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diff --git a/20435-h/20435-h.htm b/20435-h/20435-h.htm new file mode 100644 index 0000000..ceb1045 --- /dev/null +++ b/20435-h/20435-h.htm @@ -0,0 +1,5059 @@ +<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" + "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> + +<html xmlns="http://www.w3.org/1999/xhtml"> + <head> + <meta http-equiv="Content-Type" content="text/html;charset=iso-8859-1" /> + <title> + The Project Gutenberg eBook of The World In Chains, by John Mavrogordato. + </title> + <style type="text/css"> +/*<![CDATA[ XML blockout */ +<!-- + p { margin-top: .75em; + text-align: justify; + margin-bottom: .75em; + } + h1,h2,h3,h4,h5,h6 { + text-align: center; /* all headings centered */ + clear: both; + } + hr { width: 33%; + margin-top: 2em; + margin-bottom: 2em; + margin-left: auto; + margin-right: auto; + clear: both; + } + + div.centered {text-align: center;} /* work around for IE centering with CSS problem part 1 */ + div.centered table {margin-left: auto; margin-right: auto; text-align: left;} /* work around for IE centering with CSS problem part 2 */ + + + body{margin-left: 10%; + margin-right: 10%; + } + + .pagenum { /* uncomment the next line for invisible page numbers */ + /* visibility: hidden; */ + position: absolute; + left: 92%; + font-size: smaller; + text-align: right; + } /* page numbers */ + + .linenum {position: absolute; top: auto; left: 4%;} /* poetry number */ + .blockquot{margin-left: 5%; margin-right: 10%;} + .sidenote {width: 20%; padding-bottom: .5em; padding-top: .5em; + padding-left: .5em; padding-right: .5em; margin-left: 1em; + float: right; clear: right; margin-top: 1em; + font-size: smaller; color: black; background: #eeeeee; border: dashed 1px;} + + .author {text-align: right; margin-right: 5%;} + + + .bb {border-bottom: solid 2px;} + .bl {border-left: solid 2px;} + .bt {border-top: solid 2px;} + .br {border-right: solid 2px;} + .bbox {border: solid black 1px; padding-left: 10px; padding-right: 10px;} + + + .center {text-align: center;} + .smcap {font-variant: small-caps;} + .u {text-decoration: underline;} + + .caption {font-weight: bold;} + + .figcenter {margin: auto; text-align: center;} + + .figleft {float: left; clear: left; margin-left: 0; margin-bottom: 1em; margin-top: + 1em; margin-right: 1em; padding: 0; text-align: center;} + + .figright {float: right; clear: right; margin-left: 1em; margin-bottom: 1em; + margin-top: 1em; margin-right: 0; padding: 0; text-align: center;} + + .footnotes {border: dashed 1px;} + .footnote {margin-left: 10%; margin-right: 10%; font-size: 0.9em;} + .footnote .label {position: absolute; right: 84%; text-align: right;} + .fnanchor {vertical-align: super; font-size: .8em; text-decoration: none;} + + .poem {margin-left:10%; margin-right:10%; text-align: left;} + .poem br {display: none;} + .poem .stanza {margin: 1em 0em 1em 0em;} + .poem span.i0 {display: block; margin-left: 0em; padding-left: 3em; text-indent: -3em;} + .poem span.i2 {display: block; margin-left: 2em; padding-left: 3em; text-indent: -3em;} + .poem span.i4 {display: block; margin-left: 4em; padding-left: 3em; text-indent: -3em;} + // --> + /* XML end ]]>*/ + </style> + </head> +<body> + + +<pre> + +The Project Gutenberg EBook of The World in Chains, by John Mavrogordato + +This eBook is for the use of anyone anywhere at no cost and with +almost no restrictions whatsoever. You may copy it, give it away or +re-use it under the terms of the Project Gutenberg License included +with this eBook or online at www.gutenberg.org + + +Title: The World in Chains + Some Aspects of War and Trade + +Author: John Mavrogordato + +Release Date: January 24, 2007 [EBook #20435] + +Language: English + +Character set encoding: ISO-8859-1 + +*** START OF THIS PROJECT GUTENBERG EBOOK THE WORLD IN CHAINS *** + + + + +Produced by Irma Špehar, Janet Blenkinship and the Online +Distributed Proofreading Team at http://www.pgdp.net (This +file was produced from images generously made available +by The Internet Archive/Canadian Libraries) + + + + + + +</pre> + + + + + + + + + + + + + <h1>THE WORLD<br /><br /> + IN CHAINS<br /><br /></h1> + +<div class='centered'> +<table border="0" cellpadding="1" cellspacing="0" summary="Title page poem"> +<tr><td align='left'>But should we stay to speak, noontide would come,</td></tr> +<tr><td align='left'>And thwart Silenus find his goats undrawn,</td></tr> +<tr><td align='left'>And grudge to sing those wise and lovely songs</td></tr> +<tr><td align='left'>Of Fate, and Chance, and God, and Chaos old,</td></tr> +<tr><td align='left'>And Love, and the Chained Titan's woeful doom,</td></tr> +<tr><td align='left'>And how he shall be loosed, and make the earth</td></tr> +<tr><td align='left'>One brotherhood....</td></tr> +</table></div> + + + + <h3><br /><br />SOME ASPECTS OF WAR AND TRADE</h3> + + <h4><br />BY</h4> + <h2>JOHN MAVROGORDATO M.A.<br /><br /></h2> + + <p class='center'>LONDON: MARTIN SECKER<br /> + NUMBER FIVE JOHN STREET ADELPHI<br /> +<i>First Published 1917</i></p> + +<p><span class='pagenum'><a name="Page_1" id="Page_1">[Pg 1]</a></span></p> + +<hr style="width: 65%;" /> + + +<p><br /></p> + + + +<div class='centered'> +<table border="0" cellpadding="1" cellspacing="0" summary="IN MEMORIAM AMICORUM"> +<tr><td align='left'>IN MEMORIAM AMICORUM</td></tr> +<tr><td align='left'><i>R. F. C. GELDERD SOMERVELL</i></td></tr> +<tr><td align='left'><i>IVAR CAMPBELL: T. R. A. H.</i></td></tr> +<tr><td align='left'><i>NOYES: J. W. BAILEY</i></td></tr> +<tr><td align='left'>QVI ANTE DIEM PERIERVNT</td></tr> +</table></div> + +<p><br /></p> + + +<hr style="width: 65%;" /> +<h2><a name="Note" id="Note"></a>Note</h2> + + +<blockquote><p><i>There may be some exaggeration in this book. I firmly believe that +England and her Allies entered this War with the noblest intentions. If +I have done less than justice to these, 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 Capitalism.</i></p> + +<p class='author'> +<i>J. M.</i></p> + +<p><span style="margin-left: 2em;"><i>January 1st, 1917.</i></span><br /> +</p></blockquote> + + + +<hr style="width: 65%;" /> +<h2>CONTENTS<br /><br /></h2> + + + + + + + +<div class='centered'> +<table border="0" cellpadding="2" cellspacing="0" summary="CONTENTS"> +<tr><th colspan="2" align='center'>CHAPTER I</th></tr> +<tr><td align='left'>The Massacre of Colleagues,</td><td align='right'><a href='#Page_3'><b>3</b></a></td></tr> +<tr><td align='left'>The Widening Sphere of Morality,</td><td align='right'><a href='#Page_4'><b>4</b></a></td></tr> +<tr><td align='left'>The Receding God,</td><td align='right'><a href='#Page_6'><b>6</b></a></td></tr> +<tr><td align='left'>The Philosopher looks at Society,</td><td align='right'><a href='#Page_8'><b>8</b></a></td></tr> +<tr><td align='left'>Homo Homini Lupus,</td><td align='right'><a href='#Page_8'><b>8</b></a></td></tr> +<tr><td align='left'>Tribe against Tribe,</td><td align='right'><a href='#Page_10'><b>10</b></a></td></tr> +<tr><td align='left'>The City State,</td><td align='right'><a href='#Page_12'><b>12</b></a></td></tr> +<tr><td align='left'>The Nations of Europe "Ferae Naturae,"</td><td align='right'><a href='#Page_14'><b>14</b></a></td></tr> +<tr><td align='left'>The Convenience of Diplomacy,</td><td align='right'><a href='#Page_15'><b>15</b></a></td></tr> +<tr><td align='left'>A Note on Democracy,</td><td align='right'><a href='#Page_18'><b>18</b></a></td></tr> +<tr><td align='left'>Diplomacy not bad in itself,</td><td align='right'><a href='#Page_19'><b>19</b></a></td></tr> +<tr><td align='left'>Manners no Substitute for Morals,</td><td align='right'><a href='#Page_21'><b>21</b></a></td></tr> +<tr><td align='left'>War a Moral Anachronism,</td><td align='right'><a href='#Page_21'><b>21</b></a></td></tr> +<tr><td colspan="2"> </td></tr> +<tr><th colspan="2" align='center'>CHAPTER II</th></tr> +<tr><td align='left'>The Armament Ring,</td><td align='right'><a href='#Page_27'><b>27</b></a></td></tr> +<tr><td align='left'>Eugenics?</td><td align='right'><a href='#Page_29'><b>29</b></a></td></tr> +<tr><td align='left'>Patriotism,</td><td align='right'><a href='#Page_31'><b>31</b></a></td></tr> +<tr><td align='left'>The Moral Test,</td><td align='right'><a href='#Page_36'><b>36</b></a></td></tr> +<tr><td align='left'>Trade,</td><td align='right'><a href='#Page_39'><b>39</b></a></td></tr> +<tr><td align='left'>Trade in Time of Peace,</td><td align='right'><a href='#Page_42'><b>42</b></a></td></tr> +<tr><td align='left'>Duties of Commerce to the State,</td><td align='right'><a href='#Page_44'><b>44</b></a></td></tr> +<tr><td align='left'>Restricted Sphere of Government Corresponding to Restricted Sphere of Morality,</td><td align='right'><a href='#Page_51'><b>51</b></a></td></tr> +<tr><td colspan="2"> </td></tr> +<tr><th colspan="2" align='center'>CHAPTER III</th></tr> +<tr><td align='left'>Trade During the War,</td><td align='right'><a href='#Page_57'><b>57</b></a></td></tr> +<tr><td align='left'>Trade Lives on Increasing Demand,</td><td align='right'><a href='#Page_65'><b>65</b></a></td></tr> +<tr><td align='left'>War a Form of Destruction,</td><td align='right'><a href='#Page_66'><b>66</b></a></td></tr> +<tr><td align='left'>War stands to benefit Neutral as well as Belligerent Nations but not to the same extent,</td><td align='right'><a href='#Page_69'><b>69</b></a></td></tr> +<tr><td align='left'>The Greater the Capital, the Greater the War</td></tr> +<tr><td align='left'>Profit,</td><td align='right'><a href='#Page_71'><b>71</b></a></td></tr> +<tr><td align='left'>The Blessings of Invasion,</td><td align='right'><a href='#Page_72'><b>72</b></a></td></tr> +<tr><td align='left'>The Luxury Trades don't do so badly,</td><td align='right'><a href='#Page_74'><b>74</b></a></td></tr> +<tr><td align='left'>Trade Profits in War not Shared by the Nationbut Confined to Employers,</td><td align='right'><a href='#Page_77'><b>77</b></a></td></tr> +<tr><td align='left'>Trade Profit and National Loss,</td><td align='right'><a href='#Page_82'><b>82</b></a></td></tr> +<tr><td align='left'>Appendix: Some Typical War Profits,</td><td align='right'><a href='#Page_125'><b>125</b></a></td></tr> +<tr><td colspan="2"> </td></tr> +<tr><th colspan="2" align='center'>CHAPTER IV</th></tr> +<tr><td align='left'>Dialectics Round the Death-Bed,</td><td align='right'><a href='#Page_89'><b>89</b></a></td></tr> +<tr><td align='left'>German Responsibility for the War,</td><td align='right'><a href='#Page_90'><b>90</b></a></td></tr> +<tr><td align='left'>The Value of German Culture,</td><td align='right'><a href='#Page_95'><b>95</b></a></td></tr> +<tr><td align='left'>The Manufacture of Hatred,</td><td align='right'><a href='#Page_102'><b>102</b></a></td></tr> +<tr><td align='left'>Imperialism the Enemy,</td><td align='right'><a href='#Page_107'><b>107</b></a></td></tr> +<tr><td align='left'>Possible Objects of War,</td><td align='right'><a href='#Page_112'><b>112</b></a></td></tr> +<tr><td align='left'>Physical Force in a Moral World,</td><td align='right'><a href='#Page_118'><b>118</b></a></td></tr> +<tr><td align='left'>Imperialism and Capitalism through War and Tradethe Enemies: Socialism to the Rescue,</td><td align='right'><a href='#Page_122'><b>122</b></a></td></tr> +</table></div> + + + +<hr style="width: 65%;" /> +<h2><a name="CHAPTER_I" id="CHAPTER_I"></a>CHAPTER I</h2> + + + +<div class='centered'> +<table border="0" cellpadding="1" cellspacing="0" summary="Greek poem"> +<tr><td align='left'>μὡρος δε θνητὡν οστις εκπορθὡν πὁλεις,</td></tr> +<tr><td align='left'>ναοὑς τε τὑμβους Θ', ιερἁ τὡν κεκμηκὁτων,</td></tr> +<tr><td align='left'>ὡλεθ' ὑστερον.</td></tr> +<tr><td align='left'><span style="margin-left: 6em;">Euripides: Tro. 95.</span></td></tr> +</table></div> + +<p><span class='pagenum'><a name="Page_3" id="Page_3">[Pg 3]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§1</h3> + +<h3>The Massacre of Colleagues</h3> + + +<p>The existence of war in the modern world is primarily a question for the +moral philosopher. 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 environment, like the Hindu +suttee; or with a procedure euphemistically disguised, like some +chthonic liturgy of ancient Athens. 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 live: 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 religion, is the +scientific occupation of the most honoured profession in the State, and +constitutes the real sanction of all international intercourse.<span class='pagenum'><a name="Page_4" id="Page_4">[Pg 4]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§2</h3> + +<h3>The Widening Sphere of Morality</h3> + + +<p>The existence of war stimulates the astonished watcher in the tower of +ivory to examine the development, if any, of human morality; and to +formulate some law of the process whereby political man has been +differentiated from the savage.</p> + +<p>Morality being a relation between two or more contracting parties, he +will notice that the history of mankind is marked by a consistent +tendency to extend this relation, to include in the system of +relationships more numerous and more distant objects, so that the moral +agent is surrounded by a continually widening sphere of obligations.</p> + +<p>This system of relationship, which may be called the moral sphere, has +grown up under a variety of influences, expediency, custom, religious +emotion and political action; 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 duties, 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 totality.<span class='pagenum'><a name="Page_5" id="Page_5">[Pg 5]</a></span></p> + +<p>The moral sphere then is a contractual unit of two or more persons who +agree to moderate their individual conduct for their common good: 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 anarchy, commonly called the Millennium. The State indeed is a +moral sphere, a moral unit, which has long been outgrown by enlightened +opinion; 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 conduct.<a name="FNanchor_1_1" id="FNanchor_1_1"></a><a href="#Footnote_1_1" class="fnanchor">[1]</a><span class='pagenum'><a name="Page_6" id="Page_6">[Pg 6]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§3</h3> + +<h3>The Receding God</h3> + + +<p>I don't know that it is necessary to drag God into the argument. But if +you like to regard God as the sanction and source of morality, or if you +like to call the moral drift in human affairs God, it is possible to +consider this "Sphere of Morality" from His point of view. His "point of +view" is precisely what, in an instructive fable, we may present as the +determining factor in morality. When He walked in the garden or lurked +hardly distinguishable among the sticks and stones of the forest, +morality was just an understanding between a man and his neighbour, a +temporary agree<span class='pagenum'><a name="Page_7" id="Page_7">[Pg 7]</a></span>ment entered on by any two hunting savages whom He might +happen to espy between the tree-trunks. When He dwelt among the peaks of +Sinai or Olympus, the sphere of morality had extended to the whole tribe +that occupied the subjacent valley. It came to include the nation, all +the subjects of each sovereign state, by the time He had receded to some +heavenly throne above the dark blue sky. And it is to be hoped that He +may yet take a broader view, so that His survey will embrace the whole +of mankind, if only we can banish Him to a remoter altitude in the +frozen depths of space, whence He can contemplate human affairs without +being near enough to interfere.</p> + +<p>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 interference. Not that theology necessarily or always +deliberately limits the domain of morality: but because the extension of +moral relations and the relegation of anthropomorphic theology are +co-ordinate steps in human advancement.<span class='pagenum'><a name="Page_8" id="Page_8">[Pg 8]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§ 4</h3> + +<h3>The Philosopher looks at Society</h3> + + +<p>The philosopher is apt to explain the growth and interrelation of ideas +by tabulating them in an historical form, which may not be narrowly, +chronologically, or "historically" true. The notion of the Social +Contract may be philosophically true, though we are not to imagine the +citizens of Rousseau's State coming together on a certain day to vote by +show of hands, like the members of the Bognor Urban District Council. So +we may illustrate a theory of moral or social evolution by a sort of +historical pageant, which will not be journalistically exact, but will +give a true picture of an ideal development, every scene of which can be +paralleled by some actually known or inferred form of human life.</p> + + + +<hr style="width: 65%;" /> +<h3>§ 5</h3> + +<h3>Homo Homini Lupus</h3> + + +<p>Our imagination, working subconsciously on a number of laboriously +accumulated hints, a roomful of chipped or polished stones, the sifted +debris of Swiss palafittes, a few pithecoid jawbones, some painted rocks +from Salamanca,<span class='pagenum'><a name="Page_9" id="Page_9">[Pg 9]</a></span> produces a fairly definite picture of the earliest +essentially human being on earth: and we recognise a man not unlike one +of ourselves; with a similar industry interrupted from time to time by +the arbitrary stirrings of a similar artistic impulse; so close to us +indeed that some of his habits still survive among us. Some of us at +least have made a recreation of his necessity, and still go hunting wild +or hypothetically wild animals for food. But when this primeval hunter +emerged from his lair in the forest or his valley-cave, he was prepared +to attack at sight any man he happened to meet: and he thought himself a +fine fellow if he succeeded in cracking the skull of a possible rival in +love or venery. This was the age of preventive aggression with a +vengeance. We still feel a certain satisfaction in a prompt and crushing +blow, and in the simplicity of violence. But we no longer attack our +neighbour in the street, as dogs fight over a bone or over nothing at +all: though some of us reserve the right to snarl.<span class='pagenum'><a name="Page_10" id="Page_10">[Pg 10]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§ 6</h3> + +<h3>Tribe against Tribe</h3> + + +<p>But this fighter's paradise was too exciting to last long; and indeed it +is hard to visualise steadily the feral solitary man who lived without +any social organisation at all.<a name="FNanchor_2_2" id="FNanchor_2_2"></a><a href="#Footnote_2_2" class="fnanchor">[2]</a> 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 channels, by co-operating with his +neighbour. 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 valley, +or even to have his assistance in carrying off a couple of women from +the family down by the lake, on that day the social and moral unit was +constituted, the sphere of morality, destined, who knows how soon, to +include the whole of mankind in one beneficent alliance, began with what +Professor McDougal has called "the replacement of individual by +collective pugnacity." The first clear stage in this progress is the +tribe or clan, the smallest organised community, sometimes no larger +than the self-contained village or camp, which can still be found in the +wild parts of the<span class='pagenum'><a name="Page_11" id="Page_11">[Pg 11]</a></span> earth. Tribe against tribe is the formula of this +order of civilisation. 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 chief. But once outside the stockade +he can kill and plunder at will, 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 tribe.</p> + +<p>Of course the family is a step leading up to the tribal stage of +morality, and it may be that the idea of incest marks the social stage +in which the moral sphere was conterminous with the family, +corresponding to the institution of exogamy in the moral system of the +tribe.</p> + +<p>It may be added that even in the modern family the feeling which unites +the members often consists less, very much less, of affection than of a +sort of obligation to hang together for mutual defence.<span class='pagenum'><a name="Page_12" id="Page_12">[Pg 12]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§ 7</h3> + +<h3>The City State</h3> + + +<p>The City State, self-contained, self-supporting, truly democratic, is +marked by a similar pugnacity. Only full citizenship conferred full +moral rights, and any ferocity could be justified in war against another +city. Athens wore herself out in the long struggle with Sparta, and +Greece was lured to destruction by the devil of Imperialism, whose stock +argument is to suggest that a State can extend its rights without +extending its obligations. But the limitation of the moral sphere by the +boundaries of the city is less apparent in the Greek States, because in +the historical period at least they were already in transition to a +larger view, and enlightened opinion certainly believed in a moral +system which should include all Greek States, to the exclusion of course +of all "barbarians": but this larger view was even more definitely +limited, and the demarcation of those within from those outside the +moral sphere was never more sharply conceived, than in the difference +commonly held to exist between Greeks and Barbarians. Yet even so Greece +can maintain her pre-eminence in thought; for Plato and Euripides at +least glimpsed the conception, by<span class='pagenum'><a name="Page_13" id="Page_13">[Pg 13]</a></span> which we do not yet consent to be +guided, of the moral equality of all mankind.<a name="FNanchor_3_3" id="FNanchor_3_3"></a><a href="#Footnote_3_3" class="fnanchor">[3]</a></p> + +<p>For all these reasons the City State as a limited moral sphere is better +seen perhaps in Mediæval Italy, where, I imagine, a Florentine might +kill a native of Pisa whenever he liked; whereas if he killed a fellow +Florentine he risked at least the necessity of putting himself outside +the moral sphere, of having that is to leave Florence and stay in Pisa +till the incident was forgotten.<a name="FNanchor_4_4" id="FNanchor_4_4"></a><a href="#Footnote_4_4" class="fnanchor">[4]</a><span class='pagenum'><a name="Page_14" id="Page_14">[Pg 14]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§ 8</h3> + +<h3>The Nations of Europe <i>ferae naturae</i></h3> + + +<p>In the next and latest stage in the expansion of the moral system we +find it again conterminous with the frontiers of the State. But it is +now no longer the small city state of Ancient Greece and Mediæval Italy, +but the large political unit, roughly and hypothetically national,<a name="FNanchor_5_5" id="FNanchor_5_5"></a><a href="#Footnote_5_5" class="fnanchor">[5]</a> +which constitutes the modern State, whether Kingdom, Republic, or +Empire. 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 conduct. 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 systems, each of which +only regards violence as a crime to be suppressed within the limits of +its own validity. International warfare in its crudest form is only a +manifestation of the original wolfish state of man, the "state of +nature" which exists between two moral agents who have no moral +obligation to each other (but only to themselves). The fact that the +primitive savage was an individual moral agent having no moral +obligation to anyone<span class='pagenum'><a name="Page_15" id="Page_15">[Pg 15]</a></span> but himself, while the modern fighting nation is a +moral agent of who knows how many millions, does not alter the essential +character of the conflict.</p> + + + +<hr style="width: 65%;" /> +<h3>§ 9</h3> + +<h3>The Convenience of Diplomacy</h3> + + +<p>As a matter of fact this original wolfish attitude of nations is already +obsolete, if it ever existed. The expansion and growth of political and +moral relations is a gradual process, 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 discontinuous. Anyhow +there is no doubt that the specifically wolfish attitude of one nation +to another can hardly be found in its pure state, being already tempered +and mitigated by the practice and custom of diplomacy: and this +diplomatic mitigation, however superficial, does something to break down +that windowless isolation which is the essential cause of violence +between two independent moral entities. Pacificists of the democratic +school sometimes present a fallacious view of international diplomacy, +and almost imply that the present war was made inevitable by the fact +that Viscount Grey<span class='pagenum'><a name="Page_16" id="Page_16">[Pg 16]</a></span> was educated at Harrow, or that peace could have +been preserved with Germany if only Sir Edward Goschen had begun life as +a coal heaver, or had at least been elected by the National Union of +Boilermakers. Their panacea they vaguely call the democratic control of +Foreign Affairs, though it is not clear why we should expect twenty +million still ignorant voters to be more enlightened than one educated +representative who is, as a matter of fact, usually so much oppressed by +a due sense of his responsibility that he is in danger of bungling only +from excessive timidity. The experience of the Law Courts shows that +twelve men, be they never so good and true, cannot <i>at present</i> be +trusted to weigh and discriminate as nicely as one<a name="FNanchor_6_6" id="FNanchor_6_6"></a><a href="#Footnote_6_6" class="fnanchor">[6]</a>; and the fact that +the <i>Daily Mail</i> 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 do. It is said that +the secrecy of diplomatic affairs breeds an atmosphere of suspicion; and +it might be said with equal truth that all<span class='pagenum'><a name="Page_17" id="Page_17">[Pg 17]</a></span> secrecy of every kind is +always and everywhere the most unnecessary thing in the world.<a name="FNanchor_7_7" id="FNanchor_7_7"></a><a href="#Footnote_7_7" class="fnanchor">[7]</a> But +the fundamental fallacy of all these arguments is that they treat +diplomacy as an essential of international relations, whereas it is only +an accident, a trapping, a convenience, or a common form. Its defects +are the result and the reflection of national opinion. Diplomatists are +no more responsible for the defects of international relationship than +seconds are responsible for the practice of duelling: 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 honour.<span class='pagenum'><a name="Page_18" id="Page_18">[Pg 18]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§ 10</h3> + +<h3>A Note on Democracy</h3> + + +<p>The outcry for "democratic" control demands, I think, a note, if not a +volume,<a name="FNanchor_8_8" id="FNanchor_8_8"></a><a href="#Footnote_8_8" class="fnanchor">[8]</a> on the limitations of democracy. We are all, I suppose, +agreed nowadays that the government of the future must be democratic, in +the sense that every adult has a <i>right</i> to full citizenship, and every +citizen can claim a vote. But it is obviously impossible for a modern +State to be governed directly by the voices of say fifty or a hundred +million citizens: there must always be a small legislative and a still +smaller executive body; and these bodies should obviously be composed of +the finest and most capable citizens. If then Aristocracy means, as it +does mean, a government of the whole by the best elements, it follows +that we are all equally agreed that the government of the future must be +aristocratic. The solution of this antinomy is of course that democracy +is not an end in itself, but only a means for the selection and sanction +of aristocracy.<a name="FNanchor_9_9" id="FNanchor_9_9"></a><a href="#Footnote_9_9" class="fnanchor">[9]</a> The best elements<span class='pagenum'><a name="Page_19" id="Page_19">[Pg 19]</a></span> in the population can only come to +the top if every man has an opportunity of using his voice and his +intelligence. We may note in passing that a common objection, raised by +writers like Emile Faguet, to the effect that democracy puts a premium +on incompetence by choosing its officials almost fortuitously from the +mob, is the exact opposite of the truth. It is our present regime that +leaves the selection of our rulers to the chances of birth or wealth or +forensic success. Real democracy will stimulate the selection of the +best, just as trade union standardisation of wages encourages the +employment of the better workmen.<a name="FNanchor_10_10" id="FNanchor_10_10"></a><a href="#Footnote_10_10" class="fnanchor">[10]</a></p> + + + +<hr style="width: 65%;" /> +<h3>§ 11</h3> + +<h3>Diplomacy not bad in itself</h3> + + +<p>The real importance of diplomacy, as I have said, is in the fact that it +is a mitigation of primary ferocity, a symptom of readiness to +negotiate, a recognition of the fact that dis<span class='pagenum'><a name="Page_20" id="Page_20">[Pg 20]</a></span>putes need not be settled +by immediate violence: and as such it points to a time when war may be +superseded, as personal combat has been superseded by litigation. 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 sight. Diplomats are the legal representatives of +nations—only there is no supernational court before which they can +state their case.</p> + +<p>Of course, it is perfectly true that the ultimate sanction of diplomacy +is always force, that international negotiations may always be resolved +into a series of polite threats, and that the envoy of the small and +weak nation rarely has any influence. Indeed there are few less enviable +situations than that of the minister of a very small State at the court +of a very large one. But the mere fact that force is their sanction does +not <i>ipso facto</i> dispose of diplomatic and arbitrational methods. We all +know that the force at the disposal of the Sovereign is the ultimate +sanction of Law. But that force never has to be fully exerted because +there is a common consent to respect the Law and its officers.<span class='pagenum'><a name="Page_21" id="Page_21">[Pg 21]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§ 12</h3> + +<h3>Manners no Substitute for Morals</h3> + + +<p>The real difference between legal methods and the methods of diplomacy +(in which I here include international conversations of every sort) is +that the latter take place, as it were, in a vacuum. There is no +Sovereign, no common denominator, no unifying system in which both +parties are related by their common obligations. They exist and act in +two separate moral spheres, and no real intercourse is possible between +them. For all their ambassadors and diplomatic conferences the nations +of Europe are only wolves with good manners. And manners, as we all +know, are no substitute for morals.</p> + + + +<hr style="width: 65%;" /> +<h3>§ 13</h3> + +<h3>War a Moral Anachronism</h3> + + +<p>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 State. 