,here is a cartoon from a   
,hungarian paper#bj showing the bloated 
profiteer of ,the ,sugar ,trust laughing
 at the women who feebly attack his     
barricade of sugar loaves4 ,i mention it
 here because it is sufficiently remote 

from ,english affairs1 and because it   
happens to come to hand1 and because it 
is a good fragment of evidence1 there   
being no reason why sugar should be     
scarce in ,hungary as an immediate      
result of the war4 ,and from every      
country between ,england and ,hungary1  
from every country in ,europe1 can be   
heard the same complaint1 unmistakable  
but how much too feeble1 the cry of the 
people who discover that one of the     
horrors of war is ,trade4#ba            
,,footnotes3  ,footnote #ah3 ,cf4 the   
present writer's introduction to        
,whyte-,melville's ,gladiators in       
,everyman's ,library1 #aiaa4  ,footnote 
#ai3 ,it was certainly1 for example1 the
 ,headline ,instinct which caused ,mr4  
,john ,lane1 a publisher of some repute1
 to impose on ,mr4 ,ford ,madox         
,hueffer's novel ,the ,saddest ,story1  
one of the most remarkable novels of the
 century1 such an absurdly irrelevant   
title as ,the ,good ,soldier4 ,the ,good
 ,soldier was published in ,april1      

#aiae4 ,the evidence that the publisher 
must have changed the title just before 
publication is that an instalment of it 
had appeared serially as ,the ,saddest  
,story in the summer of #aiad1 and that 
as ,the ,saddest ,story it actually     
figured in ,mr4 ,john ,lane's catalogue 
at the end of the book4  ,footnote #bj3 
,matyas ,diak of ,budapest4    #f       
,trade in ,time of ,peace  ,it would not
 however be correct to infer that the   
sacrifice of national welfare to        
commercial manoeuvres is a condition    
peculiar to war4 ,modern commerce is    
essentially an art2 the art of making   
people pay more than they are worth for 
things which they do not require4 ,and  
it is with all the selfishness of the   
artist that it performs its usual       
operations4 ,among all the unpublished  
detail of modern life hardly any class  
of facts is more disquieting than that  
of commercial procedure and achievement4
 ,the subject is too large to be        
reviewed in less than a volume2 and ,i  

can do no more here than suggest a few  
instances that might be acquired by     
anyone who devotes his time to not      
reading the daily papers4  ,the         
distribution and exchange of commodities
 are necessary to the existence of the  
,state2 so necessary that it might be   
supposed that their regulation would be 
one of the primary functions of         
government4 ,proper systems of          
distribution and exchange correspond to 
the digestive processes of the body1 on 
which depend the proper nutrition of all
 the parts and the real prosperity of   
the ,state as a whole2 yet any          
comprehensive plan for their control is 
still regarded as the most unattainable 
dream of ,utopia1 and they are left to  
carry on as best they can in the        
interstices of private acquisitiveness4 
,national well-being is not to be       
measured by mere volume of trade1 which 
is the means and not the essence of     
prosperity2#bb and prosperity can       
certainly never exist when equitable    

distribution is hindered by a sort of   
fatty degeneration of capitalism4 ,but  
trade in itself is a necessary aliment  
of the ,state1 and its abuses ought not 
to be beyond remedy4  ,a few of these   
abuses are fairly obvious without a full
 inquiry1 and may be illustrated here   
because their existence in time of peace
 may throw light on the operations of   
trade in belligerent states1 and        
indirectly1 by suggesting a few of the  
results of war1 may lead us to some of  
its motives and occasions4 ,such abuses 
may be most easily identified in        
opposition to the national rights which 
they infringe4  ,,footnotes3  ,footnote 
#ba3 ,so in ,germany the fixing of      
maximum prices for pigs and potatoes was
 immediately followed by an almost      
complete withdrawal from the market of  
potatoes and pigs--the ,german farmers  
refused to sell except at their own     
inflated prices4 ,cf4 quotations from   
the ,german ,press in ,the ,new         
,statesman of ,january #bi1 #aiaf4      

,footnote #bb3 ,ces choses sont plutt   
des moyens que l'on emploie pour        
travailler  faire prosprer l',etat      
qu'ils ne sont l'essence de sa          
prosprit4--,rousseau1 ,political        
,writings1 ,i1 #cde 7,c4 ,e4 ,vaughan's 
edition74    #g  ,duties of ,commerce to
 the ,state  ,the ,state has a primary  
right to be fairly served4 ,prices      
should not be arbitrarily raised by any 
wholesale merchant who happens to be in 
a position to do so1 or by any cartel of
 dealers in league for that purpose4    
,prices should be regulated by the cost 
of production1 and should not be an     
indication of demand2 they should rise  
beyond the cost of production augmented 
by a fair profit only when the supply is
 insufficient 7production not being     
artificially restrained7 to meet some   
abnormal demand1 and only as a means of 
checking and regulating the excessive   
demand4 ,we find instead that any dealer
 or group of dealers will raise their   
prices almost absent-mindedly as soon as

 they are in a position to meet a demand
 which cannot be postponed4 ,thus it is 
that governments are habitually         
overcharged in all their contracts and  
purchases2 because governments have     
neither the time nor the opportunity for
 casual dealings1 and because they do   
not undertake such transactions at all  
unless their absolute necessity has     
already been decided4#bc ,so at the     
beginning of the war ,english warehouses
 were full of all sorts of commodities  
required by the governments of the      
,allies2 but the urgency of war         
prevented any sort of bargaining2 and   
the private merchants took advantage of 
the situation to the amount of about two
 hundred per cent4 ,at present however  
,i am dealing with trade in time of     
peace and ,i must not flavour the       
ordinary facts with any consideration of
 ,war ,office contracts4 ,it is enough  
to state the fact that in ordinary times
 the private tradesman regards a special
 demand as an opportunity for raising   

prices rather than as the stimulus of   
supply2 a rule which is most easily     
detected in the experience of           
,government departments4  ,the ,state1  
through its individual citizens1 has a  
primary right to obtain the particular  
commodity which it happens to prefer1   
without restrictions imposed for the    
benefit of any particular tradesman4 ,we
 find instead that the ordinary         
purchaser no longer has any effective1  
or selective1 demand4 ,he has to buy    
what he is given4 ,the informal         
organisation of the ,trust system1      
primarily a financial operation1#bd has 
involved the whole market in a network  
of interdependent industries4 ,the sale 
of the finished product is controlled   
and restricted by the vendors of the raw
 material4 ,corn is imported by         
shipbuilders2 ships are built by iron   
merchants2 iron furnaces are controlled 
by coal owners1 and coal mines are      
secured by money-lenders4  ,the system  
of the tied house1 originally an        

indigenous corruption of the liquor     
trade1 is being extended to every       
industry in the land4 ,we can no longer 
buy the bread we like1 but have to eat  
whatever by-product least interferes    
with the miller's profits4  ,the        
consumer's loss of any power of         
effective demand would not necessarily  
be of national importance1 if at least  
there were any guarantee that the unique
 commodity offered by the average trust 
system were genuine and of good quality4
 ,one of the ,state's most elementary   
rights is that of ensuring to its       
citizens a pure supply of elementary    
commodities4 ,yet ,commerce has taken no
 steps1 even in its own interests1 to   
suppress the horrid arts of             
adulteration1 in which the motives of   
the thief usurp the methods of the      
poisoner1 with results which may be     
inferred from the meagre chronicles of  
the analyst4#be  ,education is the life 
of the ,state4#bf ,it is therefore of   
the gravest importance that ,commerce   

should in no circumstances whatever be  
allowed to interfere with the education 
of the future citizens4 ,yet1 before the
 war1 in spite of the legislation of the
 last fifty years1#bg no less than a    
quarter of a million children of school 
age were exempted from school attendance
 for employment in various              
occupations4#bh ,even apart from such   
improper exemptions the ,school ,age    
fixed by law in itself gives quite      
insufficient protection4 ,the brain of a
 girl hardly begins to wake up1 or take 
any natural interest in the acquisition 
of general ideas1 before she comes to   
puberty4 ,but all over ,london girls of 
thirteen or fourteen leave school and   
are sent by their mothers to earn half a
 crown a week matching patterns or      
sewing on sequins4  ,more generally1 the
 ,state is entitled to demand from      
,commerce that it should co-operate     
sincerely with the other elements in the
 ,state in pursuing the real objects of 
civilisation1 inspired by an altruistic 

regard for the whole of which it is a   
part1 that is by what is really         
enlightened self-interest2 by what      
,plato has called ,temperance#bi and    
,mr4 ,h4 ,g4 ,wells a sense of the      
,state4#cj ,we find instead that the    
trader has day and night held on        
indignantly in his disastrous hunt for  
markets1 destroying by accident or      
design whatever amenity in the world    
does not contribute to his one aim1 one 
business1 one desire4  ,after all1 in   
our present pre-occupation with the     
horrors of war1 we must not exaggerate  
their extent4 ,war at its maddest rivals
 but cannot1 at present1 surpass the    
mortality caused by tuberculosis1       
alcoholism and syphilis1 which peaceful 
,commerce1 hand in hand with            
,christianity1 carries into the remotest
 parts of the earth4 ,some reader may   
have noticed by this time that ,i am not
 a collector of statistics1 but gather  
my illustrations as ,i go from any scrap
 of paper that comes to hand4 ,it is a  

lazy trick2 but at any rate one escapes 
the fallacy of over-elaborated evidence1
 by calling as witness the man who      
happens to be in the street at the      
moment4 ,so at this point ,i happen to  
notice in the ,manchester ,guardian an  
extract from the report of the ,resident
 ,commissioner in the ,gilbert and      
,ellice ,islands ,protectorate4 ,this is
 what it says of the natives3--         
,the cotton smock for women and the     
cotton trousers and shirts for      men1
 which in the mind of the people seem   
now so indispensable to      professed  
,christianity1 while reducing the       
endurance of the skin1      render it   
the more susceptible to the chills which
 wet clothing      engenders4 ,the      
result is colds1 pneumonia1             
influenza--eventually      tuberculosis4
  ,we may notice a not unexpected       
coincidence which the ,resident         
,commissioner apparently omits to       
mention4 ,it is that professed          
,christianity1 by insisting on the      

propriety of cotton garments for the    
islanders hitherto well clad in a film  
of coco-nut oil and a riri or kilt of   
finely worked leaves1 is conferring a   
very appreciable benefit on the         
,manchester trade in cotton goods4 ,our 
colonial markets have steadily grown1   
says the ,encyclopdia1 and will yearly  
become of greater value4 444  ,on the   
same day as the issue of the ,manchester
 ,guardian just quoted there appeared in
 the ,times ,literary ,supplement a     
review of ,canon ,c4 ,h4 ,robinson's    
,history of ,christian ,missions1 a very
 sound introduction to a vast and       
fascinating study4 ,from this ,i gather 
that       there are few stories more   
romantic than the founding of the       
,uganda      ,christian ,church in      
,british ,east ,africa4 ,at first       
progress was very      slow1 and 444 in 
#ahij there were scarcely #bjj baptized 
,christians      in the country2 yet by 
#aiac those associated with the         
,christian      ,churches were little   

short of half a million4  ,so before    
,europe has shown many signs of         
convalescence1 ,africa is already       
virulently infected4 ,and our markets   
will yearly become of greater value4    
,,footnotes3  ,footnote #bc3 ,see1 for  
instance1 the ,report of the ,committee 
of ,public ,accounts 7commenting on the 
extravagance of ,admiralty and ,war     
,contracts71 summarised in ,the ,times  
of ,august #ai1 #aiaf4  ,footnote #bd3  
,see ,orage1 ,national ,guilds1 p4 #agj 
ff4  ,footnote #be3 ,unfortunately ,i   
can find no authority for the amusing   
report that the annual export of wine   
from ,paris is greater than the annual  
import4  ,footnote #bf3 ,that is1 of    
course1 of the modern or democratic     
state4 ,democracy and education are     
interdependent4  ,footnote #bg3 ,as a   
matter of fact1 no serious attempt to   
protect children was made before the    
,factory and ,workshops ,act of #ahgh4  
,footnote #bh3 ,since the war there have
 been the most determined attempts to   

destroy all the social legislation so   
painfully acquired4 ,see ,g4 ,d4 ,h4    
,cole1 ,labour in ,war ,time1 pp4       
#bed-bgd4  ,footnote #bi3 ,republic2    
#dcb ,a4 ,greek3 armouia tiui  sphrosun 
mitai1 k4t4l4  ,footnote #cj3 ,see ,the 
,future in ,america1 and ,new ,worlds   
for ,old1 passim4    #h  ,restricted    
,sphere of ,government corresponding to 
,restricted ,sphere of ,morality  ,but  
to return to our sheep1 or rather to    
those who fleece them1--there is one    
cardinal proof that trade1 in so far as 
it depends on private enterprise1 is a  
danger to the ,state1 and is recognised 
as such4 ,it is that as soon as war     
comes1 the nation in danger             
instinctively adopts whatever measure of
 ,socialism can be introduced during the
 temporary inhibition of capitalistic   
methods4 ,the actual coming of war      
induces a brief panic in the            
marketplace1 and during this momentary  
paralysis of private acquisitors the    
,state makes a desperate attempt to     

subdue their activities to its own      
needs4 ,by the mere instinct of         
self-preservation it clutches at some   
rudiment of ,socialism1 and makes a     
diffident gesture in the direction of   
nationalisation--7of the railways1 for  
instance74 ,but the capitalists of      
,england can point with pride to the    
fact that they very soon pulled         
themselves together4 ,i hope to show in 
the following chapter that by the time  
the war was in full swing they had made 
it their own1 and had banished every    
trace of socialism1 with the relics of  
sanity and truth1 to the confines of the
 ,labour press4#ca  ,but still the      
danger was for the moment realised1 and 
the attempt was made1 the desperate and 
unsuccessful attempt to pull and squeeze
 and bind the institutions of capitalism
 into an organised system of political  
obligations4 ,it failed because the very
 abuses and intemperances of our        
commercial system are a sign that the   
sphere of government has not expanded   

with the growing complications of the   
modern community4 ,nevertheless the     
attempt was made3 but no corresponding  
effort is being made to extend the      
system of moral obligations in which we 
live4  ,for it is just as the sphere of 
morality is unduly restricted and fails 
to correspond to the needs of humanity1 
that1 on the political plane1 the unduly
 restricted sphere of government has    
never been extended to include all the  
interrelations of industrial            
citizenship4 ,capitalism is a survival  
of the penultimate stage of political   
development1 as war is a survival of the
 penultimate stage of morality4  ,the   
attempts both spasmodic and continuous  
to extend the sphere of government1     
which now begin to affect nearly all    
serious legislation1 must remain        
incomplete without an analogous and     
indeed corollary expansion of the moral 
system which will involve the           
obsolescence of war4  ,,footnotes3      
,footnote #ca3 ,this seems to apply to  

all belligerent states4 ,certainly very 
little sanity finds its way into        
,germany except through the pages of    
,vorwaerts4 ,it is therefore humiliating
 to be told that ,vorwaerts has a much  
larger circulation than any socialist   
paper in ,england4     ,,chapter ,,iii  
,hinc usura uorax auidumque in tempora  
fenus et concussa fides et      ,,multis
 ,,utile ,,bellum4       ,lucan1 ,i1    
#aha4       ,individuals are constantly 
trying to decrease supply for their own 
advantage4--,fabian ,essays1 #ahhi1 p4  
#ag4    #a  ,trade during the ,war      
,trade during the war seems to have had 
a remarkably good time4 ,in the first   
year of warfare ,i began to collect a   
few facts in support of what then seemed
 the paradoxical view that war was1 in  
essence if not in origin1 a very        
profitable capitalistic manoeuvre2 a    
view deduced from the opinion ,i had    
formed a priori of the nature of all    
modern warfare4#cb ,instead of a few    
corroborating voices ,i found testimony 

abundant in every paper ,i picked up1   
besides the live evidence received in   
private letters and conversations4 ,this
 pamphlet being rather philosophic than 
statistical1 ,i have taken the easy     
course of printing a selection of these 
testimonies1 crude and undigested1 in an
 appendix--a cold storage of facts and  
figures that allows me to repeat with a 
quiet conscience that trade is booming4 
,the greater the war1 apparently1 the   
greater the profits4 ,in the words of   
the ,manchester ,guardian3--       ,the 
first full calendar year of war has been
 a period of      unparalleled          
industrial activity and1 generally      
speaking1      prosperity in this       
country4 ,heavy losses and bad times    
have been      encountered in a few     
important industries1 but these are     
balanced      by unprecedented profits  
made by a large variety of industries1  
whether directly or indirectly affected 
by the war4#cc 444 ,but it      would be
 a mistake to suppose that1 while war   

manufactures      prospered1 all other  
,,footnotes3  ,footnote #cb3 ,see1 for  
instance1 my article ,a ,footnote to the
 ,balkan ,war1 published in the ,asiatic
 ,review for ,july #a1 #aiad4 ,this     
opinion is there expressed in the       
following words which ,i still think    
substantially true1 though one or two   
phrases are rhetorically exaggerated4   
,england and the rest of ,western       
,europe have outgrown by about three    
hundred years the time in the           
development of nations when fighting is 
natural and even necessary4 ,england1 of
 course1 continues to contemplate war1  
and to be bluffed by the threat of war  
in the circumlocutions of diplomacy4    
,but her national welfare no longer     
requires war2 and1 if she ever          
undertakes it1 it will be at the bidding
 of merchants and usurers1 who do not   
represent even the baser instincts of   
the specifically national spirit1 but   
are wholly foreign and parasitic4 ,on   
that occasion the ,daily ,mail and the  

,foreign ,office will no doubt assure   
the ,british people that the war in     
question involves the whole honour and  
welfare of the ,state2 and the people   
will believe it4 ,but it will not be    
true4 ,for ,england is happily not1 or  
not yet1 a nation of shopkeepers2 and it
 will be only the shopkeepers whose     
welfare is concerned4       industry    
languished and decayed4 ,to prove the   
contrary and show      that only here   
and there were there heavy losses1 we   
may quote some      figures compiled by 
the ,economist4444  ,and so forth4#cd   
,to this ,i will add only two typical   
paragraphs as a text for my subsequent  
remarks1 as ,i believe they suggest the 
general economic process which enriches 
the particular industries to which they 
refer4 ,the first is taken from the     
,sunday ,pictorial1 of all papers4#ce   
,immense increases in the profits of two
 shipping companies are1 as      a      
result of the ceaseless rise in         
freights1 disclosed in the      reports 

of two ,newcastle lines published       
yesterday4 ,the high cost      of       
freights is largely responsible for the 
dearness of food1 coal1      and other  
necessities of life4 ,the gross profits 
of the ,cairn ,line      of ,steamships1
 ,ltd41 amounted to #bib1ajh1 and the   
net profits1      after deducting the   
special war taxation and other items1   
were      #afb1fhi4 ,a dividend of #aj  
per cent1 with bonus of #ds4 per share1 
is recommended4 ,this makes a total of  
#cj per cent1 free of income      tax1  
as against #aj per cent last year1 when 
the total profits      amounted to      
#ig1cce4 ,less than half of this        
company's capital is      paid up1 the  
total authorised being #fjj1jjj2 there  
are also      debentures of about       
#aej1jjj4  ,the next quotation is from  
the ,new ,statesman3--#cf       ,glasgow
 is exceedingly prosperous1 and iron and
 steel manufacturers      tell me that  
the next three or four years1 peace or  
war1 must mean      a period of         

prosperity for them4 ,government orders 
now absorb so      large a proportion of
 output that outside requirements are   
simply      not being met4 ,owing to the
 scarcity of shipping this deficiency is
      not being filled by imports from  
,america 7the only other possible       
source of supply71 so that unfilled     
orders are accumulating4 ,a      waggon 
manufacturer told me he had sufficient  
work in sight to keep      him going for
 five years4 ,it must be remembered that
 part of the      cost of the war is    
being met temporarily by                
depreciation--railway      tracks1      
rolling stock1 locomotives1 etc41 to    
mention only one      industry1#cg not  
being replaced as they wear out1 or     
being      maintained to the minimum    
degree necessary4 ,this means that1     
although less obvious than the          
reconstruction of ruined parts of       
,belgium1 ,france1 ,poland1 and ,eastern
 ,prussia1 repairs and      replacements
 aggregating many millions sterling in  

cost will have      to be carried out   
after the war in countries that have not
 been      invaded4 ,a peace boom in the
 iron and steel and shipbuilding trades 
appears certain4  ,here1 before passing 
on to more general considerations1 we   
may notice incidentally--it is brought  
out in the first quotation--that the    
taxation of war profits reduces them    
proportionately but can never annul or  
quite overtake them4 ,that is           
sufficiently obvious2 but the fact must 
be preliminarily emphasised because it  
is quite commonly assumed that the mere 
imposition of a tax of #ej or #fj or #ge
 per cent automatically solves the      
problem of war profits4 ,as a matter of 
fact1 taxation so far from solving the  
problem leaves it essentially unchanged1
 and really connives at and recognises  
the practice4 ,the problem remains1 in  
spite of taxation1 that one section of  
the nation is enriched by a process     
which necessitates the misery and death 
of other sections4 ,we may therefore in 

a broad discussion of the problem leave 
out of account the proposed and adopted 
palliatives of taxation4  ,secondly1 we 
may notice--this is brought out in the  
second quotation--that profits directly 
produced by the war are not limited to  
the period of the war4 ,this again is   
really axiomatic1 being only another    
form of the platitude that it takes     
longer to construct than to destroy3 but
 it means that even a short war of      
sufficient intensity will ensure a long 
period of profits1 and therefore it     
noticeably aggravates the conclusions to
 which ,i hope to lead4  ,a fundamental 
point is that the profit on freights1   
excused immediately by the destruction  
of shipping1#ch leads indirectly to     
profits on such other commodities as    
food and coal1 not only on account of   
the actual scarcity resulting1 but also 
because any reason for increasing prices
 is made a pretext for increasing       
profits4  ,but the scarcity of all      
general commodities is caused not only  

indirectly by the primary scarcity of   
ships1 but also directly by the same    
conditions of warfare as those which    
affect shipping4 ,that is to say1 just  
as the intensified activity of the      
nation at war creates a livelier demand 
for ships1 so it also creates a greater 
demand for all the ordinary commodities 
of living3 and just as war by destroying
 ships reduces the available supply1 so 
by its general destructiveness it       
reduces the supply of other commodities3
 and just as war by destroying ships    
makes extraordinary profits for         
shipowners1 so by destroying tables and 
teacups it makes unusual profits for the
 makers of tables and teacups4 ,in      
short1 destruction creates demand1 and  
demand gives occasion for profit4  ,this
 is a disquieting statement2 because    
though one might hesitate to deduce from
 it that any particular merchant must be
 in his commercial capacity a conscious 
advocate of war for the sake of gain1 it
 certainly suggests that the body of    

trade must automatically and by a sort  
of instinct of self-preservation be an  
element in the nation that makes for    
war4  ,that is the kernel of my         
thesis2#ci and it is certainly a happy  
coincidence that the possibility of its 
truth seems at last to be dawning on    
another writer1 and one more expert than
 myself in the handling of commercial   
theory4 ,on the very morning after the  
last few sentences were written the     
following paragraph occurred in ,mr4    
,emil ,davies' ,city article in the ,new
 ,statesman3--#dj       ,it is only as  
the reports and accounts for #aiae come 
out that a      correct idea can be     
formed of the benefit this catastrophic 
war has      been to the majority of our
 large industrial concerns4 ,the        
following is a list of companies whose  
reports and accounts have      appeared 
during the past few days4 ,the          
difference between the      profits for 
the two years shown is even greater than
 appears1 for      in practically every 

case the #aiae profit is stated after   
allowing      for the excess profits    
tax1 additional depreciation or extra   
reserves1 most companies now adopting   
these and other devices to      render  
less conspicuous their war-time         
prosperity4                             
#aiad            #aiae                  
,smithfield and ,argentine ,meat ,co4   
#be1gcb          #adb1jee   ,waring and 
,gillow                        #ce1bag  
#ajj1hhe   ,projectile ,co4             
#cj1gci          #aid1acf   ,lanarkshire
 ,steel                        #bh1add  
#de1ihe   ,frederick ,leyland ,steamship
             #ccg1ahh        #a1aif1fhc 
,sutherland ,steamship                  
#id1fjj          #bie1bjj       ,waring 
and ,gillow's sudden prosperity is not  
due to any better      business in the  
ordinary furniture trade1 but to war    
contracts4 ,the      ,projectile        
,company figures are astonishing even   
for an armament      company2 after     
applying #dg1ejj in satisfying the      