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 development, and to leave it +at that, would<span class='pagenum'><a name="Page_22" id="Page_22">[Pg 22]</a></span> be rather to exaggerate our philosophic detachment. The +point is that we are long past the stage of regarding any but our +fellow-subjects as moral outlaws. For some years, to say the least, it +has been generally received that the sphere of morality is co-extensive +with mankind. In spite of certain lingering exceptions, it is to-day a +commonplace of thought that every human being on the earth is our +colleague in civilisation; is a member that is of the human race, which +finding itself on this earth has got somehow to make the best of it; is +a shareholder in the human asset of self-consciousness which we are +called upon to exploit. It would certainly be hard to find a man of what +we have called enlightened opinions who would not profess, whatever his +private feelings, that it is as great a crime to kill a Hottentot or a +Jew as to kill an Englishman. With certain lingering exceptions then we +already regard the foreigner as a member of our own moral system. The +moral sphere has already extended or is at least in course of extension +to its ultimate limits: and war is a survival from the penultimate stage +of morality. War, to put it mildly, is a moral anachronism. War between +European nations is civil war. Logically all war should be recognised at +once, at any rate by enlightened opinion, as the crime, the disaster, +the ultimate<span class='pagenum'><a name="Page_23" id="Page_23">[Pg 23]</a></span> disgrace that it obviously is. Why then do we cling to the +implications of a system that we have grown out of? Why do we affect the +limitation of boundaries that have been already extended? Or is our +prison so lovely that though the walls fall down we refuse to walk out +into the air?<span class='pagenum'><a name="Page_24" id="Page_24">[Pg 24]</a></span></p> + + + +<hr style="width: 65%;" /> +<h2><br /><br /><a name="CHAPTER_II" id="CHAPTER_II"></a>CHAPTER II<br /><br /></h2> + +<div class="blockquot"><p>A sociologist wrote to the Vali of Aleppo, asking: What are the +imports of Aleppo? What is the nature of the water-supply? What is +the birth-rate, and the death-rate?</p> + +<p>The Vali replied: It is impossible for anyone to number the<span class='pagenum'><a name="Page_25" id="Page_25">[Pg 25]</a></span> camels +that kneel in the markets of Aleppo. The water is sufficient; no +one ever dies of thirst in Aleppo. How many children shall be born +in this great city is known only to Allah the compassionate, the +merciful. And who would venture to inquire the tale of the dead? +For it is revealed only to the Angels of death who shall be taken +and who shall be left. O idle Frank, cease from your presumptuous +questioning, and know that these things are not revealed to the +children of men.</p> + +<p class='author'> +The <i>Bustan of Mahmud Aga el-Arnauty</i></p><p><span class='pagenum'><a name="Page_26" id="Page_26">[Pg 26]</a></span>.<br /><br /> +</p></div> + +<p><span class='pagenum'><a name="Page_27" id="Page_27">[Pg 27]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§ 1</h3> + +<h3>The Armament Ring</h3> + + +<p>What, in short, are the forces that make for the anachronistic survival +of war—apart of course from the defect that it is always with us, the +habit of inertia, sometimes called Conservatism?</p> + +<p>The obvious answer is not, I think, the correct one. At least it is +correct as far as it goes, but leaves us very far from a complete +explanation of this unpleasant survival. So scandalous is the +interrelation of the armament firms<a name="FNanchor_11_11" id="FNanchor_11_11"></a><a href="#Footnote_11_11" class="fnanchor">[11]</a> which has developed the world's +trade in munitions and explosives into one obscene cartel; so cynical is +the avidity with which their agents exchange their trade secrets, sell +ships and guns, often by means of diplomatic blackmail, to friend or foe +alike, and follow those pioneers of civilisation the missionary, the gin +merchant and the procurer,<a name="FNanchor_12_12" id="FNanchor_12_12"></a><a href="#Footnote_12_12" class="fnanchor">[12]</a> into the<span class='pagenum'><a name="Page_28" id="Page_28">[Pg 28]</a></span> wildest part of the earth; so +absurd on the face of it is the practice of allowing the manufacture of +armaments to remain in the hands of private companies; that it is very +tempting to see in the great Armament Firms the principal if not the +only cause of modern war. Examiners of German militarism, most of them +stupid enough to quote Nietzsche, may be pardoned for emphasising the +political influence of Krupp; and since every great Power has a more or +less efficiently organised Krupp of its own, it would be permissible to +suggest that war would be already obsolete but for the intensive +cultivation it receives for the benefit of Krupp, Creusot, Elswick and +the rest. But it would be wrong; our syllogism would have a badly +undistributed middle. It is true that Krupp in particular, who is the +actual owner of more than one popular German newspaper, and other +armament firms in a smaller degree, exercise an enormous influence on +national opinion, create their own markets by the threat of war, and +would go bankrupt if wars should cease. You may also say that their +shareholders live by prostituting the patriotism of their +fellow-citizens: in short, you may denounce them with the most expensive +rhetoric to be had without doing them any injustice. But the fact +remains that their position with regard to war is exactly analogous<span class='pagenum'><a name="Page_29" id="Page_29">[Pg 29]</a></span> to +that of the great breweries with regard to drunkenness. They live by +taking advantage of human weakness. It is quite accurate, therefore, to +describe their earnings as immoral, but they are no more the cause of +the immorality they exploit and undoubtedly encourage, than makers of +seismological instruments are responsible for the occurrence of +earthquakes. The interests of one trade alone, however powerful in +itself, would never be strong enough to plunge a nation into war. They +are, of course, accessories to the crime; but the militarism they are +guilty of fostering has other primary explanations.</p> + + + +<hr style="width: 65%;" /> +<h3>§ 2</h3> + +<h3>Eugenics?</h3> + + +<p>In this brief investigation of the possible causes of war, it must be +understood that what we want to find is what is called a "sufficient +reason" for its continued existence. The armament trades may supply the +means, the occasion, the stimulant, but their relation to it is not +essentially causal. 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 capable. This imaginary function is none<span class='pagenum'><a name="Page_30" id="Page_30">[Pg 30]</a></span> +other than that of improving the race, and we may admit at once that, if +there were the slightest scientific basis for such a belief, the +bloodiest war would be morally justified, and it would be the religious +duty of every individual to kill as many as possible of his fellows for +the benefit of their descendants. But of course modern warfare so far +from improving the race must sensibly exhaust it. In ancient Sparta, and +generally whenever the conditions of warfare approximated to those of +personal combat, courage and the allied characteristics of mental as +well as of physical nobility must have had a survival value; whereas in +modern warfare which makes for the indiscriminate extermination of all +combatants, the result is exactly reversed. Our semi-scientific +militarists forget that the "survival of the fittest"<a name="FNanchor_13_13" id="FNanchor_13_13"></a><a href="#Footnote_13_13" class="fnanchor">[13]</a> is in nature +essentially a process of selective elimination; and modern war is a +process of inverted selection which eliminates the brave, the +adventurous and the healthy; precisely those members of the community +who are best fitted to survive, that is to propagate their kind, in the +ordinary environment of political life. Conscription, indeed, spreading +a wider net than the voluntary<span class='pagenum'><a name="Page_31" id="Page_31">[Pg 31]</a></span> system, may be described as an +institution for exposing the best citizens of a state to abnormal risks +of annihilation. As a matter of historic fact we are told, though I +don't know on what authority, that the Napoleonic wars, how much less +deadly than our own, reduced by an inch the average height of the French +nation.</p> + +<p>So much, in brief, for the "scientific" justification of war. 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 disqualify. A good deal might be said, from the sociologist's +point of view, in favour of a system of cathartic conscription which +would rejuvenate England with a watchword of "The Unfit to the +Trenches."</p> + + + +<hr style="width: 65%;" /> +<h3>§ 3</h3> + +<h3>Patriotism</h3> + + +<p>If again there were any evidence to show that war and war alone kept +alive the spirit of true patriotism, it would be less easy to denounce +its manifold wickedness. For true patriotism, although like all +passionate emotion it involves a certain mental distortion, a slight +disturbance of the rational orbit, is yet one of those happy diseases +which relieve the colourlessness of strict normality. It is a<span class='pagenum'><a name="Page_32" id="Page_32">[Pg 32]</a></span> magic, a +glamour, of the nature of personal affection, which only great poetry +can fully express, and volumes of bad poetry cannot quite destroy. It +has besides a real political value, binding the State together, and +giving it a stronger moral coherence than can be attained by any legal +or constitutional authority; a fact that is illustrated by those +distressful countries in which its limits are not conterminous with the +political boundaries of the State. I am inclined to think that just +because true patriotism is of the nature of a personal affection, it is +an emotion that cannot be inspired by an empire, any more than personal +affection can be inspired by a corporation or a joint-stock company.<a name="FNanchor_14_14" id="FNanchor_14_14"></a><a href="#Footnote_14_14" class="fnanchor">[14]</a> +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 knows.<a name="FNanchor_15_15" id="FNanchor_15_15"></a><a href="#Footnote_15_15" class="fnanchor">[15]</a></p> + +<p>Unless one be a poet, it is difficult, as may<span class='pagenum'><a name="Page_33" id="Page_33">[Pg 33]</a></span> perhaps be gathered from +the preceding paragraph, sufficiently to praise genuine patriotism +without falling into vague rhetoric. But I submit that there is nothing +to show that this political emotion is created, stimulated, or even +discovered by war. Actually it seems that the reverse is the case, 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 country. True +patriotism is a calm and lovely orientation of the spirit towards the +vital beauty of England. It has no noisy manifestations and consequently +one may not be able to find it among the crowds who shout most loudly +for war.</p> + +<p>One finds instead a sort of violent fever and calenture which not merely +deflects, as any emotion may, but totally inhibits the rational +operations of the mind. The newspapers supply a legion of witnesses.</p> + +<p>Thus the <i>Evening Standard</i> perorates against some pacificist lecturer +(who had attempted to clear his views from all sorts of +misrepresentations) with the magnificent comment that he had not +"repudiated his remarks as to the pleasure which the tune of the +Austrian National Anthem gave him."<a name="FNanchor_16_16" id="FNanchor_16_16"></a><a href="#Footnote_16_16" class="fnanchor">[16]</a> But I should<span class='pagenum'><a name="Page_34" id="Page_34">[Pg 34]</a></span> weary you were I +to transcribe a tithe of the stupid remarks made by persons in authority +under the influence of war. The record, I believe, in England is held at +present by Mr. Bodkin, <span class="smcap">K.C.</span></p> + +<p>It may be said of course that men, and newspapers, are equally stupid in +time of peace; and I fear that fundamentally this is true. War does not +change their nature, but only brings to the bubbling surface the dregs +and vileness and scum. War does not change any one's nature; and that is +why it is vain to expect that under its influence those crowds will love +their country who never loved anything before. But if war cannot create +it may at least be supposed to discover and test the existent patriotism +of the nation. And this supposition is corroborated at first sight by +the realisation that hundreds of thousands, that actually millions of +previously ordinary<span class='pagenum'><a name="Page_35" id="Page_35">[Pg 35]</a></span> young men have implied by enlisting their +willingness to die for England. One might, of course, reason that no +individual recruit really believes he is going to be killed, that each +boy thinks he will be one of the lucky ones who escape all the bullets +unhurt to enjoy an honoured return, that recruiting would have failed +entirely if the barracks were explicitly a grave and enlistment the +certainty of violent death or mutilation. But somehow I don't think that +would be a fair argument. 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 virtue. If it be, as it is, a solemn and wonderful thing to be +willing to die for the salvation (<i>ex hypothesi</i>) of England, it must be +much more wonderful and solemn to be willing to die in order slightly to +increase the income of one's family. 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 kin. Let no one ever deny our +soldiers the honour of their courage and nobility; but the fact remains +that the readiness to die for England is a less adequate test of +patriotism than a readiness to live for England; 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<span class='pagenum'><a name="Page_36" id="Page_36">[Pg 36]</a></span> numbered by the +million, then indeed England would be to-day a nation worth dying for.</p> + + + +<hr style="width: 65%;" /> +<h3>§ 4</h3> + +<h3>The "Moral Test"</h3> + + +<p>The theory that war is beneficial as a moral test, a furnace in which +character is proved—<i>ut fulvum spectatur in ignibus aurum</i>—is that +generally adopted by the Christian Churches, who may be said without +disrespect to have taken every advantage of their founder's unique +reference to the sword. I cannot help thinking that there is something +fundamental in this ecclesiastical advocacy of war; 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 War, that such a +militarist as Rudyard Kipling in his best work (in <i>Kim</i>, in <i>Puck of +Pook's Hill</i> and the intercalated poems, in the most successful of his +short stories) shows himself to be at heart a deeply religious mystic; +and that in France the very active Clerical party, one consequence of a +disestablished Church, is always closely supported by the Chauvinists. +In many cases, however, I have no doubt that<span class='pagenum'><a name="Page_37" id="Page_37">[Pg 37]</a></span> the pious Christian, +finding himself confronted with war, and not having the moral courage or +the political detachment to condemn it, only applies automatically to +its justification the arguments which he habitually uses to explain the +existence of evil and pain. 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 afflicted. Any one who has seen +an innocent friend slowly tortured to death by some vile disease will +know the futility of the Christian defence (for these religious +consolations amount theologically to a defence) that pain ennobles the +character and "proves" the moral courage of the sufferer.<a name="FNanchor_17_17" id="FNanchor_17_17"></a><a href="#Footnote_17_17" class="fnanchor">[17]</a> The +leading<span class='pagenum'><a name="Page_38" id="Page_38">[Pg 38]</a></span> fallacy of the defence that war, or pain, is valuable as a +moral test is akin to the common misunderstanding of the word "prove" in +the saying that "the exception proves the<span class='pagenum'><a name="Page_39" id="Page_39">[Pg 39]</a></span> rule"; the truth being that a +strong and noble character, one of whose corollary qualities is a +capacity to bear pain, is not less strong and noble if it is never +called upon to exercise that capacity. The San Francisco earthquake was +not a blessing in disguise because it happened to "test" and "prove" the +strength and flexibility of modern American architecture.</p> + + + +<hr style="width: 65%;" /> +<h3>§ 5</h3> + +<h3>Trade</h3> + + +<p>I shall never forget the tones of hoarse satisfaction with which a +vendor of the <i>Evening News</i> disturbed the twilight of a May evening in +London, triumphantly proclaiming a "Great Troop Train Disaster." I had +often noticed with what apparent joy the newspapers announced the +sinking of a British cruiser; with what entirely neutral delight they +welcomed or invented the report of Terrible Slaughter on either side. +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 unwelcome; the journalistic element that lives by +exploiting the sadistic curiosity, the craving for mean excitements, and +all the gladiatorial instinct<span class='pagenum'><a name="Page_40" id="Page_40">[Pg 40]</a></span> of the modern world.<a name="FNanchor_18_18" id="FNanchor_18_18"></a><a href="#Footnote_18_18" class="fnanchor">[18]</a> It soon became +clear that the newspapers were not alone in the commercial exploitation +of war. They were not even the worst offenders. The publishers were +hurriedly producing volume after volume of faked memoirs badly written +by imaginary governesses. The production of spurious memoirs and +"autobiographies," even if they are skilfully composed, is always +grossly immoral; 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 education. The +catchpenny manœuvres of publishers are really only a branch of +journalism,<a name="FNanchor_19_19" id="FNanchor_19_19"></a><a href="#Footnote_19_19" class="fnanchor">[19]</a> and such trivial offences were not,<span class='pagenum'><a name="Page_41" id="Page_41">[Pg 41]</a></span> after all, +unexpected, because the very profession of journalism is to take +advantage. But the journalist is a man of straw who shows which way the +wind blows, 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 +other. Like the Vali of Aleppo, I am not good at statistics. It is well +known however without the assistance of a mathematician that in England +during the winter of 1915, when the cost of living had already risen by +nearly 50 per cent, wholesale dealers often kept provisions of all sorts +rotting in their stores rather than break the artificial scarcity they +had created; farmers would not sell fresh eggs when the price was +twopence-halfpenny, because they knew that in a week or two the price +for the same eggs would have risen to threepence. Here is a cartoon from +a Hungarian paper<a name="FNanchor_20_20" id="FNanchor_20_20"></a><a href="#Footnote_20_20" class="fnanchor">[20]</a> showing the bloated profiteer of The Sugar Trust +laughing at the women who feebly attack his barricade of sugar loaves. I +mention it here because it is sufficiently remote from English affairs, +and because it happens to come to hand, and because it is a good +fragment of evidence, there being no reason why sugar should be scarce +in Hungary<span class='pagenum'><a name="Page_42" id="Page_42">[Pg 42]</a></span> as an immediate result of the war. And from every country +between England and Hungary, from every country in Europe, can be heard +the same complaint, unmistakable but how much too feeble, the cry of the +people who discover that one of the horrors of war is Trade.<a name="FNanchor_21_21" id="FNanchor_21_21"></a><a href="#Footnote_21_21" class="fnanchor">[21]</a></p> + + + +<hr style="width: 65%;" /> +<h3>§ 6</h3> + +<h3>Trade in Time of Peace</h3> + + +<p>It would not however be correct to infer that the sacrifice of national +welfare to commercial manœuvres is a condition peculiar to war. +Modern commerce is essentially an art; the art of making people pay more +than they are worth for things which they do not require. And it is with +all the selfishness of the artist that it performs its usual operations. +Among all the unpublished detail of modern life hardly any class of +facts is more disquieting than that of commercial procedure and +achievement. The subject is too large to be reviewed in less than a +volume; and I can do no more here<span class='pagenum'><a name="Page_43" id="Page_43">[Pg 43]</a></span> than suggest a few instances that +might be acquired by anyone who devotes his time to not reading the +daily papers.</p> + +<p>The distribution and exchange of commodities are necessary to the +existence of the State; so necessary that it might be supposed that +their regulation would be one of the primary functions of government. +Proper systems of distribution and exchange correspond to the digestive +processes of the body, on which depend the proper nutrition of all the +parts and the real prosperity of the State as a whole; yet any +comprehensive plan for their control is still regarded as the most +unattainable dream of Utopia, and they are left to carry on as best they +can in the interstices of private acquisitiveness. National well-being +is not to be measured by mere volume of trade, which is the means and +not the essence of prosperity;<a name="FNanchor_22_22" id="FNanchor_22_22"></a><a href="#Footnote_22_22" class="fnanchor">[22]</a> and prosperity can certainly never +exist when equitable distribution is hindered by a sort of fatty +degeneration of capitalism. But trade in itself is a necessary aliment +of the State, and its abuses ought not to be beyond remedy.</p> + +<p>A few of these abuses are fairly obvious<span class='pagenum'><a name="Page_44" id="Page_44">[Pg 44]</a></span> without a full inquiry, and +may be illustrated here because their existence in time of peace may +throw light on the operations of trade in belligerent states, and +indirectly, by suggesting a few of the results of war, may lead us to +some of its motives and occasions. Such abuses may be most easily +identified in opposition to the national rights which they infringe.</p> + + + +<hr style="width: 65%;" /> +<h3>§ 7</h3> + +<h3>Duties of Commerce to the State</h3> + + +<p>The State has a primary right to be fairly served. Prices should not be +arbitrarily raised by any wholesale merchant who happens to be in a +position to do so, or by any cartel of dealers in league for that +purpose. Prices should be regulated by the cost of production, and +should not be an indication of demand; they should rise beyond the cost +of production augmented by a fair profit only when the supply is +insufficient (production not being artificially restrained) to meet some +abnormal demand, and only as a means of checking and regulating the +excessive demand. 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 postponed. Thus it is that<span class='pagenum'><a name="Page_45" id="Page_45">[Pg 45]</a></span> +governments are habitually overcharged in all their contracts and +purchases; because governments have neither the time nor the opportunity +for casual dealings, and because they do not undertake such transactions +at all unless their absolute necessity has already been decided.<a name="FNanchor_23_23" id="FNanchor_23_23"></a><a href="#Footnote_23_23" class="fnanchor">[23]</a> So +at the beginning of the war English warehouses were full of all sorts of +commodities required by the governments of the Allies; but the urgency +of war prevented any sort of bargaining; and the private merchants took +advantage of the situation to the amount of about two hundred per cent. +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 +contracts. 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 supply; a rule which is most +easily detected in the experience of Government departments.</p> + +<p>The State, through its individual citizens, has a primary right to +obtain the particular commodity which it happens to prefer, with<span class='pagenum'><a name="Page_46" id="Page_46">[Pg 46]</a></span>out +restrictions imposed for the benefit of any particular tradesman. We +find instead that the ordinary purchaser no longer has any effective, or +selective, demand. He has to buy what he is given. The informal +organisation of the Trust system, primarily a financial operation,<a name="FNanchor_24_24" id="FNanchor_24_24"></a><a href="#Footnote_24_24" class="fnanchor">[24]</a> +has involved the whole market in a network of interdependent industries. +The sale of the finished product is controlled and restricted by the +vendors of the raw material. Corn is imported by shipbuilders; ships are +built by iron merchants; iron furnaces are controlled by coal owners, +and coal mines are secured by money-lenders.</p> + +<p>The system of the tied house, originally an indigenous corruption of the +liquor trade, is being extended to every industry in the land. We can no +longer buy the bread we like, but have to eat whatever by-product least +interferes with the miller's profits.</p> + +<p>The consumer's loss of any power of effective demand would not +necessarily be of national importance, if at least there were any +guarantee that the unique commodity offered by the average trust system +were genuine and of good quality. One of the State's most elementary +rights is that of ensuring to its citizens a pure supply of elementary +commodities. Yet Commerce has taken no steps,<span class='pagenum'><a name="Page_47" id="Page_47">[Pg 47]</a></span> even in its own +interests, to suppress the horrid arts of adulteration, in which the +motives of the thief usurp the methods of the poisoner, with results +which may be inferred from the meagre chronicles of the analyst.<a name="FNanchor_25_25" id="FNanchor_25_25"></a><a href="#Footnote_25_25" class="fnanchor">[25]</a></p> + +<p>Education is the life of the State.<a name="FNanchor_26_26" id="FNanchor_26_26"></a><a href="#Footnote_26_26" class="fnanchor">[26]</a> It is therefore of the gravest +importance that Commerce should in no circumstances whatever be allowed +to interfere with the education of the future citizens. Yet, before the +war, in spite of the legislation of the last fifty years,<a name="FNanchor_27_27" id="FNanchor_27_27"></a><a href="#Footnote_27_27" class="fnanchor">[27]</a> no less +than a quarter of a million children of school age were exempted from +school attendance for employment in various occupations.<a name="FNanchor_28_28" id="FNanchor_28_28"></a><a href="#Footnote_28_28" class="fnanchor">[28]</a> Even apart +from such improper exemptions the "School Age" fixed by law in itself +gives quite insufficient protection. The brain of a girl hardly begins +to wake up, or take any<span class='pagenum'><a name="Page_48" id="Page_48">[Pg 48]</a></span> natural interest in the acquisition of general +ideas, before she comes to puberty. 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 sequins.</p> + +<p>More generally, 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 civilisation, inspired by an altruistic +regard for the whole of which it is a part, that is by what is really +"enlightened self-interest"; by what Plato has called Temperance<a name="FNanchor_29_29" id="FNanchor_29_29"></a><a href="#Footnote_29_29" class="fnanchor">[29]</a> and +Mr. H. G. Wells "a sense of the State."<a name="FNanchor_30_30" id="FNanchor_30_30"></a><a href="#Footnote_30_30" class="fnanchor">[30]</a> We find instead that the +trader has "day and night held on indignantly" in his disastrous hunt +for markets, destroying by accident or design whatever amenity in the +world does not contribute to his "one aim, one business, one desire."</p> + +<p>After all, in our present pre-occupation with the horrors of war, we +must not exaggerate their extent. War at its maddest rivals but cannot, +at present, surpass the mortality caused by tuberculosis, alcoholism and +syphilis, which<span class='pagenum'><a name="Page_49" id="Page_49">[Pg 49]</a></span> peaceful Commerce, hand in hand with Christianity, +carries into the remotest parts of the earth. Some reader may have +noticed by this time that I am not a collector of statistics, but gather +my illustrations as I go from any scrap of paper that comes to hand. It +is a lazy trick; but at any rate one escapes the fallacy of +over-elaborated evidence, by calling as witness the man who happens to +be in the street at the moment. So at this point I happen to notice in +the <i>Manchester Guardian</i> an extract from the report of the Resident +Commissioner in the Gilbert and Ellice Islands Protectorate. This is +what it says of the natives:—</p> + +<div class="blockquot"><p>The cotton smock for women and the cotton trousers and shirts for +men, which in the mind of the people seem now so indispensable to +professed Christianity, while reducing the endurance of the skin, +render it the more susceptible to the chills which wet clothing +engenders. The result is colds, pneumonia, influenza—eventually +tuberculosis.</p></div> + +<p>We may notice a not unexpected coincidence which the Resident +Commissioner apparently omits to mention. It is that "professed +Christianity," by insisting on the propriety of cotton garments for the +islanders hitherto well clad in a film of coco-nut oil and a "<i>riri</i> or +kilt of finely worked leaves," is conferring a<span class='pagenum'><a name="Page_50" id="Page_50">[Pg 50]</a></span> very appreciable benefit +on the Manchester trade in "cotton goods." "Our colonial markets have +steadily grown," says the Encyclopædia, "and will yearly become of +greater value." ...</p> + +<p>On the same day as the issue of the <i>Manchester Guardian</i> just quoted +there appeared in the <i>Times Literary Supplement</i> a review of Canon C. +H. Robinson's <i>History of Christian Missions</i>, "a very sound +introduction to a vast and fascinating study." From this I gather that</p> + +<div class="blockquot"><p>there are few stories more romantic than the founding of the Uganda +Christian Church in British East Africa. At first progress was very +slow, and ... in 1890 there were scarcely 200 baptized Christians +in the country; yet by 1913 those associated with the Christian +Churches were little short of half a million.</p></div> + +<p>So before Europe has shown many signs of convalescence, Africa is +already virulently infected. And "our markets will yearly become of +greater value."