balance of the      prior claims of the 
,debentures1 the ,ordinary ,shares      
receive their      first dividend--one  
of #ej per cent4 ,no sane man would     
accuse      leaders of these great      
industrial concerns of doing anything to
      bring about an outbreak of war2   
many of them have1 indeed1 paid a       
heavy price for their prosperity in the 
shape of the loss of sons      or near  
relatives2 but when all is said and     
done1 the fact that a      war should   
put many half-bankrupt concerns on their
 legs1 and make      fairly prosperous  
companies three or four times more      
prosperous      than before the war1 is 
an influence in an undesirable          
direction4  ,,footnotes3  ,footnote #cc3
 ,moreover1 as ,i hope to suggest later1
 even these losses to a few individual  
industries do not necessarily imply     
losses to the capital involved1 which in
 some cases has been diverted or adapted
 to other industries more appropriate to
 the times4 ,for a review of ,trade     

profits in #aiaf see the ,manchester    
,guardian1 ,january #a1 #aiag4          
,footnote #cd3 ,see ,appendix ,i4       
,footnote #ce3 ,quoted in the ,new ,age1
 ,march #af1 #aiaf4  ,footnote #cf3     
,april #h1 #aiaf1 from the ,city article
 by ,emil ,davies4  ,footnote #cg3 ,my  
italics4  ,footnote #ch3 ,the rise in   
freights is a good example of the way in
 which abnormal profits are extorted    
from the public as soon as any scarcity 
puts them at the mercy of the trader4   
7,see above1 p4 #de47 ,the rise in      
freights is unalloyed profit1 for the   
shipping companies have no increased    
risk1 since the ,insurance ,companies   
are guaranteed by the ,state4  ,footnote
 #ci3 ,which was first drafted in a     
letter to ,the ,garton ,foundation more 
than a year ago4  ,footnote #dj3 ,april 
#bi1 #aiaf4 ,one might also mention for 
its verisimilitude the situation        
described at the end of ,mr4 ,f4 ,brett 
,young's novel ,the ,iron ,age 7,secker1
 #aiaf71 in which the insolvent         

ironworks of ,mawne are saved in the    
nick of time by the declaration of war4 
#b  ,trade lives on ,increasing ,demand 
,all war1 whatever temporary dislocation
 of business it may involve1 must       
ultimately1 as a principal form of      
destruction1 assist the intensive       
cultivation of demand which constitutes 
nearly the whole of modern trade4 ,the  
industrial revolution of the nineteenth 
century with all its labour-saving      
machines was originally an economy of   
necessary production2 by the middle of  
the century it overshot its mark1 and   
hastened the world to the brink of the  
opposite disaster of over-production4   
,in the present commercial era we are   
still suspended over that dreadful      
brink4 ,nothing can stop the accelerated
 flux of mechanical production2 and we  
are saved from falling into the abyss   
only by the unnatural increase of       
ordinary consumption4 ,the consumption  
of the ordinary markets1 even when      
stimulated by the most violent tonics of

 advertisement1 is strictly limited1 and
 the limits have long been overtaken4   
,the accelerated consumption could only 
be maintained by the discovery of new   
markets1 which was undertaken by means  
of the political catch-words of         
,imperialism and ,colonial              
,expansion2#da or else by the wholesale 
destruction of existing supplies4 ,as   
the number of new markets and their     
capacity for consuming things they don't
 want is ultimately just as limited as  
the number and capacity of home markets 
7for obviously the time must come when  
all the ,chinamen and ,koutso-,vlachs   
and ,south ,sea ,islanders have already 
been supplied with ready-made brown     
boots and tinned salmon71 only one      
method remained by which ,commerce and  
,industry might escape1 or at least     
postpone1 the penalty of half a century 
of over-production4 ,this was by the    
partial destruction of the world's      
existing supplies4 ,if this could be    
arranged1 there might be a genuine      

demand for them to be replaced4    #c   
,war a form of ,destruction  ,now as a  
form of destruction war is easily first4
 ,quite apart from the obvious          
destruction of commodities that takes   
place when a country is ravaged and     
invaded1 as in the case of ,belgium and 
,northern ,france1 it should be         
remembered that the methods of supplying
 an army in the field involve the sheer 
waste or destruction of very nearly half
 the food and equipment provided4#db    
,this is not necessarily the result1 as 
might be expected1 of official          
incompetence4 ,it may on the contrary be
 the result of official foresight1 which
 must allow in warfare for all the      
changes and chances of communication1   
and knows that it is better to waste a  
million tons of beef than to risk the   
starvation of a single regiment4 ,such  
waste1 in other words1 is a condition of
 warfare4 ,add to this the preventive   
destruction of stores and baggage which 
takes place whenever troops are         

compelled to retreat3 in this way about 
a million pounds' worth of stores were  
carefully burned before the evacuation  
of ,gallipoli2 and not a hundred yards  
of trench is ever abandoned without the 
jettison of about a hundred pounds'     
worth of equipment4 ,add to this the    
fact that every shot fired1 from the    
mere rifle bullet to the largest shell1 
does a proportionate amount of material 
damage when it finds its billet3 the    
bursting of a six-inch shell will do1 ,i
 suppose1 on an average1 as much damage 
in half a second as an ordinary fire can
 do in twenty-four hours4 ,add to this  
again the fact that the very force which
 propels every bullet and every shell is
 released by destroying by instantaneous
 combustion a certain amount of valuable
 chemical products4 ,then1 besides all  
this direct destruction of commodities  
which must ultimately be replaced1 or   
which at least some kind contractor may 
plausibly offer to replace1 consider for
 a moment the increased wear and tear of

 every sort of equipment both civil and 
military1 from steam-rollers and        
rolling-stock to boots and bandages and 
walking-sticks1 which a state of war    
must involve4 ,or consider again that   
the mere mobilisation of an army implies
 that several hundred thousand men1     
whose annual income before was less than
 #ajj a year1 are now living at the rate
 of #djj a year4#dc  ,anyone who cares  
to examine in detail all these forms of 
waste and destruction1 and all these    
forms of unnatural and feverish         
consumption1 will begin to understand to
 what an extent war stimulates the      
demand by which alone ,trade can        
survive4  ,,footnotes3  ,footnote #da3  
,also1 of course1 by the campaign for   
,preferential ,tariffs1 which1 it was   
hoped1 would have increased consumption 
by excluding a few foreign competitors  
from colonial markets4  ,footnote #db3  
,cf4 the many stories of beef and other 
rations being supplied to troops in such
 quantities that the units responsible  

for their consumption were obliged to   
bury them4 ,these stories come mostly   
from ,flanders4 ,at home the same       
superabundance may have been the undoing
 of many a ,quartermaster-,sergeant1    
who1 not knowing what to do with such a 
plethora of beef1 and having a proper   
superstition against throwing away good 
food1 was tempted to sell it for about a
 penny a pound to the local butcher4    
,footnote #dc3 ,and the fact that they  
are doing so at the public expense is1  
of course1 only an additional advantage 
to the traders who supply their needs2  
as they do not risk losing any of their 
money through bad debts4    #d  ,war    
stands to benefit ,neutral as well as   
,belligerent ,nations but not to the    
same extent  ,in ,western ,europe at    
least all markets are practically open  
markets4 ,no tariff however             
scientifically graduated will really    
divert the natural flow of trade to any 
considerable extent4#dd ,consequently it
 might appear that all nations stand to 

benefit in the same way1 but in varying 
degrees1 from the intense local demand  
set up in the nation at war4 ,thus      
,british ,trade was exhorted in a       
sincerely rapacious article by ,captain 
,dixon-,johnson#de to snatch the        
opportunity presented by the ,balkan    
,war2 and the unparalleled boom in      
,american trade during the present war  
is another obvious example4 ,this       
suggests at once that the benefit       
occasioned by war is not a national     
benefit1 diffused vertically through    
every class of the belligerent nation2  
but a class benefit diffused as it were 
horizontally through the commercial     
strata of all nations within supplying  
distance of the centre of disturbance4  
,on the other hand1 of course1 the      
immediate local demand is stronger than 
the demand communicated to remoter      
markets and more easily supplied2 in    
other words the commercial class of the 
belligerent nation are more immediately 
and more intensely benefited by the     

state of war than the same classes of   
neighbouring nations1 although in war as
 in peace the commercial classes of     
every nation are one4#df ,also the      
outbreak of war1 even if it does not    
entirely sever a country from foreign   
sources of supply1 is bound to cause a  
certain dislocation2 if communications  
are not altogether interrupted they are 
more difficult and uncertain than in    
normal times2 so that the trade of the  
belligerent country is always given a   
greater impetus than that of its neutral
 neighbours1 and in such cases a        
particular industry which has been      
threatened by the competition of foreign
 imports may be actually rescued from   
extinction4 ,even the temporary         
dislocation of trade is a benefit to    
trade in the nation at war2 for it      
enables existing stocks to be sold at   
exaggerated prices4#dg  ,,footnotes3    
,footnote #dd3 ,from this it follows    
incidentally that a high tariff is of no
 advantage to the community as a whole1 

but only to a particular section of the 
community4 ,for the idea that it will   
benefit the whole community is based on 
the assumption that it is possible to   
divert a particular sort of foreign     
import2 actually the tariff will not    
exclude the import if there is a natural
 demand for it1 but it will provide an  
excuse for every dealer wholesale or    
retail to increase his profit on the    
article taxed by about double the amount
 of the tax2 i4e4 if an imported article
 pays a duty of sixpence1 the price to  
the consumer of all such articles       
whether imported or home-made will be   
raised a shilling4  ,footnote #de3 ,in  
the ,july1 #aiad1 issue of the ,asiatic 
,review1 to which ,i have already       
referred4  ,footnote #df3 ,i need hardly
 say that in speaking of the commercial 
class ,i do not include its instrument  
the workers4 ,the international         
,socialist movement has not yet         
succeeded in uniting them2 but the      
exhortation addressed to them by ,marx  

has been obeyed instead by the          
capitalists4    #e  ,the greater the    
,capital1 the greater the ,war ,profit8 
,the over-production in modern          
industrial states1 from which ,trade can
 only be saved by some such catastrophic
 remedy as war1 may be attributed not   
only to the tyranny of machines1 but    
also to the financial jugglery known as 
over-capitalisation4 ,if it could be    
shown that over-capitalisation were a   
consequence of national wealth it would 
follow that the richer nations would    
enjoy a greater benefit from war than   
their poorer neighbours4 ,but this will 
only be true if we do not measure       
national wealth by the average wealth of
 every citizen2 if we speak in this case
 of national wealth quite apart from any
 question of its equitable distribution1
 and are careful to distinguish it from 
national welfare2 a wealthy nation in   
this case would have to mean a nation   
blessed with a class of wealthy         
capitalists1 or supporting a large      

parasitic colony of the persons         
described as financiers2 and such a     
nation would have as a corollary to be  
blessed with a class of workers         
disproportionately large and            
disproportionately poor4 ,for if        
industrial conditions are fair          
over-production is impossible4          
,,footnotes3  ,footnote #dg3 ,here1 for 
instance1 is an illuminating sentence   
from a private report on ,greek trade   
during the ,balkan ,wars3 ,i            
commercianti ,greci hanno guadagnato    
molto durante la guerra1 perch hanno    
venduto tutte le merci che avevano in   
deposito a prezzi molto piu alti1 che la
 gente era obbligata di comperare a     
cagione che non potevano importare merci
 straniere4    #f  ,the ,blessings of   
,invasion  ,if war is regarded primarily
 as a commercial stimulant1 we might    
carry the argument farther and conclude 
that invasion and even ravage are       
actually beneficial to the trade of a   
country that suffers them2 for          

ultimately they must make way for a     
direct demand on the spot for the       
primary commodities of life4 ,houses1   
fences1 roads1 factories will all have  
to be replaced4 ,it is obvious that the 
war will have to be followed by a time  
of rebuilding4#dh ,it might be urged    
that such a phase of convalescence would
 be retarded or altogether prevented by 
the lack of private capital for such an 
enormous enterprise4 ,but private       
capital1 thanks to the credit system1 is
 practically inexhaustible so long as it
 is required for a genuinely productive 
purpose3 and even if it failed in this  
case to come forward1 the money required
 would certainly be advanced out of the 
indemnity which will have to be provided
 for the invaded provinces1 or would be 
guaranteed in some other way by the     
,government concerned4 ,in which case   
,trade1 even after the conclusion of    
peace1 would rejoice in another period  
of ,government contracts4 ,if it be     
admitted1 however1 that we have not     

sufficient data to make this suggestion 
more than probable1 we can at any rate  
be certain of the effect produced by the
 mere numbers of an invading army or a  
defensive garrison4 ,the ,jewish traders
 of ,salonica enjoyed a time of         
unexampled prosperity in #aiab and      
#aiac1 owing to the mere presence of the
 ,turkish1 the ,greek and the ,bulgarian
 armies1 to whom they sold out at their 
own prices4#di ,they are now repeating  
the process with the ,english and       
,french armies2 and in the interval they
 were kept busy restocking the          
,macedonian villages depleted or        
destroyed during the campaign of #aiab4 
,as for the small shopkeepers of        
,flanders any member of the ,british    
,expeditionary ,force will tell you that
 they are at present so prosperous that 
even a ,german bombardment will hardly  
drive them from their counters4         
,,footnotes3  ,footnote #dh3 ,since this
 chapter was written ,i have seen a     
pamphlet with the following title3 ,the 

,chance for ,british ,firms in the      
,rebuilding of ,belgium1 by a ,belgian  
,contractor4 ,london1 ,technical        
,journals1 ,limited1 #bg-bi ,tothill    
,street1 ,westminster4    #g  ,the      
,luxury ,trades don't do so badly  ,the 
most obvious if not the only exception  
to our tale of war profits is to be     
found in the case of the parasitic      
industries which specialise in the      
production of the unnecessary4 ,it is   
not easy rigidly to define the luxury   
trade1 for the luxury of one generation 
is the necessity of the next2 but it is 
enough to suggest a broad idea of the   
industries that fall under this heading4
 ,the income-tax assessments show1 says 
,the ,times1#ej speaking of ,berlin     
after nine months of war1 that among the
 trades which have suffered most are    
fruiterers1 breweries1 public-houses1   
bars1 cafs1 chemists and perfumers1     
goldsmiths and silversmiths1 jewellers1 
milliners1 furniture and piano dealers1 
and music and booksellers4 ,landowners1 

land speculators1 builders and the      
carrying trade have also suffered4 ,we  
may also notice that in the early months
 of the war ,florence1 the great market 
of the shoddy souvenir and the tourist's
 delight1 suffered a good deal more than
 ,london1 although ,italy still remained
 neutral4 ,in ,london itself a good     
example of the parasitic industry are   
the firms which make ingeniously useless
 silver toys for rich people to give    
each other at ,christmas4#ea  ,many such
 industries may indeed have suffered in 
,england1 although many of the trades   
mentioned in the ,berlin list have not  
been affected in ,london1 and at least  
two of them have made conspicuous       
profits4 ,but in any case it is probable
 that they suffered if at all only      
during the first period of the war1 when
 the general feeling of strangeness and 
insecurity was strong enough to inhibit 
the shopping instinct of the wealthier  
classes4 ,as soon as these became       
accustomed to the state of war they     

reverted with even greater energy to    
their old pastime of spending money3 and
 meanwhile the luxury trades had        
acquired an entirely new set of         
customers1 for a large part of the      
profits accumulated in other trades were
 now being spent by a newly enriched    
class who were unaccustomed to save1 for
 the simple reason that they had never  
before been in a position to do so4     
,consequently the luxury trades after a 
year of war had not only recouped their 
temporary losses but were doing a bigger
 business than ever4 ,the natural       
adaptability of the trades which pander 
to fashion must also be taken into      
account4 ,a number of them after the    
first panic recaptured the failing      
demand by advertising very simple       
modifications of their ordinary supply4 
,some1 for instance1 turned to the      
manufacture of equally plausible        
superfluities of military               
equipment--such as silver and gold      
identity disks and watches with luminous

 dials and queer little hieroglyphs in  
place of the ordinary figures4 ,trades  
already so well organised for           
exploitation could easily defeat any    
general attempt at social economy4 ,thus
 for women of the upper middle class the
 most obvious form of war economy was to
 carry on with only a slight alteration 
of last year's dresses2 and such was    
their declared intention when their     
hands were forced by the ,dressmakers'  
revolutionary change in the fashion     
which substituted the full skirt for the
 tight skirt of #aiac-ad4 ,the          
extraordinary ingenuity of this move    
was1 not only that it thwarted any good 
intention of not buying a new dress this
 year1 it being manifestly impossible to
 alter a tight skirt into a crinoline1  
but also that the extra cloth required  
for the unusually full skirts more than 
compensated the trade for the continued 
abstention of a few unfashionable       
obstinates1 as well as for the extra    
cost of labour4#eb  ,,footnotes3        

,footnote #di3 ,one ,jewish contractor  
supplied corn and fodder to all three   
armies4 ,as soon as his ,turkish        
customers had capitulated1 he tendered  
for the supply of the victorious        
,greeks1 and he still had enough to     
spare for the ,bulgarians when they     
entered the town4  ,footnote #ej3 ,may  
#ag1 #aiae4  ,footnote #ea3 ,such       
labour-saving devices1 for instance1 as 
poached egg servers4    #h  ,trade      
,profits in war not shared by the       
,nation but confined to ,employers  ,the
 trade profits which are thus directly  
stimulated by the conditions of war1 do 
not imply the prosperity of the ,trade  
as a whole1 if a ,trade is understood to
 mean a certain section of the nation   
including in a sort of guild or         
hierarchy representatives of every class
 engaged in a particular ,trade4 ,they  
do imply the prosperity of a particular 
class1 for they are all employers'      
profits1 profits on the capital         
involved4 ,unfortunately the profits of 

the ,capitalists do not involve the     
profits of the ,labourers1 and cannot   
therefore be tested by statistics of    
unemployment4 ,but of course the        
fluctuations of unemployment do very    
materially affect the opportunities of  
,trade1 and it might reasonably be      
argued that the apparent profits created
 by ,war are really modified by the     
conditions of the ,labour market or     
otherwise equitably distributed among   
the general population4 ,unfortunately  
it is quite easy to show that the one   
policy of employers during the present  
war has been to maintain their profits  
without any concern for the general     
population1 and that the effect of war  
has been to increase the profits of     
,capital not only by increasing the     
demand but also by making the ,employers
 increasingly independent of the        
labourers' claims4  ,at the beginning of
 ,war the ,employer1 on the grounds of  
general insecurity and not knowing what 
was going to happen next1 cut down wages

 and raised the cry of ,business as     
,usual2 which meant that business was so
 much better than usual that he was     
afraid it could not possibly last4 ,so  
he cut down wages1 laughed at buyers who
 offered him the usual prices1 and      
charged #dh a ton for hides and #fs4    
#aj;d4 for a yard of cloth that usually 
cost half a crown4 ,if the private buyer
 would not pay his prices the           
,government would4 ,it was indeed too   
good to last1 for such prosperity became
 impossible to conceal3#ec it also      
reduced the margin of unemployment on   
which he had always depended1 and he    
soon found himself obliged to return to 
the normal rate of wages which he had   
paid before the war4 ,he was            
disappointed to find that ,business as  
,usual meant wages as usual1 but he     
struggled on1 imploring the assistance  
of the ,government in order to capture  
,germany's ,trade4 ,worse was to follow3
 after nine months of war recruiting for
 the army had begun in earnest1 and     

there was on the whole less unemployment
 in ,great ,britain than at any previous
 moment in the present century4#ed ,but 
he was determined to carry on1 and for  
the sake of the ,government introduced  
child labour into his workshops4#ee     
,meanwhile1 however1 the cost of living 
was steadily rising1 and after a year of
 war1 and of profits1 the labourers'    
demand for an increase of wages could   
not be altogether ignored4 ,the employer
 decided to carry the war into the      
enemy's country4 ,the nation must hang  
together1 he said1 and all work was     
practically national work4 ,so he boldly
 accused his workmen of lack of         
patriotism1 and roundly declared that   
but for the trade unions the war would  
probably have been over by this time1   
with a victory for the ,allies4444      
,organised labour is the rotten limb of 
the body politic1 which must be cut off 
if health is to be restored to the      
system4#ef ,it was hard work1 but in    
spite of the shortage of labour and in  

spite of the rise in the cost of living1
 he managed to hold wages down by       
repeating that any demand for a rise in 
wages was unpatriotic4#eg ,one by one1  
on the plea of urgent ,government work1 
he obtained the suspension of all ,trade
 ,union rules and thus deprived his     
workmen of even the natural rights of   
negotiation2 and when after fifteen     
months of war they again ventured to    
raise their voices on the ,clyde1 he    
openly accused them of being paid by    
,german agitators4#eh ,on the whole     
therefore he has been extraordinarily   
successful in keeping his profits to    
himself1 and as the present demand is   
likely to continue for some time after  
the war1 his chief anxiety at present is
 to maintain after the war the          
compulsory relaxation of ,trade ,union  
rules which nothing less than war could 
accomplish4 ,the slight danger that a   
prolonged war may kill off a            
considerable part of his margin of      
unemployment is more than balanced by   

his successful introduction of women's  
labour3 and he means that ,war1 in      
addition to the actual profits of his   
,trade1 shall give him the enormous     
potential advantage of having broken the
 ,trade ,unions4#ei  ,,footnotes3       
,footnote #eb3 ,as a matter of fact1    
nearly all the luxury trades cut down   
their scale of wages during the first   
year of the war2 and many of these      
ostentatiously gave to some ,war        
,charity a fraction of the sum thus     
extracted from their employees4 ,i      
suppose it would be libellous to give   
examples4  ,footnote #ec3 ,though       
frantic attempts to conceal it have been
 made since the ,tax on ,war ,profits   
was introduced4  ,footnote #ed3 ,the    
,new ,statesman1 ,may #bb1 #aiae4       
,footnote #ee3 ,see above1 p4 #dg1 note 
#d4 ,some illuminating details are given
 in the ,nation1 ,may #bb1 #aiae1       
concerning the unscrupulous plea of     
,government work in order to excuse the 
employment of children4  ,footnote #ef3 

,the ,saturday ,review1 ,september #ah1 
#aiae4  ,footnote #eg3 ,the shortage too
 was a permanent excuse just as good for
 holding prices up as for holding wages 
down4 ,cf4 a correspondent in ,the      
,times1 ,may #ag1 #aiaf3 ,this position 
of affairs makes one doubt if the       
shortage in these articles 7bottles1    
jars1 tins1 boxes1 etc47 is as stated1  
or that the shortage pays better and the
 various trades do not wish the tension 
to be in any way relieved4  ,footnote   
#eh3 ,i hope it will not soon be        
forgotten that ,punch was not ashamed to
 endorse this charge4  ,footnote #ei3   
,cf4 ,mr4 ,emil ,davies in the ,new     
,statesman1 ,april #h1 #aiaf3 ,my       
impression is that the annoyance of     
,clyde manufacturers at the present     
labour troubles is not wholly free from 
a certain grim satisfaction4 ,they are  
not anxious to see carried out the      
pledge that shop conditions should go   
back to the pre-war basis1 and1 they    
argue1 if the men are discredited with  

the public1 it will be all to the good  
of the employers in the big industrial  
struggle they look upon as inevitable   
after the war4 ,they regard this        
struggle without anxiety and are        
accumulating funds2 some of them talk of
 special funds being created for the    
purpose by the employers in association4
 ,these are the impressions gained from 
conversations with prominent members of 
the ,glasgow business world4    #i      
,trade ,profit and ,national ,loss  ,it 
need not therefore be supposed that the 
,war ,profits1 of which there is such   
abundant evidence1 conflict at all with 
,mr4 ,norman ,angell's contention#fj    
that all modern war1 even if the        
military operations end in a military   
success1 is futile and unprofitable from
 the national point of view4 ,the       
general truth seems to be that ,war1    
whether it be apparently victorious or  
apparently unsuccessful1 is always      
profitable for a small commercial class 
in each belligerent nation4#fa          

,unfortunately the profits thus earned  
by the economic effects of war are not  
diffused vertically throughout the whole
 nation from top to bottom1 but rather  
horizontally along a shallow commercial 
stratum in every nation4 ,in every      
nation war diminishes the national      
wealth1 but concentrates the residue    
with greater inequality in one          
particular class4 ,the representative of
 this class1 commonly called the        
,capitalist1 is the real cosmopolitan1  
because his interests in each           
belligerent nation are identical1 and   
the war1 successful or not1 contributes 
to his financial advantage4 ,it is an   
illuminating coincidence that the       
classes in every nation which most      
enthusiastically demand the violent     
prosecution of the war seem to be       
proportionately anxious to annul the    
hardly-won privileges of democracy4     
,thus the ,saturday ,review1 in a       
passage already quoted1 solemnly1 openly
 and unforgettably declares the secret  

wishes of the militarists2 and we may be
 surprised to consider how many         
safeguards of democracy1 how many rights
 of free thought and free speech1 how   
many of the precarious limitations of   
sweating and child-labour and           
wage-slavery have been quietly          
suppressed since the beginning of the   
war4 ,but if war is ultimately          
unprofitable for the nation as a whole1 
it might be argued that ,trade itself   
must ultimately be involved in the      
national loss4 ,the answer is that even 
if the ,trader's interests were         
identical with those of the nation and  
were ultimately bound to suffer with the
 nation as a whole1 he would undoubtedly
 ignore the possibility of a loss so    
much remoter than his immediate and     
obvious profits2 especially as he is    
certainly ignorant of the economic fact 
that in modern times military victory   
and military defeat are equally         
unprofitable1 and if he ever did pause  
to consider the results for the whole   

nation he would certainly1 perhaps in   
good faith1 identify the national       
interest with his own1 and assume1 for  
psychological rather than economic      
reasons1 that his own interests demanded
 a military victory2 real ignorance and 
emotional excitement sufficing to       
explain his apparently hypocritical     
professions of patriotism4 ,as a matter 
of fact however his private interests   
are not dependent on those of the whole 
nation2 for commercial wealth is not the
 same as national wealth1 and prosperous
 ,trade is quite consistent with        
national unhappiness4 ,the average      
citizen of ,switzerland is more         
contented than the average citizen of   
any of the great commercial powers of   
the world2 and some of the causes that  
make for commercial prosperity1 causes  
of which ,war is not the least          
effective1 actually decrease the civic  
efficiency of the greater number of the 
population1 and reduce their chances of 
happiness4 ,if an expanding trade1      

writes ,mr4 ,r4 ,b4 ,cunninghame        
,graham1#fb is the sure sign of national
 happiness clearly the four countries1  
the figures of whose trade are tabulated
 7,chile1 ,peru1 ,brazil and ,argentine7
 should be amongst the happiest in the  
world4 ,yet still a doubt creeps in     
whether expanding ,trade is the sure    
test of happiness2 for recently ,i have 
revisited some of the countries of the  
,river ,plate that ,i knew thirty years 
ago1 and it appears to me that they were
 happier then4 ,true1 they were not so  
rich4444 ,wealth has increased1 but so  
has poverty4444  ,war is an artificial  
process for accelerating that           
concentration of wealth in the hands of 
a small class which distinguishes the   
present unholy stage of political       
development4#fc  ,,footnotes3  ,footnote
 #fj3 ,the ,great ,illusion1 passim4    
,footnote #fa3 ,this is not necessarily 
inconsistent with ,h4 ,n4 ,brailsford's 
similar remark 7,the ,war of ,steel and 
,gold1 p4 #afc73 ,war is a folly from   

the standpoint of national              
self-interest2 it may none the less be  
perfectly rational from the standpoint  
of a small but powerful governing class4
  ,footnote #fb3 ,reviewing a work on   
,south ,america in ,the ,nation1        
,november #f1 #aiae4  ,footnote #fc3    
,this process is further accelerated by 
the fact that the ,war is being paid for
 very largely by means of ,loans1       
subscribed naturally by the richer      
classes2 in future the richer classes   
will be receiving the interest on these 
loans4 ,but in order to pay this        
interest the ,state will have to resort 
to taxation1 some part of which will    
fall presumably on the poor4 ,see       
,professor ,pigou's ,economy and        
,finance of the ,war4     ,,chapter ,,iv
       ,candide tait tendu dans la rue  
et couvert de dbris4 ,il disait         
,pangloss3 ,hlas6 procure-moi un pen de 
vin et d'huile2 je me meurs4      ,ce   
tremblement de terre n'est pas une chose
 nouvelle1 rpondit      ,pangloss2 la   

ville de ,lima prouva les mmes secousses
 en ,amrique      l'anne passe2 mmes    
causes1 mmes effets3 il y a certainement
 une      trane de souphre sous terre   
depuis ,lima jusqu' ,lisbonne4 ,rien    
n'est plus probable1 dit ,candide2 mais1
 pour ,dieu1 un peu d'huile      et de  
vin4 ,comment1 probable8 rpliqua le     
philosophe2 je soutiens      que la     
chose est dmontre4       ,candide perdit
 connaissance1 444 et ,pangloss lui     
apporta un peu      d'eau d'une fontaine
 voisine4       ,,voltaire1 ,candide4   
#a  ,dialectics round the ,death-bed    
,philosophical aloofness is all very    
well in its way1 but while we argue     
about economic causes and attempt to    
induce a philosophy of earthquakes1 our 
bright young democracy lies bleeding    
under the ruins4 ,the urgent necessity  
is a little first aid1 a little         
cessation of the killing4 ,i don't know 
how many young men in different parts of
 the world have been deliberately and   
scientifically murdered during the      

writing of this protest4 ,england alone1
 who has been criticised for her delay  
in exposing her youth to the slaughter1 
is having about half a million of her   
best citizens stabbed or pierced or     
crushed or mutilated or poisoned or torn
 to pieces in one year#fd of modern     
warfare4 ,and life is not the only      
instrument of vital progress that is    
being thrown away4 ,britannia has beaten
 her trident into a shovel1 and with it 
is shovelling gold2 and not only gold1  
but youth and love and happiness into   
the deep sea4 ,the belligerent nations  
are frantically engaged in destroying   
two thousand years of education and all 
the accumulated capital of humanity4    
,only the enemies of civilisation1 the  
sellers of arms and the sowers of       
hatred1 are growing rich on its ruins4  
,it is impossible to deny that the      
longer the war continues the greater    
will be the subsequent sufferings1      
spiritual and material1 of every nation 
engaged4 ,it is impossible to maintain  

that any nation or class or individual  
will be any better in any respect for   
the ,great ,war1 with the single        
exception of that parasitic class who1  
as a class1 and therefore perhaps not   
consciously1 are chiefly responsible for
 its inception4 ,we must have ,peace    
first and congresses afterwards4 ,the   
survivors of civilisation cannot discuss
 a lasting settlement while they are    
still under fire4  ,,footnotes3         
,footnote #fd3 ,the total ,british      
casualties from the beginning of the war
 till ,july #ah1 #aiae1 were given as   
#cba1hhi1 of whom #fa1chd were killed4  
#b  ,german ,responsibility for the ,war
  ,nor is it necessary to continue the  
slaughter while we argue about which    
belligerent must bear the chief         
responsibility for the outbreak4 ,the   
dialectical exercises of the ,german    
,chancellor and ,mr4 ,asquith are so    
futile that they remind us only of two  
naughty children who drag out their     
squabble with stubborn outcries of ,he  

began it4 ,the first consideration is to
 stop fighting4 ,such academic          
discussions are necessarily endless1 for
 the simple reason that every nation has
 its faults1 to which criminal motives  
can always be attached3 every nation has
 its fools1 whom its enemies can        
describe as typical representatives4    
,the question of responsibility for the 
,great ,war must be left to the         
historians of the future4 ,i am quite   
confident 7though even ,viscount ,grey  
or ,professor ,gilbert ,murray cannot   
prove7 that they will hold ,germany     
responsible3 but ,i am equally confident
 that the blame they throw on the nation
 responsible for the war will be less   
pronounced than the praise they will    
reserve for the nation which first has  
the courage to speak of peace4 ,my      
belief in ,germany's responsibility is  
based largely on ,german apologetics and
 strengthened by the evidence of        
commercial conditions in ,germany before
 the outbreak4 ,professor ,millioud1 for

 instance1 has shown that ,german       
industry was built up on a top-heavy    
system of credit1 unable to keep solvent
 without expansion1 and unable to expand
 sufficiently without war4#fe ,or if a  
good working test of ,german            
responsibility were needed it would be  
sufficient to point out that no nation  
innocent of aggressive intentions would 
have drafted such an ultimatum as that  
which ,austria1 with ,german connivance1
 sent to ,serbia2 and that no nation    
anxious for war would have drafted such 
a conciliatory reply as that which      
,serbia returned to ,austria by         
,russia's instructions4 ,it is in fact  
clear that as long ago as #aiac ,austria
 had determined to crush ,serbia1 and   
that in #aiac that determination was    
only postponed2 and postponed not1 as we
 thought at the time1 by the tact of    
,lord ,grey at the ,conference of       
,london1 but only by ,italy's refusal to
 join in the adventure1 as we now know  
from the revelations of ,san ,giuliano  

and ,salandra4 ,similarly1 knowing as we
 do that ,england is no exception to the
 rule that no imperial nation can be    
wholly compact of righteousness1 we     
might hesitate to accept ,the ,times'   
version of ,british innocence1 and we   
might hesitate to accept ,lord ,bryce's 
report on the ,german atrocities in     
,belgium1 knowing as we do that it is   
based almost entirely on the hearsay    
evidence of refugees who would be       
anxious to distinguish themselves as    
witnesses from the general ruck of      
destitution2 but it happens that the    
general charges of ,german              
aggressiveness and ,german brutality are
 fully corroborated by ,german          
literature4#ff ,unfortunately these     
distinctions between brutal and         
chevaleresque methods of warfare remain 
only questions of method2 they concern  
manners rather than morals1 and are as  
irrelevant to our hopes for the         
abolition of war as the questions of    
diplomatic method already mentioned4#fg 

,equally irrelevant1 in any discussion  
of the possibility of substituting      
compulsory arbitration for war1 is the  
attempt to distinguish between          
aggressive and defensive war1 or to     
throw all the blame of aggression on    
either of the two belligerents2 for the 
simple reason that each belligerent will
 perhaps never believe and will quite   
certainly never admit that his own      
intentions were anything but defensive  
or altruistic4#fh ,the locus classicus  
for such protestations of innocence     
occurs in the ,italian ,green ,book1    
where ,austrian diplomats may be found  
declaring1 with every appearance of     
sincerity1 that the invasion of ,serbia 
was a purely defensive measure4 ,and in 
a sense1 in such a well-armed continent1
 every aggression is indeed a           
fore-arming against the future4 ,it     
might also be suggested that the crime  
of aggression is an offence not against 
an individual but against the peace of  
the community3 and until the ,european  

community is constituted the guilt of   
such a crime cannot be brought home to  
either of the belligerents4             
,,footnotes3  ,footnote #fe3 ,the       
,ruling ,caste and ,frenzied ,trade in  
,germany1 by ,maurice ,millioud1        
,professor of ,sociology in the         
,university of ,lausanne4 7#aiae47      
,reviewed in the ,manchester ,guardian  
by ,r4 ,c4 ,k4 ,e4  ,footnote #ff3 ,all 
that we need know1 for instance1 of     
,german military conduct in ,belgium is 
contained in the following communication
 made to the ,klnische ,zeitung by      
,captain ,walter ,brum1 adjutant to the 
,governor-,general of ,belgium1 who may 
be presumed to know the inner history of
 these appalling transactions3--  ,the  
principle according to which the whole  
community must be punished for the fault
 of a single individual is justified by 
the theory of terrorisation4 ,the       
innocent must suffer with the guilty2 if
 the latter are unknown the innocent    
must even be punished in their place1   

and note that the punishment is applied 
not because a misdeed has been          
committed1 but in order that no more    
shall be committed4 ,to burn a          
neighbourhood1 shoot hostages1 decimate 
a population which has taken up arms    
against the army--all this is far less a
 reprisal than the sounding of a note of
 warning for the territory not yet      
occupied4 ,do not doubt it2 it was as a 
note of warning that ,baltin1 ,herve1   
,louvain1 and ,dinant were burned4 ,the 
burnings and bloodshed at the opening of
 the war showed the great cities of     
,belgium how perilous it was for them   
444 etc4  ,footnote #fg3 ,chapter ,i1   
#i-aa4  ,footnote #fh3 ,see below1 note 
on p4 #aac2 and compare ,brailsford1    
,the ,war of ,steel and ,gold1 p4 #bb1  
on preparations which are always        
supposed to be defensive1 and p4 #bfd1  
on the methods used to support the plea 
that large navies are purely defensive4 
#c  ,the ,value of ,german ,culture     
,the question whether ,germany is       

actually attempting or would be         
justified in attempting to impose her   
culture on the rest of ,europe2 or      
whether ,england has good reasons for   
the limitation or suppression of ,german
 culture1 is another side-issue4 ,german
 culture 7in ,matthew ,arnold's correct 
use of the word1 meaning1 that is1 the  
average of intellectual and social      
civilisation71 has not on a general     
inspection much to be proud of4 ,the    
modern literature of ,germany is largely
 a transcription of ,russian1 ,french   
and ,english authors1 and it is         
significant that among foreign authors  
the widest success is reserved for      
purveyors of le faux bon1 writers whose 
work is distinguished by its spirited   
failure quite to attain the             
first-class4#fi ,the most promising of  
modern authors writing in the ,german   
language1 ,schnitzler1 is an ,austrian  
,jew4 ,hauptmann1 the most distinguished
 and original of ,german dramatists1 has
 for thirty years been writing plays    

which would pass for imitations of ,mr4 
,john ,galsworthy's failures4           
,sudermann's style reminds one of a     
snail crawling over the ,indian lilies  
which he describes4444 ,germany1 it is  
true1 has reason to be proud of her     
theatres1 but that is a matter of ,state
 enterprise1 rather than an indication  
of national culture4 ,the ,german ,state
 has been efficient enough to perceive  
that good theatres are a fundamental    
necessity of national education1 and    
that good theatres1 owing to the        
excessive rents they have to pay1 can   
never be kept going without a ,state    
subsidy4 ,but these admirable theatres  
can hardly be called the vehicles of a  
high native culture4 ,their famous      
,reinhardts are more efficient only     
because more acquisitive than our own   
,jewish impresarios4 ,the ideas they    
have acquired are chiefly ,russian or   
,english3 and they have profited by the 
ideas of ,granville ,barker and ,gordon 
,craig in order to produce the plays of 

,shakespeare and ,shaw--7just as        
industrial ,germany profited by the     
ideas of ,bessemer#gj and ,perkins74    
,germany's claim to artistic vitality1  
to genuinely original culture1 can be   
supported only by a certain distinct    
excellence in sculpture and caricature1 
two arts which often seem to go hand in 
hand1 perhaps because both are based on 
a precise simplification of form4 ,but  
for the activity of a small band of     
sculptors and caricaturists centred for 
the most part in ,munich1#ga we might be
 content to regard ,germany not as a    
fount of culture but rather as one of   
the world's workshops1 a well-organised 
ergastulum for dealing with the drudgery
 of modern civilisation1 for            
manipulating secondary products and     
extracting derivatives1 a large factory 
for the production of dictionaries1     
drugs and electrical machinery4#gb  ,the
 extraordinary efficiency of ,germany1  
as a workshop1 is not due to any        
intellectual pre-eminence of the nation 

as a whole4 ,it is most clearly and     
emphatically due to the fact that the   
,german autocracy1 whatever its         
political iniquity1 has had the         
intelligence and the national solidarity
 to choose its business men from among  
the brains of the community4 ,in        
,germany any man of conspicuous         
intellectual capacity may be picked out1
 roughly speaking1 and assigned to the  
direction of a particular industry4 ,in 
,england we achieve inefficiency by the 
contrary process1 and are only willing  
to regard a man as capable and revere   
him as an expert if he happens to have  
been occupied exclusively for a certain 
number of years in the narrow routine of
 a particular subject4 ,this pernicious 
fallacy of the ,expert is actually      
preached in ,england as a means to the  
very ,efficiency which in fact it almost
 invariably excludes4 ,it is commonly   
assumed that no man can write a good    
play unless he has been a bad actor1 or 
that a retired admiral1 quite incapable 

of grasping any general idea that was   
not popular in the ,navy twenty years   
ago or in the smoking-room of his club1 
would be better able to direct the      
affairs of the ,navy than ,mr4 ,winston 
,churchill or ,mr4 ,balfour4#gc ,there  
is a similar outcry for a government of 
,business ,men1 although anyone who     
happens to have heard a couple of       
average business men discuss a problem  
of their own business in one of their   
own offices will hardly be able to deny 
that a capable poet and a capable       
painter would have settled the question 
in a quarter of the time4 ,instead of   
superstitiously believing that only     
,business ,men can be efficient1        
,germany picks out her business men 7and
 her bureaucrats7 for their general     
efficiency4 ,she has attained efficiency
 by abandoning the fallacy of the       
,expert in favour of the maxim of       
,confucius--the ,higher type of man is  
not like a vessel which is designed for 
some special use4#gd  ,but from the fact

 that ,german industry and ,german      
theatres are better managed than our own
 it does not follow that there is any   
natural or national antagonism between  
,england and ,germany4 ,the real hatred 
of ,germany if it exists in ,england at 
all should be found among what it is    
becoming the fashion to call the        
intelligentsia4 ,such a purely          
intellectual hatred of the sentimental  
melodrama of ,faust and of the semitic  
luxuriance of ,wagner and ,reinhardt is 
not likely to become a democratic motive
 in ,england4 ,here brains are always   
unpopular1 and ,park ,lane will never be
 stormed by the mob until it is         
inhabited by the ,bernard ,shaws1 the   
,lowes ,dickinsons and the ,bertrand    
,russells1 instead of by ,german        
financiers4  ,there is no national      
hatred between ,england and ,germany4   
,the two peoples are natural friends4   
,even the men in the trenches 7or       
perhaps ,i should say particularly the  
men in the trenches71 fraternise with   

their opponents whenever they get the   
chance4#ge ,even now a press campaign of
 a few months would suffice to make     
,germany popular in ,england2 and if    
that were ever to happen1 which is not  
improbable1 only the intellectuals1 who 
are most strongly opposed to this war1  
would still find much to dislike1 but   
not to fight about1 in the national     
culture produced by the ,german         
character4  ,,footnotes3  ,footnote #fi3
 ,e4g4 ,oscar ,wilde and ,artzibashev4  
,footnote #gj3 ,the whole industrial    
expansion of ,germany dates from the    
introduction of the ,bessemer process in
 #ahgi1 by which its supplies of iron   
became possible to work at a            
profit4--,bertrand ,russell4  ,footnote 
#ga3 ,it is unnecessary to refer at     
length to the world-famous caricaturists
 of ,simplicissimus1 although it may be 
noted that the best of them1            
,gulbrannson1 is a ,norwegian1 while his
 chief rival1 ,heine1 is a ,jew4 ,munich
 sculptors whose names might be         

mentioned are ,hildebrand1 ,taschner1   
,hahn1 and ,wrba4  ,footnote #gb3 ,even 
such scientific achievements as those of
 ,ehrlich and ,ostwald should be        
regarded as results of regulated        
industry and diligent experiment4       
,footnote #gc3 ,another instance of the 
fallacy is the quite unjustified        
prejudice in the ,army in favour of     
,regular officers4  ,footnote #gd3 ,the 
foundation of ,german business          
efficiency not on the practical science 
of the specialist but on theoretic and  
general mental exercise is further      
illustrated by the great and increasing 
prevalence of ,latin and ,greek in      
,german education 444 while again our   
own ,business ,experts are reversing the
 process4 ,the passages that follow are 
quoted from a letter of ,dr4 ,rice      
,holmes in ,the ,times of ,august #aa1  
#aiaf4  ,in ,german schools not only are
 classics taught more systematically and
 more thoroughly than in all but a few  
of our own1 but they are learned by a   

greater proportion of the population2   
and1 moreover1 the hours devoted to     
natural science in those schools in     
which it is taught are fewer than in our
 public schools4444 ,since #aijc the    
number of ,german boys receiving a      
classical education has steadily        
increased4 ,in #aijd there were #aif1age
 pupils in schools 7,gymnasien and      
,realgymnasien7 where ,latin is         
compulsory1 of whom #aec1fhj belonged to
 the classical schools 7,gymnasien71 and
 therefore learned ,greek as well 7,w4  
,lexis1 ,unterrichtswesen im ,deutschen 
,reich1 ii4 #bah72 in #aiaa1 as ,mr4 ,r4
 ,w4 ,livingstone has shown 7,the ,times
 ,educational ,supplement1 ,april #d1 p4
 #di1 col4 #b71 the corresponding       
figures were #bdj1jjj and #agj1jjj2 and 
in #aijh1 'out of a total of #ca1fbb    
students entering #ah out of #ba ,german
 universities 7,munich1 ,erlangen1 and  
,wurzburg not reporting71 444 only      
#g-a_/b per cent entered without ,latin 
or ,greek' 7,professor ,francis ,w4     

,kelsey1 ,latin and ,greek in ,american 
,education1 #aiaa1 p4 #dc74 ,mge das    
,studium der griechischen und rmischen  
,literatur immerfort die ,basis der     
hheren ,bildung bleiben4 ,so wrote the  
greatest of the ,germans2 and the       
countrymen of ,goethe1 whose genius was 
scientific as well as poetical1 have not
 forgotten his words4 ,on the other     
hand1 in the modern schools             
7,realgymnasien and ,oberrealschulen7   
only a small fraction of the            
time-table--from two hours a week 7out  
of twenty-five7 to six 7out of          
thirty-one7--is devoted to natural      
science4 ,to anyone who has read        
,matthew ,arnold's ,higher ,schools and 
,universities in ,germany1 or ,dr4 ,m4  
,e4 ,sadler's ,the ,realschulen in      
,berlin1 or who is acquainted with the  
opinions expressed by ,helmholtz1 ,a4   
,w4 ,hofmann1 ,bauer1 and other 'eminent
 scientific professors1' it will not    
appear paradoxical that the object of   
thus restricting the hours devoted to   

the teaching of natural science in      
schools is to promote the scientific    
efficiency of the ,german nation4 ,it   
was with this object that by the        
regulations published in #aija the time 
devoted to ,latin in the ,realgymnasien 
was increased4 ,and those who do not    
learn natural science learn what for the
 nation is equally important--the value 
of scientific method4  ,footnote #ge3   
,the ,daily ,news1 ,october #bj1        
#aiae3--  ,a pathetic story is told in  
the ,vorwrts by ,herr ,adolf ,kster 7who
 acts as war correspondent for the      
,german ,socialist ,press7 in connection
 with the recent fighting at ,hooge4 ,a 
,german soldier told him of a young     
,scotsman whom he had killed with a     
hand-grenade in whose pocket he had     
found a little pocket-book3--  ',we     
looked through the booklet4 ,it         
contained postcards from the front1 from
 home1 from a sister and from a         
sweetheart--photographs from the        
battlefields of brave soldiers and from 

home4 ,there was also a small amateur   
photograph1 rather badly made1 of a     
young girl sitting at a typewriter4 ,she
 had blonde hair and on the back of the 
photo she had written3 ,look at the     
waves of my hair and note also how very 
diligent ,i am 7,english in the         
original74 ,one of us asked the soldier 
to give him this photograph4 ,but he    
replied3 ,you can take the whole book1  
photos1 postcards1 etc4 ,but this       
picture ,i will keep in memory of my    
friend4 ,by his friend he meant the     
,scotsman whom he had killed by his     
hand-grenade4'    #d  ,the ,manufacture 
of ,hatred  ,but if there is no natural 
hatred between the two belligerent      
protagonists1 there is a feverish       
production of the artificial variety4   
,indeed this diligent manufacture of    
hatred is probably the most demoralising
 result of warfare1 particularly        
disastrous in its ethical effect on the 
individual4 ,it proceeds by the ordinary
 methods of deceit1 suppression of the  

true and suggestion of the untrue1 and  
by means of the newspapers this process 
of moral degeneration is sometimes      
actively directed1 sometimes only       
permitted or encouraged by the          
,governments concerned4 ,the ,london    
press is always ready to swallow the    
pathetic fabrications of unscrupulous   
refugees1 and publishes with joy any    
,rotterdam rumour about ,german         
bestiality2 but refuses to print any    
report however authentic which ventures 
to suggest that the ,germans are as     
human as ourselves4 ,there was1 for     
instance1 a ,canadian woman1 ,dr4       
,scarlett-,synge1 who under the aegis of
 her medical diploma1 returned from     
,serbia through ,germany1 and discovered
 that some of the ,german internment    
camps are not as bad as they are        
commonly believed to be4 ,whatever her  
qualifications and opportunities for    
forming a correct opinion1 and they     
happen to have been particularly good1  
there is no doubt that this woman's     

report was of the highest interest4 ,yet
 not a single daily paper in ,england   
would consider its publication1 on the  
ground presumably that it might reduce  
the national inflammation and thereby   
prejudice recruiting4 ,as if true       
patriotism1 sane and lovely1 had        
anything to do with the pathological    
condition of hatred4 ,recruiting be     
damned1 says the patriotic philosopher1 
odium nunquam potest esse bonum4#gf ,the
 method of distortion is also abundantly
 used by journalists of both parties4   
,german hatred of ,england has often    
been stoked up by isolated              
mistranslations of sentences from ,the  
,times1 and ,english and ,french        
journalists have not been slow in       
following the ,german example4 ,it is   
said that after the fall of ,antwerp the
 ,koelnische ,zeitung announced that as 
soon as the fall of ,antwerp was known  
the church bells in ,germany were rung1 
a harmless message which was            
successively distorted by the ,matin1   

the ,daily ,mail1 and the ,corriere     
della ,sera1 until it finally reappeared
 in the ,matin in the following form3   
,according to the information of the    
,corriere della ,sera from ,london and  
,cologne it is confirmed that the       
barbaric conquerors of ,antwerp punished
 the unfortunate ,belgian priests for   
their heroic refusal to ring the church 
bells by hanging them as living clappers
 to the bells with their heads          
downwards4#gg  ,the ,manufacture of     
,hatred is unfortunately become a part  
of the ,nationalist ,movement in nearly 
all modern ,european ,states4 ,the      
spurious ,nationalism which is the      
result not of race but of education1    
depends for its existence almost        
entirely on so-called ethnological      
propaganda and continues to thrive by   
the cultivation of two propositions1    
neither of which is true3 that all the  
members of one national group are       
racially different from all the members 
of the neighbouring group2 and that this