<span class='pagenum'><a name="Page_51" id="Page_51">[Pg 51]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§ 8</h3> + +<h3>Restricted Sphere of Government corresponding to Restricted Sphere of +Morality</h3> + + +<p>But to return to our sheep, or rather to those who fleece them,—there +is one cardinal proof that trade, in so far as it depends on private +enterprise, is a danger to the State, and is recognised as such. It is +that as soon as war comes, the nation in danger instinctively adopts +whatever measure of Socialism can be introduced during the temporary +inhibition of capitalistic methods. The actual coming of war induces a +brief panic in the marketplace, and during this momentary paralysis of +private acquisitors the State makes a desperate attempt to subdue their +activities to its own needs. By the mere instinct of self-preservation +it clutches at some rudiment of Socialism, and makes a diffident gesture +in the direction of nationalisation—(of the railways, for instance). +But the capitalists of England can point with pride to the fact that +they very soon pulled themselves together. I hope to show in the +following chapter that by the time the war was in full swing they had +made it their own, and had banished every trace of<span class='pagenum'><a name="Page_52" id="Page_52">[Pg 52]</a></span> socialism, with the +relics of sanity and truth, to the confines of the Labour press.<a name="FNanchor_31_31" id="FNanchor_31_31"></a><a href="#Footnote_31_31" class="fnanchor">[31]</a></p> + +<p>But still the danger was for the moment realised, and the attempt was +made, the desperate and unsuccessful attempt to pull and squeeze and +bind the institutions of capitalism into an organised system of +political obligations. 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 +community. Nevertheless the attempt was made: but no corresponding +effort is being made to extend the system of moral obligations in which +we live.</p> + +<p>For it is just as the sphere of morality is unduly restricted and fails +to correspond to the needs of humanity, that, on the political plane, +the unduly restricted sphere of government has never been extended to +include all the interrelations of industrial citizenship. Capitalism is +a survival of the penultimate stage of political development, as war is +a survival of the penultimate stage of morality.</p> + +<p>The attempts both spasmodic and con<span class='pagenum'><a name="Page_53" id="Page_53">[Pg 53]</a></span>tinuous to extend the sphere of +government, which now begin to affect nearly all serious legislation, +must remain incomplete without an analogous and indeed corollary +expansion of the moral system which will involve the obsolescence of +war.<span class='pagenum'><a name="Page_54" id="Page_54">[Pg 54]</a></span></p> + +<p><span class='pagenum'><a name="Page_55" id="Page_55">[Pg 55]</a></span></p> + +<hr style="width: 65%;" /><p><span class='pagenum'><a name="Page_56" id="Page_56">[Pg 56]</a></span></p> +<h2><br /><br /><a name="CHAPTER_III" id="CHAPTER_III"></a>CHAPTER III</h2> + +<div class="blockquot"><p class='center'>Hinc usura uorax auidumque in tempora fenus et concussa fides et +<span class="smcap">MULTIS UTILE BELLUM</span>.</p> + +<p class='author'>Lucan, I, 181.</p> + +<p class='center'>Individuals are constantly trying to decrease supply for their own +advantage.—<i>Fabian Essays</i>, 1889, p. 17.<br /><br /></p></div><p><span class='pagenum'><a name="Page_57" id="Page_57">[Pg 57]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§ 1</h3> + +<h3>Trade during the War</h3> + + +<p>Trade during the war seems to have had a remarkably good time. In the +first year of warfare I began to collect a few facts in support of what +then seemed the paradoxical view that war was, in essence if not in +origin, a very profitable capitalistic manœuvre; a view deduced from +the opinion I had formed <i>a priori</i> of the nature of all modern +warfare.<a name="FNanchor_32_32" id="FNanchor_32_32"></a><a href="#Footnote_32_32" class="fnanchor">[32]</a><span class='pagenum'><a name="Page_58" id="Page_58">[Pg 58]</a></span> Instead of a few corroborating voices I found testimony +abundant in every paper I picked up, besides the live evidence received +in private letters and conversations. This pamphlet being rather +philosophic than statistical, I have taken the easy course of printing a +selection of these testimonies, crude and undigested, in an appendix—a +cold storage of facts and figures that allows me to repeat with a quiet +conscience that trade is booming. The greater the war, apparently, the +greater the profits. In the words of the <i>Manchester Guardian</i>:—</p> + +<div class="blockquot"><p>The first full calendar year of war has been a period of +unparalleled industrial activity and, generally speaking, +prosperity in this country. Heavy losses and bad times have been +encountered in a few important industries, but these are balanced +by unprecedented profits made by a large variety of industries, +whether directly or indirectly affected by the war.<a name="FNanchor_33_33" id="FNanchor_33_33"></a><a href="#Footnote_33_33" class="fnanchor">[33]</a> ... But it +would be a mistake to suppose that, while war manufactures +prospered, all other</p></div> +<p><span class='pagenum'><a name="Page_59" id="Page_59">[Pg 59]</a></span></p> +<div class="blockquot"><p>industry languished and decayed. To prove the contrary and show +that only here and there were there heavy losses, we may quote some +figures compiled by the <i>Economist</i>....</p></div> + +<p>And so forth.<a name="FNanchor_34_34" id="FNanchor_34_34"></a><a href="#Footnote_34_34" class="fnanchor">[34]</a></p> + +<p>To this I will add only two typical paragraphs as a text for my +subsequent remarks, as I believe they suggest the general economic +process which enriches the particular industries to which they refer. +The first is taken from <i>the Sunday Pictorial</i>, of all papers.<a name="FNanchor_35_35" id="FNanchor_35_35"></a><a href="#Footnote_35_35" class="fnanchor">[35]</a></p> + +<div class="blockquot"><p>Immense increases in the profits of two shipping companies are, as +a result of the ceaseless rise in freights, disclosed in the +reports of two Newcastle lines published yesterday. The high cost +of freights is largely responsible for the dearness of food, coal, +and other necessities of life. The gross profits of the Cairn Line +of Steamships, Ltd., amounted to £292,108, and the net profits, +after deducting the special war taxation and other items, were +£162,689. A dividend of 10 per cent, with bonus of 4s. per share, +is recommended. This makes a total of 30 per cent, free of income +tax, as against 10 per cent last year, when the total profits +amounted to £97,335. Less than half of this company's capital is +paid up, the total authorised being £600,000; there are also +debentures of about £150,000.</p></div><p><span class='pagenum'><a name="Page_60" id="Page_60">[Pg 60]</a></span></p> + +<p>The next quotation is from the <i>New Statesman</i>:—<a name="FNanchor_36_36" id="FNanchor_36_36"></a><a href="#Footnote_36_36" class="fnanchor">[36]</a></p> + +<div class="blockquot"><p>Glasgow is exceedingly prosperous, and iron and steel manufacturers +tell me that the next three or four years, peace or war, must mean +a period of prosperity for them. Government orders now absorb so +large a proportion of output that outside requirements are simply +not being met. Owing to the scarcity of shipping this deficiency is +not being filled by imports from America (the only other possible +source of supply), so that unfilled orders are accumulating. A +waggon manufacturer told me he had sufficient work in sight to keep +him going for five years. It must be remembered that part of the +cost of the war is being met temporarily by depreciation—railway +tracks, rolling stock, locomotives, etc., <i>to mention only one +industry</i>,<a name="FNanchor_37_37" id="FNanchor_37_37"></a><a href="#Footnote_37_37" class="fnanchor">[37]</a> not being replaced as they wear out, or being +maintained to the minimum degree necessary. This means that, +although less obvious than the reconstruction of ruined parts of +Belgium, France, Poland, and Eastern Prussia, repairs and +replacements aggregating many millions sterling in cost will have +to be carried out after the war in countries that have not been +invaded. A peace boom in the iron and steel and shipbuilding trades +appears certain.</p></div> + +<p>Here, before passing on to more general considerations, we may notice +incidentally—it is brought out in the first quotation—that<span class='pagenum'><a name="Page_61" id="Page_61">[Pg 61]</a></span> the +taxation of war profits reduces them proportionately but can never annul +or quite overtake them. That is sufficiently obvious; but the fact must +be preliminarily emphasised because it is quite commonly assumed that +the mere imposition of a tax of 50 or 60 or 75 per cent automatically +solves the problem of war profits. As a matter of fact, taxation so far +from solving the problem leaves it essentially unchanged, and really +connives at and recognises the practice. The problem remains, in spite +of taxation, that one section of the nation is enriched by a process +which necessitates the misery and death of other sections. We may +therefore in a broad discussion of the problem leave out of account the +proposed and adopted palliatives of taxation.</p> + +<p>Secondly, 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 war. This again is really axiomatic, being only +another form of the platitude that it takes longer to construct than to +destroy: but it means that even a short war of sufficient intensity will +ensure a long period of profits, and therefore it noticeably aggravates +the conclusions to which I hope to lead.</p> + +<p>A fundamental point is that the profit on freights, excused immediately +by the destruc<span class='pagenum'><a name="Page_62" id="Page_62">[Pg 62]</a></span>tion of shipping,<a name="FNanchor_38_38" id="FNanchor_38_38"></a><a href="#Footnote_38_38" class="fnanchor">[38]</a> leads indirectly to profits on such +other commodities as food and coal, not only on account of the actual +scarcity resulting, but also because any reason for increasing prices is +made a pretext for increasing profits.</p> + +<p>But the scarcity of all general commodities is caused not only +indirectly by the primary scarcity of ships, but also directly by the +same conditions of warfare as those which affect shipping. That is to +say, just as the intensified activity of the nation at war creates a +livelier demand for ships, so it also creates a greater demand for all +the ordinary commodities of living: and just as war by destroying ships +reduces the available supply, so by its general destructiveness it +reduces the supply of other commodities: and just as war by destroying +ships makes extraordinary profits for shipowners, so by destroying +tables and teacups it makes unusual profits for the makers of tables and +teacups. In short, destruction creates demand, and demand gives occasion +for profit.<span class='pagenum'><a name="Page_63" id="Page_63">[Pg 63]</a></span></p> + +<p>This is a disquieting statement; 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 gain, 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 +war.</p> + +<p>That is the kernel of my thesis;<a name="FNanchor_39_39" id="FNanchor_39_39"></a><a href="#Footnote_39_39" class="fnanchor">[39]</a> and it is certainly a happy +coincidence that the possibility of its truth seems at last to be +dawning on another writer, and one more expert than myself in the +handling of commercial theory. On the very morning after the last few +sentences were written the following paragraph occurred in Mr. Emil +Davies' "City" article in the <i>New Statesman</i>:—<a name="FNanchor_40_40" id="FNanchor_40_40"></a><a href="#Footnote_40_40" class="fnanchor">[40]</a></p> + +<div class="blockquot"><p>It is only as the reports and accounts for 1915 come out that a +correct idea can be formed of the benefit this catastrophic war has +been to the majority of our large industrial concerns. The +following is a list of companies whose reports and accounts have +appeared during the past few days. The difference<span class='pagenum'><a name="Page_64" id="Page_64">[Pg 64]</a></span> between the +profits for the two years shown is even greater than appears, for +in practically every case the 1915 profit is stated after allowing +for the excess profits tax, additional depreciation or extra +reserves, most companies now adopting these and other devices to +render less conspicuous their war-time prosperity.</p> + + + +<div class='centered'> +<table border="0" cellpadding="2" width="60%" cellspacing="0" summary="Profits for two years"> +<tr><td align='left'> </td><td align='right'>1914</td><td align='right'>1915</td></tr> +<tr><td align='left'> </td><td align='right'>£</td><td align='right'>£</td></tr> +<tr><td align='left'>Smithfield and Argentine Meat Co.</td><td align='right'>25,732</td><td align='right'>142,055</td></tr> +<tr><td align='left'>Waring and Gillow</td><td align='right'>35,217</td><td align='right'>100,885</td></tr> +<tr><td align='left'>Projectile Co.</td><td align='right'>30,739</td><td align='right'>194,136</td></tr> +<tr><td align='left'>Lanarkshire Steel</td><td align='right'>28,144</td><td align='right'>45,985</td></tr> +<tr><td align='left'>Frederick Leyland Steamship</td><td align='right'>337,188</td><td align='right'>1,196,683</td></tr> +<tr><td align='left'>Sutherland Steamship</td><td align='right'>94,600</td><td align='right'>295,200</td></tr> +</table></div> + + +<p>Waring and Gillow's sudden prosperity is not due to any better +business in the ordinary furniture trade, but to war contracts. The +Projectile Company figures are astonishing even for an armament +company; after applying £47,500 in satisfying the balance of the +prior claims of the Debentures, the Ordinary Shares receive their +first dividend—one of 50 per cent. No sane man would accuse +leaders of these great industrial concerns of doing anything to +bring about an outbreak of war; many of them have, indeed, paid a +heavy price for their prosperity in the shape of the loss of sons +or near relatives; but when all is said and done, the fact that a +war should put many half-bankrupt concerns on their legs, and make +fairly prosperous companies three or four times more prosperous +than before the war, is an influence in an undesirable direction.</p></div><p><span class='pagenum'><a name="Page_65" id="Page_65">[Pg 65]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§ 2</h3> + +<h3>Trade lives on Increasing Demand</h3> + + +<p>All war, whatever temporary dislocation of business it may involve, must +ultimately, as a principal form of destruction, assist the intensive +cultivation of demand which constitutes nearly the whole of modern +trade. The industrial revolution of the nineteenth century with all its +labour-saving machines was originally an economy of necessary +production; by the middle of the century it overshot its mark, and +hastened the world to the brink of the opposite disaster of +over-production. In the present commercial era we are still suspended +over that dreadful brink. Nothing can stop the accelerated flux of +mechanical production; and we are saved from falling into the abyss only +by the unnatural increase of ordinary consumption. The consumption of +the ordinary markets, even when stimulated by the most violent tonics of +advertisement, is strictly limited, and the limits have long been +overtaken. The accelerated consumption could only be maintained by the +discovery of new markets, which was undertaken by means of the political +catch-words of Imperialism and Colonial Expan<span class='pagenum'><a name="Page_66" id="Page_66">[Pg 66]</a></span>sion;<a name="FNanchor_41_41" id="FNanchor_41_41"></a><a href="#Footnote_41_41" class="fnanchor">[41]</a> or else by the +wholesale destruction of existing supplies. 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 (for +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 salmon), only one method remained by which Commerce and +Industry might escape, or at least postpone, the penalty of half a +century of over-production. This was by the partial destruction of the +world's existing supplies. If this could be arranged, there might be a +genuine demand for them to be replaced.</p> + + + +<hr style="width: 65%;" /> +<h3>§ 3</h3> + +<h3>War a form of Destruction</h3> + + +<p>Now as a form of destruction war is easily first. Quite apart from the +obvious destruction of commodities that takes place when a country is +ravaged and invaded, as in the case of Belgium and Northern France, it +should be remembered that the methods of supplying<span class='pagenum'><a name="Page_67" id="Page_67">[Pg 67]</a></span> an army in the field +involve the sheer waste or destruction of very nearly half the food and +equipment provided.<a name="FNanchor_42_42" id="FNanchor_42_42"></a><a href="#Footnote_42_42" class="fnanchor">[42]</a> This is not necessarily the result, as might be +expected, of official incompetence. It may on the contrary be the result +of official foresight, which must allow in warfare for all the changes +and chances of communication, and knows that it is better to waste a +million tons of beef than to risk the starvation of a single regiment. +Such waste, in other words, is a condition of warfare. Add to this the +preventive destruction of stores and baggage which takes place whenever +troops are compelled to retreat: in this way about a million pounds' +worth of stores were carefully burned before the evacuation of +Gallipoli; and not a hundred yards of trench is ever abandoned without +the jettison of about a hundred pounds' worth of equipment. Add to this +the fact that every shot fired, from the mere rifle bullet to the +largest shell, does a proportionate amount of material<span class='pagenum'><a name="Page_68" id="Page_68">[Pg 68]</a></span> damage when it +finds its billet: the bursting of a six-inch shell will do, I suppose, +on an average, as much damage in half a second as an ordinary fire can +do in twenty-four hours. 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 products. +Then, besides all this direct destruction of commodities which must +ultimately be replaced, or which at least some kind contractor may +plausibly offer to replace, consider for a moment the increased wear and +tear of every sort of equipment both civil and military, from +steam-rollers and rolling-stock to boots and bandages and +walking-sticks, which a state of war must involve. Or consider again +that the mere mobilisation of an army implies that several hundred +thousand men, whose annual income before was less than £100 a year, are +now living at the rate of £400 a year.<a name="FNanchor_43_43" id="FNanchor_43_43"></a><a href="#Footnote_43_43" class="fnanchor">[43]</a></p> + +<p>Anyone who cares to examine in detail all these forms of waste and +destruction, and all these forms of unnatural and feverish consumption, +will begin to understand to what an<span class='pagenum'><a name="Page_69" id="Page_69">[Pg 69]</a></span> extent war stimulates the demand by +which alone Trade can survive.</p> + + + +<hr style="width: 65%;" /> +<h3>§ 4</h3> + +<h3>War stands to benefit Neutral as well as Belligerent Nations but not to +the same extent</h3> + + +<p>In Western Europe at least all markets are practically open markets. No +tariff however scientifically graduated will really divert the natural +flow of trade to any considerable extent.<a name="FNanchor_44_44" id="FNanchor_44_44"></a><a href="#Footnote_44_44" class="fnanchor">[44]</a> Consequently it might +appear that all nations stand to benefit in the same way, but in varying +degrees, from the intense local demand set up in the nation at war. Thus +British Trade was exhorted in a sincerely<span class='pagenum'><a name="Page_70" id="Page_70">[Pg 70]</a></span> rapacious article by Captain +Dixon-Johnson<a name="FNanchor_45_45" id="FNanchor_45_45"></a><a href="#Footnote_45_45" class="fnanchor">[45]</a> to snatch the opportunity presented by the Balkan War; +and the unparalleled boom in American trade during the present war is +another obvious example. This suggests at once that the benefit +occasioned by war is not a national benefit, diffused vertically through +every class of the belligerent nation; but a class benefit diffused as +it were horizontally through the commercial strata of all nations within +supplying distance of the centre of disturbance. On the other hand, of +course, the immediate local demand is stronger than the demand +communicated to remoter markets and more easily supplied; 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 nations, although in war as in peace the commercial classes +of every nation are one.<a name="FNanchor_46_46" id="FNanchor_46_46"></a><a href="#Footnote_46_46" class="fnanchor">[46]</a> Also the outbreak of war, even if it does +not entirely sever a country from foreign sources of supply, is bound to +cause a<span class='pagenum'><a name="Page_71" id="Page_71">[Pg 71]</a></span> certain dislocation; if communications are not altogether +interrupted they are more difficult and uncertain than in normal times; +so that the trade of the belligerent country is always given a greater +impetus than that of its neutral neighbours, and in such cases a +particular industry which has been threatened by the competition of +foreign imports may be actually rescued from extinction. Even the +temporary dislocation of trade is a benefit to trade in the nation at +war; for it enables existing stocks to be sold at exaggerated +prices.<a name="FNanchor_47_47" id="FNanchor_47_47"></a><a href="#Footnote_47_47" class="fnanchor">[47]</a></p> + + + +<hr style="width: 65%;" /> +<h3>§ 5</h3> + +<h3>The greater the Capital, the greater the War Profit?</h3> + + +<p>The over-production in modern industrial states, from which Trade can +only be saved by some such catastrophic remedy as war, may be attributed +not only to the tyranny of machines, but also to the financial jugglery +known as over-capitalisation. If it could<span class='pagenum'><a name="Page_72" id="Page_72">[Pg 72]</a></span> 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 neighbours. But this will only be true if we do not +measure national wealth by the average wealth of every citizen; if we +speak in this case of national wealth quite apart from any question of +its equitable distribution, and are careful to distinguish it from +national welfare; a wealthy nation in this case would have to mean a +nation blessed with a class of wealthy capitalists, or supporting a +large parasitic colony of the persons described as financiers; and such +a nation would have as a corollary to be blessed with a class of workers +disproportionately large and disproportionately poor. For if industrial +conditions are fair over-production is impossible.</p> + + + +<hr style="width: 65%;" /> +<h3>§ 6</h3> + +<h3>The Blessings of Invasion</h3> + + +<p>If war is regarded primarily as a commercial stimulant, we might carry +the argument farther and conclude that invasion and even ravage are +actually beneficial to the trade of a country that suffers them; for +ultimately they must make way for a direct demand on the spot for the +primary commodities of life.<span class='pagenum'><a name="Page_73" id="Page_73">[Pg 73]</a></span> Houses, fences, roads, factories will all +have to be replaced. It is obvious that the war will have to be followed +by a time of rebuilding.<a name="FNanchor_48_48" id="FNanchor_48_48"></a><a href="#Footnote_48_48" class="fnanchor">[48]</a> 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 enterprise. But private capital, +thanks to the credit system, is practically inexhaustible so long as it +is required for a genuinely productive purpose: and even if it failed in +this case to come forward, the money required would certainly be +advanced out of the indemnity which will have to be provided for the +invaded provinces, or would be guaranteed in some other way by the +Government concerned. In which case Trade, even after the conclusion of +peace, would rejoice in another period of Government contracts. If it be +admitted, however, that we have not sufficient data to make this +suggestion more than probable, we can at any rate be certain of the +effect produced by the mere numbers of an invading army or a defensive +garrison. The Jewish traders of Salonica enjoyed a time of unexampled +prosperity in 1912 and 1913, owing to the mere<span class='pagenum'><a name="Page_74" id="Page_74">[Pg 74]</a></span> presence of the Turkish, +the Greek and the Bulgarian armies, to whom they sold out at their own +prices.<a name="FNanchor_49_49" id="FNanchor_49_49"></a><a href="#Footnote_49_49" class="fnanchor">[49]</a> They are now repeating the process with the English and +French armies; and in the interval they were kept busy restocking the +Macedonian villages depleted or destroyed during the campaign of 1912. +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 +counters.</p> + + + +<hr style="width: 65%;" /> +<h3>§ 7</h3> + +<h3>The Luxury Trades don't do so badly</h3> + + +<p>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 unnecessary. It is not easy rigidly to define the +luxury trade, for the luxury of one generation is the necessity of the +next; but it is enough to suggest a broad idea of the industries that +fall under this heading. "The income-tax assessments show,"<span class='pagenum'><a name="Page_75" id="Page_75">[Pg 75]</a></span> says <i>The +Times</i>,<a name="FNanchor_50_50" id="FNanchor_50_50"></a><a href="#Footnote_50_50" class="fnanchor">[50]</a> speaking of Berlin after nine months of war, "that among the +trades which have suffered most are fruiterers, breweries, +public-houses, bars, cafés, chemists and perfumers, goldsmiths and +silversmiths, jewellers, milliners, furniture and piano dealers, and +music and booksellers. Landowners, land speculators, builders and the +carrying trade have also suffered." We may also notice that in the early +months of the war Florence, the great market of the shoddy "souvenir" +and the "tourist's delight," suffered a good deal more than London, +although Italy still remained neutral. 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 Christmas.<a name="FNanchor_51_51" id="FNanchor_51_51"></a><a href="#Footnote_51_51" class="fnanchor">[51]</a></p> + +<p>Many such industries may indeed have suffered in England, although many +of the trades mentioned in the Berlin list have not been affected in +London, and at least two of them have made conspicuous profits. But in +any case it is probable that they suffered if at all only during the +first period of the war, when the general feeling of strangeness and +insecurity was strong enough to inhibit the shopping instinct of the +wealthier classes. As<span class='pagenum'><a name="Page_76" id="Page_76">[Pg 76]</a></span> soon as these became accustomed to the state of +war they reverted with even greater energy to their old pastime of +spending money: and meanwhile the luxury trades had acquired an entirely +new set of customers, for a large part of the profits accumulated in +other trades were now being spent by a newly enriched class who were +unaccustomed to save, for the simple reason that they had never before +been in a position to do so. Consequently the luxury trades after a year +of war had not only recouped their temporary losses but were doing a +bigger business than ever. The natural adaptability of the trades which +pander to fashion must also be taken into account. A number of them +after the first panic recaptured the failing demand by advertising very +simple modifications of their ordinary supply. Some, for instance, +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 +figures. Trades already so well organised for exploitation could easily +defeat any general attempt at social economy. 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 dresses; and such was their +declared intention when their hands<span class='pagenum'><a name="Page_77" id="Page_77">[Pg 77]</a></span> were forced by the Dressmakers' +revolutionary change in the fashion which substituted the full skirt for +the tight skirt of 1913-14. The extraordinary ingenuity of this move +was, not only that it thwarted any good intention of not buying a new +dress this year, it being manifestly impossible to "alter" a tight skirt +into a crinoline, 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 obstinates, as well as for the extra +cost of labour.<a name="FNanchor_52_52" id="FNanchor_52_52"></a><a href="#Footnote_52_52" class="fnanchor">[52]</a></p> + + + +<hr style="width: 65%;" /> +<h3>§ 8</h3> + +<h3>Trade Profits in war not shared by the Nation but confined to Employers</h3> + + +<p>The trade profits which are thus directly stimulated by the conditions +of war, do not imply the prosperity of the Trade as a whole, 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 Trade. They do<span class='pagenum'><a name="Page_78" id="Page_78">[Pg 78]</a></span> imply the prosperity of a particular class, +for they are all employers' profits, profits on the capital involved. +Unfortunately the profits of the Capitalists do not involve the profits +of the Labourers, and cannot therefore be tested by statistics of +unemployment. But of course the fluctuations of unemployment do very +materially affect the opportunities of Trade, 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 population. 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 population, +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' claims.</p> + +<p>At the beginning of War the Employer, on the grounds of general +insecurity and "not knowing what was going to happen next," cut down +wages and raised the cry of "Business as Usual"; which meant that +business was so much better than usual that he was afraid it could not +possibly last. So he cut down wages, laughed at buyers who offered him +the usual prices, and charged £48 a ton for hides<span class='pagenum'><a name="Page_79" id="Page_79">[Pg 79]</a></span> and 6s. 10d. for a +yard of cloth that usually cost half a crown. If the private buyer would +not pay his prices the Government would. It was indeed too good to last, +for such prosperity became impossible to conceal:<a name="FNanchor_53_53" id="FNanchor_53_53"></a><a href="#Footnote_53_53" class="fnanchor">[53]</a> it also reduced +the margin of unemployment on which he had always depended, and he soon +found himself obliged to return to the normal rate of wages which he had +paid before the war. He was disappointed to find that "Business as +Usual" meant wages as usual, but he struggled on, imploring the +assistance of the Government in order to "capture Germany's Trade." +Worse was to follow: after nine months of war recruiting for the army +had begun in earnest, and "there was on the whole less unemployment in +Great Britain than at any previous moment in the present century."<a name="FNanchor_54_54" id="FNanchor_54_54"></a><a href="#Footnote_54_54" class="fnanchor">[54]</a> +But he was determined to "carry on," and for the sake of the Government +introduced child labour into his workshops.<a name="FNanchor_55_55" id="FNanchor_55_55"></a><a href="#Footnote_55_55" class="fnanchor">[55]</a> Meanwhile, however, the +cost of living was steadily rising, and after a year of war, and of<span class='pagenum'><a name="Page_80" id="Page_80">[Pg 80]</a></span> +profits, the labourers' demand for an increase of wages could not be +altogether ignored. The employer decided to carry the war into the +enemy's country. The nation must hang together, he said, and all work +was practically national work. So he boldly accused his workmen of lack +of patriotism, and roundly declared that "but for the trade unions the +war would probably have been over by this time, with a victory for the +Allies.... Organised labour is the rotten limb of the body politic, +which must be cut off if health is to be restored to the system."<a name="FNanchor_56_56" id="FNanchor_56_56"></a><a href="#Footnote_56_56" class="fnanchor">[56]</a> It +was hard work, but in spite of the shortage of labour and in spite of +the rise in the cost of living, he managed to hold wages down by +repeating that any demand for a rise in wages was unpatriotic.<a name="FNanchor_57_57" id="FNanchor_57_57"></a><a href="#Footnote_57_57" class="fnanchor">[57]</a> One +by one, on the plea of urgent Government work, he obtained the +suspension of all Trade Union rules and thus deprived his workmen of +even the natural rights of negotiation; and when after fifteen months of +war they again ventured to raise their voices on the Clyde, he<span class='pagenum'><a name="Page_81" id="Page_81">[Pg 81]</a></span> openly +accused them of being paid by German agitators.<a name="FNanchor_58_58" id="FNanchor_58_58"></a><a href="#Footnote_58_58" class="fnanchor">[58]</a> On the whole +therefore he has been extraordinarily successful in keeping his profits +to himself, and as the present demand is likely to continue for some +time after the war, his chief anxiety at present is to maintain after +the war the compulsory relaxation of Trade Union rules which nothing +less than war could accomplish. 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 labour: and he +means that War, in addition to the actual profits of his Trade, shall +give him the enormous potential advantage of having broken the Trade +Unions.<a name="FNanchor_59_59" id="FNanchor_59_59"></a><a href="#Footnote_59_59" class="fnanchor">[59]</a><span class='pagenum'><a name="Page_82" id="Page_82">[Pg 82]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§ 9</h3> + +<h3>Trade Profit and National Loss</h3> + + +<p>It need not therefore be supposed that the War Profits, of which there +is such abundant evidence, conflict at all with Mr. Norman Angell's +contention<a name="FNanchor_60_60" id="FNanchor_60_60"></a><a href="#Footnote_60_60" class="fnanchor">[60]</a> that all modern war, even if the military operations end +in a military success, is futile and unprofitable from the national +point of view. The general truth seems to be that War, whether it be +apparently victorious or apparently unsuccessful, is always profitable +for a small commercial class in each belligerent nation.<a name="FNanchor_61_61" id="FNanchor_61_61"></a><a href="#Footnote_61_61" class="fnanchor">[61]</a> +Unfortunately the profits thus earned by the economic effects of war are +not diffused vertically throughout the whole nation from top to bottom, +but rather horizontally along a shallow commercial stratum in every +nation. In every nation war diminishes the national wealth, but +concentrates the residue with greater inequality in one particular +class. The representative of this class, commonly called the Capitalist, +is the real cosmo<span class='pagenum'><a name="Page_83" id="Page_83">[Pg 83]</a></span>politan, because his interests in each belligerent +nation are identical, and the war, successful or not, contributes to his +financial advantage. 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 democracy. Thus the <i>Saturday Review</i>, in a +passage already quoted, solemnly, openly and unforgettably declares the +secret wishes of the militarists; and we may be surprised to consider +how many safeguards of democracy, how many rights of free thought and +free speech, how many of the precarious limitations of sweating and +child-labour and wage-slavery have been quietly suppressed since the +beginning of the war. But if war is ultimately unprofitable for the +nation as a whole, it might be argued that Trade itself must ultimately +be involved in the national loss. 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 whole, he would +undoubtedly ignore the possibility of a loss so much remoter than his +immediate and obvious profits; especially as he is certainly ignorant of +the economic fact that in modern times military victory and military +defeat are equally unprofitable, and if he ever did pause to con<span class='pagenum'><a name="Page_84" id="Page_84">[Pg 84]</a></span>sider +the results for the whole nation he would certainly, perhaps in good +faith, identify the national interest with his own, and assume, for +psychological rather than economic reasons, that his own interests +demanded a military victory; real ignorance and emotional excitement +sufficing to explain his apparently hypocritical professions of +patriotism. As a matter of fact however his private interests are not +dependent on those of the whole nation; for commercial wealth is not the +same as national wealth, and prosperous Trade is quite consistent with +national unhappiness. The average citizen of Switzerland is more +contented than the average citizen of any of the great commercial powers +of the world; and some of the causes that make for commercial +prosperity, causes of which War is not the least effective, actually +decrease the civic efficiency of the greater number of the population, +and reduce their chances of happiness. "If an expanding trade," writes +Mr. R. B. Cunninghame Graham,<a name="FNanchor_62_62" id="FNanchor_62_62"></a><a href="#Footnote_62_62" class="fnanchor">[62]</a> "is the sure sign of national +happiness clearly the four countries, the figures of whose trade are +tabulated (Chile, Peru, Brazil and Argentine) should be amongst the +happiest in the world. Yet still a doubt creeps in whether expanding +Trade is the sure test of<span class='pagenum'><a name="Page_85" id="Page_85">[Pg 85]</a></span> happiness; for recently I have revisited some +of the countries of the River Plate that I knew thirty years ago, and it +appears to me that they were happier then. True, they were not so +rich.... Wealth has increased, but so has poverty...."</p> + +<p>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 development.<a name="FNanchor_63_63" id="FNanchor_63_63"></a><a href="#Footnote_63_63" class="fnanchor">[63]</a><span class='pagenum'><a name="Page_86" id="Page_86">[Pg 86]</a></span></p> + + + +<hr style="width: 65%;" /><p><span class='pagenum'><a name="Page_88" id="Page_88">[Pg 88]</a></span></p> +<h2><br /><br /><a name="CHAPTER_IV" id="CHAPTER_IV"></a>CHAPTER IV</h2> +<p><span class='pagenum'><a name="Page_87" id="Page_87">[Pg 87]</a></span></p> + +<div class="blockquot"><p>Candide était étendu dans la rue et couvert de débris. Il disait à +Pangloss: Hélas! procure-moi un pen de vin et d'huile; je me meurs. +Ce tremblement de terre n'est pas une chose nouvelle, répondit +Pangloss; la ville de Lima éprouva les mêmes secousses en Amérique +l'année passée; mêmes causes, mêmes effets: il y a certainement une +traînée de souphre sous terre depuis Lima jusqu'à Lisbonne. Rien +n'est plus probable, dit Candide; mais, pour Dieu, un peu d'huile +et de vin. Comment, probable? répliqua le philosophe; je soutiens +que la chose est démontrée.</p> + +<p>Candide perdit connaissance, ... et Pangloss lui apporta un peu +d'eau d'une fontaine voisine.</p> + +<p class='author'><span class="smcap">Voltaire</span>, <i>Candide</i>.</p></div><p><span class='pagenum'><a name="Page_89" id="Page_89">[Pg 89]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§ 1</h3> + +<h3>Dialectics round the Death-bed</h3> + + +<p>Philosophical aloofness is all very well in its way, but while we argue +about economic causes and attempt to induce a philosophy of earthquakes, +our bright young democracy lies bleeding under the ruins. The urgent +necessity is a little first aid, a little cessation of the killing. 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 +protest. England alone, who has been criticised for her delay in +exposing her youth to the slaughter, 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<a name="FNanchor_64_64" id="FNanchor_64_64"></a><a href="#Footnote_64_64" class="fnanchor">[64]</a> of modern warfare. And life is not the +only instrument of vital progress that is being thrown away. Britannia +has beaten her trident into a shovel, and with it is shovelling gold; +and not only gold, but youth<span class='pagenum'><a name="Page_90" id="Page_90">[Pg 90]</a></span> and love and happiness into the deep sea. +The belligerent nations are frantically engaged in destroying two +thousand years of education and all the accumulated capital of humanity. +Only the enemies of civilisation, the sellers of arms and the sowers of +hatred, are growing rich on its ruins. It is impossible to deny that the +longer the war continues the greater will be the subsequent sufferings, +spiritual and material, of every nation engaged. It is impossible to +maintain that any nation or class or individual will be any better in +any respect for the Great War, with the single exception of that +parasitic class who, as a class, and therefore perhaps not consciously, +are chiefly responsible for its inception. We must have Peace first and +congresses afterwards. The survivors of civilisation cannot discuss a +lasting settlement while they are still under fire.</p> + + + +<hr style="width: 65%;" /> +<h3>§ 2</h3> + +<h3>German Responsibility for the War</h3> + + +<p>Nor is it necessary to continue the slaughter while we argue about which +belligerent must bear the chief responsibility for the outbreak. The +dialectical exercises of the German Chancellor and Mr. Asquith are so +futile that they remind us only of two naughty children who<span class='pagenum'><a name="Page_91" id="Page_91">[Pg 91]</a></span> drag out +their squabble with stubborn outcries of "He began it." The first +consideration is to stop fighting. Such academic discussions are +necessarily endless, for the simple reason that every nation has its +faults, to which criminal motives can always be attached: every nation +has its fools, whom its enemies can describe as typical representatives. +The question of responsibility for the Great War must be left to the +historians of the future. I am quite confident (though even Viscount +Grey or Professor Gilbert Murray cannot prove) that they will hold +Germany responsible: 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 peace. My belief in Germany's responsibility is based +largely on German apologetics and strengthened by the evidence of +commercial conditions in Germany before the outbreak. Professor +Millioud, for instance, has shown that "German industry was built up on +a top-heavy system of credit, unable to keep solvent without expansion, +and unable to expand sufficiently without war."<a name="FNanchor_65_65" id="FNanchor_65_65"></a><a href="#Footnote_65_65" class="fnanchor">[65]</a><span class='pagenum'><a name="Page_92" id="Page_92">[Pg 92]</a></span> 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 Austria, with German connivance, +sent to Serbia; and that no nation anxious for war would have drafted +such a conciliatory reply as that which Serbia returned to Austria by +Russia's instructions. It is in fact clear that as long ago as 1913 +Austria had determined to crush Serbia, and that in 1913 that +determination was only postponed; and postponed not, as we thought at +the time, by the tact of Lord Grey at the Conference of London, but only +by Italy's refusal to join in the adventure, as we now know from the +revelations of San Giuliano and Salandra. Similarly, knowing as we do +that England is no exception to the rule that no imperial nation can be +wholly compact of righteousness, we might hesitate to accept <i>The +Times'</i> version of British innocence, and we might hesitate to accept +Lord Bryce's report on the German atrocities in Belgium, 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 destitution; but it happens that the general charges of +German aggressiveness and German brutality are fully<span class='pagenum'><a name="Page_93" id="Page_93">[Pg 93]</a></span> corroborated by +German literature.<a name="FNanchor_66_66" id="FNanchor_66_66"></a><a href="#Footnote_66_66" class="fnanchor">[66]</a> Unfortunately these distinctions between brutal +and chevaleresque methods of warfare remain only questions of method; +they concern manners rather than morals, and are as irrelevant to our +hopes for the abolition of war as the questions of diplomatic method +already mentioned.<a name="FNanchor_67_67" id="FNanchor_67_67"></a><a href="#Footnote_67_67" class="fnanchor">[67]</a> Equally irrelevant, in any discussion of the +possibility of substituting "compulsory arbitration" for war, is the +attempt to distinguish between aggressive and defensive war,<span class='pagenum'><a name="Page_94" id="Page_94">[Pg 94]</a></span> or to +throw all the blame of aggression on either of the two belligerents; 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 altruistic.<a name="FNanchor_68_68" id="FNanchor_68_68"></a><a href="#Footnote_68_68" class="fnanchor">[68]</a> The <i>locus classicus</i> for such +protestations of innocence occurs in the Italian Green Book, where +Austrian diplomats may be found declaring, <i>with every appearance of +sincerity</i>, that the invasion of Serbia was a purely defensive measure. +And in a sense, in such a well-armed continent, every aggression is +indeed a fore-arming against the future. It might also be suggested that +the crime of aggression is an offence not against an individual but +against the peace of the community: and until the European community is +constituted the guilt of such a crime cannot be brought home to either +of the belligerents.<span class='pagenum'><a name="Page_95" id="Page_95">[Pg 95]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§ 3</h3> + +<h3>The Value of German Culture</h3> + + +<p>The question whether Germany is actually attempting or would be +justified in attempting to impose her culture on the rest of Europe; or +whether England has good reasons for the limitation or suppression of +German culture, is another side-issue. German culture (in Matthew +Arnold's correct use of the word, meaning, that is, the average of +intellectual and social civilisation), has not on a general inspection +much to be proud of. The modern literature of Germany is largely a +transcription of Russian, French and English authors, and it is +significant that among foreign authors the widest success is reserved +for purveyors of <i>le faux bon</i>, writers whose work is distinguished by +its spirited failure quite to attain the first-class.<a name="FNanchor_69_69" id="FNanchor_69_69"></a><a href="#Footnote_69_69" class="fnanchor">[69]</a> The most +promising of modern authors writing in the German language, Schnitzler, +is an Austrian Jew. Hauptmann, the most distinguished and original of +German dramatists, has for thirty years been writing plays which would +pass for imitations of Mr. John Galsworthy's failures. Sudermann's style +reminds one of a snail crawling over the Indian lilies<span class='pagenum'><a name="Page_96" id="Page_96">[Pg 96]</a></span> which he +describes.... Germany, it is true, has reason to be proud of her +theatres, but that is a matter of State enterprise, rather than an +indication of national culture. The German State has been efficient +enough to perceive that good theatres are a fundamental necessity of +national education, and that good theatres, owing to the excessive rents +they have to pay, can never be kept going without a State subsidy. But +these admirable theatres can hardly be called the vehicles of a high +native culture. Their famous Reinhardts are more efficient only because +more acquisitive than our own Jewish impresarios. The ideas they have +acquired are chiefly Russian or English: and they have profited by the +ideas of Granville Barker and Gordon Craig in order to produce the plays +of Shakespeare and Shaw—(just as industrial Germany profited by the +ideas of Bessemer<a name="FNanchor_70_70" id="FNanchor_70_70"></a><a href="#Footnote_70_70" class="fnanchor">[70]</a> and Perkins). Germany's claim to artistic +vitality, to genuinely original culture, can be supported only by a +certain distinct excellence in sculpture and caricature, two arts which +often seem to go hand in hand, perhaps because both are based on a +precise simplification of form. But for the activity<span class='pagenum'><a name="Page_97" id="Page_97">[Pg 97]</a></span> of a small band of +sculptors and caricaturists centred for the most part in Munich,<a name="FNanchor_71_71" id="FNanchor_71_71"></a><a href="#Footnote_71_71" class="fnanchor">[71]</a> we +might be content to regard Germany not as a fount of culture but rather +as one of the world's workshops, a well-organised <i>ergastulum</i> for +dealing with the drudgery of modern civilisation, for manipulating +secondary products and extracting derivatives, a large factory for the +production of dictionaries, drugs and electrical machinery.<a name="FNanchor_72_72" id="FNanchor_72_72"></a><a href="#Footnote_72_72" class="fnanchor">[72]</a></p> + +<p>The extraordinary efficiency of Germany, <i>as a workshop</i>, is not due to +any intellectual pre-eminence of the nation as a whole. It is most +clearly and emphatically due to the fact that the German autocracy, +whatever its political iniquity, has had the intelligence and the +national solidarity to choose its business men from among the brains of +the community. In Germany any man of conspicuous intellectual capacity +may be picked out, roughly speaking, and assigned to the direction of a<span class='pagenum'><a name="Page_98" id="Page_98">[Pg 98]</a></span> +particular industry. In England we achieve inefficiency by the contrary +process, 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 subject. +This pernicious fallacy of the "Expert" is actually preached in England +as a means to the very Efficiency which in fact it almost invariably +excludes. It is commonly assumed that no man can write a good play +unless he has been a bad actor, or that a retired admiral, quite +incapable of grasping any general idea that was not popular in the Navy +twenty years ago or in the smoking-room of his club, would be better +able to direct the affairs of the Navy than Mr. Winston Churchill or Mr. +Balfour.<a name="FNanchor_73_73" id="FNanchor_73_73"></a><a href="#Footnote_73_73" class="fnanchor">[73]</a> There is a similar outcry for a government of "Business +Men," 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 time. +Instead of superstitiously believing that only "Business Men" can be +efficient, Germany picks out her business men (and her bureaucrats) for<span class='pagenum'><a name="Page_99" id="Page_99">[Pg 99]</a></span> +their general efficiency. 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 +use."<a name="FNanchor_74_74" id="FNanchor_74_74"></a><a href="#Footnote_74_74" class="fnanchor">[74]</a><span class='pagenum'><a name="Page_100" id="Page_100">[Pg 100]</a></span></p> + +<p>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 Germany. 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 intelligentsia." Such a purely +intellectual hatred of the sentimental melodrama of <i>Faust</i> and of the +semitic luxuriance of Wagner and Reinhardt is not likely to become a +democratic motive in England. Here brains are always unpopular, and Park +Lane will never be stormed by the mob until it is<span class='pagenum'><a name="Page_101" id="Page_101">[Pg 101]</a></span> inhabited by the +Bernard Shaws, the Lowes Dickinsons and the Bertrand Russells, instead +of by German financiers.</p> + +<p>There is no national hatred between England and Germany. The two peoples +are natural friends. Even the men in the trenches (or perhaps I should +say particularly the men in the trenches), fraternise with their +opponents whenever they get the chance.<a name="FNanchor_75_75" id="FNanchor_75_75"></a><a href="#Footnote_75_75" class="fnanchor">[75]</a> Even now a press campaign of +a few months would suffice to make Germany popular in England; and if +that were ever to happen, which is not improbable, only the +"intellectuals," who are most strongly opposed to this war, would still +find much to dislike, but not to fight about, in the national culture +produced by the German character.<span class='pagenum'><a name="Page_102" id="Page_102">[Pg 102]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§ 4</h3> + +<h3>The Manufacture of Hatred</h3> + + +<p>But if there is no natural hatred between the two belligerent +protagonists, there is a feverish production of the artificial variety. +Indeed this diligent manufacture of hatred is probably the most +demoralising result of warfare, particularly disastrous in its ethical +effect on the individual. It proceeds by the ordinary methods of deceit, +suppression of the true and suggestion of the untrue, and by means of +the newspapers this process of moral degeneration is sometimes actively +directed, sometimes only permitted or encouraged by the Governments +concerned. The London press is always ready to swallow the pathetic +fabrications of unscrupulous refugees, and publishes with joy any +Rotterdam rumour about German bestiality; but refuses to print any +report however authentic which ventures to suggest that the Germans are +as human as ourselves. There was, for instance, a<span class='pagenum'><a name="Page_103" id="Page_103">[Pg 103]</a></span> Canadian woman, Dr. +Scarlett-Synge, who under the aegis of her medical diploma, returned +from Serbia through Germany, and discovered that some of the German +internment camps are not as bad as they are commonly believed to be. +Whatever her qualifications and opportunities for forming a correct +opinion, and they happen to have been particularly good, there is no +doubt that this woman's report was of the highest interest. Yet not a +single daily paper in England would consider its publication, on the +ground presumably that it might reduce the national inflammation and +thereby "prejudice recruiting." As if true patriotism, sane and lovely, +had anything to do with the pathological condition of hatred. +"Recruiting be damned," says the patriotic philosopher, "<i>odium nunquam +potest esse bonum</i>."<a name="FNanchor_76_76" id="FNanchor_76_76"></a><a href="#Footnote_76_76" class="fnanchor">[76]</a> The method of distortion is also abundantly +used by journalists of both parties. German hatred of England has often +been stoked up by isolated mistranslations of sentences from <i>The +Times</i>, and English and French journalists have not been slow in +following the German example. It is said that after the fall of Antwerp +the <i>Koelnische Zeitung</i> announced that "as soon as the fall of Antwerp +was known the church bells in Germany were rung," a harmless message<span class='pagenum'><a name="Page_104" id="Page_104">[Pg 104]</a></span> +which was successively distorted by the <i>Matin</i>, the <i>Daily Mail</i>, and +the <i>Corriere della Sera</i>, until it finally reappeared in the <i>Matin</i> in +the following form: "According to the information of the <i>Corriere della +Sera</i> 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 downwards."<a name="FNanchor_77_77" id="FNanchor_77_77"></a><a href="#Footnote_77_77" class="fnanchor">[77]</a></p> + +<p>The Manufacture of Hatred is unfortunately become a part of the +Nationalist Movement in nearly all modern European States. The spurious +Nationalism which is the result not of race but of education, depends +for its existence almost entirely on so-called ethnological propaganda +and continues to thrive by the cultivation of two propositions, neither +of which is true: that all the members of one national group are +racially different from all the members of the neighbouring group; and +that this racial difference naturally and necessarily and properly +implies the mutual hatred of the two nations. They proclaim,<span class='pagenum'><a name="Page_105" id="Page_105">[Pg 105]</a></span> in fact, +that certain nations are the "natural enemies " of certain others, by +hating which they are only fulfilling the national function of +self-realisation. By such arguments, which have no genuine ethnological +foundation, the false prophets of nationalism are filling Europe with +the racial prejudice of artificial Kelts, artificial Poles, and +artificial Teutons. Of course race hatred between Slav and Teuton is no +more "natural" than family hatred between Jones and Robinson; and even +if it were, even that is if the cultures of two neighbouring races were +mutually exclusive, it could still be argued—as it must in any case be +argued—that no nation is racially pure. The last "Pole" I met proudly +professed that the hatred of Russia was <i>in his blood</i>. Yet he was born +in Bessarabia, and it was therefore not surprising that his facial type +was distinctly Roumanian; he came, that is, if race means anything at +all, of a Græco-Latin stock, and his hatred of Russia, which seemed to +be the beginning and the end of his programme of "Polish nationalism," +was the result of a few years of neglected education. Half the +conflicting "Nationalisms" of Europe are programmes of artificial +hatred, the propagandists of which may actually be of the same blood as +their opponents; a single generation suffices for the manufacture of the +racial<span class='pagenum'><a name="Page_106" id="Page_106">[Pg 106]</a></span> enthusiast, which is often completed by a modification of the +family name. Even Greeks and Bulgars are frequently of common descent. +When a Macedonian village changes hands the Greek Karagiozes has been +known to develop into the Bulgarian Karagiozoff; and a Mazarakis will +boast a racial incompatibility with his second cousin Madjarieff. The +same process for the manufacture of nationalism may be detected at the +other end of Europe: at Mons of glorious memory there was a Walloon with +the good old Walloon name of Le Grand, whose grandfather had been an +equally enthusiastic Fleming with the good old Flemish name of De +Groodt.</p> + +<p>True nationalism may indeed be differentiated by the absence of this +artificial element of ethnological hatred. True nationalism is simply +the feeling for the small independent community, a movement for the +autonomy of the local group. No true manifestation of the nationalist +movement in Europe is ever opposed to other nationalisms; but all alike +are involved in a desperate political conflict with their common enemy +Imperialism.<span class='pagenum'><a name="Page_107" id="Page_107">[Pg 107]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§ 5</h3> + +<h3>Imperialism the Enemy</h3> + + +<p>Imperialism, on the other hand, is the feeling for large dominions and +is very often only an unreasoning lust for the possession of +territory:<a name="FNanchor_78_78" id="FNanchor_78_78"></a><a href="#Footnote_78_78" class="fnanchor">[78]</a> surviving perhaps from the time when the land of the +community was regarded as the reserved hunting-ground of the tribal +chief, or at least as the private estate of the national monarch. But in +so far as this passionate desire for extending the superficial territory +under the central government is a reasoning desire, in so far that is as +attempts have been made to justify by retrospective theories the almost +instinctive achievements of painting the map red, it is fairly clear +(although the issues have been confused by altruistic and Kiplingesque +but not by any means unfounded views about the White Man's Burden) that +Imperialism is based on the insatiable claims of over-productive +commerce. Commerce at any rate is the <i>ex post facto</i> excuse for the +foundation of the British Empire, and<span class='pagenum'><a name="Page_108" id="Page_108">[Pg 108]</a></span> if it can no longer be pleaded as +a reason for the maintenance of the British Empire, it is simply because +the British Empire is no longer an empire, but for the most part a +federation of autonomous states.<a name="FNanchor_79_79" id="FNanchor_79_79"></a><a href="#Footnote_79_79" class="fnanchor">[79]</a> But Imperialism has only been +scotched by the unconscious wisdom of English political development. It +still unhappily survives not only in the intermittent demand for the +acquisition of fresh colonial territory, but also, in its crudest form, +without even the shadow of an excuse commercial or altruistic, in the +continued subjection of Ireland to English rule. 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 +militarism.</p> + +<p>The commercial classes of course support Imperialism because, with an +obtuseness per<span class='pagenum'><a name="Page_109" id="Page_109">[Pg 109]</a></span>mitted only to our "business men," they believe that the +acquisition of more colonies still means the discovery of new +markets.<a name="FNanchor_80_80" id="FNanchor_80_80"></a><a href="#Footnote_80_80" class="fnanchor">[80]</a> They have not yet realised that nowadays all markets are +practically open markets, and that no tariff can effectively exclude +goods for which there is any demand, for the simple reason that an +effective demand cheerfully pays an increased price. All nations in fact +stand to share fairly the commercial advantage of each other's colonial +markets: 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 colony. In +short, the commercial excuse for Imperialism is actually obsolete. Yet +commerce continues to support Imperialism, and although the original +reason for this support is no longer valid, it is still, unconsciously +perhaps but very methodically, serving its own<span class='pagenum'><a name="Page_110" id="Page_110">[Pg 110]</a></span> interests by this +support, in so far as Imperialism involves militarism (or "navalism") +and so leads to the probability of war. But even if the commercial +reasons which constitute the only possible excuse for Imperialism were +still valid, it would still remain equally valid and much more important +that Imperialism is bad in itself, the enemy of liberty and the begetter +of arrogance.</p> + +<p>Imperialism is bad on general grounds because it implies a +centralisation of authority which violates the natural rights of +nationalities. A nationality, as has already been suggested, means not +necessarily a pure racial enclave, but simply a small local group, in +the formation of which similarity of "race," religion, and culture will +not be ignored but will naturally be considered as modifications of +primarily geographical boundaries. The right of nationalities to local +autonomy, to deal again only with the simplest general reason, is based +on the idea of democracy, the exercise of a political voice being +regarded as a natural and inalienable right of the free citizen. +Democracy means representative government, and representative government +simply does not work in a large and mixed community of more than twenty +millions.