 racial difference naturally and        
necessarily and properly implies the    
mutual hatred of the two nations4 ,they 
proclaim1 in fact1 that certain nations 
are the natural enemies  of certain     
others1 by hating which they are only   
fulfilling the national function of     
self-realisation4 ,by such arguments1   
which have no genuine ethnological      
foundation1 the false prophets of       
nationalism are filling ,europe with the
 racial prejudice of artificial ,kelts1 
artificial ,poles1 and artificial       
,teutons4 ,of course race hatred between
 ,slav and ,teuton is no more natural   
than family hatred between ,jones and   
,robinson2 and even if it were1 even    
that is if the cultures of two          
neighbouring races were mutually        
exclusive1 it could still be argued--as 
it must in any case be argued--that no  
nation is racially pure4 ,the last ,pole
 ,i met proudly professed that the      
hatred of ,russia was in his blood4 ,yet
 he was born in ,bessarabia1 and it was 

therefore not surprising that his facial
 type was distinctly ,roumanian2 he     
came1 that is1 if race means anything at
 all1 of a ,grco-,latin stock1 and his  
hatred of ,russia1 which seemed to be   
the beginning and the end of his        
programme of ,polish nationalism1 was   
the result of a few years of neglected  
education4 ,half the conflicting        
,nationalisms of ,europe are programmes 
of artificial hatred1 the propagandists 
of which may actually be of the same    
blood as their opponents2 a single      
generation suffices for the manufacture 
of the racial enthusiast1 which is often
 completed by a modification of the     
family name4 ,even ,greeks and ,bulgars 
are frequently of common descent4 ,when 
a ,macedonian village changes hands the 
,greek ,karagiozes has been known to    
develop into the ,bulgarian             
,karagiozoff2 and a ,mazarakis will     
boast a racial incompatibility with his 
second cousin ,madjarieff4 ,the same    
process for the manufacture of          

nationalism may be detected at the other
 end of ,europe3 at ,mons of glorious   
memory there was a ,walloon with the    
good old ,walloon name of ,le ,grand1   
whose grandfather had been an equally   
enthusiastic ,fleming with the good old 
,flemish name of ,de ,groodt4  ,true    
nationalism may indeed be differentiated
 by the absence of this artificial      
element of ethnological hatred4 ,true   
nationalism is simply the feeling for   
the small independent community1 a      
movement for the autonomy of the local  
group4 ,no true manifestation of the    
nationalist movement in ,europe is ever 
opposed to other nationalisms2 but all  
alike are involved in a desperate       
political conflict with their common    
enemy ,imperialism4  ,,footnotes3       
,footnote #gf3 ,spinoza1 ,ethica1 ,,iv1 
#de4  ,footnote #gg3 ,labour ,leader1   
,march #cj1 #aiaf1 quoting an address by
 ,mr4 ,arthur ,ponsonby1 ,m4,p4--,i have
 not been able to verify these          
references1 so ,i give the story only as

 an example of the method of progressive
 distortion1 and not as one that        
actually occurred1 though it may have   
done so4    #e  ,imperialism the ,enemy 
,imperialism1 on the other hand1 is the 
feeling for large dominions and is very 
often only an unreasoning lust for the  
possession of territory3#gh surviving   
perhaps from the time when the land of  
the community was regarded as the       
reserved hunting-ground of the tribal   
chief1 or at least as the private estate
 of the national monarch4 ,but in so far
 as this passionate desire for extending
 the superficial territory under the    
central government is a reasoning       
desire1 in so far that is as attempts   
have been made to justify by            
retrospective theories the almost       
instinctive achievements of painting the
 map red1 it is fairly clear 7although  
the issues have been confused by        
altruistic and ,kiplingesque but not by 
any means unfounded views about the     
,white ,man's ,burden7 that ,imperialism

 is based on the insatiable claims of   
over-productive commerce4 ,commerce at  
any rate is the ex post facto excuse for
 the foundation of the ,british ,empire1
 and if it can no longer be pleaded as a
 reason for the maintenance of the      
,british ,empire1 it is simply because  
the ,british ,empire is no longer an    
empire1 but for the most part a         
federation of autonomous states4#gi ,but
 ,imperialism has only been scotched by 
the unconscious wisdom of ,english      
political development4 ,it still        
unhappily survives not only in the      
intermittent demand for the acquisition 
of fresh colonial territory1 but also1  
in its crudest form1 without even the   
shadow of an excuse commercial or       
altruistic1 in the continued subjection 
of ,ireland to ,english rule4 ,we must  
not be surprised if the imperialistic   
elements of the ,state receive after the
 war a new lease of life from the mutual
 encouragement of commerce and          
militarism4  ,the commercial classes of 

course support ,imperialism because1    
with an obtuseness permitted only to our
 business men1 they believe that the    
acquisition of more colonies still means
 the discovery of new markets4#hj ,they 
have not yet realised that nowadays all 
markets are practically open markets1   
and that no tariff can effectively      
exclude goods for which there is any    
demand1 for the simple reason that an   
effective demand cheerfully pays an     
increased price4 ,all nations in fact   
stand to share fairly the commercial    
advantage of each other's colonial      
markets3 and it might even be shown by a
 little simple book-keeping that the    
particular balance any nation gains from
 trading with a colony of its own must  
be debited with the expense of governing
 that colony4 ,in short1 the commercial 
excuse for ,imperialism is actually     
obsolete4 ,yet commerce continues to    
support ,imperialism1 and although the  
original reason for this support is no  
longer valid1 it is still1 unconsciously

 perhaps but very methodically1 serving 
its own interests by this support1 in so
 far as ,imperialism involves militarism
 7or navalism7 and so leads to the      
probability of war4 ,but even if the    
commercial reasons which constitute the 
only possible excuse for ,imperialism   
were still valid1 it would still remain 
equally valid and much more important   
that ,imperialism is bad in itself1 the 
enemy of liberty and the begetter of    
arrogance4  ,imperialism is bad on      
general grounds because it implies a    
centralisation of authority which       
violates the natural rights of          
nationalities4 ,a nationality1 as has   
already been suggested1 means not       
necessarily a pure racial enclave1 but  
simply a small local group1 in the      
formation of which similarity of race1  
religion1 and culture will not be       
ignored but will naturally be considered
 as modifications of primarily          
geographical boundaries4 ,the right of  
nationalities to local autonomy1 to deal

 again only with the simplest general   
reason1 is based on the idea of         
democracy1 the exercise of a political  
voice being regarded as a natural and   
inalienable right of the free citizen4  
,democracy means representative         
government1 and representative          
government simply does not work in a    
large and mixed community of more than  
twenty millions4#ha ,hence the right of 
nationalities to local autonomy is      
fundamental1 and is inconsistent with   
,imperialism as such4  ,imperialism is  
bad because it is based on conquest1    
implies a subject race1 and sooner or   
later will have to be maintained by war4
 ,it breeds a conquering and commercial 
spirit1 which is never satisfied unless 
it is carrying some one else's burden   
7at a high freight74 ,the imperialist   
plutocracy will then find itself so much
 occupied with other people's affairs   
that it will be neglecting domestic     
politics altogether3 and this neglect   
will be the more disastrous in so far as

 poverty and servitude will have        
increased at the same rate as luxury4   
,the citizens of an ,imperialist state  
will be unable to control their         
commercial masters1 and1 as ,rousseau   
said of the ,english1 will soon find    
themselves a nation of slaves#hb3 and   
that not only because a policy of       
conquest is incompatible with democracy2
 but also because the lust of conquest  
and the arrogance of  ,,footnotes3      
,footnote #gh3 ,h4 ,n4 ,brailsford 7,the
 ,war of ,steel and ,gold1 p4 #abe7     
speaks of an indifferent democracy4     
,unhappily our democracy is not         
indifferent to ,imperialism1 for it is  
misled to believe that mere expansion is
 somehow grand and good2 the only       
geography it learns at school is        
miscalled patriotic because it is       
designed to encourage this belief4      
,footnote #gi3 ,i4e4 as a real ,empire1 
the ,british ,empire was a failure1 as  
all ,empires must be4 ,it has been a    
success since it ceased to be an ,empire

 about a hundred years ago4 ,cf4        
,professor ,h4 ,e4 ,egerton's remark3-- 
,the ,british ,colonial ,empire of      
to-day is not the ,empire which was the 
outcome of seventeenth-century methods4 
,so far as the colonists themselves were
 concerned1 ,english colonisation 7in   
the seventeenth and eighteenth          
centuries7 was a complete success1 but  
from the point of view of the mother    
country it was a failure1 and the rock  
on which it foundered was the same rock 
which lost ,america to ,spain and caused
 ,canada to acquiesce in separation from
 ,france4  ,footnote #hj3 ,i am ashamed 
to say that when ,i wrote these chapters
 ,i had not read ,mr4 ,h4 ,n4           
,brailsford's ,war of ,steel and ,gold4 
,but ,mr4 ,brailsford's brilliant       
examination of the connection between   
,war and ,finance is quite consistent   
with my supplementary theory of ,war and
 ,trade4 ,trade supplies no explanation 
of ,imperialism1 says ,mr4 ,brailsford  
7p4 #ge74 ,it does1 in so far as        

,traders support ,imperialism because   
they think it is good for ,trade3 while 
financiers1 as ,mr4 ,brailsford shows1  
support ,imperialism because they know  
it is good for investments4  ,footnote  
#ha3 ,what is vital to any real         
,democracy in a densely-peopled1        
economically-complicated modern ,state1 
is that the ,government should not be   
one4 ,the very concentration of         
authority which is essential in war is1 
in peace1 fatally destructive not of    
freedom alone1 but also of that maximum 
individual development which is the very
 end and purpose for which society      
exists4--,sidney ,webb1 ,towards ,social
 ,democracy81 #aiaf4  militarism acquire
 strength with each fresh licence until 
the community as a whole is quite unable
 to control its own baser passions--a   
condition which more than any other     
merits the name of servitude4#hc        
,imperialism is a form of political     
corruption in which a nation is consoled
 for its own slavery by the pride of    

enslaving its neighbours4 ,the          
attainment of permanent peace connotes  
the abandonment of ,imperialism4        
,,footnotes3  ,footnote #hb3 ,les       
,anglais veulent tre conqurants2 donc   
ils ne tarderont pas d'tre              
esclaves4--,political ,writings1 ,c4 ,e4
 ,vaughan1 ,i1 #cgc4    #f  ,possible   
,objects of ,war  ,if the nations are   
prepared to abandon the claims of       
,imperialism there will be very little  
else left to fight about4 ,an           
examination of the documents connected  
with any war of the last century shows  
that the object of a belligerent in     
prolonging the agony is usually         
expressed in vague language that can be 
dissolved by a little analysis4         
,sometimes a government will propose1 in
 the interests of peace and good        
government1 to crush the enemy's        
aggressiveness by a purely defensive    
aggression1 an excuse for bloodshed     
which only the most fanatical pacifist  
could confuse with ,mr4 ,asquith's blunt

 watchword of crushing ,german          
militarism4 ,the logical fallacy of such
 an excuse which is almost invariably   
pleaded by powerful belligerents1#hd a  
fallacy of which no one could wish to   
accuse ,mr4 ,asquith's solid intellect1 
lies 7quite apart from any question of  
the priority of aggression7 in the fact 
that any attempt to crush by force the  
,will to ,conquer inevitably breeds more
 militarism4 ,the tag about taking a    
lesson from the enemy1 fas est et ab    
hoste doceri1 is only one half of the   
unhappy truth that the fighter is       
fatally bound to acquire his enemy's    
worst characteristics4 ,the object      
undertaken apparently in the interests  
of democracy can only be accomplished by
 the wholesale suppression of democratic
 rights1 and involves an organised      
manufacture of imperialistic emotion    
which ends by delegating the authority  
of the ,state to a reactionary          
triumvirate of bureaucracy1 jingoism and
 vulgarity 7or ,tory1 ,landowner and    

,journalist74 ,the guarantees of        
democracy1 the rights of free thought   
and free speech1 every sort of civil    
liberty and every defence against the   
servile state1 will all have to be      
suppressed in the interests of the      
nation at war4 ,it is the old story of  
the conversion of ,thais by ,paphnutius3
 the preacher snatches lovely ,thais    
from the burning1 but himself is        
damned--si hideux qu'en passant la main 
sur son visage1 il sentit sa laideur4 ,a
 is white and finds it necessary to     
whitewash ,b1 who is black3 after       
several years of hopeless grey1 ,a finds
 that he has indeed put some very       
satisfactory daubs of whitewash all over
 ,b1 but that his own coat has been     
blackened in the course of the struggle4
 ,it is as if a gardener1 having heard  
of the cannibalistic habit of earwigs1  
proposed to exterminate the earwig in   
his rose-garden by importing a special  
army of five million earwigs collected  
at great expense from the surrounding   

country4  ,other belligerent governments
 will raise the plea of checking the    
spread of a hostile and dangerous       
culture2 a plausible because apparently 
philosophical justification of war as   
the only means of extirpating a heresy  
that might pervert the whole future of  
,european civilisation4 ,unfortunately  
such a moral effect1 such a conversion  
by shock1 could only be accomplished by 
a very sudden1 complete and shattering  
victory2 and it is now beginning to be  
recognised that spectacular triumphs are
 not to be expected in modern warfare4  
,but even if it were as possible by     
violence as it might conceivably be     
desirable to extirpate or even to limit 
the propagation of a particular form of 
mental culture1 the achievement would   
certainly not be worth the cost to the  
unhappy survivors and their posterity4  
,it would indeed be a crime against     
humanity to eliminate the better part of
 the younger generation1 the flower of  
human brains1 in the monstrous pedantry 

of attempting to correct an intellectual
 error4 ,for the risks of modern warfare
 are not ordinary4 ,it is not           
sufficiently realised that in six months
 of offensive tactics under modern      
conditions no man in the front line has 
more than one chance in a million of    
escaping death or mutilation4  ,there   
may remain the plea that a prolonged    
campaign is necessary in order by       
exhaustion to compel the enemy to       
evacuate some territory that he may have
 wrongfully occupied4 ,the inevitable   
answer to such a plea would be that if a
 war had arrived at a stage in which    
there was a clear possibility of        
coercing the enemy by a process of      
exhaustion1 that possibility1 if it were
 well-founded1 would certainly not have 
escaped the intelligence of the enemy1  
who would consequently be prepared to   
save his face by coming to terms4 ,the  
evacuation of the occupied territory1 or
 whatever it is that was to be achieved 
by the coercive exhaustion of another   

year or two of battle1 might then be    
obtained by negotiation at once1 and at 
the cost of a certain amount of paper   
and ink1 instead of being forced on a   
revengeful and embittered opponent by   
the expensive process of killing young  
men1 a process which has the            
disadvantage of working both ways4  ,the
 conclusion of these general            
considerations seems to be that all the 
arguments that are likely to be put     
forward in the course of a war in order 
to excuse and ensure its continuation1  
are only excuses to gain time1 put      
forward in hope that the chances of a   
further campaign may enable the         
government concerned to retrieve some   
apparent advantage out of the disastrous
 muddle through which they drifted into 
the first declaration of war4 ,having   
drawn the sword in a moment of          
embarrassment1 they have now jolly well 
got to pretend that it was the right    
thing to do1 and are not going to       
sheathe it till they see a chance of    

proving that they are glad they drew it4
 ,in short1 there comes a point in all  
modern wars in which the belligerents   
are fighting for nothing at all1 except 
for a more or less advantageous position
 from which to discuss a way to stop    
fighting4#he  ,,footnotes3  ,footnote   
#hc3 ,spinoza1 ,ethica1 ,,iv1 praefat4  
ad init4 ,humanam impotentiam in        
moderandis et coercendis affectibus     
servitutem voco4  ,footnote #hd3 ,see   
above1  #b1 on defensive war1 and       
compare a passage from ,mr4 ,c4 ,grant  
,robertson's letter in ,the ,times of   
,august #ae1 #aiaf3--  ,bismarck        
repeatedly and explicitly in the        
,reichstag justified the wars of #ahfd1 
#ahff1 and #ahgj as 'defensive'--i4e4 as
 not 'willed' by ,prussia4 ,on the      
contrary1 they were wars 'forced' on a  
peace-loving ,state denied its 'rights' 
by ,denmark1 ,austria1 and ,france4 ,the
 argument1 briefly1 on ,bismarckian     
principles is this4 ,prussia's policy is
 an ',interessenpolitik'--a policy of   

'interests4' ,an 'interest' confers a   
'right4' ,the satisfaction of 'national 
interest' is therefore the achievement  
of 'national rights4' ,if these 'rights'
 can be achieved by a compromise--i4e4  
by the complete surrender of ,prussia's 
opponents to the demands based on these 
'rights'--that is a proof of her        
peace-loving nature4 ,but if her        
opponents refuse1 then the war by which 
the 'rights' are secured is a war       
'forced' on ,prussia4 ,she has not      
'willed' it4 ,it is a 'defensive' war to
 prevent the robbery of her 'rights' by 
others2 ,bismarck1 not without          
difficulty1 converted his ,sovereign to 
this argument4 ,in each case--#ahfd1    
#ahff1 #ahgj--,william ,i was ultimately
 convinced that ,denmark1 ,austria1 and 
,france were resisting the 'rights' of  
,prussia1 and that war to secure them   
was 'defensive1' 'forced' on the ,king1 
and just4 ,the successful issues        
confirmed ,william's conscience and     
proved that ,bismarckian principles had 

the ,divine sanction4  ,footnote #he3   
,this attitude is well illustrated by   
the history of the ,crimean ,war4 ,in   
,january1 #ahee1 peace seemed impossible
 until some of the disgrace was wiped   
away1 and the pacificists1 ,cobden and  
,bright1 were burned in effigy4444 ,the 
prolongation of the war called out no   
protest from the public4 ,yet the       
popular war produced an unpopular peace4
 ,when after another year of fighting   
our ,french allies finally insisted on  
peace1 'there was no indication1' said a
 ,frenchman1 'as to which was the victor
 and which the vanquished4' ,reviews and
 illuminations could not obscure the    
truth2 ,britain had sacrificed lives and
 treasure and obtained little in        
return4--,alice ,green's ,epilogue to   
,j4 ,r4 ,green's ,short ,history of the 
,english ,people4    #g  ,physical      
,force in a ,moral ,world  ,the         
explanation of all this seems to lie in 
the simple fact that it is for ever     
impossible to solve questions of moral  

or political principle by the           
expenditure of physical force4 ,anyone  
at all conversant with philosophical    
thought1 if ,i may adopt a simile used  
by ,mr4 ,h4 ,g4 ,wells1 would as soon   
think of trying to kill the square root 
of #b with a rook rifle4 ,physical      
violence can only solve purely physical 
problems4 ,but as man no longer exists1 
if he ever did exist1 in the completely 
unsocial state of nature1#hf the        
relations of one individual with another
 are no longer purely physical3 their   
position as members of one society has  
given them a moral relation1 questions  
affecting which can only be settled by  
reference to the judgment of the society
 as a whole4 ,within the limits of the  
,state this fact is already clearly     
recognised by the common voice of public
 opinion4 ,if ,smith quarrels with his  
neighbour ,robinson1 because ,smith's   
old ,english sheep-dog is suspected of  
having scratched up ,robinson's lawn1   
and ,smith says the poor dog would never

 do such a thing1 and anyhow ,robinson  
had no business to leave his back gate  
open1 while ,robinson declares that that
 brute is becoming a damned nuisance1   
and so provokes ,smith to express a hope
 that now perhaps that grass of         
,robinson's won't want so much godless  
mowing on ,sunday morning3 if two       
neighbours1 in short1 have a difference 
of opinion they both know perfectly well
 that the rights of the argument can    
never be decided by a free fight in the 
middle of the road1 even if one of them 
happens to be a heavy-weight champion4  
,moreover1 if they do come to blows it  
is perfectly certain that the opinion of
 the whole road will be against them1   
and that the ,law1 to which they might  
have appealed in the first instance1    
will intervene as the embodiment of that
 opinion4 ,the street fight is clearly  
recognised as not only futile but       
immoral2 it not only settles no         
questions of principle but it           
constitutes a breach of the moral       

relation between two members of one     
community2 it is become merely a rather 
sordid exhibition of irrelevant physical
 facts4 ,the average citizen of ,england
 or ,germany would never think of       
encouraging a fight between two sides of
 a street3 why does he not recognise    
with equal directness the futility and  
immorality of a fight between two sides 
of a continent8#hg ,it is only because  
public opinion has not yet effectively  
realised that the moral sphere includes 
not only the citizens of one city and   
the cities of one nation1 but the       
nations of a continent and the          
continents of the world4 ,but it is a   
fact that the moral sphere does include 
the whole of humanity1 who are          
colleagues in the task of civilisation1 
inspired by the twentieth-century       
corollary of gloomy nineteenth-century  
religious agnosticism1 the cheerful     
corollary that it is ,man's duty rather 
than ,god's to improve the habitable    
earth4 ,the truth of this fact is       

already recognised by the better thought
 of all the nations concerned1 and there
 is no reason why it should be withheld 
any longer from the people who suffer   
most by its suppression4 ,as soon as    
public opinion is allowed to grasp this 
truth--and it is only too willing to    
clutch at any generalisation that is    
emotionally encouraged by its           
governors--there need be no difficulty  
at all in embodying that opinion in some
 form of international government3 for1 
as ,rousseau might have said1 where     
there's a ,general ,will1 there's a way4
 ,as a matter of fact the way has       
already been admirably mapped by several
 parties of surveyors4#hh  ,on the      
constitution of an ,international       
,authority1 even on the general         
aspiration of ,europe towards some form 
of supernational judicature1 war will   
cease to have any more attraction or    
justification than the street brawl4    
,for war is actually in the community of
 nations what the street fight is       

between individual citizens4 ,war is    
futile1 because it can settle no        
questions of principle2 it is immoral1  
because it is an offence against the    
membership of a moral community4 ,there 
is abundant evidence in ,blue ,books and
 in the overt acts of ,germany that war 
releases and encourages the elementary  
brutality of the individual which is    
normally inhibited by the consciousness 
of social relations4 ,i have tried to   
show in a former chapter that war serves
 the lowest interests of a parasitic    
commercial class at the expense of the  
better part of the community4 ,war      
fosters at the same time the basest     
elements in the individual1 and the     
basest individuals in the community4    
,war is a crime against the peace of the
 people4  ,,footnotes3  ,footnote #hf3  
,supra1 ,i1  #e4  ,footnote #hg3 ,mr4   
,gilbert ,cannan has noted somewhere    
that a 'straight' fight between ,great  
,britain and ,germany will be like a    
fight between two drunken women in a    

slum4  ,footnote #hh3 ,see1 for example1
 the quite definite and complete report 
on ,international ,government1 published
 by the ,fabian ,society 7#aiaf73 and   
compare ,mr4 ,j4 ,a4 ,hobson's book     
,towards ,international ,government1 and
 ,mr4 ,h4 ,g4 ,wells' ,the ,world ,set  
,free4    #h  ,imperialism and          
,capitalism through ,war and ,trade the 
,enemies3 ,socialism to the ,rescue  ,it
 is the most remarkable fact in         
political bibliography that all the     
,utopias worth mentioning have been     
written by ,socialists4 ,the fact is not
 surprising to anyone who has considered
 that the ,socialists are the only      
political party in the ,state who ever  
attempt to look more than a dozen years 
ahead4 ,the ordinary politician steers  
the ship by keeping a look-out for rocks
 and squalls1 and does not trouble to   
make for any distant landmark4 ,only the
 ,socialist looks ahead to a harbour    
attainable perhaps in a hundred years1  
from which a happier voyage may be      

begun4 ,only the ,socialist seems to    
realise that in the world conceived1 as 
modern thought must conceive it1 as a   
continuous process1 ,government rather  
than ,trade1 ,science and ,art rather   
than ,industry are the chief activities 
of the citizen4 ,government is nothing  
less than the organisation of the ,state
 to take its place among the other      
,states of the world4 ,it includes of   
course education1 being itself a form of
 education3 for the ,state must be      
educated to fulfil its duty to other    
,states1 just as the citizen must be    
7and more or less is7 educated in duty  
towards his neighbour4 ,the first task  
of education is naturally to eliminate  
violence1 to inhibit1 by inducing in the
 young citizen the recognition of mutual
 rights1 those acts of ferocity by which
 primitive man instinctively expresses  
his solipsistic passions4  ,but where1  
it may well be asked1 is the authority  
which is to begin the neglected         
education of the nations of ,europe8    

,where is what ,mr4 ,boon 7or ,mr4      
,bliss7 would call the ,mind of the     
,race8 ,at present the only body of     
doctrine with any conception of the     
nature of government for the collective 
benefit of humanity is ,international   
,socialism4 ,it is the ,international   
,socialists who must lead the attack on 
,war1 if only because the only          
instigators of war themselves form an   
international body in so far as the only
 occasions for war are contrived by the 
,imperialists and ,capitalists who are  
to be found in every nation4 ,to        
,socialism belongs the duty of educating
 ,europe against ,imperialism1 as it has
 begun to educate the nation against    
,capitalism2 for ,imperialism is only an
 allotropic form of ,capitalism1        
manifesting itself in the exploitation  
of fellow-nations instead of in the     
exploitation of fellow-citizens4 ,the   
first step in that education must be the
 fight not only against private or      
profiteering ,trade1 but against private

 or profiteering ,war3 and private war  
is every war that is not authorised by  
an ,international ,authority and waged  
by an ,international army4  ,i seem to  
have heard it said before that there is 
only one way to break the chains that   
bind us3 and that ,amalgamation is the  
mother of ,liberty4 ,the need for the   
education of ,europe is a call to the   
,trade ,unionists and ,fabians and      
,collectivists and ,guildsmen of every  
,nation3         ,,socialists ,,of ,,the
 ,,world                 ,,unite4       
99       99       99       99       99  
,,appendix ,,to ,,chapter ,,iii         
,,some ,,typical ,,war ,,profits   ,i4  
,the ,manchester ,guardian1 ,january #c1
 #aiaf3  ,,british ,,industry ,,in ,,war
  ,the first full calendar year of war  
has been a period of unparalleled       
industrial activity and1 generally      
speaking1 prosperity in this country4   
,heavy losses and bad times have been   
encountered in a few important          
industries1 but these are balanced by   

unprecedented profits made by a large   
variety of industries1 whether directly 
or indirectly affected by the war4 ,one 
frequently finds that the neutral       
visitor carries away with him an        
impression of industrial ,england as one
 great living arsenal4 ,that is not     
surprising1 as since ,july last the     
,munitions ,ministry has erected 7or    
improvised7 and started a large number  
7it is not permissible to say how many7 
of ,state munitions works1 and it has   
also mobilised the whole engineering    
resources of the nation to such an      
extent that in the first week of        
,december no fewer than #bjbf           
manufacturing establishments had been   
declared controlled firms4  ,but it     
would be a mistake to suppose that1     
while war manufactures prospered1 all   
other industry languished and decayed4  
,to prove the contrary and show that    
only here and there were there heavy    
losses1 we may quote some figures       
compiled by the ,economist1 which show  

that #gbj industrial concerns publishing
 their reports during the first nine    
months of #aiae1 and having a capital of
 #eca1fgh1gja1 made profits amounting to
 #eb1hha1cjj1 or under #b-a_/d millions 
less than in the previous year 7which in
 the case of almost all the reports was 
a year before the war74  ,dissecting    
these figures1 we find that not only    
iron1 coal1 steel1 and shipping         
companies report enormous profits1 but  
that increased earnings were shown by   
breweries1 gas1 rubber1 oil1 and trust  
companies1 and others4 ,the large       
exceptions which depressed the total    
profits were textile companies 7other   
than those engaged on war contracts71   
catering1 and cement companies4         
,shipping leads the van of prosperity   
owing to phenomenal freight rates1 while
 iron and steel and shipbuilding1 as    
direct and established purveyors of     
armaments1 are close behind4 ,as showing
 the industrial tendency of the year1   
one may quote the remarks of a trust    

company chairman at a recent meeting4   
,of #aej home investments possessed by  
his company1 he remarked that a hundred 
had since the war yielded the same as in
 the year before war1 while thirty had  
paid less and twenty more4  ,into the   
circle of munition producers have been  
drawn cycle and motor1 machinery1       
electrical1 and many other branches of  
manufacture4 ,of other industries driven
 to fever heat by the war may be        
mentioned woollen and leather factories4
 ,secondary effects of the war also     
produced a boom in several unexpected   
quarters4 ,for instance1 the high wages 
earned by war workers1 and too          
generously spent in a vast number of    
cases1 led to a strong demand for cheap 
furniture1 pianos and many types of     
household goods which in normal times   
are usually out of reach of the purse of
 most wage-earners4 ,but one trouble has
 beset all industries in common--a      
shortage of labour1 which cannot but    
grow with every increase to the numbers 

of men drafted from the ranks of        
productive industry into the army or the
 munitions works4 ,from all quarters    
comes the tale of orders1 both from home
 and from abroad1 that cannot be        
accepted4 ,in the case of foreign orders
 that have to be refused1 the labour    
shortage has what one fears may be      
lasting consequences4 ,for custom once  
diverted to ,america or elsewhere is not
 easily regained4   #b4 ,the ,manchester
 ,guardian1 ,march #c1 #aiaf3  ,,more   
,,great ,,profits  ,,holt ,,line',s     
,,enormous ,,surplus  ,the ,china       
,mutual ,steam ,navigation ,company     
7,holt ,line7 has had a greater year    
than ever4 ,it has been supposed that   
regular liners were getting little      
benefit from the boom in freights1 but a
 profit of #eia1jje1 as against about   
#bid1jjj in #aiad and #chf1dah in #aiac1
 can only be explained by a very large  
participation in special war-time gains4
 ,the dividend and bonus on the ordinary
 shares make #ajf per cent for the      

fourth year in succession1 and a still  
larger sum is being kept in hand1       
#bjj1jjj being put to the reserve1 as   
against #ej1jjj for #aiad and #ajj1jjj  
for each of two years before that1 and  
the balance forward is raised from      
#ha1jad to #bja1cfg4 ,most of the       
,company's capital1 however1 only bears 
#f per cent interest4 ,the ordinary     
shares 7which we believe are held       
privately7 only amount to a little over 
#hc1jjj4   #c4 ,pall ,mall ,gazette1    
,september #bd1 #aiae3  ,,war ,,profits 
,the other taxes are accepted by the    
public and traders alike as inevitable1 
but special interest is being taken in  
the excess war profits tax4 ,that ,mr4  
,mc,kenna is likely to find his estimate
 of #cj1jjj1jjj largely exceeded is     
admitted4 ,the ,daily ,chronicle        
publishes a table in which the ,city    
,editor compares the last profits       
announced by some of our greatest       
undertakings1 covering a considerable   
portion of the war period in most and   

some portion of it in all cases1 with   
the average of the previous three years4
 ,it will be seen that in every instance
 the war has brought greatly increased  
prosperity4                             
,last     ,average                      
,profit4  ,previous  ,increase4         
#c years4                               
,,armstrong ,,whitworth                 
#hjb1jjj   #fbd1jjj   #agh1jjj          
7,engineering1 ,shipb41 etc47    ,,wm4  
,,beardmore                             
#bai1jjj   #ahe1jjj    #cd1jjj          
7,engineering1 ,shipb41 etc47    ,,john 
,,brown                                 
#ehf1jjj   #cdg1jjj   #bci1jjj          
7,engineers1 ,shipbuilders1 etc47       
,,beyer ,,peacock                       
#hc1jjj    #ce1jjj    #dh1jjj           
7,locomotive ,builders7    ,,brunner    
,,mond                        #hbd1jjj  
#ggj1jjj    #ed1jjj   7,alkali          
,manufacturers7    ,,cammell1 ,,laird   
#bch1jjj   #adg1jjj    #ia1jjj   7,iron1
 ,steel1 and ,shipb47    ,,hawthorn     

,,leslie                     #bjb1jjj   
#ajb1jjj   #ajj1jjj   7,sh'b4  ,marine  
,engin'ring7    ,,kynoch',s             
#aec1jjj   #aad1jjj    #ci1jjj          
7,explosives7    ,,lambert ,,bros4      
#adb1jjj    #hd1jjj    #eh1jjj   7,coal 
,exporters1 etc47    ,,powell ,,duffryn 
#dbb1jjj   #bgi1jjj   #adc1jjj          
7,collieries7    ,,samuel ,,fox         
#ff1jjj    #ci1jjj    #bg1jjj           
7,engineers7    ,,spillers  ,,bakers    
#cfg1jjj   #adj1jjj   #bbg1jjj          
7,millers7    ,,vickers1 ,,ltd4         
#a1jai1jjj   #hji1jjj   #baj1jjj        
7,eng4 and ,shipbuilding7  ,this table  
indicates that the ,chancellor may      
expect to receive far more than the sum 
he estimated from the war profits tax4  
#d4 ,the ,manchester ,guardian1 ,feb4   
#bh1 #aiaf3  ,,coal ,,profits ,,nearly  
,,doubled  ,the tale of colliery war    
profits is continued by the report of   
,north's ,navigation ,collieries        
7,glamorganshire74 ,the output for #aiae
 was actually less by #hg1haj tons      

7#a1ada1ijj tons against #a1bbi1gaj71   
but the profit was nearly               
doubled--#acj1jga against #fe1egh4 ,with
 the #aj1dif brought into the account   
the directors had their biggest total in
 recent years available for             
distribution4 ,the ordinary shareholders
 get #aj per cent and a bonus of #b-a_/b
 per cent1 which is the best payment    
since the #ae per cent paid for #aijg4  
,advantage is taken of a prosperous year
 to place #ce1jjj to the reserve fund1  
which has been rather overlooked        
recently1 only one allocation of #bj1jjj
 having been made in four years4 ,it now
 stands at #aee1jjj1 against #fej1jjj of
 share capital4 ,for depreciation1 with 
regard to which item substantial        
provision is made each year1 #ae1jjj is 
written off4 ,this leaves #aj1efg to be 
carried forward4 ,the ,company has the  
reputation of being well managed1 and   
its coal properties are regarded as     
being very valuable4 ,the recently      
opened ,st4 ,john's pits are being      

developed satisfactorily1 it appears1 a 
further increase in output being shown4 
,despite a decrease in output of nearly 
#djj1jjj tons1 the ,powell ,duffryn     
,steam ,coal ,company is enabled to show
 a profit for #aiae of #dch1gii1 as     
compared with #dbb1bjd for #aiad and    
#cfd1dba for #aiac4 ,the usual #bj per  
cent is distributed on the ordinary     
shares1 free of income tax1 and last    
year's allocation of #ej1jjj to the     
reserve fund is repeated4 ,in addition1 
the reserve for income tax benefits to  
the extent of #ej1jeb1 and there remains
 #abj1bcf to carry forward4 ,the        
decrease in output1 it should be noted1 
is due to the enlistment of the miners1 
and its restoration to the normal and   
probable increase after the war should  
balance the decline in profit that may  
be expected to attend the decreased     
demand4   #e4 ,the ,times1 ,may #ai1    
#aiaf3  ,,soapmakers' ,,record ,,profits
  ,presiding yesterday at the annual    
meeting of ,joseph ,watson and ,sons    

7,limited71 soapmakers1 ,leeds1 ,mr4    
,joseph ,watson said that the company's 
profits for the year amounted to        
#abb1jjj1 or #ai1jjj in excess of any   
previous year's profits4 ,their turnover
 had largely increased because they were
 now supplying soap to ,france1         
,belgium1 ,scandinavia1 and a small     
amount to ,spain and ,italy4 ,it was not
 a question to-day of getting orders2 it
 was a question of refusing them4 ,they 
had at the present time three months'   
orders on the books4   #f4 ,the ,new    
,witness3  ,,the ,,scandal ,,of ,,war   
,,profits  ,it is a sinister and        
deplorable fact--one of the most        
ironical with which the continuance of  
the ,war has yet confronted us--that    
there has grown up in ,great ,britain a 
number of firms and businesses to whom a
 successful prosecution of the campaign 
would mean ruin1 and who have an actual 
vested interest in the indecisive       
continuance of hostilities4 ,this is due
 entirely to the lack of grip and       

resolution which the ,government have   
displayed in dealing with the ugly      
phenomenon of ,war ,profits4 ,we know1  
of course1 what happens to those profits
 at present4 ,half is taken by the      
,state3 half passes to the firms who are
 getting rich quick out of its          
necessities4 ,in theory1 it is an       
anomalous arrangement1 indefensible in  
logic1 and opposed to every canon alike 
of justice and of taxation4 ,in practice
 it works out in the way we have        
indicated3 that certain privileged firms
 and individuals are amassing huge      
fortunes out of the gravest crisis      
through which the nation has passed1 and
 which will pinch us all before it is   
over4  ,let us give some examples of the
 mammoth profits that some of these     
concerns are making4 ,there is first of 
all the famous old ,english firm of     
,levinstein--,messrs4 ,levinstein of    
,manchester--to be considered4 ,this    
all-,british concern has not done badly 
out of the terrible situation through   

which we are slowly toiling4 ,while mere
 vulgar ,english ,tommies have been     
dying in the trenches or have returned  
incapacitated to ,england--to find that 
their country cannot afford them a      
pension--,levinsteins have been         
pocketing several thousands of that     
country's cash4 ,levinsteins' are       
dye-makers1 and in #aiad-ae they made a 
profit of #hj1jjj on a capital of       
#ij1jjj3 a profit large enough to make  
the mouth of the deceased usurer        
,kirkwood dry with envy4 ,but1 while our
 legislature passed laws to restrain the
 usurer in his exactions1 the war       
profiteer has no restriction placed on  
him4 ,his workmen can1 in certain cases1
 be fined or sent to prison if they     
absent themselves from work1 and        
hundreds have been proceeded against    
under the ,defence of the ,realm ,act4  
,but the profiteer himself is immune6   
,it is childish to say that the ,state  
can recover half of the profit he has   
wrung from the country's necessity4     

,what right has he to the other half8   
,in the case of ,levinstein1 this       
#hj1jjj profit enables the company to   
pay #ad-a_/b years' preference dividend1
 to distribute a dividend of #cj per    
cent on its ordinary shares1 and to     
write off #ba1jjj for depreciation6 ,it 
is merely fatuous to pretend1 or to     
endeavour to pretend1 that the          
appropriation of half these profits     
squares matters between the community   
and the ,british firm in question4  ,as 
with ,levinstein1 so with other firms4  
,messrs4 ,cammell1 ,laird  ,co4 averaged
 profits of #adf1jjj for the three years
 before the war4 ,since last year those 
profits have risen to #bcg1jjj4 ,those  
profits1 of course1 are subject to war  
profits taxation4 ,but most manifestly  
that taxation is utterly inadequate4 ,so
 it is in the case of ,messrs4 ,w4      
,beardmore1 whose profits rose from     
#ahd1jjj 7three years' pre-war average7 
to #bai1jjj2 of the ,british            
,westinghouse ,co41 which rose from     

#ef1jjj to #aea1jjj2 and of ,beyer      
,peacock's1 which increased from #eg1jjj
 to #aji1jjj4  ,in all these cases the  
deduction of #ej per cent by the        
,government is entirely inadequate and  
utterly misleading4 ,it is at once an   
admission that the firm in question has 
no right to amass huge profits out of   
the welter and tragedy of the ,european 
,war1 and that the ,state is content to 
stultify itself by surrendering the     
other half4  ,many of these profits have
 been made by covering rises in raw     
material far in excess of the actual    
increases4 ,many have been wrung from   
the poor and the needy1 who are now     
being enjoined by the ,government to eat
 less meat4 ,messrs4 ,spillers  ,baker1 
of ,south ,wales1 increased their       
profits from an average of #adj1jjj     
7three years' pre-war average7 to       
#cfg1jjj in #aiad-ae4 ,we do not blame  
them4 ,the rise in price was beyond     
their control4 ,they could hardly help  
benefiting4 ,but it is mere madness for 

the ,government to leave them in        
possession of these vast accretions of  
wealth4 ,firms that paid #h per cent    
before the war1 now paying #bb-a_/b per 
cent 7such as ,messrs4 ,richard         
,dickeson  ,co41 the ,army contractors7 
are able to pocket tens of thousands    
that ought to go to strengthen the      
resources of the nation4 ,others1 like  
the ,mercantile ,steamship ,co41        
increase their dividend from #bj per    
cent to #ce per cent2 and some are able 
to pay dividends actually larger than   
the capital of the company itself6  ,it 
is ludicrous for the ,government to     
allow this condition of affairs to      
continue4 ,their course is quite clear4 
,they should limit profits to the       
average of three years before the war1  
and add at the most #e per cent4        
,anything short of this is a betrayal of
 the national interests to private      
firms4   #g4 ,the ,new ,statesman1      
,march #be1 #aiaf3  ,an innocent person 
might think that when a manufacturing   

company is faced with an enormous rise  
in the cost of the principal commodity  
it consumes1 its profits would be       
diminished4 ,some law must be in        
operation which has escaped the         
attention of economists1 for so far from
 this being the case1 what appears to   
happen is that the profits of           
manufacturers rise in a greater degree  
than the price of the raw material4     
,thus1 so far from being hit by the     
enormous rise in the price of flour1    
,peek1 ,frean  ,co41 the well-known     
biscuit manufacturers1 made a net profit
 of #ajg1dgh last year1 as compared with
 #ii1egh in #aiad1 and #ih1fjg in #aiac4
 ,after paying the usual #e per cent on 
the #cjj1jjj of preference shares no    
less than #be per cent is paid on the   
#bcj1jjj of ordinary share capital1     
which has been issued4 ,this company    
raised its money very cheaply from the  
public1 which paid #ajb per cent for its
 #d per cent debenture stock and par for
 the #e per cent preference shares4 ,the

 investing public does not benefit by   
the big dividend on the ordinary shares4
 ,these were never offered to the       
public1 but are privately held4         
,another shipping company1 sister to the
 ,court ,line1 mentioned in these notes 
last week1 has issued its report4 ,this 
is the ,cressington ,steamship ,company1
 which owns two modern tramp steamers of
 slightly over #g1jjj tons each4 ,the   
company was very fortunate in that one  
of these vessels was delivered in       
,february1 #aiae1 it having been        
contracted for at pre-war prices4 ,the  
profits for the year amounted to        
#ej1jae1 as compared with #f1hfa in     
#aiad 7when only one vessel was         
trading74 ,the dividend for the year is 
#ae per cent1 #g1jgb is allocated to    
depreciation1 #bb1jjj for special war   
profits and income-tax1 whilst about    
#c1jjj is being carried forward4 ,the   
financial position of the company is    
such that if its ships were sold at #b  
#aes4 per ton1 shareholders would       

receive the return of their capital in  
full4 ,on present prices1 however1 they 
would probably fetch over #ae per ton4  
,the shares are now quoted at #bhs4     
,the ,bengal ,iron and ,steel ,company1 
whose report has also been issued during
 the week1 has had an interesting       
career2 it works large iron ore and     
coalmining areas in ,bengal4 ,at first  
the company did well1 but then it went  
in for an unfortunate steel venture and 
fell into arrears with its preference   
dividend4 ,this was overcome1 and during
 the past few years the company has done
 well1 particularly from its coal       
business4 ,the report for the year ended
 ,september #cjth1 #aiae1 shows a       
working profit of #add1iac1 as compared 
with #gi1bjj during the previous year4  
,this considerable improvement enables  
the company1 after writing off various  
old items1 to place to a general reserve
 #bj1jjj1 and to declare a dividend     
payable quarterly of #bd per cent on the
 #bbd1hej of ordinary shares1 which     

compares with #ab per cent a year ago4  
,by way of a change1 the report states  
that the trading results would have been
 even better had war conditions not     
prevailed4    ,,emil ,,davies4   #h4    
,the ,new ,statesman1 ,may #bg1 #aiaf3  
,markets have displayed unwonted        
cheerfulness during the past week1 and  
all sorts of peace rumours are in       
circulation4 ,it is more than likely1   
however1 that it is the firmness of the 
market which is responsible for the     
rumours1 and not vice versa4 ,there is a
 steady stream of orders from the       
,midlands and the ,north1 where people  
are making money1 and these have the    
effect of putting up prices in several  
of the markets4 ,the ,brazilian ,funding
 ,loan1 which was recommended here on   
the #bith ,april at #gd1 has been       
noticeably firm1 and is now #gg-a_/d4   
,it still appears to be the cheapest    
,government ,loan4 ,brazilian securities
 are attracting more attention1 and     
,brazil ,traction ,common1 which a year 

ago was below #ej1 now stands at #fd4   
,there has been a large business in     
,castner ,kellner on the working        
agreement between that chemical company 
and ,brunner1 ,mond  ,co41 the shares   
having jumped four or five shillings to 
their present price of #fis4 #f;d4      
,precisely a year ago they were         
recommended in these notes at #ffs4     
#aj-a_/b;d4 ,shipping shares have been  
exceptionally firm2 ,court ,lines have  
risen another few shillings to #cds41   
the large business in them being        
probably due to the fact that they are  
one of the few shipping shares which can
 be obtained4 ,rubber shares are equally
 firm4 ,nobel's ,explosive ,company has 
just issued its report for last year1   
showing a profit of #ebi1gch after      
providing for excess profits duty4 ,the 
dividend is #ae per cent1 free of       
income-tax1 or #e per cent more than    
last year4 ,this increase in the        
dividend came as a surprise to the      
market1 and the price of the shares     

7which are a favourite investment in    
,glasgow7 jumped from #cas4 to #chs4    
#c;d4  ,the profits of the ,oceanic     
,steam ,navigation ,company 7the ,white 
,star ,line7 for last year have         
attracted a good deal of attention4     
,they were stated as being #a1ifh1bhe1  
as compared with #hhg1edh in #aiad and  
#a1aba1bfh in #aiac1 which was the      
,company's record year2 but the figure  
given for #aiae does not indicate the   
full profit1 for it is arrived at after 
providing for excess profits taxation   
and contingent liabilities4 ,replying to
 a question asked in the ,house of      
,commons by ,mr4 ,w4 ,c4 ,anderson1     
,captain ,pretyman stated that the      
,company informed him that the profit   
mentioned was before deduction of       
debenture interest and depreciation4    
,captain ,pretyman added that the sum   
divided as dividend was #dhg1ejj1 the   
same amount as in the year #aiac before 
the war4 ,where people are protesting   
against large war profits it may1 at    

first sight1 appear an adequate answer  
to point out that a ,company is not     
paying out more in dividends than it did
 in the year preceding the war4 ,as a   
statement of fact it is perfectly       
correct1 but it has no bearing upon the 
amount of profit that has been made1 as 
the following calculation will show4 ,we
 now know that the #aiae profit shown in
 the accounts is after allowing for     
excess profits taxation1 deferred       
repairs1 contingent liabilities1        
debenture interest and depreciation4    
,since #aiac the ,company has increased 
its debenture issue1 and last year had  
to pay in debenture interest #aji1ecf1  
as compared with #fe1baa in #aiad4 ,how 
much has been placed on one side for    
depreciation before showing the profits 
can only be known to very few people1   
but the amount the ,company must have   
put on one side for excess profits      
taxation must be at least half a        
million1 and possibly a great deal more4
 ,the actual profits for last year were 

therefore probably in the neighbourhood 
of three millions1 if not more4 ,as     
indicated above1 out of the #a1ifh1bhe  
shown as profit1 only #dhg1ejj is paid  
out in dividends1 the remainder going to
 various reserves4 ,the dividend works  
out at #fe per cent1 but all goes to the
 ,international ,mercantile ,marine     
,company1 the much-talked-of ,american  
shipping trust associated with the name 
of the late ,j4 ,pierpont ,morgan1 which
 holds all the ,ordinary ,shares4 ,the  
trust was in a bankrupt condition prior 
to the war1 but the present state of    
affairs is radically altering its       
position4 ,it must be annoying to the   
,american holders that a large slice of 
the profits of an ,american-owned       
concern has to go to the ,british       
,government in the shape of war         
taxation4   #i4 ,the ,new ,statesman1   
,june #bd1 #aiaf3  ,another firm which  
has apparently benefited by the war is  
,ruston1 ,proctor  ,co41 the well-known 
,lincoln manufacturers of agricultural  

implements4 ,a final dividend of #e-a_/b
 per cent is declared1 plus a bonus of  
#b per cent1 making #aj per cent for the
 year1 which still allows the ,company  
to place #de1jjj to reserve and to carry
 over #af1cjj4 ,this dividend is #c per 
cent more than was paid last year1 and  
is the highest in the twenty-six years' 
history of the ,company4 ,shipping      
shares remain firm1 and it is almost    
impossible to purchase any of the best  
shares4 ,as an illustration of the      
profits that are being made1 the        
,nitrate ,producers' ,steamship         
,company's accounts for the year ended  
,april #cjth last show a gross profit of
 #djd1jbb1 as compared with #aea1ije and
 #ace1ihf in #aiad and #aiac            
respectively4 ,the dividend is #be per  
cent1 free of income tax1 #ajj1jjj is   
placed to reserve1 #bjj1jjj to a special
 fund for excess profits tax1 income    
tax1 etc41 #cj1jjj is added to the      
insurance fund1 and the carry forward is
 increased by some #gjjj4 ,the ,company 

owned a fleet of ten steamers1 which    
has1 however1 been reduced to five by   
the sinking of one last ,september by an
 enemy submarine and by the sale of four
 vessels4 ,a new vessel is under        
construction1 and should be ready for   
delivery in ,august4 ,the capital of the
 ,company consists of #bjj1jjj in       
,ordinary ,shares and #bjj1jjj in #e per
 cent ,cumulative ,preference ,shares4  
#aj4 ,the ,new ,witness1 ,june #ae1     
#aiaf3  ,,war ,,profits ,,and ,,the     
,,government  ,it is essential that a   
determined effort should be made to     
rouse the nation to a sense of the gross
 and scandalous injustice of the huge   
profits that are at present being earned
 by certain firms piling up wealth which
 is really amazing to contemplate4 ,this
 is not mere empty rhetoric2 the figures
 support the description up to the hilt4
 ,let us take the case of five          
well-known companies1 all engaged in war
 work1 and see to what account they have
 turned our soldiers' sacrifices3--     