<a name="FNanchor_81_81" id="FNanchor_81_81"></a><a href="#Footnote_81_81" class="fnanchor">[81]</a><span class='pagenum'><a name="Page_111" id="Page_111">[Pg 111]</a></span> Hence the right of nationalities to local autonomy is +fundamental, and is inconsistent with Imperialism as such.</p> + +<p>Imperialism is bad because it is based on conquest, implies a "subject +race," and sooner or later will have to be maintained by war. It breeds +a conquering and commercial spirit, which is never satisfied unless it +is carrying some one else's burden (at a high freight). The imperialist +plutocracy will then find itself so much occupied with other people's +affairs that it will be neglecting domestic politics altogether: and +this neglect will be the more disastrous in so far as poverty and +servitude will have increased at the same rate as luxury. The citizens +of an Imperialist state will be unable to control their commercial +masters, and, as Rousseau said of the English, will soon find themselves +a nation of slaves<a name="FNanchor_82_82" id="FNanchor_82_82"></a><a href="#Footnote_82_82" class="fnanchor">[82]</a>: and that not only because a policy of conquest +is incompatible with democracy; but also because the lust of conquest +and the arrogance of</p> + +<p><span class='pagenum'><a name="Page_112" id="Page_112">[Pg 112]</a></span></p><p>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 servitude.<a name="FNanchor_83_83" id="FNanchor_83_83"></a><a href="#Footnote_83_83" class="fnanchor">[83]</a> +Imperialism is a form of political corruption in which a nation is +consoled for its own slavery by the pride of enslaving its neighbours. +The attainment of permanent peace connotes the abandonment of +Imperialism.</p> + + + +<hr style="width: 65%;" /> +<h3>§ 6</h3> + +<h3>Possible Objects of War</h3> + + +<p>If the nations are prepared to abandon the claims of Imperialism there +will be very little else left to fight about. 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 analysis. Sometimes a +government will propose, in the interests of peace and good government, +to crush the enemy's aggressiveness by a purely defensive aggression, an +excuse for bloodshed which only the most fanatical pacifist could +confuse with Mr. Asquith's<span class='pagenum'><a name="Page_113" id="Page_113">[Pg 113]</a></span> blunt watchword of "crushing German +militarism." The logical fallacy of such an excuse which is almost +invariably pleaded by powerful belligerents,<a name="FNanchor_84_84" id="FNanchor_84_84"></a><a href="#Footnote_84_84" class="fnanchor">[84]</a> a fallacy of which no +one could wish to accuse Mr. Asquith's solid intellect, lies (quite +apart from any question of the priority of aggression) in the fact that +any attempt to crush by force the Will to<span class='pagenum'><a name="Page_114" id="Page_114">[Pg 114]</a></span> Conquer inevitably breeds +more militarism. The tag about taking a lesson from the enemy, <i>fas est +et ab hoste doceri</i>, is only one half of the unhappy truth that the +fighter is fatally bound to acquire his enemy's worst characteristics. +The object undertaken apparently in the interests of democracy can only +be accomplished by the wholesale suppression of democratic rights, and +involves an organised manufacture of imperialistic emotion which ends by +delegating the authority of the State to a reactionary triumvirate of +bureaucracy, jingoism and vulgarity (or Tory, Landowner and Journalist). +The guarantees of democracy, the rights of free thought and free speech, +every sort of civil liberty and every defence against the servile state, +will all have to be suppressed in the interests of the nation at war. It +is the old story of the conversion of Thais by Paphnutius: the preacher +snatches lovely Thais from the burning, but himself is damned—"si +hideux qu'en passant la main sur son visage, il sentit sa laideur." A is +white and finds it necessary to whitewash B, who is black: after several +years of hopeless grey, A finds that he has indeed put some very +satisfactory daubs of whitewash all over B, but that his own coat has +been blackened in the course of the struggle. It is as if a gardener, +having heard of the cannibalistic habit of<span class='pagenum'><a name="Page_115" id="Page_115">[Pg 115]</a></span> earwigs, 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 +country.</p> + +<p>Other belligerent governments will raise the plea of checking the spread +of a hostile and dangerous culture; a plausible because apparently +philosophical justification of war as the only means of extirpating a +heresy that might pervert the whole future of European civilisation. +Unfortunately such a moral effect, such a "conversion by shock," could +only be accomplished by a very sudden, complete and shattering victory; +and it is now beginning to be recognised that spectacular triumphs are +not to be expected in modern warfare. 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 culture, the +achievement would certainly not be worth the cost to the unhappy +survivors and their posterity. It would indeed be a crime against +humanity to eliminate the better part of the younger generation, the +flower of human brains, in the monstrous pedantry of attempting to +correct an intellectual error. For the risks of modern warfare are not +ordinary. It is not sufficiently realised that in six months of +offensive tactics under modern conditions no man in the front line<span class='pagenum'><a name="Page_116" id="Page_116">[Pg 116]</a></span> has +more than one chance in a million of escaping death or mutilation.</p> + +<p>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 occupied. 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 exhaustion, that +possibility, if it were well-founded, would certainly not have escaped +the intelligence of the enemy, who would consequently be prepared to +save his face by coming to terms. The evacuation of the occupied +territory, or whatever it is that was to be achieved by the coercive +exhaustion of another year or two of battle, might then be obtained by +negotiation at once, and at the cost of a certain amount of paper and +ink, instead of being forced on a revengeful and embittered opponent by +the expensive process of killing young men, a process which has the +disadvantage of working both ways.</p> + +<p>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 continuation, are only excuses to gain +time, put forward in hope that the chances of a further campaign may +enable the government concerned to<span class='pagenum'><a name="Page_117" id="Page_117">[Pg 117]</a></span> retrieve some apparent advantage out +of the disastrous muddle through which they drifted into the first +declaration of war. Having drawn the sword in a moment of embarrassment, +they have now jolly well got to pretend that it was the right thing to +do, and are not going to sheathe it till they see a chance of proving +that they are glad they drew it. In short, there comes a point in all +modern wars in which the belligerents are fighting for nothing at all, +except for a more or less advantageous position from which to discuss a +way to stop fighting.<a name="FNanchor_85_85" id="FNanchor_85_85"></a><a href="#Footnote_85_85" class="fnanchor">[85]</a><span class='pagenum'><a name="Page_118" id="Page_118">[Pg 118]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§ 7</h3> + +<h3>Physical Force in a Moral World</h3> + + +<p>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 force. Anyone at all conversant with +philosophical thought, if I may adopt a simile used by Mr. H. G. Wells, +"would as soon think of trying to kill the square root of 2 with a rook +rifle." Physical violence can only solve purely physical problems. But +as man no longer exists, if he ever did exist, in the completely +unsocial "state of nature,"<a name="FNanchor_86_86" id="FNanchor_86_86"></a><a href="#Footnote_86_86" class="fnanchor">[86]</a> the relations of one individual with +another are no longer purely physical: their position as members of one +society has given them a moral relation, questions affecting which can +only be settled by reference to the judgment of the society as a whole. +Within the limits of the State this fact is already clearly recognised +by the common voice of public opinion. If Smith quarrels with his +neighbour Robinson, because Smith's old English sheep-dog is suspected +of having scratched up<span class='pagenum'><a name="Page_119" id="Page_119">[Pg 119]</a></span> Robinson's lawn, and Smith says the poor dog +would never do such a thing, and anyhow Robinson had no business to +leave his back gate open, while Robinson declares that that brute is +becoming a damned nuisance, 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 morning: if two neighbours, in short, 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 road, even if +one of them happens to be a heavy-weight champion. Moreover, if they do +come to blows it is perfectly certain that the opinion of the whole road +will be against them, and that the Law, to which they might have +appealed in the first instance, will intervene as the embodiment of that +opinion. The street fight is clearly recognised as not only futile but +immoral; it not only settles no questions of principle but it +constitutes a breach of the moral relation between two members of one +community; it is become merely a rather sordid exhibition of irrelevant +physical facts. The average citizen of England or Germany would never +think of encouraging a fight between two sides of a street: why does he +not recognise with equal directness the futility and immorality of a +fight between two<span class='pagenum'><a name="Page_120" id="Page_120">[Pg 120]</a></span> sides of a continent?<a name="FNanchor_87_87" id="FNanchor_87_87"></a><a href="#Footnote_87_87" class="fnanchor">[87]</a> 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 nation, but the +nations of a continent and the continents of the world. But it is a fact +that the moral sphere does include the whole of humanity, who are +colleagues in the task of civilisation, inspired by the +twentieth-century corollary of gloomy nineteenth-century religious +agnosticism, the cheerful corollary that it is Man's duty rather than +God's to improve the habitable earth. The truth of this fact is already +recognised by the better thought of all the nations concerned, and there +is no reason why it should be withheld any longer from the people who +suffer most by its suppression. 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 government: for, as Rousseau might have said, where +there's a General Will, there's a way. As a matter of fact the way has +already been ad<span class='pagenum'><a name="Page_121" id="Page_121">[Pg 121]</a></span>mirably mapped by several parties of surveyors.<a name="FNanchor_88_88" id="FNanchor_88_88"></a><a href="#Footnote_88_88" class="fnanchor">[88]</a></p> + +<p>On the constitution of an International Authority, even on the general +aspiration of Europe towards some form of supernational judicature, war +will cease to have any more attraction or justification than the street +brawl. For war is actually in the community of nations what the street +fight is between individual citizens. War is futile, because it can +settle no questions of principle; it is immoral, because it is an +offence against the membership of a moral community. 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 relations. 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 +community. War fosters at the same time the basest elements in the +individual, and the basest individuals in the community. War is a crime +against the peace of the people.<span class='pagenum'><a name="Page_122" id="Page_122">[Pg 122]</a></span></p> + + + +<hr style="width: 65%;" /> +<h3>§ 8</h3> + +<h3>Imperialism and Capitalism through War and Trade the Enemies: Socialism +to the Rescue</h3> + + +<p>It is the most remarkable fact in political bibliography that all the +Utopias worth mentioning have been written by Socialists. 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 ahead. The ordinary politician steers the ship by keeping a +look-out for rocks and squalls, and does not trouble to make for any +distant landmark. Only the Socialist looks ahead to a harbour attainable +perhaps in a hundred years, from which a happier voyage may be begun. +Only the Socialist seems to realise that in the world conceived, as +modern thought must conceive it, as a continuous process, Government +rather than Trade, Science and Art rather than Industry are the chief +activities of the citizen. Government is nothing less than the +organisation of the State to take its place among the other States of +the world. It includes of course education, being itself a form of +education: for the State must be educated to fulfil its<span class='pagenum'><a name="Page_123" id="Page_123">[Pg 123]</a></span> duty to other +States, just as the citizen must be (and more or less is) educated in +duty towards his neighbour. The first task of education is naturally to +eliminate violence, to inhibit, by inducing in the young citizen the +recognition of mutual rights, those acts of ferocity by which primitive +man instinctively expresses his solipsistic passions.</p> + +<p>But where, it may well be asked, is the authority which is to begin the +neglected education of the nations of Europe? Where is what Mr. Boon (or +Mr. Bliss) would call "the Mind of the Race"? At present the only body +of doctrine with any conception of the nature of government for the +collective benefit of humanity is International Socialism. It is the +International Socialists who must lead the attack on War, 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 nation. To +Socialism belongs the duty of educating Europe against Imperialism, as +it has begun to educate the nation against Capitalism; for Imperialism +is only an allotropic form of Capitalism, manifesting itself in the +exploitation of fellow-nations instead of in the exploitation of +fellow-citizens. The first step in that education must be the fight<span class='pagenum'><a name="Page_124" id="Page_124">[Pg 124]</a></span> not +only against "private" or profiteering Trade, but against "private" or +profiteering War: and "private war" is every war that is not authorised +by an International Authority and waged by an International army.</p> + +<p>I seem to have heard it said before that there is only one way to break +the chains that bind us: and that Amalgamation is the mother of Liberty. +The need for the education of Europe is a call to the Trade Unionists +and Fabians and Collectivists and Guildsmen of every Nation:</p> + +<h3> +SOCIALISTS OF THE WORLD<br /> +UNITE.</h3> +<p><span class='pagenum'><a name="Page_125" id="Page_125">[Pg 125]</a></span></p> + + + +<hr style="width: 65%;" /><p><span class='pagenum'><a name="Page_126" id="Page_126">[Pg 126]</a></span></p><p><span class='pagenum'><a name="Page_127" id="Page_127">[Pg 127]</a></span></p> +<h2><br /><br /><a name="APPENDIX_TO_CHAPTER_III" id="APPENDIX_TO_CHAPTER_III"></a>APPENDIX TO CHAPTER III<br /><br /></h2> + + + +<hr style="width: 65%;" /> +<h2><a name="SOME_TYPICAL_WAR_PROFITS" id="SOME_TYPICAL_WAR_PROFITS"></a>SOME TYPICAL WAR PROFITS</h2> + + +<h3>I. <i>The Manchester Guardian</i>, January 3, 1916:</h3> + +<h3>BRITISH INDUSTRY IN WAR</h3> + +<p>The first full calendar year of war has been a period of unparalleled +industrial activity and, generally speaking, prosperity in this country. +Heavy losses and bad times have been encountered in a few important +industries, but these are balanced by unprecedented profits made by a +large variety of industries, whether directly or indirectly affected by +the war. One frequently finds that the neutral visitor carries away with +him an impression of industrial England as one great living arsenal. +That is not surprising, as since July last the Munitions Ministry has +erected (or improvised) and started a large number (it is not +permissible to say how many) of State munitions works, 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 2026 +manufacturing establishments had been declared "controlled firms."</p> + +<p>But it would be a mistake to suppose that, while war manufactures +prospered, all other industry languished and decayed. To prove the +contrary and show that only here and there were there heavy losses, we +may quote some figures compiled by the <i>Economist</i>,<span class='pagenum'><a name="Page_128" id="Page_128">[Pg 128]</a></span> which show that 720 +industrial concerns publishing their reports during the first nine +months of 1915, and having a capital of £531,678,701, made profits +amounting to £52,881,300, or under 2-1/4 millions less than in the +previous year (which in the case of almost all the reports was a year +before the war).</p> + +<p>Dissecting these figures, we find that not only iron, coal, steel, and +shipping companies report enormous profits, but that increased earnings +were shown by breweries, gas, rubber, oil, and trust companies, and +others. The large exceptions which depressed the total profits were +textile companies (other than those engaged on war contracts), catering, +and cement companies. Shipping leads the van of prosperity owing to +phenomenal freight rates, while iron and steel and shipbuilding, as +direct and established purveyors of armaments, are close behind. As +showing the industrial tendency of the year, one may quote the remarks +of a trust company chairman at a recent meeting. Of 150 home investments +possessed by his company, he remarked that a hundred had since the war +yielded the same as in the year before war, while thirty had paid less +and twenty more.</p> + +<p>Into the circle of munition producers have been drawn cycle and motor, +machinery, electrical, and many other branches of manufacture. Of other +industries driven to fever heat by the war may be mentioned woollen and +leather factories. Secondary effects of the war also produced a boom in +several unexpected quarters. For instance, the high wages earned by war +workers, and too generously spent in a vast number of cases, led to a +strong demand for cheap furniture, pianos and many types of household<span class='pagenum'><a name="Page_129" id="Page_129">[Pg 129]</a></span> +goods which in normal times are usually out of reach of the purse of +most wage-earners. But one trouble has beset all industries in common—a +shortage of labour, 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 works. From all quarters comes the tale of orders, +both from home and from abroad, that cannot be accepted. In the case of +foreign orders that have to be refused, the labour shortage has what one +fears may be lasting consequences. For custom once diverted to America +or elsewhere is not easily regained.</p> + + +<h3>2. <i>The Manchester Guardian</i>, March 3, 1916:</h3> + +<h3>MORE GREAT PROFITS</h3> + +<h4>HOLT LINE'S ENORMOUS SURPLUS</h4> + +<p>The China Mutual Steam Navigation Company (Holt Line) has had a greater +year than ever. It has been supposed that regular liners were getting +little benefit from the boom in freights, but a profit of £591,005, as +against about £294,000 in 1914 and £386,418 in 1913, can only be +explained by a very large participation in special war-time gains. The +dividend and bonus on the ordinary shares make 106 per cent for the +fourth year in succession, and a still larger sum is being kept in hand, +£200,000 being put to the reserve, as against £50,000 for 1914 and +£100,000 for each of two years before that, and the balance forward is +raised from £81,014 to £201,367. Most of the Company's capital, however, +only bears<span class='pagenum'><a name="Page_130" id="Page_130">[Pg 130]</a></span> 6 per cent interest. The ordinary shares (which we believe +are held privately) only amount to a little over £83,000.</p> + + +<h3>3. <i>Pall Mall Gazette</i>, September 24, 1915:</h3> + +<h3>WAR PROFITS</h3> + +<p>The other taxes are accepted by the public and traders alike as +inevitable, but special interest is being taken in the excess war +profits tax. That Mr. McKenna is likely to find his estimate of +£30,000,000 largely exceeded is admitted. The <i>Daily Chronicle</i> +publishes a table in which the City Editor compares the last profits +announced by some of our greatest undertakings, covering a +considerable portion of the war period in most and some portion of it in +all cases, with the average of the previous three years. It will be seen +that in every instance the war has brought greatly increased prosperity.<br /><br /></p> + + + +<div class='centered'> +<table border="0" cellpadding="2" width="75%" cellspacing="0" summary="The war has brought greatly increased prosperity"> +<tr valign='top'><td align='left'> </td><td align='right'>Last<br />Profit.</td><td align='right'>Average Previous<br />3 years.</td><td align='right'>Increase.</td></tr> +<tr><td align='left'> </td><td align='right'>£</td><td align='right'>£</td><td align='right'>£</td></tr> +<tr><td align='left'><span class="smcap">Armstrong Whitworth</span></td><td align='right'>802,000</td><td align='right'>624,000</td><td align='right'>178,000</td></tr> +<tr><td align='left'><span style="margin-left: 1em;">(Engineering, Shipb., etc.</span>)</td></tr> +<tr><td align='left'><span class="smcap">Wm. Beardmore</span></td><td align='right'>219,000</td><td align='right'>185,000</td><td align='right'>34,000</td></tr> +<tr><td align='left'><span style="margin-left: 1em;">(Engineering, Shipb., etc.)</span></td></tr> +<tr><td align='left'><span class="smcap">John Brown</span></td><td align='right'>586,000</td><td align='right'>347,000</td><td align='right'>239,000</td></tr> +<tr><td align='left'><span style="margin-left: 1em;">(Engineers, Shipbuilders, etc.)</span></td></tr> +<tr><td align='left'><span class="smcap">Beyer Peacock</span></td><td align='right'>83,000</td><td align='right'>35,000</td><td align='right'>48,000</td></tr> +<tr><td align='left'><span style="margin-left: 1em;">(Locomotive Builders)</span></td></tr> +<tr><td align='left'><span class="smcap">Brunner Mond</span></td><td align='right'>824,000</td><td align='right'>770,000</td><td align='right'>54,000</td></tr> +<tr><td align='left'><span style="margin-left: 1em;">(Alkali Manufacturers)</span></td></tr> +<tr><td align='left'><span class="smcap">Cammell, Laird</span></td><td align='right'>238,000</td><td align='right'>147,000</td><td align='right'>91,000</td></tr> +<tr><td align='left'><span style="margin-left: 1em;">(Iron, Steel, and Shipb.)</span></td></tr> +<tr><td align='left'><span class="smcap">Hawthorn Leslie</span></td><td align='right'>202,000</td><td align='right'>102,000</td><td align='right'>100,000</td></tr> +<tr><td align='left'><span style="margin-left: 1em;">(Sh'b. & Marine Engin'ring)</span></td></tr> +<tr><td align='left'><span class="smcap">Kynoch's</span></td><td align='right'>153,000</td><td align='right'>114,000</td><td align='right'>39,000</td></tr> +<tr><td align='left'><span style="margin-left: 1em;">(Explosives)</span></td></tr> +<tr><td align='left'><span class="smcap">Lambert Bros</span></td><td align='right'>142,000</td><td align='right'>84,000</td><td align='right'>58,000</td></tr> +<tr><td align='left'><span style="margin-left: 1em;">(Coal Exporters, etc.)</span></td></tr> +<tr><td align='left'><span class="smcap">Powell Duffryn</span></td><td align='right'>422,000</td><td align='right'>279,000</td><td align='right'>143,000</td></tr> +<tr><td align='left'><span style="margin-left: 1em;">(Collieries)</span></td></tr> +<tr><td align='left'><span class="smcap">Samuel Fox</span></td><td align='right'>66,000</td><td align='right'>39,000</td><td align='right'>27,000</td></tr> +<tr><td align='left'><span style="margin-left: 1em;">(Engineers)</span></td></tr> +<tr><td align='left'><span class="smcap">Spillers & Bakers</span></td><td align='right'>367,000</td><td align='right'>140,000</td><td align='right'>227,000</td></tr> +<tr><td align='left'><span style="margin-left: 1em;">(Millers)</span></td></tr> +<tr><td align='left'><span class="smcap">Vickers, Ltd.</span></td><td align='right'>1,019,000</td><td align='right'>809,000</td><td align='right'>210,000</td></tr> +<tr><td align='left'><span style="margin-left: 1em;">(Eng. and Shipbuilding)</span></td></tr> +</table></div> + + +<p><br /><br /><span class='pagenum'><a name="Page_131" id="Page_131">[Pg 131]</a></span></p> + +<p>This table indicates that the Chancellor may expect to receive far more +than the sum he estimated from the war profits tax.</p> + + +<h3>4. <i>The Manchester Guardian</i>, Feb. 28, 1916:</h3> + +<h3>COAL PROFITS NEARLY DOUBLED</h3> + +<p>The tale of colliery war profits is continued by the report of North's +Navigation Collieries (Glamorganshire). The output for 1915 was actually +less by 87,810 tons (1,141,900 tons against 1,229,710), but the profit +was nearly doubled—£130,071 against<span class='pagenum'><a name="Page_132" id="Page_132">[Pg 132]</a></span> £65,578. With the £10,496 brought +into the account the directors had their biggest total in recent years +available for distribution. The ordinary shareholders get 10 per cent +and a bonus of 2-1/2 per cent, which is the best payment since the 15 +per cent paid for 1907. Advantage is taken of a prosperous year to place +£35,000 to the reserve fund, which has been rather overlooked recently, +only one allocation of £20,000 having been made in four years. It now +stands at £155,000, against £650,000 of share capital. For depreciation, +with regard to which item substantial provision is made each year, +£15,000 is written off. This leaves £10,567 to be carried forward. The +Company has the reputation of being well managed, and its coal +properties are regarded as being very valuable. The recently opened St. +John's pits are being developed satisfactorily, it appears, a further +increase in output being shown.</p> + +<p>Despite a decrease in output of nearly 400,000 tons, the Powell Duffryn +Steam Coal Company is enabled to show a profit for 1915 of £438,799, as +compared with £422,204 for 1914 and £364,421 for 1913. The usual 20 per +cent is distributed on the ordinary shares, free of income tax, and last +year's allocation of £50,000 to the reserve fund is repeated. In +addition, the reserve for income tax benefits to the extent of £50,052, +and there remains £120,236 to carry forward. The decrease in output, it +should be noted, is due to the enlistment of the miners, 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 demand.<span class='pagenum'><a name="Page_133" id="Page_133">[Pg 133]</a></span></p> + + +<h3>5. The Times, May 19, 1916:</h3> + +<h3>SOAPMAKERS' "RECORD" PROFITS</h3> + +<p>Presiding yesterday at the annual meeting of Joseph Watson and Sons +(Limited), soapmakers, Leeds, Mr. Joseph Watson said that the company's +profits for the year amounted to £122,000, or £19,000 in excess of any +previous year's profits. Their turnover had largely increased because +they were now supplying soap to France, Belgium, Scandinavia, and a +small amount to Spain and Italy. It was not a question to-day of getting +orders; it was a question of refusing them. They had at the present time +three months' orders on the books.</p> + + +<h3>6. <i>The New Witness</i>:</h3> + +<h3>THE SCANDAL OF WAR PROFITS</h3> + +<p>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 ruin, and who have an +actual vested interest in the indecisive continuance of hostilities. +This is due entirely to the lack of grip and resolution which the +Government have displayed in dealing with the ugly phenomenon of War +Profits. We know, of course, what happens to those profits at present. +Half is taken by the State: half passes to the firms who are<span class='pagenum'><a name="Page_134" id="Page_134">[Pg 134]</a></span> getting +"rich quick" out of its necessities. In theory, it is an anomalous +arrangement, indefensible in logic, and opposed to every canon alike of +justice and of taxation. In practice it works out in the way we have +indicated: that certain privileged firms and individuals are amassing +huge fortunes out of the gravest crisis through which the nation has +passed, and which will pinch us all before it is over.</p> + +<p>Let us give some examples of the mammoth profits that some of these +concerns are making. There is first of all the famous old English firm +of Levinstein—Messrs. Levinstein of Manchester—to be considered. This +"all-British" concern has not done badly out of the terrible situation +through which we are slowly toiling. 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 cash. Levinsteins' are dye-makers, and in 1914-15 they made a +profit of £80,000 <i>on a capital of</i> £90,000: a profit large enough to +make the mouth of the deceased usurer Kirkwood dry with envy. But, while +our legislature passed laws to restrain the usurer in his exactions, the +"war profiteer" has no restriction placed on him. His workmen can, in +certain cases, be fined or sent to prison if they absent themselves from +work, and hundreds have been proceeded against under the Defence of the +Realm Act. But the profiteer himself is immune! It is childish to say +that the State can recover half of the profit he has wrung from the +country's necessity. What right has he to the other half? In the case of +Levinstein, this £80,000<span class='pagenum'><a name="Page_135" id="Page_135">[Pg 135]</a></span> profit enables the company to pay 14-1/2 +years' preference dividend, to distribute a dividend of 30 per cent on +its ordinary shares, and to write off £21,000 for depreciation! It is +merely fatuous to pretend, or to endeavour to pretend, that the +appropriation of half these profits squares matters between the +community and the British firm in question.</p> + +<p>As with Levinstein, so with other firms. Messrs. Cammell, Laird & Co. +averaged profits of £146,000 for the three years before the war. Since +last year those profits have risen to £237,000. Those profits, of +course, are subject to war profits taxation. But most manifestly that +taxation is utterly inadequate. So it is in the case of Messrs. W. +Beardmore, whose profits rose from £184,000 (three years' pre-war +average) to £219,000; of the British Westinghouse Co., which rose from +£56,000 to £151,000; and of Beyer Peacock's, which increased from +£57,000 to £109,000.</p> + +<p>In all these cases the deduction of 50 per cent by the Government is +entirely inadequate and utterly misleading. 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 War, and that the State is content to +stultify itself by surrendering the other half.</p> + +<p>Many of these profits have been made by covering rises in raw material +far in excess of the actual increases. Many have been wrung from the +poor and the needy, who are now being enjoined by the Government to eat +less meat. Messrs. Spillers & Baker, of South Wales, increased their +profits from an average of £140,000 (three years' pre-war average) to +£367,000<span class='pagenum'><a name="Page_136" id="Page_136">[Pg 136]</a></span> in 1914-15. We do not blame them. The rise in price was beyond +their control. They could hardly help benefiting. But it is mere madness +for the Government to leave them in possession of these vast accretions +of wealth. Firms that paid 8 per cent before the war, now paying 22-1/2 +per cent (such as Messrs. Richard Dickeson & Co., the Army contractors) +are able to pocket tens of thousands that ought to go to strengthen the +resources of the nation. Others, like the Mercantile Steamship Co., +increase their dividend from 20 per cent to 35 per cent; and some are +able to pay dividends actually larger than the capital of the company +itself!</p> + +<p>It is ludicrous for the Government to allow this condition of affairs to +continue. Their course is quite clear. They should limit profits to the +average of three years before the war, and add at the most 5 per cent. +Anything short of this is a betrayal of the national interests to +private firms.</p> + + +<h3>7. <i>The New Statesman</i>, March 25, 1916:</h3> + +<p>An innocent person might think that when a manufacturing company is +faced with an enormous rise in the cost of the principal commodity it +consumes, its profits would be diminished. Some law must be in operation +which has escaped the attention of economists, for so far from this +being the case, what appears to happen is that the profits of +manufacturers rise in a greater degree than the price of the raw +material. Thus, so far from being hit by the enormous rise in the price +of flour, Peek, Frean & Co., the well-known<span class='pagenum'><a name="Page_137" id="Page_137">[Pg 137]</a></span> biscuit manufacturers, made +a net profit of £107,478 last year, as compared with £99,578 in 1914, +and £98,607 in 1913. After paying the usual 5 per cent on the £300,000 +of preference shares no less than 25 per cent is paid on the £230,000 of +ordinary share capital, which has been issued. This company raised its +money very cheaply from the public, which paid 102 per cent for its 4 +per cent debenture stock and par for the 5 per cent preference shares. +The investing public does not benefit by the big dividend on the +ordinary shares. These were never offered to the public, but are +privately held.</p> + +<p>Another shipping company, sister to the Court Line, mentioned in these +notes last week, has issued its report. This is the Cressington +Steamship Company, which owns two modern tramp steamers of slightly over +7,000 tons each. The company was very fortunate in that one of these +vessels was delivered in February, 1915, it having been contracted for +at pre-war prices. The profits for the year amounted to £50,015, as +compared with £6,861 in 1914 (when only one vessel was trading). The +dividend for the year is 15 per cent, £7,072 is allocated to +depreciation, £22,000 for special war profits and income-tax, whilst +about £3,000 is being carried forward. The financial position of the +company is such that if its ships were sold at £2 15s. per ton, +shareholders would receive the return of their capital in full. On +present prices, however, they would probably fetch over £15 per ton. The +shares are now quoted at 28s.</p> + +<p>The Bengal Iron and Steel Company, whose report has also been issued +during the week, has had an interesting career; it works large iron ore +and coal<span class='pagenum'><a name="Page_138" id="Page_138">[Pg 138]</a></span>mining areas in Bengal. At first the company did well, but then +it went in for an unfortunate steel venture and fell into arrears with +its preference dividend. This was overcome, and during the past few +years the company has done well, particularly from its coal business. +The report for the year ended September 30th, 1915, shows a working +profit of £144,913, as compared with £79,200 during the previous year. +This considerable improvement enables the company, after writing off +various old items, to place to a general reserve £20,000, and to declare +a dividend payable quarterly of 24 per cent on the £224,850 of ordinary +shares, which compares with 12 per cent a year ago. By way of a change, +the report states that the trading results would have been even better +had war conditions not prevailed.</p> + +<p class='author'> +<span class="smcap">Emil Davies</span>. +</p> + + +<h3>8. <i>The New Statesman</i>, May 27, 1916:</h3> + +<p>Markets have displayed unwonted cheerfulness during the past week, and +all sorts of peace rumours are in circulation. It is more than likely, +however, that it is the firmness of the market which is responsible for +the rumours, and not <i>vice versa</i>. There is a steady stream of orders +from the Midlands and the North, where people are making money, and +these have the effect of putting up prices in several of the markets. +The Brazilian Funding Loan, which was recommended here on the 29th April +at 74, has been noticeably firm, and is now 77-1/4. It still appears to +be the cheapest Government Loan. Brazilian securities are attracting +more attention, and Brazil<span class='pagenum'><a name="Page_139" id="Page_139">[Pg 139]</a></span> Traction Common, which a year ago was below +50, now stands at 64. There has been a large business in Castner Kellner +on the working agreement between that chemical company and Brunner, Mond +& Co., the shares having jumped four or five shillings to their present +price of 69s. 6d. Precisely a year ago they were recommended in these +notes at 66s. 10-1/2d. Shipping shares have been exceptionally firm; +Court Lines have risen another few shillings to 34s., the large business +in them being probably due to the fact that they are one of the few +shipping shares which can be obtained. Rubber shares are equally firm. +Nobel's Explosive Company has just issued its report for last year, +showing a profit of £529,738 <i>after</i> providing for excess profits duty. +The dividend is 15 per cent, free of income-tax, or 5 per cent more than +last year. This increase in the dividend came as a surprise to the +market, and the price of the shares (which are a favourite investment in +Glasgow) jumped from 31s. to 38s. 3d.</p> + +<p>The profits of the Oceanic Steam Navigation Company (the White Star +Line) for last year have attracted a good deal of attention. They were +stated as being £1,968,285, as compared with £887,548 in 1914 and +£1,121,268 in 1913, which was the Company's record year; but the figure +given for 1915 does not indicate the full profit, for it is arrived at +"after providing for excess profits taxation and contingent +liabilities." Replying to a question asked in the House of Commons by +Mr. W. C. Anderson, Captain Pretyman stated that the Company informed +him that the profit mentioned was before deduction of debenture interest +and depreciation. Captain Pretyman added that the<span class='pagenum'><a name="Page_140" id="Page_140">[Pg 140]</a></span> sum divided as +dividend was £487,500, the same amount as in the year 1913 before the +war. Where people are protesting against large war profits it may, at +first sight, 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 +war. As a statement of fact it is perfectly correct, but it has no +bearing upon the amount of profit that has been made, as the following +calculation will show. We now know that the 1915 profit shown in the +accounts is <i>after</i> allowing for excess profits taxation, deferred +repairs, contingent liabilities, debenture interest and depreciation. +Since 1913 the Company has increased its debenture issue, and last year +had to pay in debenture interest £109,536, as compared with £65,211 in +1914. How much has been placed on one side for depreciation before +showing the profits can only be known to very few people, but the amount +the Company must have put on one side for excess profits taxation must +be at least half a million, and possibly a great deal more. The actual +profits for last year were therefore probably in the neighbourhood of +three millions, if not more. As indicated above, out of the £1,968,285 +shown as profit, only £487,500 is paid out in dividends, the remainder +going to various reserves. The dividend works out at 65 per cent, but +all goes to the International Mercantile Marine Company, the +much-talked-of American shipping trust associated with the name of the +late J. Pierpont Morgan, which holds all the Ordinary Shares. The trust +was in a bankrupt condition prior to the war, but the present state of +affairs is radically altering its position. It must be annoying to the +American<span class='pagenum'><a name="Page_141" id="Page_141">[Pg 141]</a></span> 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 +taxation.</p> + + +<h3>9. <i>The New Statesman</i>, June 24, 1916:</h3> + +<p>Another firm which has apparently benefited by the war is Ruston, +Proctor & Co., the well-known Lincoln manufacturers of agricultural +implements. A final dividend of 5-1/2 per cent is declared, plus a bonus +of 2 per cent, making 10 per cent for the year, which still allows the +Company to place £45,000 to reserve and to carry over £16,300. This +dividend is 3 per cent more than was paid last year, and is the highest +in the twenty-six years' history of the Company. Shipping shares remain +firm, and it is almost impossible to purchase any of the best shares. As +an illustration of the profits that are being made, the Nitrate +Producers' Steamship Company's accounts for the year ended April 30th +last show a gross profit of £404,022, as compared with £151,905 and +£135,986 in 1914 and 1913 respectively. The dividend is 25 per cent, +free of income tax, £100,000 is placed to reserve, £200,000 to a special +fund for excess profits tax, income tax, etc., £30,000 is added to the +insurance fund, and the carry forward is increased by some £7000. The +Company owned a fleet of ten steamers, which has, however, been reduced +to five by the sinking of one last September by an enemy submarine and +by the sale of four vessels. A new vessel is under construction, and +should be ready for delivery in August. The capital of the Company +consists of<span class='pagenum'><a name="Page_142" id="Page_142">[Pg 142]</a></span> £200,000 in Ordinary Shares and £200,000 in 5 per cent +Cumulative Preference Shares.</p> + + +<h3>10. <i>The New Witness</i>, June 15, 1916:</h3> + +<h3>WAR PROFITS AND THE GOVERNMENT</h3> + +<p>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 contemplate. This is not mere empty +rhetoric; the figures support the description up to the hilt. Let us +take the case of five well-known companies, all engaged in "war work," +and see to what account they have turned our soldiers' sacrifices:—<br /><br /></p> + + + +<div class='centered'> +<table border="0" cellpadding="2" width="70%" cellspacing="0" summary="WAR PROFITS AND THE GOVERNMENT"> +<tr><th align='left'>Firms.</th><th colspan="3" align='center'>Profits.</th></tr> +<tr><td> </td><th align='right'>1913</th><th align='right'>1914</th><th align='right'>1915</th></tr> +<tr><td align='left'> </td><td align='right'>£</td><td align='right'>£</td><td align='right'>£</td></tr> +<tr><td align='left'>Cammell, Laird</td><td align='right'>171,700</td><td align='right'>235,500</td><td align='right'>301,500</td></tr> +<tr><td align='left'>Curtis & Harvey</td><td align='right'>48,100</td><td align='right'>77,800</td><td align='right'>143,800</td></tr> +<tr><td align='left'>Projectile</td><td align='right'>14,000</td><td align='right'>40,400</td><td align='right'>192,700</td></tr> +<tr><td align='left'>Webley & Scott</td><td align='right'>9,500</td><td align='right'>16,400</td><td align='right'>61,300</td></tr> +<tr><td align='left'>Thornycroft</td><td align='right'>13,000</td><td align='right'>107,640</td><td align='right'>267,333</td></tr> +<tr><td align='left'> </td><td align='right'> </td><td align='right'> </td><td align='right'>(6 mos.)</td></tr> +</table></div> + +<p><br /><br />These figures can only be described as staggering—staggering, that is, +to anyone who cherishes a faint, lingering belief that "equality of +sacrifice" is to be a reality and not merely a bitter jest. Look for a +moment at the tale that these profits show! The Projectile Company has +multiplied its 1913 profit<span class='pagenum'><a name="Page_143" id="Page_143">[Pg 143]</a></span> <i>thirteen times over</i>! Five or six years ago +its affairs were in so parlous a state that 19s. had to be written off +as lost from each 20s. share. Now, as Mr. Charles Duguid reminds us, "it +is paying a first dividend of 50 per cent and is returning to the +shareholders 3s. 6d. out of the 19s. they regarded as lost." The return +on the shares, according to the same financial authority, is 400 per +cent!!!</p> + +<p>Look at the case of Thornycrofts. The profits for the first half of 1915 +are twenty times as big as the profit for the whole of 1913—an +increase, as Mr. Duguid reminds us, <i>of 3800 per cent upon the year</i>, a +year that will spell blank financial ruin, impoverishment and +destitution to the families of thousands and tens of thousands of our +fighting men!</p> + +<p>Thornycrofts are by no means peculiarly fortunate; Nobels, for instance, +have managed to earn quite a tidy little profit. Their net profit for +1915 comes out, we learn, at over half a million sterling (£529,800), +exclusive of £213,900 brought forward out of the large profit of the +preceding year, and this makes the total amount available for +distribution as much as £743,700. Even after paying a dividend of 10 per +cent and a bonus of 5 per cent, making 15 per cent, all free of income +tax, the Company has still £424,700 unallocated. In its most prosperous +year, 1913-1914, the net profit of the Nobel Dynamite Trust did not +amount to more than £381,300. We have, we need hardly say, no feeling +against Nobels or Thornycrofts or the Projectile Company. We only want +fair play in this matter. 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<span class='pagenum'><a name="Page_144" id="Page_144">[Pg 144]</a></span> 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 contemplate.</p> + +<p>The remedy for this is simple. The Government have refused to the +workman the right to extort unearned increment out of the country in its +dire necessity. The workman may not strike or cease work or even change +employment without the permission of the State. Assuredly the State has +the right to exact that obedience from him. But it is essential that it +should, and at no distant date, lay its restraining hands also upon the +employers who are earning these huge dividends, otherwise we shall have +enacted in England the tragedy that we have seen in Ireland. We shall +have a Government without moral authority, a Government which will, +therefore, be perpetually embarrassed in the conduct of war.</p> + + +<h3>11. <i>The New Witness</i>, June 15, 1916:</h3> + +<h3>WILLIAM CORY & SON</h3> + +<p>This famous coal company has taken every advantage of the demand for +coal, and can show a record profit. After providing for excess profits, +the balance of profit is £453,136, or £237,808 more than last year. As I +have again and again pointed out, I do not think the Government should +allow such huge profits to be made in war time. The coal trade is in a +few hands, and firms like Corys may be said to control it. The directors +content themselves with raising the dividend 5 per cent to 15 per cent; +but they place £100,000 to reserves, making them £500,000;<span class='pagenum'><a name="Page_145" id="Page_145">[Pg 145]</a></span> £30,000 goes +to staff pensions and £25,000 to a war fund for employees. The carry +forward is raised £30,740 to £88,969. The steamers, tugs and barges are +now to be formed as separate companies; and the French business is also +to be transferred to a subsidiary. The balance-sheet shows creditors up +£204,971, presumably to meet the excess profits liability. Debit +balances have increased £509,840, and now include Treasury bills. War +loans have been increased £280,652, and the total assets are up +£451,183, at £4,541,601, and have earned 10 per cent. When all creditors +have been paid the quick assets amount to £930,654, and amply protect +the debentures, £900,000 which are an admirable security. 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 trade; and, therefore, we +may expect that 1916-17 will be as good a year as that just ended. But I +am not in agreement with a policy of <i>laissez-faire</i> in war time unless +the policy is carried out stringently.</p> + + +<h3>HOLBROOKS</h3> + +<p>Apparently the sauce trade has not been seriously injured by the War, +for Holbrooks have increased their trading profit £4,694 to £35,170; but +income tax is higher, and £5,000 has been used as a special reserve for +investments, so the available profit is only £23,046, as against £25,055 +in the previous year. The dividend remains at 20 per cent, but £3,072 +more is carried forward than was brought in, and the Board say that the +unsettled state of the world<span class='pagenum'><a name="Page_146" id="Page_146">[Pg 146]</a></span> justifies them in doing this. 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 & +Perrins. The business is well managed by the two managing directors, who +have been in the firm since it was promoted. The alterations in the +balance-sheet are not of any moment. Quick assets total £151,557 when +liabilities have been met, and the assets have earned 7-1/2 per cent on +their book value—not a very splendid profit for a sauce.</p> + + +<h3>JAMES HINKS & SON</h3> + +<p>This famous firm of lamp makers should benefit largely by the complete +absence of German competition all over the world, and the eleven months +show the satisfactory profit of £13,595. The dividend for the previous +thirteen months was only 6 per cent, but the report now issued declares +10 per cent and a bonus of 1s. 6d., or 17-1/2 per cent—a record +distribution. Also £2,250 is placed to reserve and the carry forward is +raised from £3,603 to £6,399. As long as the War lasts we may expect +this remarkable prosperity to continue. The reserves are now in excess +of the capital. The company has earned 7-1/2 per cent on the book value +of its assets, which, in spite of goodwill and patents having been +written off, looks as though they were fully valued at £179,765. The +shares are a fair industrial speculation.<span class='pagenum'><a name="Page_147" id="Page_147">[Pg 147]</a></span></p> + + +<h3>12. <i>The Manchester Guardian</i>, June 19, 1916:</h3> + +<p>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 well, in spite of their difficulties, it is +perhaps not generally known how greatly the profits of nearly all the +public companies have increased during the last year. They have had to +pay higher wages in many cases, though not in all, their materials have +been much more costly, and their foreign trade has been hampered by +restrictions, in furtherance of the policy of preventing the enemy from +getting goods which he requires and which it is in our power to control. +Many, however, have done a large business for Allied Governments as well +as our own, especially in army equipment, and the demand for coal has +been greater than our power of supplying it. All our production has +commanded high prices, and profit margins have in most cases been very +large. It is a way that chairmen of companies have to take big profits +as being in the natural order of things, and dwell mostly on the +difficulties which have prevented them from showing even better results. +If this has obscured the real state of affairs it is desirable that the +other side of the picture should be clearly presented, for it is +impossible to understand the economic side of the War without a thorough +comprehension of its industrial effects.</p> + +<p>We give below a tabular statement of profits which have been declared +this year, with the figures for two<span class='pagenum'><a name="Page_148" id="Page_148">[Pg 148]</a></span> preceding years added so as to show +their true significance. Some are gross and others net profits, but in +this we have simply followed the methods adopted by the directors in +their reports, that being in practice the only way of showing how the +comparison stands. In some cases the capital has been increased during +the three years, but the extent to which that has occurred does not +affect the tables if they are regarded comprehensively. Some did very +badly in the first few months of the war, and the profits they declared +in 1915 look very small in comparison with those in the first column of +the tables. In those cases the third column will act as a corrective, +for in the main it shows the companies' normal earnings. It will be +noticed that some of these were very small. Here and there the company +was in the development stage, but as a rule it may be taken that the +concern was not a very profitable one in peace times. Possibly it was +over-capitalised, or over-weighted with debentures, or its plant was out +of date, or it could not get sufficient business to make full use of its +productive capacity. We shall not attempt the invidious task of singling +out which come in these categories, 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 series.</p> + +<p>For very large increases upon profits which were already good the most +notable are the shipping companies. Our list is typical rather than +exhaustive. Some of the small concerns, with only one ship, or up to +half a dozen, have done better relatively than several of the big lines, +as they were more at liberty to take advantage of the big freight-rates +which were<span class='pagenum'><a name="Page_149" id="Page_149">[Pg 149]</a></span> going. We have not set these out, however, because it does +not appear to be necessary. The dividends in virtually all cases have +been substantial, and in some cases very large indeed. It would be +useless, however, to show these in tables, as some of the leading +companies use reserves greatly exceeding their nominal capital, and +quite a number have devoted a larger proportion of their profits to +strengthening their position than to the payment of dividends. In the +case of the Moor line we are unable to give the amount of the profit +reported last year, as the balance-sheets are not issued publicly, +although we have been favoured with them occasionally.</p> + +<p>Coal, iron, engineering companies and shipbuilding companies are +bracketed together because so many of them are concerned in at least two +of those fields of industry. As our table shows, they have had a great +revival, many having been used by the Government, while all have felt +the effect of the great demand for munitions. The miscellaneous list +offers an interesting field of study, and the rubber and tea companies' +results are in some respects more striking still. We have only given a +selection of these, but they suffice to show that rubber and tea have +been very profitable since the War began. An appeal was made some time +ago with a view to the "young" rubber companies being relieved of the +excess profits tax, but our list shows how unnecessary it was to make +any special concession to the industry they represent. In the last two +months a great many of the companies have indicated that they were +setting some thousands of pounds aside for the tax.</p> + +<p>Among the other concerns which have announced<span class='pagenum'><a name="Page_150" id="Page_150">[Pg 150]</a></span> their appropriations to +meet the excess profits tax the most notable one that we recall is the +British Oil and Cake Mills Company, which expected to have to pay +£225,000. The Nitrate Producers' Steamship Company is putting £200,000 +to a reserve for the excess profits duty and income tax. Most of the big +companies have provided for the tax before striking the profit balance, +and as this is strictly correct it would hardly be fair to say that they +have concealed part of their profits. The figures would have been more +striking, however, if the gross sums had been given. 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 Company, but the Cunard +line has probably had to pay much less.</p> + +<p>The amount payable in any given case is the excess over the pre-war +standard, which is fixed by taking the best two of the three immediately +preceding years. Speaking generally, the companies do not appear to have +hurried in their payment of the tax. For the year ended March last the +total yield was estimated at £6,000,000, but the actual sum received was +only £140,000, and the £6,000,000 has not been got yet, the yield from +April 1 to June 10 being only £3,556,000. A sharp increase is bound to +come, however, in the course of the financial year. The Chancellor of +the Exchequer expects to get £86,000,000 in excess profits tax and +munitions levies by the end of March next, 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 +sums.</p> + +<p>In the tables appended the years at the tops of<span class='pagenum'><a name="Page_151" id="Page_151">[Pg 151]</a></span> columns are those in +which the profits mentioned were announced. A large proportion of the +results shown in the 1916 columns are for the year ended December last. +Some, however, are for years which have ended since then, while a few, +relating to companies which carry on business abroad, are for years +which began soon after the outbreak of the War:—<br /><br /></p> + + +<div class='centered'> +<table border="0" cellpadding="2" width="80%" cellspacing="0" summary="Profits for the year ended December last"> +<tr><th colspan="4" align='center'>SHIPPING</th></tr> +<tr><td colspan="4"> </td></tr> +<tr><td> </td><td align='right'>1916</td><td align='right'>1915</td><td align='right'>1914</td></tr> +<tr><td> </td><td align='right'>£</td><td align='right'>£</td><td align='right'>£</td></tr> +<tr><td align='left'>British and African</td><td align='right'>94,388</td><td align='right'>64,464</td><td align='right'>41,357</td></tr> +<tr><td align='left'>Booth Line</td><td align='right'>328,127</td><td align='right'>225,267</td><td align='right'>154,828</td></tr> +<tr><td align='left'>China Mutual</td><td align='right'>591,005</td><td align='right'>286,725</td><td align='right'>381,729</td></tr> +<tr><td align='left'>Court</td><td align='right'>137,446</td><td align='right'>25,034</td><td align='right'>23,890</td></tr> +<tr><td align='left'>Cunard</td><td align='right'>1,579,170</td><td align='right'>1,286,948</td><td align='right'>1,187,831</td></tr> +<tr><td align='left'>Cairn</td><td align='right'>152,152</td><td align='right'>85,988</td><td align='right'>102,318</td></tr> +<tr><td align='left'>Elder, Dempster</td><td align='right'>349,444</td><td align='right'>326,122</td><td align='right'>307,605</td></tr> +<tr><td align='left'>Eagle Oil Transport</td><td align='right'>325,928</td><td align='right'>302,897</td><td align='right'>92,866</td></tr> +<tr><td align='left'>Elder</td><td align='right'>66,266</td><td align='right'>55,305</td><td align='right'>38,975</td></tr> +<tr><td align='left'>Field</td><td align='right'>71,393</td><td align='right'>11,881</td><td align='right'>—</td></tr> +<tr><td align='left'>France, Fenwick</td><td align='right'>179,100</td><td align='right'>64,900</td><td align='right'>76,800</td></tr> +<tr><td align='left'>Gulf</td><td align='right'>188,093</td><td align='right'>39,436</td><td align='right'>65,014</td></tr> +<tr><td align='left'>Houlder Bros</td><td align='right'>118,802</td><td align='right'>95,587</td><td align='right'>102,893</td></tr> +<tr><td align='left'>Indo-China</td><td align='right'>109,089</td><td align='right'>16,020</td><td align='right'>45,364</td></tr> +<tr><td align='left'>India Gen</td><td align='right'>65,738</td><td align='right'>41,974</td><td align='right'>118,379</td></tr> +<tr><td align='left'>King</td><td align='right'>102,319</td><td align='right'>17,426</td><td align='right'>90,392</td></tr> +<tr><td align='left'>Leyland (Fredk.)</td><td align='right'>1,441,690</td><td align='right'>620,839</td><td align='right'>589,810</td></tr> +<tr><td align='left'>Lamport & Holt</td><td align='right'>332,897</td><td align='right'>149,108</td><td align='right'>200,691</td></tr> +<tr><td align='left'>London & Northern</td><td align='right'>586,299</td><td align='right'>118,419</td><td align='right'>135,541</td></tr> +<tr><td align='left'>Mercantile</td><td align='right'>259,159</td><td align='right'>93,391</td><td align='right'>129,946</td></tr> +<tr><td align='left'>Moor</td><td align='right'>335,349</td><td align='right'>—</td><td align='right'>254,000</td></tr> +<tr><td align='left'>Neptune</td><td align='right'>146,718</td><td align='right'>73,310</td><td align='right'>112,563</td></tr> +<tr><td align='left'>Nitrate Producers</td><td align='right'>381,599</td><td align='right'>134,826</td><td align='right'>125,990</td></tr> +<tr><td align='left'>Pool</td><td align='right'>601,338</td><td align='right'>118,000</td><td align='right'>—</td></tr> +<tr><td align='left'><span class='pagenum'><a name="Page_152" id="Page_152">[Pg 152]</a></span>Pyman</td><td align='right'>165,078</td><td align='right'>72,504</td><td align='right'>62,413</td></tr> +<tr><td align='left'>Royal Mail</td><td align='right'>808,731</td><td align='right'>98,232</td><td align='right'>436,470</td></tr> +<tr><td align='left'>Redcroft</td><td align='right'>117,953</td><td align='right'>13,125</td><td align='right'>21,396</td></tr> +<tr><td align='left'>Sutherland</td><td align='right'>295,220</td><td align='right'>74,841</td><td align='right'>41,779</td></tr> +<tr><td align='left'>White Star</td><td align='right'>1,968,285</td><td align='right'>887,548</td><td align='right'>1,121,268</td></tr> +<tr><td colspan="4"> </td></tr> +<tr><th colspan="4" align='center'>COAL, IRON AND ENGINEERING</th></tr> +<tr><td colspan="4"> </td></tr> +<tr><td align='left'>Albion Steam Coal</td><td align='right'>44,536</td><td align='right'>36,820</td><td align='right'>24,094</td></tr> +<tr><td align='left'>Arrol (Sir W.) & Co</td><td align='right'>119,060</td><td align='right'>49,756</td><td align='right'>51,096</td></tr> +<tr><td align='left'>Brown, Bayley's Steel</td><td align='right'>32,017</td><td align='right'>1,578</td><td align='right'>29,758</td></tr> +<tr><td align='left'>Barrow Hematite</td><td align='right'>119,377</td><td align='right'>51,518</td><td align='right'>104,664</td></tr> +<tr><td align='left'>British Aluminium</td><td align='right'>180,057</td><td align='right'>156,066</td><td align='right'>154,488</td></tr> +<tr><td align='left'>Beyer, Peacock</td><td align='right'>54,177</td><td align='right'>109,783</td><td align='right'>87,843</td></tr> +<tr><td align='left'>British Westinghouse</td><td align='right'>176,752</td><td align='right'>151,627</td><td align='right'>106,494</td></tr> +<tr><td align='left'>Brit.Ins. & Helsby</td><td align='right'>295,131</td><td align='right'>277,428</td><td align='right'>247,351</td></tr> +<tr><td align='left'>Bell Bros</td><td align='right'>145,360</td><td align='right'>45,969</td><td align='right'>128,736</td></tr> +<tr><td align='left'>Bessemer (Hy.)