,,firms4                                
,,profits4                              
#aiac      #aiad      #aiae             
,cammell1 ,laird         #aga1gjj       
#bce1ejj   #cja1ejj    ,curtis  ,harvey 
#dh1ajj    #gg1hjj   #adc1hjj           
,projectile              #ad1jjj        
#dj1djj   #aib1gjj    ,webley  ,scott   
#i1ejj    #af1djj    #fa1cjj            
,thornycroft             #ac1jjj        
#ajg1fdj   #bfg1ccc                     
7#f mos47  ,these figures can only be   
described as staggering--staggering1    
that is1 to anyone who cherishes a      
faint1 lingering belief that equality of
 sacrifice is to be a reality and not   
merely a bitter jest4 ,look for a moment
 at the tale that these profits show6   
,the ,projectile ,company has multiplied
 its #aiac profit thirteen times over6  
,five or six years ago its affairs were 
in so parlous a state that #ais4 had to 
be written off as lost from each #bjs4  
share4 ,now1 as ,mr4 ,charles ,duguid   
reminds us1 it is paying a first        

dividend of #ej per cent and is         
returning to the shareholders #cs4 #f;d4
 out of the #ais4 they regarded as lost4
 ,the return on the shares1 according to
 the same financial authority1 is #djj  
per cent666  ,look at the case of       
,thornycrofts4 ,the profits for the     
first half of #aiae are twenty times as 
big as the profit for the whole of      
#aiac--;an increase1 as ,mr4 ,duguid    
reminds us1 of #chjj per cent upon the  
year1 a year that will spell blank      
financial ruin1 impoverishment and      
destitution to the families of thousands
 and tens of thousands of our fighting  
men6  ,thornycrofts are by no means     
peculiarly fortunate2 ,nobels1 for      
instance1 have managed to earn quite a  
tidy little profit4 ,their net profit   
for #aiae comes out1 we learn1 at over  
half a million sterling 7#ebi1hjj71     
exclusive of #bac1ijj brought forward   
out of the large profit of the preceding
 year1 and this makes the total amount  
available for distribution as much as   

#gdc1gjj4 ,even after paying a dividend 
of #aj per cent and a bonus of #e per   
cent1 making #ae per cent1 all free of  
income tax1 the ,company has still      
#dbd1gjj unallocated4 ,in its most      
prosperous year1 #aiac-aiad1 the net    
profit of the ,nobel ,dynamite ,trust   
did not amount to more than #cha1cjj4   
,we have1 we need hardly say1 no feeling
 against ,nobels or ,thornycrofts or the
 ,projectile ,company4 ,we only want    
fair play in this matter4 ,if this      
aggregation of profits is not stopped   
the wealth of ,england will be in the   
hands of men who will regard the        
triumphant conclusion of the ,war as    
spelling ruin to themselves and who will
 see in victory only the cessation of   
profits that in normal times they have  
never dared to contemplate4  ,the remedy
 for this is simple4 ,the ,government   
have refused to the workman the right to
 extort unearned increment out of the   
country in its dire necessity4 ,the     
workman may not strike or cease work or 

even change employment without the      
permission of the ,state4 ,assuredly the
 ,state has the right to exact that     
obedience from him4 ,but it is essential
 that it should1 and at no distant date1
 lay its restraining hands also upon the
 employers who are earning these huge   
dividends1 otherwise we shall have      
enacted in ,england the tragedy that we 
have seen in ,ireland4 ,we shall have a 
,government without moral authority1 a  
,government which will1 therefore1 be   
perpetually embarrassed in the conduct  
of war4   #aa4 ,the ,new ,witness1 ,june
 #ae1 #aiaf3  ,,william ,,cory  ,,son   
,this famous coal company has taken     
every advantage of the demand for coal1 
and can show a record profit4 ,after    
providing for excess profits1 the       
balance of profit is #dec1acf1 or       
#bcg1hjh more than last year4 ,as ,i    
have again and again pointed out1 ,i do 
not think the ,government should allow  
such huge profits to be made in war     
time4 ,the coal trade is in a few hands1

 and firms like ,corys may be said to   
control it4 ,the directors content      
themselves with raising the dividend #e 
per cent to #ae per cent2 but they place
 #ajj1jjj to reserves1 making them      
#ejj1jjj2 #cj1jjj goes to staff pensions
 and #be1jjj to a war fund for          
employees4 ,the carry forward is raised 
#cj1gdj to #hh1ifi4 ,the steamers1 tugs 
and barges are now to be formed as      
separate companies2 and the ,french     
business is also to be transferred to a 
subsidiary4 ,the balance-sheet shows    
creditors up #bjd1iga1 presumably to    
meet the excess profits liability4      
,debit balances have increased #eji1hdj1
 and now include ,treasury bills4 ,war  
loans have been increased #bhj1feb1 and 
the total assets are up #dea1ahc1 at    
#d1eda1fja1 and have earned #aj per     
cent4 ,when all creditors have been paid
 the quick assets amount to #icj1fed1   
and amply protect the debentures1       
#ijj1jjj which are an admirable         
security4 ,i do not suppose the present 

,ministry will do anything to control   
the profits made out of the ,war by     
those who run the coal trade2 and1      
therefore1 we may expect that #aiaf-ag  
will be as good a year as that just     
ended4 ,but ,i am not in agreement with 
a policy of laissez-faire in war time   
unless the policy is carried out        
stringently4   ,,holbrooks  ,apparently 
the sauce trade has not been seriously  
injured by the ,war1 for ,holbrooks have
 increased their trading profit #d1fid  
to #ce1agj2 but income tax is higher1   
and #e1jjj has been used as a special   
reserve for investments1 so the         
available profit is only #bc1jdf1 as    
against #be1jee in the previous year4   
,the dividend remains at #bj per cent1  
but #c1jgb more is carried forward than 
was brought in1 and the ,board say that 
the unsettled state of the world        
justifies them in doing this4 ,i suspect
 that they are building up a reserve for
 the purpose of attacking the ,yankee   
trade which for so many years has been  

in the hands of ,lea  ,perrins4 ,the    
business is well managed by the two     
managing directors1 who have been in the
 firm since it was promoted4 ,the       
alterations in the balance-sheet are not
 of any moment4 ,quick assets total     
#aea1eeg when liabilities have been met1
 and the assets have earned #g-a_/b per 
cent on their book value--not a very    
splendid profit for a sauce4   ,,james  
,,hinks  ,,son  ,this famous firm of    
lamp makers should benefit largely by   
the complete absence of ,german         
competition all over the world1 and the 
eleven months show the satisfactory     
profit of #ac1eie4 ,the dividend for the
 previous thirteen months was only #f   
per cent1 but the report now issued     
declares #aj per cent and a bonus of    
#as4 #f;d41 or #ag-a_/b per cent--a     
record distribution4 ,also #b1bej is    
placed to reserve and the carry forward 
is raised from #c1fjc to #f1cii4 ,as    
long as the ,war lasts we may expect    
this remarkable prosperity to continue4 

,the reserves are now in excess of the  
capital4 ,the company has earned #g-a_/b
 per cent on the book value of its      
assets1 which1 in spite of goodwill and 
patents having been written off1 looks  
as though they were fully valued at     
#agi1gfe4 ,the shares are a fair        
industrial speculation4   #ab4 ,the     
,manchester ,guardian1 ,june #ai1 #aiaf3
  ,while everybody knows that the       
immense disbursements on the ,war have  
led to a greater demand for labour than 
it is possible to meet at present and   
that employers have done well1 in spite 
of their difficulties1 it is perhaps not
 generally known how greatly the profits
 of nearly all the public companies have
 increased during the last year4 ,they  
have had to pay higher wages in many    
cases1 though not in all1 their         
materials have been much more costly1   
and their foreign trade has been        
hampered by restrictions1 in furtherance
 of the policy of preventing the enemy  
from getting goods which he requires and

 which it is in our power to control4   
,many1 however1 have done a large       
business for ,allied ,governments as    
well as our own1 especially in army     
equipment1 and the demand for coal has  
been greater than our power of supplying
 it4 ,all our production has commanded  
high prices1 and profit margins have in 
most cases been very large4 ,it is a way
 that chairmen of companies have to take
 big profits as being in the natural    
order of things1 and dwell mostly on the
 difficulties which have prevented them 
from showing even better results4 ,if   
this has obscured the real state of     
affairs it is desirable that the other  
side of the picture should be clearly   
presented1 for it is impossible to      
understand the economic side of the ,war
 without a thorough comprehension of its
 industrial effects4  ,we give below a  
tabular statement of profits which have 
been declared this year1 with the       
figures for two preceding years added so
 as to show their true significance4    

,some are gross and others net profits1 
but in this we have simply followed the 
methods adopted by the directors in     
their reports1 that being in practice   
the only way of showing how the         
comparison stands4 ,in some cases the   
capital has been increased during the   
three years1 but the extent to which    
that has occurred does not affect the   
tables if they are regarded             
comprehensively4 ,some did very badly in
 the first few months of the war1 and   
the profits they declared in #aiae look 
very small in comparison with those in  
the first column of the tables4 ,in     
those cases the third column will act as
 a corrective1 for in the main it shows 
the companies' normal earnings4 ,it will
 be noticed that some of these were very
 small4 ,here and there the company was 
in the development stage1 but as a rule 
it may be taken that the concern was not
 a very profitable one in peace times4  
,possibly it was over-capitalised1 or   
over-weighted with debentures1 or its   

plant was out of date1 or it could not  
get sufficient business to make full use
 of its productive capacity4 ,we shall  
not attempt the invidious task of       
singling out which come in these        
categories1 but we call attention to the
 cases in which small pre-war profits   
have been converted into large ones     
since because they are really the most  
instructive of the whole series4  ,for  
very large increases upon profits which 
were already good the most notable are  
the shipping companies4 ,our list is    
typical rather than exhaustive4 ,some of
 the small concerns1 with only one ship1
 or up to half a dozen1 have done better
 relatively than several of the big     
lines1 as they were more at liberty to  
take advantage of the big freight-rates 
which were going4 ,we have not set these
 out1 however1 because it does not      
appear to be necessary4 ,the dividends  
in virtually all cases have been        
substantial1 and in some cases very     
large indeed4 ,it would be useless1     

however1 to show these in tables1 as    
some of the leading companies use       
reserves greatly exceeding their nominal
 capital1 and quite a number have       
devoted a larger proportion of their    
profits to strengthening their position 
than to the payment of dividends4 ,in   
the case of the ,moor line we are unable
 to give the amount of the profit       
reported last year1 as the              
balance-sheets are not issued publicly1 
although we have been favoured with them
 occasionally4  ,coal1 iron1 engineering
 companies and shipbuilding companies   
are bracketed together because so many  
of them are concerned in at least two of
 those fields of industry4 ,as our table
 shows1 they have had a great revival1  
many having been used by the            
,government1 while all have felt the    
effect of the great demand for          
munitions4 ,the miscellaneous list      
offers an interesting field of study1   
and the rubber and tea companies'       
results are in some respects more       

striking still4 ,we have only given a   
selection of these1 but they suffice to 
show that rubber and tea have been very 
profitable since the ,war began4 ,an    
appeal was made some time ago with a    
view to the young rubber companies being
 relieved of the excess profits tax1 but
 our list shows how unnecessary it was  
to make any special concession to the   
industry they represent4 ,in the last   
two months a great many of the companies
 have indicated that they were setting  
some thousands of pounds aside for the  
tax4  ,among the other concerns which   
have announced their appropriations to  
meet the excess profits tax the most    
notable one that we recall is the       
,british ,oil and ,cake ,mills ,company1
 which expected to have to pay #bbe1jjj4
 ,the ,nitrate ,producers' ,steamship   
,company is putting #bjj1jjj to a       
reserve for the excess profits duty and 
income tax4 ,most of the big companies  
have provided for the tax before        
striking the profit balance1 and as this

 is strictly correct it would hardly be 
fair to say that they have concealed    
part of their profits4 ,the figures     
would have been more striking1 however1 
if the gross sums had been given4 ,as we
 read the ,white ,star line's figures   
they indicate that the company has had  
to pay much more than the ,british ,oil 
and ,cake ,mills ,company1 but the      
,cunard line has probably had to pay    
much less4  ,the amount payable in any  
given case is the excess over the       
pre-war standard1 which is fixed by     
taking the best two of the three        
immediately preceding years4 ,speaking  
generally1 the companies do not appear  
to have hurried in their payment of the 
tax4 ,for the year ended ,march last the
 total yield was estimated at           
#f1jjj1jjj1 but the actual sum received 
was only #adj1jjj1 and the #f1jjj1jjj   
has not been got yet1 the yield from    
,april #a to ,june #aj being only       
#c1eef1jjj4 ,a sharp increase is bound  
to come1 however1 in the course of the  

financial year4 ,the ,chancellor of the 
,exchequer expects to get #hf1jjj1jjj in
 excess profits tax and munitions levies
 by the end of ,march next1 and he      
cannot possibly have made so enormous a 
mistake as the receipts to date would   
suggest if we did not know that         
thousands of firms have still to pay    
very considerable sums4  ,in the tables 
appended the years at the tops of       
columns are those in which the profits  
mentioned were announced4 ,a large      
proportion of the results shown in the  
#aiaf columns are for the year ended    
,december last4 ,some1 however1 are for 
years which have ended since then1 while
 a few1 relating to companies which     
carry on business abroad1 are for years 
which began soon after the outbreak of  
the ,war3--    ,,shipping               
#aiaf        #aiae        #aiad         
,british and ,african         #id1chh   
#fd1dfd      #da1ceg   ,booth ,line     
#cbh1abg     #bbe1bfg     #aed1hbh      
,china ,mutual               #eia1jje   

#bhf1gbe     #cha1gbi   ,court          
#acg1ddf      #be1jcd      #bc1hij      
,cunard                   #a1egi1agj    
#a1bhf1idh   #a1ahg1hca   ,cairn        
#aeb1aeb      #he1ihh     #ajb1cah      
,elder1 ,dempster            #cdi1ddd   
#cbf1abb     #cjg1fje   ,eagle ,oil     
,transport        #cbe1ibh     #cjb1hig 
#ib1hff   ,elder                        
#ff1bff      #ee1cje      #ch1ige       
,field                       #ga1cic    
#aa1hha        --   ,france1 ,fenwick   
#agi1ajj      #fd1ijj      #gf1hjj      
,gulf                       #ahh1jic    
#ci1dcf      #fe1jad   ,houlder ,bros   
#aah1hjb      #ie1ehg     #ajb1hic      
,indo-,china                 #aji1jhi   
#af1jbj      #de1cfd   ,india ,gen      
#fe1gch      #da1igd     #aah1cgi       
,king                       #ajb1cai    
#ag1dbf      #ij1cib   ,leyland         
7,fredk47         #a1dda1fij            
#fbj1hci     #ehi1haj   ,lamport  ,holt 
#ccb1hig     #adi1ajh     #bjj1fia      
,london  ,northern          #ehf1bii    

#aah1dai     #ace1eda   ,mercantile     
#bei1aei      #ic1cia     #abi1idf      
,moor                       #cce1cdi    
--       #bed1jjj   ,neptune            
#adf1gah      #gc1caj     #aab1efc      
,nitrate ,producers          #cha1eii   
#acd1hbf     #abe1iij   ,pool           
#fja1cch     #aah1jjj        --   ,pyman
                      #afe1jgh          
#gb1ejd       #fb1dac   ,royal ,mail    
#hjh1gca     #ih1bcb      #dcf1dgj      
,redcroft                   #aag1iec    
#ac1abe       #ba1cif   ,sutherland     
#bie1bbj     #gd1hda       #da1ggi      
,white ,star               #a1ifh1bhe   
#hhg1edh    #a1aba1bfh     ,,coal1      
,,iron ,,and ,,engineering    ,albion   
,steam ,coal           #dd1ecf          
#cf1hbj       #bd1jid   ,arrol 7,sir    
,w47  ,co        #aai1jfj      #di1gef  
#ea1jif   ,brown1 ,bayley's ,steel      
#cb1jag       #a1egh       #bi1geh      
,barrow ,hematite            #aai1cgg   
#ea1eah      #ajd1ffd   ,british        
,aluminium          #ahj1jeg            

#aef1jff      #aed1dhh   ,beyer1        
,peacock              #ed1agg           
#aji1ghc       #hg1hdc   ,british       
,westinghouse       #agf1geb            
#aea1fbg      #ajf1did   ,brit4,ins4    
,helsby         #bie1aca     #bgg1dbh   
#bdg1cea   ,bell ,bros                  
#ade1cfj      #de1ifi      #abh1gcf     
,bessemer 7,hy47              #ee1cdh   
#ce1hbf       #bc1cjh   ,cammell1 ,laird
             #cjc1hda     #bcg1hii      
#agd1abf   ,cory 7,w47 and ,son         
#dec1acf     #bae1cbh      #cac1ijf     
,cargo ,fleet                #afb1bgf   
#aca1adb      #abd1bai   ,callender's   
,cable          #aac1bff      #ih1fib   
#ia1hfa   ,carlton ,m4 ,colliery        
#ahh1ede     #abh1dac      #agg1jbe     
,clayton  ,shuttleworth      #gb1ghg    
#dd1fdc       #ec1dif   ,consolidated   
,cambrian      #ahe1aci     #adj1jig    
#adg1fdh   ,crossley ,bros              
#fe1ccg      #ae1cdg       #db1eag   ,d4
 ,davis                   #bjj1abg      
#bae1gdd      #bag1igj   ,dorman1 ,long 

#djd1ebd     #bcg1egi      #beg1hfc     
,edinburgh ,collier's         #fd1hjg   
#ag1dbj        #fc1ifi   ,fife ,coal    
#bbd1jeh      #hi1hff         --   ,gt4 
,west4 ,colliery         #acg1jjh       
#aaa1hba      #aeh1dbj   ,hadfields     
#bfe1djc     #aci1cja      #aji1eac     
,henley's ,tel               #aec1bbd   
#aab1hih      #ajf1chj   ,howard        
,bullough          #acf1aeb      #cb1gff
      #afc1jff   ,jessop 7,w47  ,sons   
#ajc1gbf      #fj1ced       #hg1cdc     
,knowles 7,a47  ,sons         #dg1aii   
#ah1cbi       #bi1adj   ,leyland ,motors
             #beb1ajg       #he1jcg     
--   ,lysaght 7,john7                   
#dad1gfd      #cac1gjg     #ccj1egf     
,locket's ,merthyr ,colleries  #de1fce  
#f1bbi      #bb1bch   ,met'n ,carriage  
#cgb1adj      #cba1jia     #cfe1gci     
,newton1 ,chambers            #fj1ffi   
#d1ahb      #hi1ebc   ,n4 ,b4           
,locomotive           #agd1bda          
#afj1fdd     #adj1hhi   ,north's ,nav4  
,coal          #acj1jga       #fe1egh   

#ajj1add   ,parkgate ,iron              
#ajg1cdd       #ff1fdc      #he1afi     
,projectile                 #aid1acf    
#cj1gci      #ah1hhj   ,powell ,duffryn 
#dch1gii      #dbb1bjd     #cfd1dba     
,pease  ,partners           #dce1ggb    
#bdh1baf     #che1ige   ,rhymney ,iron  
#abg1gcc       #eb1dhh     #aca1ija     
,s4 ,durham ,steel            #bci1hfh  
#aej1beg     #cjb1iee   ,shelton        
#aji1eed       #fc1dfe      #ha1ahe     
,stewarts  ,lloyds          #bef1cjh    
#bcc1dbj     #bdf1jfe   ,swan1 ,hunter1 
etc          #cje1jhc      #bag1dih     
#bfd1abd   ,united ,collieries          
#baf1jfe       #eg1fjj     #ajj1ejc     
,wigan ,coal1 etc            #adc1bhh   
#dd1hbi     #ach1aah     ,,miscellaneous
    ,angus 7,geo47  ,co                 
#ed1dfa       #dc1egd      #cb1abc      
,burmah ,oil               #a1dac1agj   
#a1daa1bgi   #a1cfc1chi   ,bradford     
,dyers             #efh1fbc             
#chg1ibc     #dcj1jha   ,bleachers'     
,association     #daf1cid      #aig1hce 

#dbc1daf   ,bryant and ,may             
#aae1aei      #aja1faf      #ij1aeh     
,broxburn ,oil                #df1gbi   
#bb1beb      #eg1jdf   ,british ,cotton 
and ,wool     ,dyers                    
#ic1ebd       #db1big       #i1bij      
,brunner1 ,mond            #a1jaa1eij   
#gii1cbb     #gfi1cdc   ,bovril         
#afh1gif      #acg1ehd     #aai1hac     
,buttons                     #fc1big    
#ch1hhj      #cb1hcd   ,borax           
,consolidated         #bje1hbe          
#aie1ddi     #bce1bhe   ,barlow  ,jones 
#df1gih       #ch1icf      #cc1ehd      
,british ,oil1 etc41 ,mills   #bdc1aaj  
#aaa1bjc     #aaf1eda   ,british and    
,argentine ,meat #fea1bhi       #fg1bhh 
--   ,curtis's  ,harvey                 
#adc1hcj       #gg1ged      #dh1aag     
,courtaulds                 #gda1ffh    
#ebj1cdi     #dgd1aedhi   ,calico ,prin4
 7half yr47    #agf1eba        --       
#ee1die   ,e4 ,velvet1 etc41 ,dyers     
#gj1hcc       #fa1afa      #gb1dfg      
,fore ,st4 ,warehouse          #dh1ieg  

#bh1eig        --   ,forestal ,land     
#ijj1idg      #bcd1jfe     #chc1cfb     
,fine ,spinners              #ece1hed   
#cia1jeg     #fac1dae   ,gas ,light     
,coke           #fjd1cad      #ddi1eaj  
#ebb1gaj   ,hollins 7,w47  ,co          
#aje1fci       #fe1ghf      #fe1ihf     
,henry 7,a4 and ,s47          #bdi1gac  
#ajd1jih     #abb1ebh   ,imperial       
,tobacco         #c1fii1hia             
#c1ecc1cfj   #c1ced1dgf   ,lever ,bros  
#a1bfe1icc    #a1aeb1ajg     #ihh1bch   
,linen ,thread               #beg1dah   
#ahh1ggc     #ahi1adb   ,lennards       
#da1cjj       #cd1deg      #cj1cgg      
,lister and ,co              #acc1hgd   
#id1djc     #aea1deh   ,lyons 7,j47  ,co
            #bgh1bic      #bgf1djc      
#cec1cjc   ,maypole ,dairy              
#ebh1bgd      #dhh1jbf     #dhi1fdc     
,mandleberg 7,j47             #gd1ejf   
#eb1jdi      #eg1ifd   ,pumpherston ,oil
            #acd1ibg       #gd1jaj      
#adj1jbe   ,rylands  ,sons 7half yr47   
#abj1jcb       #ee1agi        --        

,rotherham 7,jer47           #ajd1ibe   
#gd1fch      #ei1fib   ,salt ,union     
#adj1ebd       #hi1ddc      #hb1gia     
,sears 7,j47  ,co             #hb1jgj   
#fe1jcb      #eg1jfa   ,stead  ,simpson 
#ei1hih       #cb1gfb      #cj1ceg      
,samnuggur ,jute             #bii1hbi   
#dd1cjg      #hf1egd   ,spillers        
,bakers          #bag1daf      #cfg1hff 
#hi1cea   ,united ,alkali               
#cda1ihf      #bag1jha     #aic1fjd     
,winterbottom ,book ,cloth    #aga1aia  
#aai1gie     #afe1bac   ,webley  ,scott 
#fa1bgg       #af1cgf       #i1eaa      
,whiteaway1 ,laidlaw         #aca1egg   
#ajg1ieb     #abi1gij   ,watson         
7,joseph7            #abb1jja           
#hi1bij     #ajc1iii   ,young's         
,paraffin            #dg1iec            
#bd1aci      #hj1aeb     ,,rubber1 c4   
#aiaf       #aiae       #aiad           
,anglo-,malay              #aba1bbd     
#gf1ica    #ajd1ehc   ,assam-,dooars    
#ea1fgd     #bb1bfi       --            
,amalgamated ,tea          #aeg1hah     