</td><td align='right'>55,348</td><td align='right'>35,826</td><td align='right'>23,308</td></tr> +<tr><td align='left'>Cammell, Laird</td><td align='right'>303,841</td><td align='right'>237,899</td><td align='right'>174,126</td></tr> +<tr><td align='left'>Cory (W.) and Son</td><td align='right'>453,136</td><td align='right'>215,328</td><td align='right'>313,906</td></tr> +<tr><td align='left'>Cargo Fleet</td><td align='right'>162,276</td><td align='right'>131,142</td><td align='right'>124,219</td></tr> +<tr><td align='left'>Callender's Cable</td><td align='right'>113,266</td><td align='right'>98,692</td><td align='right'>91,861</td></tr> +<tr><td align='left'>Carlton M. Colliery</td><td align='right'>188,545</td><td align='right'>128,413</td><td align='right'>177,025</td></tr> +<tr><td align='left'>Clayton & Shuttleworth</td><td align='right'>72,787</td><td align='right'>44,643</td><td align='right'>53,496</td></tr> +<tr><td align='left'>Consolidated Cambrian</td><td align='right'>185,139</td><td align='right'>140,097</td><td align='right'>147,648</td></tr> +<tr><td align='left'>Crossley Bros</td><td align='right'>65,337</td><td align='right'>15,347</td><td align='right'>42,517</td></tr> +<tr><td align='left'>D. Davis</td><td align='right'>200,127</td><td align='right'>215,744</td><td align='right'>217,970</td></tr> +<tr><td align='left'>Dorman, Long</td><td align='right'>404,524</td><td align='right'>237,579</td><td align='right'>257,863</td></tr> +<tr><td align='left'>Edinburgh Collier's</td><td align='right'>64,807</td><td align='right'>17,420</td><td align='right'>63,969</td></tr> +<tr><td align='left'>Fife Coal</td><td align='right'>224,058</td><td align='right'>89,866</td><td align='right'>—</td></tr> +<tr><td align='left'>Gt. West. Colliery</td><td align='right'>137,008</td><td align='right'>111,821</td><td align='right'>158,420</td></tr> +<tr><td align='left'>Hadfields</td><td align='right'>265,403</td><td align='right'>139,301</td><td align='right'>109,513</td></tr> +<tr><td align='left'>Henley's Tel</td><td align='right'>153,224</td><td align='right'>112,898</td><td align='right'>106,380</td></tr> +<tr><td align='left'>Howard & Bullough</td><td align='right'>136,152</td><td align='right'>32,766</td><td align='right'>163,066</td></tr> +<tr><td align='left'>Jessop (W) & Sons</td><td align='right'>103,726</td><td align='right'>60,354</td><td align='right'>87.343</td></tr> +<tr><td align='left'><span class='pagenum'><a name="Page_153" id="Page_153">[Pg 153]</a></span>Knowles (A.) & Sons</td><td align='right'>47,199</td><td align='right'>18,329</td><td align='right'>29,140</td></tr> +<tr><td align='left'>Leyland Motors</td><td align='right'>252,107</td><td align='right'>85,037</td><td align='right'>—</td></tr> +<tr><td align='left'>Lysaght (John)</td><td align='right'>414,764</td><td align='right'>313,707</td><td align='right'>330,576</td></tr> +<tr><td align='left'>Locket's Merthyr Colleries</td><td align='right'>45,635</td><td align='right'>6,229</td><td align='right'>22,238</td></tr> +<tr><td align='left'>Met'n Carriage</td><td align='right'>372,140</td><td align='right'>321,091</td><td align='right'>365,739</td></tr> +<tr><td align='left'>Newton, Chambers</td><td align='right'>60,669</td><td align='right'>4,182</td><td align='right'>89,523</td></tr> +<tr><td align='left'>N. B. Locomotive</td><td align='right'>174,241</td><td align='right'>160,644</td><td align='right'>140,889</td></tr> +<tr><td align='left'>North's Nav. Coal</td><td align='right'>130,071</td><td align='right'>65,578</td><td align='right'>100,144</td></tr> +<tr><td align='left'>Parkgate Iron</td><td align='right'>107,344</td><td align='right'>66,643</td><td align='right'>85,169</td></tr> +<tr><td align='left'>Projectile</td><td align='right'>194,136</td><td align='right'>30,739</td><td align='right'>18,880</td></tr> +<tr><td align='left'>Powell Duffryn</td><td align='right'>438,799</td><td align='right'>422,204</td><td align='right'>364,421</td></tr> +<tr><td align='left'>Pease & Partners</td><td align='right'>435,772</td><td align='right'>248,216</td><td align='right'>385,975</td></tr> +<tr><td align='left'>Rhymney Iron</td><td align='right'>127,733</td><td align='right'>52,488</td><td align='right'>131,901</td></tr> +<tr><td align='left'>S. Durham Steel</td><td align='right'>239,868</td><td align='right'>150,257</td><td align='right'>302,955</td></tr> +<tr><td align='left'>Shelton</td><td align='right'>109,554</td><td align='right'>63,465</td><td align='right'>81,185</td></tr> +<tr><td align='left'>Stewarts & Lloyds</td><td align='right'>256,308</td><td align='right'>233,420</td><td align='right'>246,065</td></tr> +<tr><td align='left'>Swan, Hunter, etc</td><td align='right'>305,083</td><td align='right'>217,498</td><td align='right'>264,124</td></tr> +<tr><td align='left'>United Collieries</td><td align='right'>216,065</td><td align='right'>57,600</td><td align='right'>100,503</td></tr> +<tr><td align='left'>Wigan Coal, etc</td><td align='right'>143,288</td><td align='right'>44,829</td><td align='right'>138,118</td></tr> +<tr><td colspan="4"> </td></tr> +<tr><th colspan="4" align='center'>MISCELLANEOUS</th></tr> +<tr><td colspan="4"> </td></tr> +<tr><td align='left'>Angus (Geo.) & Co</td><td align='right'>54,461</td><td align='right'>43,574</td><td align='right'>32,123</td></tr> +<tr><td align='left'>Burmah Oil</td><td align='right'>1,413,170</td><td align='right'>1,411,279</td><td align='right'>1,363,389</td></tr> +<tr><td align='left'>Bradford Dyers</td><td align='right'>568,623</td><td align='right'>387,923</td><td align='right'>430,081</td></tr> +<tr><td align='left'>Bleachers' Association</td><td align='right'>416,394</td><td align='right'>197,835</td><td align='right'>423,416</td></tr> +<tr><td align='left'>Bryant and May</td><td align='right'>115,159</td><td align='right'>101,616</td><td align='right'>90,158</td></tr> +<tr><td align='left'>Broxburn Oil</td><td align='right'>46,729</td><td align='right'>22,252</td><td align='right'>57,046</td></tr> +<tr><td align='left'>British Cotton and Wool</td></tr> +<tr><td align='left'>Dyers</td><td align='right'>93,524</td><td align='right'>42,297</td><td align='right'>9,290</td></tr> +<tr><td align='left'>Brunner, Mond</td><td align='right'>1,011,590</td><td align='right'>799,322</td><td align='right'>769,343</td></tr> +<tr><td align='left'>Bovril</td><td align='right'>168,796</td><td align='right'>137,584</td><td align='right'>119,813</td></tr> +<tr><td align='left'>Buttons</td><td align='right'>63,297</td><td align='right'>38,880</td><td align='right'>32,834</td></tr> +<tr><td align='left'>Borax Consolidated</td><td align='right'>205,825</td><td align='right'>195,449</td><td align='right'>235,285</td></tr> +<tr><td align='left'>Barlow & Jones</td><td align='right'>46,798</td><td align='right'>38,936</td><td align='right'>33,584</td></tr> +<tr><td align='left'>British Oil, etc., Mills</td><td align='right'>243,110</td><td align='right'>111,203</td><td align='right'>116,541</td></tr> +<tr><td align='left'>British and Argentine Meat</td><td align='right'>651,289</td><td align='right'>67,288</td><td align='right'>—</td></tr> +<tr><td align='left'>Curtis's & Harvey</td><td align='right'>143,830</td><td align='right'>77,754</td><td align='right'>48,117</td></tr> +<tr><td align='left'>Courtaulds</td><td align='right'>741,668</td><td align='right'>520,349</td><td align='right'>474,154<a name="FNanchor_89_89" id="FNanchor_89_89"></a><a href="#Footnote_89_89" class="fnanchor">[89]</a></td></tr> +<tr><td align='left'>Calico Prin. (half yr.)</td><td align='right'>176,521</td><td align='right'>—</td><td align='right'>55,495</td></tr> +<tr><td align='left'>E. Velvet, etc., Dyers</td><td align='right'>70,833</td><td align='right'>61,161</td><td align='right'>72,467</td></tr> +<tr><td align='left'>Fore St. Warehouse</td><td align='right'>48,957</td><td align='right'>28,597</td><td align='right'>—</td></tr> +<tr><td align='left'>Forestal Land</td><td align='right'>900,947</td><td align='right'>234,065</td><td align='right'>383,362</td></tr> +<tr><td align='left'>Fine Spinners</td><td align='right'>535,854</td><td align='right'>391,057</td><td align='right'>613,415</td></tr> +<tr><td align='left'>Gas Light & Coke</td><td align='right'>604,314</td><td align='right'>449,510</td><td align='right'>522,710</td></tr> +<tr><td align='left'>Hollins (W.) & Co</td><td align='right'>105,639</td><td align='right'>65,786</td><td align='right'>65,986</td></tr> +<tr><td align='left'>Henry (A. and S.)</td><td align='right'>249,713</td><td align='right'>104,098</td><td align='right'>122,528</td></tr> +<tr><td align='left'>Imperial Tobacco</td><td align='right'>3,699,891</td><td align='right'>3,533,360</td><td align='right'>3,354,476</td></tr> +<tr><td align='left'>Lever Bros</td><td align='right'>1,265,933</td><td align='right'>1,152,107</td><td align='right'>988,238</td></tr> +<tr><td align='left'>Linen Thread</td><td align='right'>257,418</td><td align='right'>188,773</td><td align='right'>189,142</td></tr> +<tr><td align='left'>Lennards</td><td align='right'>41,300</td><td align='right'>34,457</td><td align='right'>30,377</td></tr> +<tr><td align='left'>Lister and Co</td><td align='right'>133,874</td><td align='right'>94,403</td><td align='right'>151,458</td></tr> +<tr><td align='left'>Lyons (J.) & Co</td><td align='right'>278,293</td><td align='right'>276,403</td><td align='right'>353,303</td></tr> +<tr><td align='left'>Maypole Dairy</td><td align='right'>528,274</td><td align='right'>488,026</td><td align='right'>489,643</td></tr> +<tr><td align='left'>Mandleberg (J.)</td><td align='right'>74,506</td><td align='right'>52,049</td><td align='right'>57,964</td></tr> +<tr><td align='left'>Pumpherston Oil</td><td align='right'>134,927</td><td align='right'>74,010</td><td align='right'>140,025</td></tr> +<tr><td align='left'>Rylands & Sons (half yr.)</td><td align='right'>120,032</td><td align='right'>55,179</td><td align='right'>—</td></tr> +<tr><td align='left'>Rotherham (Jer.)</td><td align='right'>104,925</td><td align='right'>74,638</td><td align='right'>59,692</td></tr> +<tr><td align='left'>Salt Union</td><td align='right'>140,524</td><td align='right'>89,443</td><td align='right'>82,791</td></tr> +<tr><td align='left'>Sears (J.) & Co</td><td align='right'>82,070</td><td align='right'>65,032</td><td align='right'>57,061</td></tr> +<tr><td align='left'>Stead & Simpson</td><td align='right'>59,898</td><td align='right'>32,762</td><td align='right'>30,357</td></tr> +<tr><td align='left'>Samnuggur Jute</td><td align='right'>299,829</td><td align='right'>44,307</td><td align='right'>86,574</td></tr> +<tr><td align='left'>Spillers & Bakers</td><td align='right'>217,416</td><td align='right'>367,866</td><td align='right'>89,351</td></tr> +<tr><td align='left'>United Alkali</td><td align='right'>341,986</td><td align='right'>217,081</td><td align='right'>193,604</td></tr> +<tr><td align='left'>Winterbottom Book Cloth</td><td align='right'>171,191</td><td align='right'>119,795</td><td align='right'>165,213</td></tr> +<tr><td align='left'>Webley & Scott</td><td align='right'>61,277</td><td align='right'>16,376</td><td align='right'>9,511</td></tr> +<tr><td align='left'>Whiteaway, Laidlaw</td><td align='right'>131,577</td><td align='right'>107,952</td><td align='right'>129,790</td></tr> +<tr><td align='left'>Watson (Joseph)</td><td align='right'>122,001</td><td align='right'>89,290</td><td align='right'>103,999</td></tr> +<tr><td align='left'><span class='pagenum'><a name="Page_155" id="Page_155">[Pg 155]</a></span>Young's Paraffin</td><td align='right'>47,953</td><td align='right'>24,139</td><td align='right'>80,152</td></tr> +<tr><td colspan="4"> </td></tr> +<tr><th colspan="4" align='center'>RUBBER, &c.</th></tr> +<tr><td colspan="4"> </td></tr> +<tr><td align='left'>Anglo-Malay</td><td align='right'>121,224</td><td align='right'>76,931</td><td align='right'>104,583</td></tr> +<tr><td align='left'>Assam-Dooars</td><td align='right'>51,674</td><td align='right'>22,269</td><td align='right'>—</td></tr> +<tr><td align='left'>Amalgamated Tea</td><td align='right'>157,818</td><td align='right'>98,176</td><td align='right'>78,787</td></tr> +<tr><td align='left'>Batu Tiga</td><td align='right'>56,293</td><td align='right'>22,315</td><td align='right'>24,762</td></tr> +<tr><td align='left'>Bukit Sembawang</td><td align='right'>33,989</td><td align='right'>14,344</td><td align='right'>6,090</td></tr> +<tr><td align='left'>Consolidated Tea</td><td align='right'>479,815</td><td align='right'>289,262</td><td align='right'>247,633</td></tr> +<tr><td align='left'>Chersonese</td><td align='right'>59,602</td><td align='right'>35,019</td><td align='right'>29,081</td></tr> +<tr><td align='left'>Ceylon Tea</td><td align='right'>163,899</td><td align='right'>108,300</td><td align='right'>93,900</td></tr> +<tr><td align='left'>Damansara</td><td align='right'>48,680</td><td align='right'>30,580</td><td align='right'>29,081</td></tr> +<tr><td align='left'>Eastern Produce</td><td align='right'>126,406</td><td align='right'>71,724</td><td align='right'>69,004</td></tr> +<tr><td align='left'>Grand Central</td><td align='right'>248,201</td><td align='right'>132,019</td><td align='right'>87,554</td></tr> +<tr><td align='left'>Highlands & Lowlands</td><td align='right'>108,343</td><td align='right'>75,425</td><td align='right'>79,079</td></tr> +<tr><td align='left'>Jorehaut Tea,</td><td align='right'>64,508</td><td align='right'>43,204</td><td align='right'>34,088</td></tr> +<tr><td align='left'>Jhanzie Tea</td><td align='right'>35,881</td><td align='right'>17,286</td><td align='right'>15,113</td></tr> +<tr><td align='left'>Klanang</td><td align='right'>37,918</td><td align='right'>20,458</td><td align='right'>24,257</td></tr> +<tr><td align='left'>Kuala Selangor</td><td align='right'>47,748</td><td align='right'>42,013</td><td align='right'>32,798</td></tr> +<tr><td align='left'>Kanan Devan</td><td align='right'>208,612</td><td align='right'>120,119</td><td align='right'>106,909</td></tr> +<tr><td align='left'>Linggi</td><td align='right'>125,739</td><td align='right'>78,899</td><td align='right'>83,746</td></tr> +<tr><td align='left'>Lunuva</td><td align='right'>32,994</td><td align='right'>12,599</td><td align='right'>12,602</td></tr> +<tr><td align='left'>Malacca</td><td align='right'>252,006</td><td align='right'>144,224</td><td align='right'>131,156</td></tr> +<tr><td align='left'>Nuwara Eliya</td><td align='right'>49,915</td><td align='right'>21,921</td><td align='right'>—</td></tr> +<tr><td align='left'>Nordanal</td><td align='right'>39,658</td><td align='right'>36,686</td><td align='right'>49,344</td></tr> +<tr><td align='left'>Panawatte Tea</td><td align='right'>38,167</td><td align='right'>23,833</td><td align='right'>—</td></tr> +<tr><td align='left'>Rub. Est., Johore</td><td align='right'>42,703</td><td align='right'>22,541</td><td align='right'>10,931</td></tr> +<tr><td align='left'>Rani Travancore</td><td align='right'>63,791</td><td align='right'>35,349</td><td align='right'>32,259</td></tr> +<tr><td align='left'>Singlo Tea</td><td align='right'>68,857</td><td align='right'>36,166</td><td align='right'>31,449</td></tr> +<tr><td align='left'>Sungei Way</td><td align='right'>38,532</td><td align='right'>36,533</td><td align='right'>25,624</td></tr> +<tr><td align='left'>Straits</td><td align='right'>157,678</td><td align='right'>164,750</td><td align='right'>185,426</td></tr> +<tr><td align='left'>Sungei Kapar</td><td align='right'>59,966</td><td align='right'>39,426</td><td align='right'>42,364</td></tr> +<tr><td align='left'>Selangor</td><td align='right'>55,457</td><td align='right'>58,007</td><td align='right'>41,940</td></tr> +<tr><td align='left'>Seremban</td><td align='right'>43,410</td><td align='right'>24,198</td><td align='right'>22,471</td></tr> +<tr><td align='left'>Sunnygama</td><td align='right'>63,688</td><td align='right'>43,142</td><td align='right'>31,931</td></tr> +</table></div> + +<p><br /><br /><span class='pagenum'><a name="Page_156" id="Page_156">[Pg 156]</a></span></p> + + +<h3>13. <i>The New Witness</i>, June 22, 1916:</h3> + +<p>The Tenth Ordinary General Meeting of the Forestal Land, Timber, and +Railways Co. (Ltd.) was held on Friday last, at Winchester House, E.C., +Baron Emile B. d'Erlanger (chairman of the company), presiding.</p> + +<p>The chairman said that the share capital remained unaltered, and the +debenture debt had only been decreased by the yearly amortisation. No +less than £143,600 had been added to the depreciation account, making it +£634,170. Credit balances had swollen by the sum of £175,589. The profit +on the year was £900,947, as against £234,064 last year. On the credit +side, properties stood at £4,405,917, and had increased by the new +properties acquired. The live stock stood at £34,000 less than last +year, due to a smaller stock of "Invernada" cattle. The stocks of +extract and felled timber had risen by £115,000, principally owing to a +larger stock of felled timber. Debit balances had risen to £156,000. In +the profit and loss account the trading profit was £1,281,299, as +compared with £614,879 last year, and, after deducting London charges, +debenture interest, depreciation, and legal reserve, there was left a +profit of £900,947.</p> + + +<h3>14. <i>The Westminster Gazette</i>, July 15, 1916:</h3> + +<p>The accounts of the W. and C. T. Jones Steamship Company, Limited, of +Cardiff, for the year ended June 30, show that, with a fleet of thirteen +steamers,<span class='pagenum'><a name="Page_157" id="Page_157">[Pg 157]</a></span> £524,855 profit has been earned, representing 187 per cent on +the capital of £280,000.</p> + +<p>The previous year's earnings were £87,105.</p> + +<p>A dividend of 15 per cent, making, with 10 per cent interim dividend, 25 +per cent for the year, free of income tax, is declared.</p> + + +<h3>15. <i>The New Statesman</i>, July 1, 1916:</h3> + +<p>The prolonged debate in the House of Commons on the Excess Profits Tax +ended on Monday in a vote which found Mr. McKenna's critics in a small +though substantial minority. The point actually at issue was not very +simple, and in spite of repeated explanations several of the most +persistent speakers never grasped it. 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 20 +per cent above their normal profits are in any event taken by the State. +This meant, of course, that a controlled firm which made a profit of +£50,000 in 1914, and of £60,000 (due to war contracts) in 1916, would +retain the whole of their excess profits without reduction. Mr. McKenna +argued that such firms, having the advantages of practically compulsory +labour and freedom from Trade Union restrictions, ought, at any rate, +not to be let off more lightly than uncontrolled firms. It is amazing +that such a proposition should have to be stated at all.<span class='pagenum'><a name="Page_158" id="Page_158">[Pg 158]</a></span></p> + +<p>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 +exist. If engineering firms are permitted to maintain their old standard +of profit and dividend (with fair arrangements, of course, for new +capital and depreciation), they ought to be more than satisfied. Great +heat was developed on the debate by the representatives of various +capitalist interests, notably Sir Arthur Markham, Mr. J. M. Henderson, +Sir Croydon Marks, and Sir Alfred Mond; and some of them were not even +ashamed to hint that if their demands were not agreed to there might be +a diminution of output. At a moment when tens of thousands of men are +giving up their whole incomes as well as their savings, in order to +fight for their country, 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-profits. +When one remembers that it was these same gentlemen who were so +enthusiastic for compelling younger and poorer men to sacrifice +everything they possess, it is hard to find words to say what ought to +be said of them. We hope, at all events, that the names of those who +voted against the Government on the division will not be allowed to be +forgotten in the constituencies.<span class='pagenum'><a name="Page_159" id="Page_159">[Pg 159]</a></span></p> + + +<h3>16. <i>Pall Mall Gazette</i>, January 31, 1916:</h3> + +<p class='center'><i>From Our Own Correspondent.</i><br /> +<span class="smcap" style="margin-left: 6em;">Paris</span>, <i>Saturday</i>.</p> + +<p>The trouble that has been brewing for months past at the Central Markets +has now come to a head. A well-known dealer was suspended by the Prefect +of Police; the Home Office thought this insufficient and revoked his +licence; and there is now talk of a prosecution.</p> + +<p>The Central Markets are not a place which the habitual Parisian cares to +venture into. Apart from its own peculiar and particularly pungent +odours, the markets are peopled with a class of stallkeeper who do not +exactly keep their tongue in their pocket, as the French say. They have, +in fact, a flow of language, and it requires a brave man to make a stand +against it—and all the brave men are at the front just now.</p> + +<p>But the Central Markets not only have a language of their own; they have +ways and methods of dealing that require long years of acquaintance to +fathom, so only experts venture to make head or tail of them.</p> + +<p>All this means that between the Central Markets, at the depository, and +most of all that Paris wants to eat, and the actual consumer as +represented by the ordinary housewife starting out on her daily round of +shopping, there move and live a host of intermediaries. Large as their +number is, they cannot compare with the middlemen who squeeze in between +the Central Markets and the actual grower, breeder, or producer.</p> + +<p>With so many hands for produce to pass through,<span class='pagenum'><a name="Page_160" id="Page_160">[Pg 160]</a></span> each one eager to grab +all that it can for itself before it passes the stuff along, it is small +wonder that prices grow, not taking into account the burden of taxes and +other charges the goods have to bear on their journey from the farm to +the household.</p> + + +<h3>ARMY OF INSPECTORS</h3> + +<p>The police have an army of inspectors for watching and superintending +the work of the markets. The rules drawn up for their regulation would +more than fill an old-fashioned three-volume novel, and each one +provides for penalties severer and stricter than the other. Yet the +profitable game of rigging the market and everything connected with it +is in full swing, and no one is more fooled than the police, unless it +be the public.</p> + +<p>Since the war broke out, the State, the city, and the public alike, +backed up by the small retail trader, have done their best to get even +with the Central Markets. The more they try to put things right the +worse they seem to get. Prices appear to ease for a brief space, but +they soon become inflated once more. Or, if they do not, the particular +commodity concerned simply disappears in some mysterious fashion until +the "powers that be" submit to the inevitable, and shut their eyes to +scheming they are helpless to prevent.</p> + + +<h3>AS MUCH FOOD AS USUAL</h3> + +<p>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 +supplies. Arrivals of fruits, vegetables, and fish in the last quarter +of the<span class='pagenum'><a name="Page_161" id="Page_161">[Pg 161]</a></span> past year were exactly half the average supply of an ordinary +year; eggs were two-thirds below the proper figures, meat some 4,000 +tons short, butter six tons, cheeses only a ton.</p> + +<p>Of course, the population of the city has diminished also to a certain +extent, 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 +front.</p> + +<p>They have been replaced by refugees, sick and wounded soldiers, huge war +administrations of one kind and another. Paris consequently wants almost +as much feeding as in ordinary times, not taking any account of the fact +that portions of both the British and French Armies still buy provisions +on the Paris markets.</p> + +<p>Notwithstanding the legitimate reasons that can be put forward to +explain the upward trend of prices, the authorities know well enough +that all is not so innocent and above board as it appears. One or two +more glaring instances than usual of manipulation have put them on the +right track at last. Other steps may also be expected, 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 ignore.<span class='pagenum'><a name="Page_162" id="Page_162">[Pg 162]</a></span></p> + + +<h3>17. <i>The Daily News</i>, August 16, 1915:</h3> + +<h3>A YEAR OF ECONOMIC WAR</h3> + +<p>The <i>Vorwaerts</i>, without boasting, as Dr. Helfferich has been doing, of +Germany's financial invincibility, yet sees cause for satisfaction in +the economic condition of the Empire after twelve months of war.</p> + +<p>The upheaval of the first week of war was indeed serious, and the grim +spectre of unemployment was in the air. But it was soon laid.</p> + +<p>The best results were obtained in the sphere of unemployment. At the +beginning of the war it was about 22-1/2 per cent, in October only 10·9 +per cent, and in May it had further sunk to 2·9 per cent. The figures +for June were 2·6 per cent as against 2·5 per cent in the previous +June.... Similarly the daily output of coal of the Rhenish Westphalian +Coal Syndicate, which in July, 1914, reached 327,974 tons, sank in +August to 170,816 tons, in September rose again to 211,995, and in +October to 223,760, the figures for that month being 60 per cent of +those of the previous October.... In later months, in spite of the +calling up of more and more workers, it has only been 25 to 27 per cent +below the normal.</p> + +<p>The writer tells the same story of the iron and textile industries, and +traces the good results to the fact that the supplies of raw materials +were far greater than had been thought. For instance, there were about +700,000 bales of cotton more than are needed in a normal year. Besides +which the stores of conquered countries were at the disposal of the +con<span class='pagenum'><a name="Page_163" id="Page_163">[Pg 163]</a></span>querors. The only trades which really suffered were those in +luxuries.</p> + +<p>The article concludes thus:</p> + +<div class="blockquot"><p>The German trade has survived the shocks of the first year of war +better than the most convinced optimist could have hoped, and +better than the organisation of other belligerents. All fears of +immediate inevitable industrial collapse which haunted us at the +beginning of the war have been dissipated. Instead of this we meet +in all industrial circles with the consciousness [often much +exaggerated] that "We can endure."</p></div> + +<p>The words in brackets are significant.</p> + + +<h3>18. <i>Pall Mall Gazette</i>, November 10, 1916:</h3> + +<div class='blockquot'> +<h3>LIVING ON WAR</h3> + +<h4>KRUPPS' PROFIT JUMPS FROM 1-1/2 MILLIONS TO 4-1/2</h4> +<p class='author'><span class="smcap">Amsterdam</span>, <i>Tuesday Night</i>. +</p> + +<p>An Essen telegram states that the clear profit last year of Krupps +amounted to 86,400,000 marks (£4,320,000), as compared with a profit of +33,900,000 marks (£1,695,000) in the preceding year. A dividend of 12 +per cent has been distributed.—Reuter.<span class='pagenum'><a name="Page_164" id="Page_164">[Pg 164]</a></span></p> +</div> + + +<h3><i>19. Pall Mall Gazette:</i></h3> + +<h3>GERMAN DIVIDENDS</h3> + +<h4>ECONOMIC POSITION OF SOME OF HER COMPANIES</h4> + +<p>The 1914 dividends of over sixty limited companies, nearly all German, +and the remainder Austrian, show that in the case of sixteen companies +the dividends amounted to 20 per cent or over, the average being 25-3/16 +per cent. These companies (says the <i>Morning Post</i>) are mainly engaged +in the production of leather, dynamite, explosives, india-rubber, arms, +ammunition, and powder. In one case, that of an explosives company in +Hamburg, the dividend attained 40 per cent.</p> + +<p>Germany is still barring the Swiss frontier, and for the last five days +the German post arrived at Berne very late or not at all, thus pointing +to great activity in military matters beyond the German-Swiss frontier.</p> + +<p>As further proof, if proof were needed, of the sufficiency of Germany's +food supplies, it is pointed out that she now offers to send to +Switzerland large quantities of potatoes.</p> + + +<h3>20. <i>The Times</i>, July 5, 1916:</h3> + +<div class='blockquot'><h3> +WAR PROFIT-MONGERS IN RUSSIA</h3> +<p class='center'><i>From our Correspondent.</i><br /> +<span class="smcap" style="margin-left: 6em;">Petrograd</span>, <i>July 2</i>. +</p> + +<p>The clergy will to-morrow publicly anathematise the "freebooters of the +rear," who are amassing huge fortunes at the expense of the public.<span class='pagenum'><a name="Page_165" id="Page_165">[Pg 165]</a></span></p> +</div> + +<h3>21. <i>The Westminster Gazette</i>, Aug. 28, 1916:</h3> + +<div class='blockquot'> +<h3> +GERMAN WAR SCANDALS</h3> +<h4>700 PER CENT PROFIT FOR EAST PRUSSIAN LANDOWNERS</h4> + +<p class='author'><span class="smcap">Zurich</span>, <i>Sunday</i>. +</p> + +<p>Details of several recent corrupt affairs which have come to light in +Germany have reached Switzerland.</p> + +<p>At Mainz a timber merchant was arrested for bribing army officers to +secure contracts for his firm. The official investigation revealed that +he had paid a total of £50,000 in bribes to army officers. Some of the +individual bribes were as high as £2,500. This timber merchant, who was +almost a poor man before the war, has accumulated in two years a fortune +which compelled him to pay income-tax on an income of £25,000 per annum.</p> + +<p>Another scandalous affair was discovered in Herr von Batocki's new +Imperial Food Department. One of his officials, Bernot by name, was +bribed by numerous East Prussian landowners to have the crops from their +estates bought by the Government at exorbitant prices. Bernot pocketed +some £15,000, and the landowners in question sold their wheat at a +profit of 700 per cent.—Wireless Press.