#ih1agf     #gh1ghg   ,batu ,tiga       
#ef1bic     #bb1cae     #bd1gfb   ,bukit
 ,sembawang           #cc1ihi           
#ad1cdd      #f1jij   ,consolidated ,tea
         #dgi1hae    #bhi1bfb           
#bdg1fcc   ,chersonese                  
#ei1fjb     #ce1jai     #bi1jha         
,ceylon ,tea               #afc1hii     
#ajh1cjj     #ic1ijj   ,damansara       
#dh1fhj     #cj1ehj     #bi1jha         
,eastern ,produce          #abf1djf     
#ga1gbd     #fi1jjd   ,grand ,central   
#bdh1bja    #acb1jai     #hg1eed        
,highlands  ,lowlands     #ajh1cdc      
#ge1dbe     #gi1jgi   ,jorehaut ,tea1   
#fd1ejh     #dc1bjd     #cd1jhh         
,jhanzie ,tea               #ce1hha     
#ag1bhf     #ae1aac   ,klanang          
#cg1iah     #bj1deh     #bd1beg   ,kuala
 ,selangor            #dg1gdh           
#db1jac     #cb1gih   ,kanan ,devan     
#bjh1fab    #abj1aai    #ajf1iji        
,linggi                   #abe1gci      
#gh1hii     #hc1gdf   ,lunuva           
#cb1iid     #ab1eii     #ab1fjb         

,malacca                  #beb1jjf      
#add1bbd    #aca1aef   ,nuwara ,eliya   
#di1iae     #ba1iba       --   ,nordanal
                  #ci1feh     #cf1fhf   
#di1cdd   ,panawatte ,tea               
#ch1afg     #bc1hcc       --   ,rub4    
,est41 ,johore         #db1gjc          
#bb1eda     #aj1ica   ,rani ,travancore 
#fc1gia     #ce1cdi     #cb1bei         
,singlo ,tea                #fh1heg     
#cf1aff     #ca1ddi   ,sungei ,way      
#ch1ecb     #cf1ecc     #be1fbd         
,straits                  #aeg1fgh      
#afd1gej    #ahe1dbf   ,sungei ,kapar   
#ei1iff     #ci1dbf     #db1cfd         
,selangor                  #ee1deg      
#eh1jjg     #da1idj   ,seremban         
#dc1daj     #bd1aih     #bb1dga         
,sunnygama                 #fc1fhh      
#dc1adb     #ca1ica   #ac4 ,the ,new    
,witness1 ,june #bb1 #aiaf3  ,the ,tenth
 ,ordinary ,general ,meeting of the     
,forestal ,land1 ,timber1 and ,railways 
,co4 7,ltd47 was held on ,friday last1  
at ,winchester ,house1 ,e4,c41 ,baron   

,emile ,b4 d',erlanger 7chairman of the 
company71 presiding4  ,the chairman said
 that the share capital remained        
unaltered1 and the debenture debt had   
only been decreased by the yearly       
amortisation4 ,no less than #adc1fjj had
 been added to the depreciation account1
 making it #fcd1agj4 ,credit balances   
had swollen by the sum of #age1ehi4 ,the
 profit on the year was #ijj1idg1 as    
against #bcd1jfd last year4 ,on the     
credit side1 properties stood at        
#d1dje1iag1 and had increased by the new
 properties acquired4 ,the live stock   
stood at #cd1jjj less than last year1   
due to a smaller stock of ,invernada    
cattle4 ,the stocks of extract and      
felled timber had risen by #aae1jjj1    
principally owing to a larger stock of  
felled timber4 ,debit balances had risen
 to #aef1jjj4 ,in the profit and loss   
account the trading profit was          
#a1bha1bii1 as compared with #fad1hgi   
last year1 and1 after deducting ,london 
charges1 debenture interest1            

depreciation1 and legal reserve1 there  
was left a profit of #ijj1idg4   #ad4   
,the ,westminster ,gazette1 ,july #ae1  
#aiaf3  ,the accounts of the ,w4 and ,c4
 ,t4 ,jones ,steamship ,company1        
,limited1 of ,cardiff1 for the year     
ended ,june #cj1 show that1 with a fleet
 of thirteen steamers1 #ebd1hee profit  
has been earned1 representing #ahg per  
cent on the capital of #bhj1jjj4  ,the  
previous year's earnings were #hg1aje4  
,a dividend of #ae per cent1 making1    
with #aj per cent interim dividend1 #be 
per cent for the year1 free of income   
tax1 is declared4   #ae4 ,the ,new      
,statesman1 ,july #a1 #aiaf3  ,the      
prolonged debate in the ,house of       
,commons on the ,excess ,profits ,tax   
ended on ,monday in a vote which found  
,mr4 ,mc,kenna's critics in a small     
though substantial minority4 ,the point 
actually at issue was not very simple1  
and in spite of repeated explanations   
several of the most persistent speakers 
never grasped it4 ,the demand was that  

all controlled establishments should be 
exempt from the excess profits tax in   
consideration of the patriotic services 
they were rendering to their country and
 of the bargain alleged to have been    
concluded with the ,ministry of         
,munitions whereby any profits they may 
make in excess of #bj per cent above    
their normal profits are in any event   
taken by the ,state4 ,this meant1 of    
course1 that a controlled firm which    
made a profit of #ej1jjj in #aiad1 and  
of #fj1jjj 7due to war contracts7 in    
#aiaf1 would retain the whole of their  
excess profits without reduction4 ,mr4  
,mc,kenna argued that such firms1 having
 the advantages of practically          
compulsory labour and freedom from      
,trade ,union restrictions1 ought1 at   
any rate1 not to be let off more lightly
 than uncontrolled firms4 ,it is amazing
 that such a proposition should have to 
be stated at all4  ,the point of view of
 the ordinary member of the public      
undoubtedly is that excess profits on   

the making of munitions simply ought not
 to exist4 ,if engineering firms are    
permitted to maintain their old standard
 of profit and dividend 7with fair      
arrangements1 of course1 for new capital
 and depreciation71 they ought to be    
more than satisfied4 ,great heat was    
developed on the debate by the          
representatives of various capitalist   
interests1 notably ,sir ,arthur         
,markham1 ,mr4 ,j4 ,m4 ,henderson1 ,sir 
,croydon ,marks1 and ,sir ,alfred ,mond2
 and some of them were not even ashamed 
to hint that if their demands were not  
agreed to there might be a diminution of
 output4 ,at a moment when tens of      
thousands of men are giving up their    
whole incomes as well as their savings1 
in order to fight for their country1 it 
is impossible to imagine any spectacle  
more unedifying for the wage-earning    
class than that of these malcontent     
capitalist legislators angrily fighting 
for their extra war-profits4 ,when one  
remembers that it was these same        

gentlemen who were so enthusiastic for  
compelling younger and poorer men to    
sacrifice everything they possess1 it is
 hard to find words to say what ought to
 be said of them4 ,we hope1 at all      
events1 that the names of those who     
voted against the ,government on the    
division will not be allowed to be      
forgotten in the constituencies4   #af4 
,pall ,mall ,gazette1 ,january #ca1     
#aiaf3  ,from ,our ,own ,correspondent4 
,,paris1 ,saturday4  ,the trouble that  
has been brewing for months past at the 
,central ,markets has now come to a     
head4 ,a well-known dealer was suspended
 by the ,prefect of ,police2 the ,home  
,office thought this insufficient and   
revoked his licence2 and there is now   
talk of a prosecution4  ,the ,central   
,markets are not a place which the      
habitual ,parisian cares to venture     
into4 ,apart from its own peculiar and  
particularly pungent odours1 the markets
 are peopled with a class of stallkeeper
 who do not exactly keep their tongue in

 their pocket1 as the ,french say4 ,they
 have1 in fact1 a flow of language1 and 
it requires a brave man to make a stand 
against it--and all the brave men are at
 the front just now4  ,but the ,central 
,markets not only have a language of    
their own2 they have ways and methods of
 dealing that require long years of     
acquaintance to fathom1 so only experts 
venture to make head or tail of them4   
,all this means that between the        
,central ,markets1 at the depository1   
and most of all that ,paris wants to    
eat1 and the actual consumer as         
represented by the ordinary housewife   
starting out on her daily round of      
shopping1 there move and live a host of 
intermediaries4 ,large as their number  
is1 they cannot compare with the        
middlemen who squeeze in between the    
,central ,markets and the actual grower1
 breeder1 or producer4  ,with so many   
hands for produce to pass through1 each 
one eager to grab all that it can for   
itself before it passes the stuff along1

 it is small wonder that prices grow1   
not taking into account the burden of   
taxes and other charges the goods have  
to bear on their journey from the farm  
to the household4   ,,army ,,of         
,,inspectors  ,the police have an army  
of inspectors for watching and          
superintending the work of the markets4 
,the rules drawn up for their regulation
 would more than fill an old-fashioned  
three-volume novel1 and each one        
provides for penalties severer and      
stricter than the other4 ,yet the       
profitable game of rigging the market   
and everything connected with it is in  
full swing1 and no one is more fooled   
than the police1 unless it be the       
public4  ,since the war broke out1 the  
,state1 the city1 and the public alike1 
backed up by the small retail trader1   
have done their best to get even with   
the ,central ,markets4 ,the more they   
try to put things right the worse they  
seem to get4 ,prices appear to ease for 
a brief space1 but they soon become     

inflated once more4 ,or1 if they do not1
 the particular commodity concerned     
simply disappears in some mysterious    
fashion until the powers that be submit 
to the inevitable1 and shut their eyes  
to scheming they are helpless to        
prevent4   ,,as ,,much ,,food ,,as      
,,usual  ,the worst of it is that       
statistics can always be produced to    
show that the rise in prices is purely  
and simply the outcome of a falling off 
in supplies4 ,arrivals of fruits1       
vegetables1 and fish in the last quarter
 of the past year were exactly half the 
average supply of an ordinary year2 eggs
 were two-thirds below the proper       
figures1 meat some #d1jjj tons short1   
butter six tons1 cheeses only a ton4    
,of course1 the population of the city  
has diminished also to a certain extent1
 but not so much as might be expected   
considering that there is practically no
 single family that has not one or more 
members at the front4  ,they have been  
replaced by refugees1 sick and wounded  

soldiers1 huge war administrations of   
one kind and another4 ,paris            
consequently wants almost as much       
feeding as in ordinary times1 not taking
 any account of the fact that portions  
of both the ,british and ,french ,armies
 still buy provisions on the ,paris     
markets4  ,notwithstanding the          
legitimate reasons that can be put      
forward to explain the upward trend of  
prices1 the authorities know well enough
 that all is not so innocent and above  
board as it appears4 ,one or two more   
glaring instances than usual of         
manipulation have put them on the right 
track at last4 ,other steps may also be 
expected1 for public opinion has got to 
the point that either the inside ring   
must be broken up or popular resentment 
will take a form that no ,government can
 afford to overlook or affect to ignore4
   #ag4 ,the ,daily ,news1 ,august #af1 
#aiae3  ,a ,,year ,,of ,,economic ,,war 
,the ,vorwaerts1 without boasting1 as   
,dr4 ,helfferich has been doing1 of     

,germany's financial invincibility1 yet 
sees cause for satisfaction in the      
economic condition of the ,empire after 
twelve months of war4  ,the upheaval of 
the first week of war was indeed        
serious1 and the grim spectre of        
unemployment was in the air4 ,but it was
 soon laid4  ,the best results were     
obtained in the sphere of unemployment4 
,at the beginning of the war it was     
about #bb-a_/b per cent1 in ,october    
only #aji per cent1 and in ,may it had  
further sunk to #bi per cent4 ,the      
figures for ,june were #bf per cent as  
against #be per cent in the previous    
,june4444 ,similarly the daily output of
 coal of the ,rhenish ,westphalian ,coal
 ,syndicate1 which in ,july1 #aiad1     
reached #cbg1igd tons1 sank in ,august  
to #agj1haf tons1 in ,september rose    
again to #baa1iie1 and in ,october to   
#bbc1gfj1 the figures for that month    
being #fj per cent of those of the      
previous ,october4444 ,in later months1 
in spite of the calling up of more and  

more workers1 it has only been #be to   
#bg per cent below the normal4  ,the    
writer tells the same story of the iron 
and textile industries1 and traces the  
good results to the fact that the       
supplies of raw materials were far      
greater than had been thought4 ,for     
instance1 there were about #gjj1jjj     
bales of cotton more than are needed in 
a normal year4 ,besides which the stores
 of conquered countries were at the     
disposal of the conquerors4 ,the only   
trades which really suffered were those 
in luxuries4  ,the article concludes    
thus3       ,the ,german trade has      
survived the shocks of the first year of
 war      better than the most convinced
 optimist could have hoped1 and         
better than the organisation of other   
belligerents4 ,all fears of             
immediate inevitable industrial collapse
 which haunted us at the      beginning 
of the war have been dissipated4        
,instead of this we meet      in all    
industrial circles with the             

consciousness often much                
exaggerated that ,we can endure4  ,the  
words in brackets are significant4      
#ah4 ,pall ,mall ,gazette1 ,november    
#aj1 #aiaf3    ,,living ,,on ,,war      
,,krupps' ,,profit ,,jumps ,,from       
#a-a_/b ,,millions ,,to #d-a_/b         
,,amsterdam1 ,tuesday ,night4  ,an      
,essen telegram states that the clear   
profit last year of ,krupps amounted to 
#hf1djj1jjj marks 7#d1cbj1jjj71 as      
compared with a profit of #cc1ijj1jjj   
marks 7#a1fie1jjj7 in the preceding     
year4 ,a dividend of #ab per cent has   
been distributed4--,reuter4   #ai4 ,pall
 ,mall ,gazette3  ,,german ,,dividends  
,,economic ,,position ,,of ,,some ,,of  
,,her ,,companies  ,the #aiad dividends 
of over sixty limited companies1 nearly 
all ,german1 and the remainder          
,austrian1 show that in the case of     
sixteen companies the dividends amounted
 to #bj per cent or over1 the average   
being #be-c_/af per cent4 ,these        
companies 7says the ,morning ,post7 are 

mainly engaged in the production of     
leather1 dynamite1 explosives1          
india-rubber1 arms1 ammunition1 and     
powder4 ,in one case1 that of an        
explosives company in ,hamburg1 the     
dividend attained #dj per cent4         
,germany is still barring the ,swiss    
frontier1 and for the last five days the
 ,german post arrived at ,berne very    
late or not at all1 thus pointing to    
great activity in military matters      
beyond the ,german-,swiss frontier4  ,as
 further proof1 if proof were needed1 of
 the sufficiency of ,germany's food     
supplies1 it is pointed out that she now
 offers to send to ,switzerland large   
quantities of potatoes4   #bj4 ,the     
,times1 ,july #e1 #aiaf3    ,,war       
,,profit-,,mongers ,,in ,,russia        
,from our ,correspondent4               
,,petrograd1 ,july #b4  ,the clergy will
 to-morrow publicly anathematise the    
freebooters of the rear1 who are        
amassing huge fortunes at the expense of
 the public4  #ba4 ,the ,westminster    

,gazette1 ,aug4 #bh1 #aiaf3    ,,german 
,,war ,,scandals    #gjj ,,per ,,cent   
,,profit ,,for ,,east ,,prussian        
,,landowners    ,,zurich1 ,sunday4      
,details of several recent corrupt      
affairs which have come to light in     
,germany have reached ,switzerland4  ,at
 ,mainz a timber merchant was arrested  
for bribing army officers to secure     
contracts for his firm4 ,the official   
investigation revealed that he had paid 
a total of #ej1jjj in bribes to army    
officers4 ,some of the individual bribes
 were as high as #b1ejj4 ,this timber   
merchant1 who was almost a poor man     
before the war1 has accumulated in two  
years a fortune which compelled him to  
pay income-tax on an income of #be1jjj  
per annum4  ,another scandalous affair  
was discovered in ,herr von ,batocki's  
new ,imperial ,food ,department4 ,one of
 his officials1 ,bernot by name1 was    
bribed by numerous ,east ,prussian      
landowners to have the crops from their 
estates bought by the ,government at    

exorbitant prices4 ,bernot pocketed some
 #ae1jjj1 and the landowners in question
 sold their wheat at a profit of #gjj   
per cent4--,wireless ,press4            
,,footnotes3  ,footnote #hi3 ,net loss  
of #bgf1efj in first half #aiad-ae4     
99       99       99       99       99  
,,by ,,the ,,same ,,author  ,,letters   
,,from ,,greece  ,f'cap #hvo4 #bs4 net  
,,cassandra ,,in ,,troy  ,sm4 #dto4 #es4
 net     ,,martin ,,secker  ,,his       
,,complete ,,catalogue ,,mcmxvii  ,the  
,books in this list should be obtainable
 from all ,booksellers and ,libraries1  
and if any difficulty is experienced the
 ,publisher will be glad to be informed 
of the fact4 ,he will also be glad if   
those interested in receiving from time 
to time ,announcement ,lists1           
,prospectuses1 c1 of new and forthcoming
 books from ,number ,five ,john ,street 
will send their names and addresses to  
him for this purpose4 ,any book in this 
list may be obtained on approval through
 the booksellers1 or direct from the    

,publisher1 on remitting him the        
published price1 plus the postage4  ,all
 prices indicated in this ,catalogue are
 ,,net4  ,,martin ,,secker ,publisher   
,number ,five ,john ,street ,adelphi    
,london  ,telephone ,gerrard #dggi      
,telegraphic ,address3 ,psophidian      
,london    ,martin ,secker's ,catalogue 
,,part ,,one ,,index ,,of ,,authors     
,,abercrombie1 ,,lascelles              
,,speculative ,,dialogues4              
,cr4 #hvo4 #es4     ,,hardy3 ,a         
,,critical ,,study4             ,dy4    
#hvo4 #gs4 #f;d4     ,,the ,,epic       
7,the ,art and ,craft of ,letters74     
,f'cap #hvo4 #as4    ,,aflalo1 ,f4 ,g4  
,,behind ,,the ,,ranges4                
,wide ,demy #hvo4 #ajs4 #f;d4           
,,regilding ,,the ,,crescent4           
,demy #hvo4 #ajs4 #f;d4     ,,birds ,,in
 ,,the ,,calendar4             ,crown   
#hvo4 #cs4 #f;d4    ,,allshorn1 ,,lionel
     ,,stupor ,,mundi4                  
,medium ,octavo4 #afs4    ,,apperson1   
,g4 ,l4     ,,the ,,social ,,history    

,,of ,,smoking4         ,post  #hvo4    
#fs4    ,,armstrong1 ,,donald     ,,the 
,,marriage ,,of ,,quixote4              
,crown #hvo4 #fs4    ,,artzibashef1     
,,michael     ,,sanine4 ,preface by     
,gilbert ,cannan4   ,crown #hvo4 #fs4   
,,breaking-,,point4                     
,crown #hvo4 #fs4     ,,the             
,,millionaire4        ,intro4 by the    
,author4             ,crown #hvo4 #fs4  
,,tales ,,of ,,the ,,revolution4        
,crown #hvo4 #fs4    ,,barrington1      
,,michael     ,,grahame ,,of            
,,claverhouse4            ,imperial     
#hvo4 #cjs4     ,edition de ,luxe       
#fcs4    ,,bennett1 ,,arnold     ,,those
 ,,united ,,states4                ,post
 #hvo4 #bs4 #f;d4    ,,black1           
,,clementina     ,,the ,,linleys ,,of   
,,bath4                 ,medium #hvo4   
#afs4     ,,the ,,cumberland ,,letters4 
,med4 #hvo4 #afs4    ,,boulger1 ,d4 ,c4 
,,the ,,battle ,,of ,,the ,,boyne4      
,med4 #hvo4 #bas4    ,,brown1 ,,ivor    
,,years ,,of ,,plenty4                  

,crown #hvo4 #fs4     ,,security4       
,crown #hvo4 #fs4    ,,burrow1 ,c4      
,,kennett     ,,carmina ,,varia4        
,f'cap #hvo4 #bs4 #f;d4    ,,calderon1  
,,george 7,with ,st4 ,john ,hankin7     
,,thompson3 ,a ,,comedy4                
,sq4 ,cr4 #hvo4 #bs4    ,,cannan1       
,,gilbert     ,,butler3 ,a ,,critical   
,,study4            ,dy4 #hvo4 #gs4     
#f;d4     ,,satire        7,art and     
,craft of ,letters74       ,f'cap #hvo4 
#as4    ,,chesterton1 ,g4 ,k4           
,,magic3 ,a ,,fantastic ,,comedy4       
,sq4 ,cr4 #hvo4 #bs4    ,,coke1         
,,desmond     ,,the ,,art ,,of          
,,silhouette4             ,demy #hvo4   
#ajs4 #f;d4    ,,craven1 ,a4 ,,scott    
,,the ,,fool',s ,,tragedy4              
,crown #hvo4 #fs4    ,,crosland1 ,t4 ,w4
 ,h4     ,,the ,,english ,,sonnet4      
,demy #hvo4 #gs4 #f;d4     ,,collected  
,,poems4                   ,small #dvo4 
#gs4 #f;d4     ,,war ,,poems4           
,crown #hvo4 #as4     ,,the ,,book ,,of 
,,english ,,sonnets4       7,edited with

 an ,introduction47      ,pott #hvo4    
#es4    ,,dawson1 ,,warrington     ,,the
 ,,true ,,dimension4                    
,crown #hvo4 #fs4    ,,de ,,selincourt1 
,,basil     ,,whitman3 ,a ,,critical    
,,study4           ,dy4 #hvo4 #gs4 #f;d4
     ,,rhyme       7,the ,art and ,craft
 of ,letters74    ,f'cap #hvo4 #as4     
,,douglas1 ,,norman     ,,fountains ,,in
 ,,the ,,sand4          ,wide ,dy4 #hvo4
 #gs4 #f;d4     ,,old ,,calabria4       
,demy4 #hvo4 #aes4     ,,south ,,wind4  
,crown #hvo4 #fs4   ,,draycott1 ,g4 ,m4 
,,mahomet3 ,,founder ,,of ,,islam4      
,dy4 #hvo4 #abs4 #f;d4    ,,drinkwater1 
,,john     ,,morris3 ,a ,,critical      
,,study4            ,dy4 #hvo4 #gs4     
#f;d4     ,,rossetti3 ,a ,,critical     
,,study4          ,dy4 #hvo4 #gs4 #f;d4 
,,the ,,lyric        7,the ,art and     
,craft of ,letters74   ,f'cap #hvo4 #as4
    ,,falls1 ,,cyril     ,,kipling3 ,a  
,,critical ,,study4           ,dy4 #hvo4
 #gs4 #f;d4    ,,fea1 ,,allan     ,,old 
,,english ,,houses4                ,demy

 #hvo4 #ajs4 #f;d4     ,,nooks ,,and    
,,corners ,,of ,,old ,,england4         
#es4    ,,flecker1 ,j4 ,e4              
,,collected ,,poems4                    
,small #dto4 #gs4 #f;d4     ,,the       
,,golden ,,journey ,,to ,,samarkand4    
#es4    ,,francis1 ,,ren     ,,egyptian 
,,sthetics4            ,wide ,demy #hvo4
 #gs 4#f;d4    ,,gretton1 ,r4 ,h4       
,,history        7,the ,art and ,craft  
of ,letters74   ,f'cap #hvo4 #as4       
,,hankin1 ,,st4 ,,john     ,,the        
,,dramatic ,,works1 with an             
,introduction by ,john ,drinkwater4     
,small #dto4 ,definitive ,limited       
,edition                             in 
,three ,volumes4       #bes4     ,,the  
,,return ,,of ,,the ,,prodigal4         
,sq4 ,cr4 #hvo4 #bs4     ,,the          
,,cassilis ,,engagement4                
,sq4 ,cr4 #hvo4 #bs4    ,,hankin1 ,,st4 
,,john 7continued7     ,,the ,,charity  
,,that ,,began ,,at ,,home4             
#bs4     ,,the ,,constant ,,lover1      
,,etc4            ,sq4 ,cr4 #hvo4  #bs4 

,,hauptmann1 ,,gerhart     ,,the        
,,complete ,,dramatic         ,,works4  
#f vols4 ,crown #hvo4  #es4 per volume4 
,,hewlett1 ,,william     ,,telling ,,the
 ,,truth4                    ,crown     
#hvo4  #fs4     ,,uncle',s ,,advice3 ,a 
,,novel ,,in ,,letters4     ,cr4 #hvo4  
#fs4     ,,the ,,child ,,at ,,the       
,,window4              ,crown #hvo4     
#fs4     ,,introducing ,,william        
,,allison4          ,crown #hvo4  #fs4  
,,horsnell1 ,,horace     ,,the          
,,bankrupt4                             
,crown #hvo4  #fs4    ,,howe1 ,p4 ,p4   
,,the ,,repertory ,,theatre4            
,cr4 #hvo4 #bs4  #f;d4     ,,dramatic   
,,portraits4                   ,crown   
#hvo4  #es4     ,,shaw3 ,a ,,critical   
,,study4             ,dy4 #hvo4 #gs4    
#f;d4     ,,synge3 ,a ,,critical        
,,study4            ,dy4 #hvo4 #gs4     
#f;d4     ,,criticism        7,the ,art 
and ,craft of ,letters74  ,f'cap #hvo4  
#as4    ,,hueffer1 ,,ford ,,madox       
,,james3 ,a ,,critical ,,study4         

,dy4 #hvo4  #gs4 #f;d4     ,,collected  
,,poems4                       ,demy    
#hvo4  #fs4    ,,ibsen1 ,,henrik        
,,peer ,,gynt4 ,a ,new ,translation     
by ,r4 ,ellis ,roberts4          ,wide  
,crown #hvo4  #es4    ,,jacob1 ,,harold 
,,perfumes ,,of ,,araby4                
,wide ,demy #hvo4  #gs4 #f;d4           
,,james1 ,,henry     ,,the ,,turn ,,of  
,,the ,,screw4     ,,the ,,lesson ,,of  
,,the ,,master4     ,,the ,,death ,,of  
,,the ,,lion4     ,,the ,,aspern        
,,papers4     ,,daisy ,,miller4         
,,the ,,coxon ,,fund4    ,,james1       
,,henry 7continued7     ,,the           
,,reverberator4     ,,the ,,altar ,,of  
,,the ,,dead4     ,,the ,,beast ,,in    
,,the ,,jungle4     ,,the ,,figure ,,in 
,,the ,,carpet4     ,,glasses4     ,,the
 ,,pupil4                   ,each ,f'cap
 #hvo4  #bs4 #f;d4    ,,johnson1 ,,owen 
,,the ,,salamander4                     
,crown #hvo4  #fs4     ,,making ,,money4
                         ,crown #hvo4   
#fs4    ,,lamont1 ,l4 ,m4     ,a        

,,coronal3 ,,an ,,anthology4            
,f'cap #hvo4  #bs4 #f;d4    ,,lewisohn1 
,l4     ,,the ,,modern ,,drama4         
,crown #hvo4  #es4    ,,lluellyn1       
,,richard     ,,the ,,imperfect         
,,branch4                 ,crown #hvo4  
#fs4    ,,low1 ,,ivy     ,,the          
,,questing ,,beast4                     
,crown #hvo4  #fs4    ,,lynch1 ,,bohun  
,,unofficial4                           
,crown #hvo4  #fs4     ,,the ,,complete 
,,gentleman4               ,crown #hvo4 
#fs4    ,mc,f,e,e1 ,,william            
,,casuals ,,of ,,the ,,sea4             
,crown #hvo4  #fs4    ,,machen1 ,,arthur
     ,,hieroglyphics4                   
,f'cap #hvo4  #bs4 #f;d4    ,,mackenzie1
 ,,compton     ,,the ,,passionate       
,,elopement4      ,cr4 #hvo4  #fs4 and  
#bs4     ,,carnival4                    
,crown #hvo4  #fs4 and #bs4             
,,sinister ,,street4 ,volume ,i4        
,cr4 #hvo4  #fs4 and #bs4     ,,sinister
 ,,street4 ,volume ,,ii4          ,crown
 #hvo4  #fs4     ,,guy ,,and ,,pauline4 

,crown #hvo4  #fs4     ,,kensington     
,,rhymes4                   ,crown #dto4
  #es4    ,,mavrogordato1 ,,john        
,,letters ,,from ,,greece4              
,f'cap #hvo4  #bs4     ,,cassandra ,,in 
,,troy4                    ,small #dto4 
#es4     ,,the ,,world ,,in ,,chains    
,crown #hvo4  #bs4    ,,melville1       
,,lewis     ,,some ,,eccentrics ,,and ,a
 ,,woman4       ,dy4 #hvo4  #ajs4 #f;d4 
,,methley1 ,,violet     ,,camille       
,,desmoulins3 ,a ,biography4       ,dy4 
#hvo4  #aes4    ,,meynell1 ,,viola      
,,lot ,,barrow4                         
,crown #hvo4  #fs4     ,,modern         
,,lovers4                        ,crown 
#hvo4  #fs4     ,,columbine4            
,crown #hvo4  #fs4     ,,narcissus4     
,crown #hvo4  #fs4    ,,murry1 ,j4      
,,middleton     ,,dostoevsky3 ,a        
,critical ,study4       ,dy4 #hvo4  #gs4
 #f;d4    ,,north1 ,,laurence           
,,impatient ,,griselda                  
,crown #hvo4  #fs4     ,,the            
,,golightlys3 ,,father ,,and ,,son4     

,cr4 #hvo4  #fs4    ,,onions1 ,,oliver  
,,widdershins4                  ,crown  
#hvo4  #fs4 and #bs4     ,,in           
,,accordance ,,with ,,the ,,evidence4   
,cr4 #hvo4  #fs4     ,,the ,,debit      
,,account4                    ,crown    
#hvo4  #fs4     ,,the ,,story ,,of      
,,louie4                   ,crown #hvo4 
#fs4    ,,pain1 ,,barry     ,,one ,,kind
 ,,and ,,another4           ,cr4 #hvo4  
#fs4 and #bs4     ,,collected ,,tales3  
,volume ,i4           ,medium #hvo4     
#es4     ,,collected ,,tales3 ,volume   
,,ii4          ,medium #hvo4  #es4      
,,the ,,short ,,story      7,the ,art   
and ,craft of ,letters74    ,f'cap #hvo4
  #as4    ,,palmer1 ,,john     ,,peter  
,,paragon4                        ,crown
 #hvo4  #fs4     ,,the ,,king',s ,,men4 
,crown #hvo4  #fs4     ,,comedy         
7,the ,art and ,craft of ,letters74     
,f'cap #hvo4  #as4    ,,perugini1 ,,mark
 ,e4     ,,the ,,art ,,of ,,ballet4     
,demy #hvo4  #aes4    ,,philips1        
,,austin     ,,battles ,,of ,,life4     

,crown #hvo4  #fs4    ,,preston1 ,,anna 
,,the ,,record ,,of ,a ,,silent ,,life4 
,crown #hvo4  #fs4    ,,reid1 ,,forrest 
,,yeats3 ,a ,,critical ,,study4         
,dy4 #hvo4  #gs4 #f;d4    ,,roberts1 ,r4
 ,,ellis     ,,ibsen3 ,a ,,critical     
,,study4            ,dy4 #hvo4  #gs4    
#f;d4     ,,peer ,,gynt3 ,a ,,new       
,,translation4            ,cr4 #hvo4    
#es4    ,,sabatini1 ,,rafael     ,,the  
,,sea-,,hawk4                   ,cr4    
#hvo4  #fs4 and #bs4     ,,the ,,lion',s
 ,,skin4                      ,crown    
#hvo4  #bs4     ,,the ,,banner ,,of     
,,the ,,bull4               ,crown #hvo4
  #fs4     ,,the ,,snare4               
,crown #hvo4  #fs4    ,,sand1 ,,maurice 
,,the ,,history ,,of ,,the              
,,harlequinade4       ,two ,volumes4    
,med4 #hvo4  #bes4 the set4             
,,scott-,,james1 ,r4 ,a4                
,,personality ,,in ,,literature4        
,demy #hvo4  #gs4 #f;d4    ,,sidgwick1  
,,frank     ,,the ,,ballad 7,art and    
,craft of ,letters74          #as4      

,,simms1 ,,evelyn     ,a ,,vision ,,of  
,,consolation4              ,crown #hvo4
  #as4     ,,the ,,crowning ,,purpose4  
,crown #hvo4  #as4    ,,sologub1        
,,feodor     ,,the ,,old ,,house4       
,crown #hvo4  #fs4     ,,the ,,little   
,,demon4                     ,crown     
#hvo4  #fs4     ,,the ,,created         
,,legend4                   ,crown #hvo4
  #fs4    ,,squire1 ,j4 ,c4             
,,georgian ,,poets4                     
,crown #hvo4  #es4     ,,tricks ,,of    
,,the ,,trade4              ,crown #hvo4
 #bs4  #f;d4     ,,the ,,gold ,,tree4   
,demy #hvo4  #gs4 #f;d4    ,,stone1     
,,christopher     ,,the ,,burnt ,,house4
                      ,crown #hvo4  #fs4
     ,,parody 7,art and ,craft of       
,letters74              #as4            
,,straus1 ,,ralph     ,,carriages ,,and 
,,coaches4                ,med4 #hvo4   
#ahs4    ,,swinnerton1 ,,frank          
,,gissing3 ,a ,,critical ,,study4       
,dy4 #hvo4 #gs4  #f;d4     ,,stevenson3 
,a ,,critical ,,study4        ,dy4 #hvo4

 #gs4  #f;d4    ,,swinnerton1 ,,frank   
7continued7     ,,nocturne4     ,,the   
,,chaste ,,wife4                   ,each
 ,cr4 #hvo4  #fs4    ,,taylor1 ,g4 ,r4  
,,stirling     ,mary ,wollstonecraft4   
,demy #hvo4  #gs4 #f;d4    ,,taylor1    
,,una     ,,maeterlinck3 ,a ,,critical  
,,study4      ,dy4 #hvo4  #gs4 #f;d4    
,,thomas ,,edward     ,,swinburne3 ,a   
,,critical ,,study4        ,dy4 #hvo4   
#gs4 #f;d4     ,,pater3 ,a ,,critical   
,,study4            ,dy4 #hvo4  #gs4    
#f;d4     ,,the ,,tenth ,,muse4         
,f'cap #hvo4  #bs4 #f;d4    ,,vaughan1  
,h4 ,m4     ,,meleager4                 
,crown #hvo4  #fs4     ,,the ,,dial ,,of
 ,,ahaz4                     ,crown     
#hvo4  #fs4     ,,an ,,australasian     
,,wander-,,year4       ,dy4 #hvo4  #ajs4
 #f;d4    ,,walpole1 ,,hugh             
,,fortitude4                            
,crown #hvo4  #fs4     ,,the ,,duchess  
,,of ,,wrexe4                 ,crown    
#hvo4  #fs4     ,,the ,,dark ,,forest4  
,crown #hvo4  #fs4    ,,west1 ,,julius  

,,chesterton3 ,a ,,critical ,,study4    
,dy4 #hvo4  #gs4 #f;d4    ,,williams1   
,,orlo     ,,vie ,,de ,,boh,,me4        
,demy #hvo4  #aes4     ,,meredith3 ,a   
,,critical ,,study4         ,dy4 #hvo4  
#gs4 #f;d4     ,,the ,,essay 7,the ,art 
and ,craft of ,letters74       #as4     
,,young1 ,,filson     ,,new ,,leaves4   
,wide ,crown #hvo4  #es4     ,a         
,,christmas ,,card4                     
,demy #afmo4  #as4    ,,young1 ,,francis
 ,,brett     ,,deep ,,sea4              
,crown #hvo4  #fs4     ,,the ,,dark     
,,tower4                       ,crown   
#hvo4  #fs4     ,,the ,,iron ,,age4     
,crown #hvo4  #fs4     ,,five ,,degrees 
,,south                    ,crown #hvo4 
#as4    ,,young1 ,f4  ,e4 ,,brett       
,,undergrowth4                          
,crown #hvo4  #fs4     ,,bridges3 ,a    
,,critical ,,study4           ,dy4 #hvo 
#gs4 #f;d4   ,,part ,,two3 ,,classified 
,,index ,,of ,,titles   ,general        
,literature    ,,art ,,of ,,ballet1     
,,the4 ,by ,mark ,e4 ,perugini4    ,,art

 ,,of ,,silhouette1 ,,the4 ,by ,desmond 
,coke4    ,,battle ,,of ,,the ,,boyne1  
,,the4 ,by ,d4 ,c4 ,boulger4    ,,behind
 ,,the ,,ranges1 ,by ,f4 ,g4 ,aflalo4   
,,birds ,,in ,,the ,,calendar4 ,by ,f4  
,g4 ,aflalo4    ,,camille ,,desmoulins4 
,by ,violet ,methley4    ,,carriages    
,,and ,,coaches4 ,by ,ralph ,straus4    
,,christmas ,,card1 ,a4 ,by ,filson     
,young4    ,,cumberland ,,letters1      
,,the4 ,by ,clementina ,black4          
,,dramatic ,,portraits4 ,by ,p4 ,p4     
,howe4    ,,english ,,sonnet1 ,,the4 ,by
 ,t4 ,w4 ,h4 ,crosland4    ,,georgian   
,,poets4 ,by ,j4 ,c4 ,squire4    ,,gold 
,,tree1 ,,the4 ,by ,j4 ,c4 ,squire4     
,,grahame ,,of ,,claverhouse4 ,by       
,michael ,barrington4                   
,,hieroglyphics4 ,by ,arthur ,machen4   
,,history ,,of ,,the ,,harlequinade1    
,,the4 ,by ,m4 ,sand4    ,,letters      
,,from ,,greece4 ,by ,john              
,mavrogordato4    ,,linleys ,,of ,,bath1
 ,,the4 ,by ,clementina ,black4         
,,mahomet4 ,by ,g4 ,m4 ,draycott4       

,,mary ,,wollstonecraft4 ,by ,g4 ,r4    
,stirling ,taylor4    ,,new ,,leaves4   
,by ,filson ,young4    ,,personality    
,,in ,,literature4 ,by ,r4 ,a4          
,scott-,james4    ,,regilding ,,the     
,,crescent4 ,by ,f4 ,g4 ,aflalo4        
,,social ,,history ,,of ,,smoking1      
,,the4 ,by ,g4 ,l4 ,apperson4    ,,some 
,,eccentrics ,,and ,a ,,woman4 ,by      
,lewis ,melville4    ,,speculative      
,,dialogues4 ,by ,lascelles             
,abercrombie4    ,,stupor ,,mundi4 ,by  
,lionel ,allshorn4    ,,tenth ,,muse1   
,,the4 ,by ,edward ,thomas4    ,,tricks 
,,of ,,the ,,trade4 ,by ,j4 ,c ,squire4 
,,those ,,united ,,states4 ,by ,arnold  
,bennett4    ,,vie ,,de ,,boh,,me4 ,by  
,orlo ,williams4    ,,world ,,in        
,,chains1 ,,the4 ,by ,j4 ,mavrogordato4 
,verse    ,,book ,,of ,,english         
,,sonnets1 ,,the4    ,,carmina ,,varia4 
,by ,c4 ,kennett ,burrow4    ,,collected
 ,,poems ,,of ,t4 ,w4 ,h4 ,,crosland4   
,,collected ,,poems ,,of ,j4 ,e4        
,,flecker4    ,,collected ,,poems ,,of  

,f4 ,m4 ,,hueffer4    ,,coronal1 ,a4 ,a 
,,new ,,anthology4 ,by ,l4 ,m4 ,lamont4 
,,crowning ,,purpose1 ,,the4 ,by ,evelyn
 ,simms4    ,,five ,,degrees ,,south4   
,by ,f4 ,brett ,young4    ,,golden      
,,journey ,,to ,,samarkand1 ,,the4 ,by  
,j4 ,e4 ,flecker4    ,,kensington       
,,rhymes4 ,by ,compton ,mackenzie4      
,,vision ,,of ,,consolation1 ,a4 ,by    
,evelyn ,simms4    ,,war ,,poems ,,by   
',x4'     ,drama    ,,dramatic ,,works  
,,of ,,st4 ,,john ,,hankin4    #c vols4 
,,dramatic ,,works ,,of ,,gerhart       
,,hauptmann4  #f vols4    ,,cassandra   
,,in ,,troy4 ,by ,john ,mavrogordato4   
,,magic4 ,by ,g4 ,k4 ,chesterton4       
,,modern ,,drama1 ,,the4 ,by ,l4        
,lewisohn4    ,,peer ,,gynt4 ,translated
 by ,r4 ,ellis ,roberts4    ,,repertory 
,,theatre1 ,,the4 ,by ,p4 ,p4 ,howe4    
,,thompson4 ,by ,st4 ,john ,hankin and  
,g4 ,calderon4     ,travel              
,,australasian ,,wander-,,year1 ,,an4   
,by ,h4 ,m4 ,vaughan4    ,,egyptian     
,,sthetics4 ,by ,rene ,francis4         

,,fountains ,,in ,,the ,,sand4 ,by      
,norman ,douglas4    ,,nooks ,,and      
,,corners ,,of ,,old ,,england4 ,by     
,allan ,fea4    ,,old ,,calabria4 ,by   
,norman ,douglas4    ,,old ,,english    
,,houses4 ,by ,allan ,fea4    ,,perfumes
 ,,of ,,araby4 ,by ,harold ,jacob4      
,martin ,secker's ,series of   ,critical
 ,studies    ,,robert ,,bridges4 ,by ,f4
  ,e4 ,brett ,young4    ,,samuel        
,,butler4 ,by ,gilbert ,cannan4    ,g4  
,k4 ,,chesterton4 ,by ,julius ,west4    
,,fyodor ,,dostoevsky4 ,by ,j4          
,middleton ,murry4    ,,george          
,,gissing4 ,by ,frank ,swinnerton4      
,,thomas ,,hardy4 ,by ,lascelles        
,abercrombie4    ,,henrik ,,ibsen4 ,by  
,r4 ,ellis ,roberts4    ,,henry ,,james4
 ,by ,ford ,madox ,hueffer4    ,,rudyard
 ,,kipling4 ,by ,cyril ,falls4          
,,maurice ,,maeterlinck4 ,by ,una       
,taylor4    ,,george ,,meredith4 ,by    
,orlo ,williams4    ,,william ,,morris4 
,by ,john ,drinkwater4    ,,walter      
,,pater4 ,by ,edward ,thomas4    ,d4 ,g4

 ,,rossetti4 ,by ,john ,drinkwater4     
,,bernard ,,shaw4 ,by ,p4 ,p4 ,howe4    
,r4 ,l4 ,,stevenson4 ,by ,frank         
,swinnerton4    ,a4 ,c4 ,,swinburne4 ,by
 ,edward ,thomas4    ,j4 ,m4 ,,synge4   
,by ,p4 ,p4 ,howe4    ,,walt ,,whitman4 
,by ,basil de ,selincourt4    ,w4 ,b4   
,,yeats4 ,by ,forrest ,reid4     ,the   
,art and ,craft of ,letters             
,,ballad1 ,,the4 ,by ,frank ,sidgwick4  
,,comedy4 ,by ,john ,palmer4            
,,criticism4 ,by ,p4 ,p4 ,howe4         
,,epic1 ,,the4 ,by ,lascelles           
,abercrombie4    ,,essay1 ,,the4 ,by    
,orlo ,williams4    ,,history4 ,by ,r4  
,h4 ,gretton4    ,,lyric1 ,,the4 ,by    
,john ,drinkwater4    ,,parody4 ,by     
,christopher ,stone4    ,,satire4 ,by   
,gilbert ,cannan4    ,,short ,,story1   
,,the4 ,by ,barry ,pain4     ,the ,tales
 of ,henry ,james    ,,altar ,,of ,,the 
,,dead1 ,,the4   ,,aspern ,,papers1     
,,the4   ,,beast ,,in ,,the ,,jungle1   
,,the4   ,,coxon ,,fund1 ,,the4         
,,daisy ,,miller4   ,,death ,,of ,,the  

,,lion1 ,,the4   ,,figure ,,in ,,the    
,,carpet1 ,,the4   ,,glasses4   ,,lesson
 ,,of ,,the ,,master1 ,,the4   ,,pupil1 
,,the4   ,,reverberator1 ,,the4   ,,turn
 ,,of ,,the ,,screw1 ,,the4     ,martin 
,secker's ,series of   ,two-,shilling   
,novels    ,,carnival4 ,by ,compton     
,mackenzie4    ,,sinister ,,street3     
,,vol4 ,i4 ,by ,compton ,mackenzie4     
,,the ,,passionate ,,elopement4 ,by     
,compton ,mackenzie4    ,,the           
,,sea-,,hawk4 ,by ,rafael ,sabatini4    
,,sanine4 ,by ,michael ,artzibashef4    
,,fortitude4 ,by ,hugh ,walpole4        
,,the ,,lion',s ,,skin4 ,by ,rafael     
,sabatini4    ,,widdershins4 ,by ,oliver
 ,onions4    ,,one ,,kind ,,and         
,,another4 ,by ,barry ,pain4            
,fiction    ,,bankrupt1 ,,the4 ,by      
,horace ,horsnell4    ,,banner ,,of     
,,the ,,bull1 ,,the4 ,by ,rafael        
,sabatini4    ,,battles ,,of ,,life4 ,by
 ,austin ,philips4                      
,,breaking-,,point4 ,by ,michael        
,artzibashef4    ,,burnt ,,house1 ,,the4

 ,by ,christopher ,stone4    ,,carnival4
 ,by ,compton ,mackenzie4    ,,casuals  
,,of ,,the ,,sea4 ,by ,william ,mc,fee4 
,,chaste ,,wife1 ,,the4 ,by ,frank      
,swinnerton4    ,,collected ,,tales3    
,,vol4 ,i4 ,by ,barry ,pain4            
,,collected ,,tales3 ,,vol4 ,,ii4 ,by   
,barry ,pain4    ,,columbine4 ,by ,viola
 ,meynell4    ,,complete ,,gentleman1   
,,the4 ,by ,bohun ,lynch4    ,,created  
,,legend1 ,,the4 ,by ,feodor ,sologub4  
,,dark ,,forest1 ,,the4 ,by ,hugh       
,walpole4    ,,dark ,,tower1 ,,the4 ,by 
,f4 ,brett ,young4    ,,debit ,,account1
 ,,the4 ,by ,oliver ,onions4    ,,deep  
,,sea4 ,by ,f4 ,brett ,young4    ,,dial 
,,of ,,ahaz1 ,,the4 ,by ,h4 ,m4         
,vaughan4    ,,duchess ,,of ,,wrexe1    
,,the4 ,by ,hugh ,walpole4    ,,fool',s 
,,tragedy1 ,,the4 ,by ,a4 ,scott        
,craven4    ,,fortitude4 ,by ,hugh      
,walpole4    ,,golightlys1 ,,the4 ,by   
,laurence ,north4    ,,guy ,,and        
,,pauline4 ,by ,compton ,mackenzie4     
,,impatient ,,griselda4 ,by ,laurence   

,north4    ,,imperfect ,,branch1 ,,the4 
,by ,richard ,lluellyn4    ,,in         
,,accordance ,,with ,,the ,,evidence4   
,by ,o4 ,onions4    ,,introducing       
,,william ,,allison4 ,by ,william       
,hewlett4    ,,iron ,,age1 ,,the4 ,by   
,f4 ,brett ,young4    ,,king',s ,,men1  
,,the4 ,by ,john ,palmer4    ,,lion',s  
,,skin1 ,,the4 ,by ,rafael ,sabatini4   
,,little ,,demon1 ,,the4 ,by ,feodor    
,sologub4    ,,lot ,,barrow4 ,by ,viola 
,meynell4    ,,marriage ,,of ,,quixote1 
,,the4  ,by ,donald ,armstrong4         
,,making ,,money4 ,by ,owen ,johnson4   
,,meleager4 ,by ,h4 ,m4 ,vaughan4       
,,millionaire1 ,,the4 ,by ,michael      
,artzibashef4    ,,modern ,,lovers4 ,by 
,viola ,meynell4    ,,narcissus4 ,by    
,viola ,meynell4    ,,nocturne4 ,by     
,frank ,swinnerton4    ,,old ,,house1   
,,the4 ,by ,feodor ,sologub4    ,,one   
,,kind ,,and ,,another4 ,by ,barry      
,pain4    ,,passionate ,,elopement1     
,,the4 ,by ,compton ,mackenzie4         
,,peter ,,paragon4 ,by ,john ,palmer4   

,,questing ,,beast1 ,,the4 ,by ,ivy     
,low4    ,,record ,,of ,a ,,silent      
,,life1 ,,the4 ,by ,anna ,preston4      
,,salamander1 ,,the4 ,by ,owen ,johnson4
    ,,sanine4 ,by ,michael ,artzibashef4
    ,,sea ,,hawk1 ,,the4 ,by ,rafael    
,sabatini4    ,,security4 ,by ,ivor     
,brown4    ,,sinister ,,street4 ,i4 ,by 
,compton ,mackenzie4    ,,sinister      
,,street4 ,,ii4 ,by ,compton ,mackenzie4
    ,,snare1 ,,the4 ,by ,rafael         
,sabatini4    ,,south ,,wind4 ,by       
,norman ,douglas4    ,,story ,,of       
,,louie1 ,,the4 ,by ,oliver ,onions4    
,,tales ,,of ,,the ,,revolution4 ,by ,m4
 ,artzibashef4    ,,telling ,,the       
,,truth4 ,by ,william ,hewlett4         
,,true ,,dimension1 ,,the4 ,by          
,warrington ,dawson4    ,,uncle',s      
,,advice4 ,by ,william ,hewlett4        
,,undergrowth4 ,by ,f4  ,e4 ,brett      
,young4    ,,unofficial4 ,by ,bohun     
,lynch4    ,,widdershins4 ,by ,oliver   
,onions4    ,,years ,,of ,,plenty4 ,by  
,ivor ,brown4   ,,printed ,,by ,,wm4    

,,brendon ,,and ,,son1 ,,ltd4           
,,plymouth1 ,,england4