<br /><br /><span class='pagenum'><a name="Page_166" id="Page_166">[Pg 166]</a></span></p> +</div> + + +<div class="bbox"> +<h4><i>BY THE SAME AUTHOR</i></h4> +<p><span class='pagenum'><a name="Page_167" id="Page_167">[Pg 167]</a></span></p> + +<h2>LETTERS FROM GREECE</h2> + +<p class='center'>F'cap 8vo. 2s. <i>net</i><span class='pagenum'><a name="Page_168" id="Page_168">[Pg 168]</a></span></p> + +<h2>CASSANDRA IN TROY</h2> + +<p class='center'>Sm. 4to. 5s. <i>net</i></p></div> + +<p><br /><br /><span class='pagenum'><a name="Page_169" id="Page_169">[Pg 169]</a></span></p> + + + +<h2><a name="MARTIN_SECKER" id="MARTIN_SECKER"></a><i>MARTIN SECKER</i></h2> + +<div class='blockquot'><h3><i>HIS COMPLETE CATALOGUE MCMXVII</i></h3> +<p><span class='pagenum'><a name="Page_170" id="Page_170">[Pg 170]</a></span></p> +<p><i>The Books in this list should be obtainable from all Booksellers and +Libraries, and if any difficulty is experienced the Publisher will be +glad to be informed of the fact. He will also be glad if those +interested in receiving from time to time Announcement Lists, +Prospectuses, &c., of new and forthcoming books from Number Five John +Street will send their names and addresses to him for this purpose. Any +book in this list may be obtained on approval through the booksellers, +or direct from the Publisher, on remitting him the published price, plus +the postage.</i></p> + +<p><i>All prices indicated in this Catalogue are NET.</i></p> + +<p><i>MARTIN SECKER<br />Publisher Number Five John Street <br />Adelphi London<br /><br /> +Telephone Gerrard 4779 <br />Telegraphic Address: <br />Psophidian London</i><span class='pagenum'><a name="Page_171" id="Page_171">[Pg 171]</a></span></p> +</div> + +<hr style="width: 65%;" /> +<h1>Martin Secker's Catalogue</h1> + + +<h3>PART ONE INDEX OF AUTHORS</h3> + + + +<div class='centered'> +<table border="0" cellpadding="2" width="95%" cellspacing="0" summary="INDEX OF AUTHORS"> +<tr><th align='left'><span style="margin-left: 1em;">ABERCROMBIE, LASCELLES</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Speculative Dialogues</span>.</span></td><td align='left'><i>Cr. 8vo.</i></td><td align='right'><i>5s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Hardy: A Critical Study</span>.</span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Epic</span> (<i>The Art and Craft of Letters</i>).</span></td><td align='left'><i>F'cap 8vo.</i></td><td align='right'><i>1s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">AFLALO, F. G.</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Behind the Ranges</span>.</span></td><td align='left'><i>Wide Demy 8vo.</i></td><td align='right'><i>10s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Regilding the Crescent</span>.</span></td><td align='left'><i>Demy 8vo.</i></td><td align='right'><i>10s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Birds in the Calendar</span>.</span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>3s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">ALLSHORN, LIONEL</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Stupor Mundi</span>.</span></td><td align='left'><i>Medium Octavo.</i></td><td align='right'><i>16s</i>.</td></tr> +<tr><th align='left'><span style="margin-left: 1em;">APPERSON, G. L.</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Social History of Smoking</span>.</span></td><td align='left'><i>Post 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">ARMSTRONG, DONALD</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Marriage of Quixote</span>.</span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">ARTZIBASHEF, MICHAEL</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Sanine</span>. <i>Preface by Gilbert Cannan</i>.</span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Breaking-Point</span>.</span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Millionaire</span>. <i>Intro. by the Author.</i></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Tales of the Revolution</span>.</span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">BARRINGTON, MICHAEL</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Grahame of Claverhouse</span>.</span></td><td align='left'><i>Imperial 8vo.</i></td><td align='right'><i>30s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><i>Edition de Luxe</i></span></td><td align='left'> </td><td align='right'><i>63s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">BENNETT, ARNOLD</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Those United States</span>.</span></td><td align='left'><i>Post 8vo.</i></td><td align='right'><i>2s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">BLACK, CLEMENTINA</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Linleys of Bath</span>.</span></td><td align='left'><i>Medium 8vo.</i></td><td align='right'><i>16s.</i></td></tr> +<tr><td align='left'><span class='pagenum'><a name="Page_172" id="Page_172">[Pg 172]</a></span><span style="margin-left: 2em;"><span class="smcap">The Cumberland Letters</span>.</span></td><td align='left'><i>Med. 8vo.</i></td><td align='right'><i>16s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">BOULGER, D. C.</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Battle of the Boyne</span>.</span></td><td align='left'><i>Med. 8vo</i>. <i>21s</i>.</td></tr> +<tr><th align='left'><span style="margin-left: 1em;">BROWN, IVOR</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Years of Plenty</span>.</span></td><td align='left'><i>Crown 8vo</i>.</td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Security</span>.</span></td><td align='left'><i>Crown 8vo</i>.</td><td align='right'><i>6s</i>.</td></tr> +<tr><th align='left'><span style="margin-left: 1em;">BURROW, C. KENNETT</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Carmina Varia</span>.</span></td><td align='left'><i>F'cap 8vo</i>.</td><td align='right'><i>2s. 6d</i>.</td></tr> +<tr><th align='left'><span style="margin-left: 1em;">CALDERON, GEORGE (With St. John Hankin)</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Thompson: A Comedy</span>.</span></td><td align='left'><i>Sq. Cr</i>. 8<i>vo</i>. 2<i>s</i>.</td></tr> +<tr><th align='left'><span style="margin-left: 1em;">CANNAN, GILBERT</span></th></tr> +<tr><td align='left'><span style="margin-left: 1.5em;"><span class="smcap"> Butler: A Critical Study</span>.</span></td><td align='left'><i>Dy. 8vo</i>.</td><td align='right'><i>7s. 6d</i>.</td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Satire</span> (<i>Art and Craft of Letters</i>).</span></td><td align='left'><i>F'cap 8vo</i>.</td><td align='right'><i>1s</i>.</td></tr> +<tr><th align='left'><span style="margin-left: 1em;">CHESTERTON, G. K.</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Magic: A Fantastic Comedy</span>.</span></td><td align='left'><i>Sq. Cr. 8vo</i>.</td><td align='right'><i>2s</i>.</td></tr> +<tr><th align='left'><span style="margin-left: 1em;">COKE, DESMOND</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Art of Silhouette</span>.</span></td><td align='left'><i>Demy 8vo</i>.</td><td align='right'><i>10s. 6d</i>.</td></tr> +<tr><th align='left'><span style="margin-left: 1em;">CRAVEN, A. SCOTT</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Fool's Tragedy</span>.</span></td><td align='left'><i>Crown 8vo</i>.</td><td align='right'><i>6s</i>.</td></tr> +<tr><th align='left'><span style="margin-left: 1em;">CROSLAND, T. W. H.</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The English Sonnet</span>.</span></td><td align='left'><i>Demy 8vo.</i></td><td align='right'><i>7s. 6d</i>.</td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Collected Poems</span>.</span></td><td align='left'><i>Small 4vo</i>.</td><td align='right'><i>7s. 6d</i>.</td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">War Poems</span>.</span></td><td align='left'><i>Crown 8vo</i>.</td><td align='right'><i>1s</i>.</td></tr> +<tr valign="top"><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Book of English Sonnets</span>.</span><br /><span style="margin-left: 3em;">(<i>Edited with an Introduction</i>.)</span></td><td align='left'><i>Pott 8vo</i>.</td><td align='right'><i>5s</i>.</td></tr> +<tr><th align='left'><span style="margin-left: 1em;">DAWSON, WARRINGTON</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The True Dimension</span>.</span></td><td align='left'><i>Crown 8vo</i>.</td><td align='right'><i>6s</i>.</td></tr> +<tr><th align='left'><span style="margin-left: 1em;">DE SELINCOURT, BASIL</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Whitman: A Critical Study</span>.</span></td><td align='left'><i>Dy. 8vo</i>.</td><td align='right'><i>7s. 6d</i>.</td></tr> +<tr><td align='left'><span class='pagenum'><a name="Page_173" id="Page_173">[Pg 173]</a></span><span style="margin-left: 2em;"><span class="smcap">Rhyme</span> (<i>The Art and Craft of Letters</i>).</span></td><td align='left'><i>F'cap 8vo</i>.</td><td align='right'><i>1s</i>.</td></tr> +<tr><th align='left'><span style="margin-left: 1em;">DOUGLAS, NORMAN</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Fountains in the Sand</span>.</span></td><td align='left'><i>Wide Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Old Calabria</span>.</span></td><td align='left'><i>Demy. 8vo.</i></td><td align='right'><i>15s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">South Wind</span>.</span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">DRAYCOTT, G. M.</span></th></tr> +<tr><td align='left'><span style="margin-left: 3.5em;"><span class="smcap">Mahomet: Founder of Islam</span>.</span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>12s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">DRINKWATER, JOHN</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Morris: A Critical Study</span>.</span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Rossetti: A Critical Study</span>.</span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Lyric</span> (<i>The Art and Craft of Letters</i>).</span></td><td align='left'><i>F'cap 8vo.</i></td><td align='right'><i>1s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">FALLS, CYRIL</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Kipling: A Critical Study</span>.</span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">FEA, ALLAN</span></th></tr> +<tr><td align='left'><span style="margin-left: 3.5em;"><span class="smcap">Old English Houses</span>.</span></td><td align='left'><i>Demy 8vo.</i></td><td align='right'><i>10s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Nooks and Corners of Old England</span>.</span></td><td align='left'> </td><td align='right'><i>5s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">FLECKER, J. E.</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Collected Poems</span>.</span></td><td align='left'><i>Small 4to.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Golden Journey to Samarkand</span>.</span></td><td align='right'> </td><td align='right'><i>5s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">FRANCIS, RENÉ</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Egyptian Æsthetics</span>.</span></td><td align='left'><i>Wide Demy 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">GRETTON, R. H.</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">History</span> (<i>The Art and Craft of Letters</i>).</span></td><td align='left'><i>F'cap 8vo.</i></td><td align='right'><i>1s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">HANKIN, ST. JOHN</span></th></tr> +<tr><td valign="top" align='left'><span style="margin-left: 2em;"><span class="smcap">The Dramatic Works</span>,with an Introduction by John Drinkwater.</span></td><td align='left'><i>Small 4to. Definitive Limited Edition in Three Volumes.</i></td><td valign="top" align='right'>25<i>s.</i></td></tr> + +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Return of the Prodigal</span>.</span></td><td align='left'><i>Sq. Cr. 8vo.</i></td><td align='right'><i>2s.</i></td></tr> +<tr><td align='left'><span class='pagenum'><a name="Page_174" id="Page_174">[Pg 174]</a></span><span style="margin-left: 2em;"><span class="smcap">The Cassilis Engagement</span>.</span></td><td align='left'><i>Sq. Cr. 8vo.</i></td><td align='right'><i>2s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Charity that Began at Home.</span></span></td><td align='left'> </td><td align='right'><i>2s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Constant Lover, etc.</span></span></td><td align='left'><i>Sq. Cr. 8vo.</i></td><td align='right'><i>2s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">HAUPTMANN, GERHART</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Complete Dramatic Works.</span></span></td><td align='left'><i>6 vols. Crown 8vo.</i></td><td align='right'><i>5s. per volume.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">HEWLETT, WILLIAM</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Telling the Truth.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Uncle's Advice: A Novel in Letters.</span></span></td><td align='left'><i>Cr. 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Child at the Window.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Introducing William Allison.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">HORSNELL, HORACE</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Bankrupt.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">HOWE, P. P.</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Repertory Theatre.</span></span></td><td align='left'><i>Cr. 8vo.</i></td><td align='right'><i>2s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Dramatic Portraits.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>5s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Shaw: A Critical Study.</span></span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Synge: A Critical Study.</span></span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Criticism</span> (<i>The Art and Craft of Letters</i>).</span></td><td align='left'><i>F'cap 8vo.</i></td><td align='right'><i>1s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">HUEFFER, FORD MADOX</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">James: A Critical Study.</span></span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Collected Poems.</span></span></td><td align='left'><i>Demy 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">IBSEN, HENRIK</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Peer Gynt.</span> A New Translation by R. Ellis Roberts.</span></td><td align='left'><i>Wide Crown 8vo.</i></td><td align='right'><i>5s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">JACOB, HAROLD</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Perfumes of Araby.</span></span></td><td align='left'><i>Wide Demy 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">JAMES, HENRY</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Turn of the Screw.</span></span></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Lesson of the Master.</span></span></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Death of the Lion.</span></span></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Aspern Papers.</span></span></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Daisy Miller.</span></span></td></tr> +<tr><td align='left'><span class='pagenum'><a name="Page_175" id="Page_175">[Pg 175]</a></span><span style="margin-left: 2em;"><span class="smcap">The Coxon Fund.</span></span></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Reverberator.</span></span></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Altar of the Dead.</span></span></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Beast in the Jungle.</span></span></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Figure in the Carpet.</span></span></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Glasses.</span></span></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Pupil.</span></span></td><td align='left'><i>Each F'cap 8vo.</i></td><td align='right'><i>2s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">JOHNSON, OWEN</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Salamander.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Making Money.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">LAMONT, L. M.</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">A Coronal: An Anthology.</span></span></td><td align='left'><i>F'cap 8vo.</i></td><td align='right'><i>2s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">LEWISOHN, L.</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Modern Drama.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>5s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">LLUELLYN, RICHARD</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Imperfect Branch.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">LOW, IVY</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Questing Beast.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">LYNCH, BOHUN</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Unofficial.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Complete Gentleman.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">McFEE, WILLIAM</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Casuals of the Sea.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">MACHEN, ARTHUR</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Hieroglyphics.</span></span></td><td align='left'><i>F'cap 8vo.</i></td><td align='right'><i>2s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">MACKENZIE, COMPTON</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Passionate Elopement.</span></span></td><td align='left'><i>Cr. 8vo.</i></td><td align='right'><i>6s. and 2s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Carnival.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s. and 2s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Sinister Street.</span> Volume I.</span></td><td align='left'><i>Cr. 8vo.</i></td><td align='right'><i>6s. and 2s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Sinister Street.</span> Volume II.</span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Guy and Pauline.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Kensington Rhymes.</span></span></td><td align='left'><i>Crown 4to.</i></td><td align='right'><i>5s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">MAVROGORDATO, JOHN</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Letters from Greece.</span></span></td><td align='left'><i>F'cap 8vo.</i></td><td align='right'><i>2s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Cassandra in Troy.</span></span></td><td align='left'><i>Small 4to.</i></td><td align='right'><i>5s.</i></td></tr> +<tr><td align='left'><span class='pagenum'><a name="Page_176" id="Page_176">[Pg 176]</a></span><span style="margin-left: 2em;"><span class="smcap">The World in Chains</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>2s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">MELVILLE, LEWIS</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Some Eccentrics and a Woman.</span></span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>10s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">METHLEY, VIOLET</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Camille Desmoulins</span>: A Biography.</span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>15s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">MEYNELL, VIOLA</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Lot Barrow.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Modern Lovers.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Columbine.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Narcissus.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">MURRY, J. MIDDLETON</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Dostoevsky</span>: A Critical Study.</span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">NORTH, LAURENCE</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Impatient Griselda</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Golightlys: Father and Son.</span></span></td><td align='left'><i>Cr. 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">ONIONS, OLIVER</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Widdershins.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s. and 2s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">In Accordance with the Evidence.</span></span></td><td align='left'><i>Cr. 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Debit Account.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Story of Louie.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">PAIN, BARRY</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">One Kind and Another.</span></span></td><td align='left'><i>Cr. 8vo.</i></td><td align='right'><i>6s. and 2s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Collected Tales</span>: Volume I.</span></td><td align='left'><i>Medium 8vo.</i></td><td align='right'><i>5s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Collected Tales</span>: Volume II.</span></td><td align='left'><i>Medium 8vo.</i></td><td align='right'><i>5s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Short Story</span> (<i>The Art and Craft of Letters</i>).</span></td><td align='left'><i>F'cap 8vo.</i></td><td align='right'><i>1s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">PALMER, JOHN</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Peter Paragon.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The King's Men.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Comedy</span> (<i>The Art and Craft of Letters</i>).</span></td><td align='left'><i>F'cap 8vo.</i></td><td align='right'><i>1s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">PERUGINI, MARK E.</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Art of Ballet.</span></span></td><td align='left'><i>Demy 8vo.</i></td><td align='right'><i>15s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">PHILIPS, AUSTIN</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Battles of Life.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">PRESTON, ANNA</span></th></tr> +<tr><td align='left'><span class='pagenum'><a name="Page_177" id="Page_177">[Pg 177]</a></span><span style="margin-left: 2em;"><span class="smcap">The Record of a Silent Life.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">REID, FORREST</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Yeats: A Critical Study.</span></span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">ROBERTS, R. ELLIS</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Ibsen: A Critical Study.</span></span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Peer Gynt: A New Translation.</span></span></td><td align='left'><i>Cr. 8vo.</i></td><td align='right'><i>5s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">SABATINI, RAFAEL</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Sea-Hawk.</span></span></td><td align='left'><i>Cr. 8vo.</i></td><td align='right'><i>6s. and 2s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Lion's Skin.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>2s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Banner of the Bull.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Snare.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">SAND, MAURICE</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The History of the Harlequinade.</span></span></td><td align='left'><i>Two Volumes. Med. 8vo.</i></td><td align='right'><i>25s. the set.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">SCOTT-JAMES, R. A.</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Personality in Literature.</span></span></td><td align='left'><i>Demy 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">SIDGWICK, FRANK</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Ballad</span> (<i>Art and Craft of Letters</i>).</span></td><td align='left'> </td><td align='right'><i>1s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">SIMMS, EVELYN</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">A Vision of Consolation.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>1s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Crowning Purpose.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>1s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">SOLOGUB, FEODOR</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Old House.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Little Demon.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Created Legend.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">SQUIRE, J. C.</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Georgian Poets.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>5s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Tricks of the Trade.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>2s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Gold Tree.</span></span></td><td align='left'><i>Demy 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">STONE, CHRISTOPHER</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Burnt House.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Parody</span> (<i>Art and Craft of Letters</i>).</span></td><td align='left'> </td><td align='right'><i>1s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">STRAUS, RALPH</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Carriages and Coaches.</span></span></td><td align='left'><i>Med. 8vo.</i></td><td align='right'><i>18s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">SWINNERTON, FRANK</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Gissing: A Critical Study.</span></span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><td align='left'><span class='pagenum'><a name="Page_178" id="Page_178">[Pg 178]</a></span><span style="margin-left: 2em;"><span class="smcap">Stevenson: A Critical Study.</span></span></td><td align='left'><i>Dy 8 vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Nocturne. The Chaste Wife.</span></span></td><td align='left'><i>Each Cr. 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">TAYLOR, G. R. STIRLING</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><i>Mary Wollstonecraft.</i></span></td><td align='left'><i>Demy 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">TAYLOR, UNA</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Maeterlinck: A Critical Study.</span></span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">THOMAS EDWARD</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Swinburne: A Critical Study.</span></span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Pater: A Critical Study.</span></span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Tenth Muse.</span></span></td><td align='left'><i>F'cap 8vo.</i></td><td align='right'><i>2s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">VAUGHAN, H. M.</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Meleager.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Dial of Ahaz.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">An Australasian Wander-Year.</span></span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>10s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">WALPOLE, HUGH</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Fortitude.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Duchess of Wrexe.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Dark Forest.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">WEST, JULIUS</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Chesterton: A Critical Study.</span></span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">WILLIAMS, ORLO</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Vie de Bohème.</span></span></td><td align='left'><i>Demy 8vo.</i></td><td align='right'><i>15s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Meredith: A Critical Study.</span></span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Essay</span> (<i>The Art and Craft of Letters</i>).</span></td><td align='left'> </td><td align='right'><i>1s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">YOUNG, FILSON</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">New Leaves.</span></span></td><td align='left'><i>Wide Crown 8vo.</i></td><td align='right'><i>5s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">A Christmas Card.</span></span></td><td align='left'><i>Demy 16mo.</i></td><td align='right'><i>1s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">YOUNG, FRANCIS BRETT</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Deep Sea.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Dark Tower.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">The Iron Age.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Five Degrees South</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>1s.</i></td></tr> +<tr><th align='left'><span style="margin-left: 1em;">YOUNG, F. & E. BRETT</span></th></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Undergrowth.</span></span></td><td align='left'><i>Crown 8vo.</i></td><td align='right'><i>6s.</i></td></tr> +<tr><td align='left'><span style="margin-left: 2em;"><span class="smcap">Bridges: A Critical Study.</span></span></td><td align='left'><i>Dy. 8vo.</i></td><td align='right'><i>7s. 6d.</i></td></tr> +<tr><td align='left'><span class='pagenum'><a name="Page_179" id="Page_179">[Pg 179]</a></span></td></tr> +</table></div> + +<hr style="width: 65%;" /> +<h3>PART TWO: CLASSIFIED INDEX OF TITLES</h3> + + +<div class='centered'> +<table border="0" cellpadding="2" width="50%" cellspacing="0" summary="CLASSIFIED INDEX OF TITLES"> +<tr><th align='center'><i>General Literature</i></th></tr> +<tr><td align='left'><span class="smcap">Art of Ballet, The</span>. <i>By Mark E. Perugini</i>.</td></tr> +<tr><td align='left'><span class="smcap">Art of Silhouette, The</span>. <i>By Desmond Coke</i>.</td></tr> +<tr><td align='left'><span class="smcap">Battle of the Boyne, The</span>. <i>By D. C. Boulger</i>.</td></tr> +<tr><td align='left'><span class="smcap">Behind the Ranges</span>, <i>By F. G. Aflalo</i>.</td></tr> +<tr><td align='left'><span class="smcap">Birds in the Calendar</span>. <i>By F. G. Aflalo</i>.</td></tr> +<tr><td align='left'><span class="smcap">Camille Desmoulins</span>. <i>By Violet Methley</i>.</td></tr> +<tr><td align='left'><span class="smcap">Carriages and Coaches</span>. <i>By Ralph Straus</i>.</td></tr> +<tr><td align='left'><span class="smcap">Christmas Card, A</span>. <i>By Filson Young</i>.</td></tr> +<tr><td align='left'><span class="smcap">Cumberland Letters, The</span>. <i>By Clementina Black</i>.</td></tr> +<tr><td align='left'><span class="smcap">Dramatic Portraits</span>. <i>By P. P. Howe</i>.</td></tr> +<tr><td align='left'><span class="smcap">English Sonnet, The</span>. <i>By T. W. H. Crosland</i>.</td></tr> +<tr><td align='left'><span class="smcap">Georgian Poets</span>. <i>By J. C. Squire</i>.</td></tr> +<tr><td align='left'><span class="smcap">Gold Tree, The</span>. <i>By J. C. Squire</i>.</td></tr> +<tr><td align='left'><span class="smcap">Grahame of Claverhouse</span>. <i>By Michael Barrington</i>.</td></tr> +<tr><td align='left'><span class="smcap">Hieroglyphics</span>. <i>By Arthur Machen</i>.</td></tr> +<tr><td align='left'><span class="smcap">History of the Harlequinade, The</span>. <i>By M. Sand</i>.</td></tr> +<tr><td align='left'><span class="smcap">Letters from Greece</span>. <i>By John Mavrogordato</i>.</td></tr> +<tr><td align='left'><span class="smcap">Linleys of Bath, The</span>. <i>By Clementina Black</i>.</td></tr> +<tr><td align='left'><span class="smcap">Mahomet</span>. <i>By G. M. Draycott</i>.</td></tr> +<tr><td align='left'><span class="smcap">Mary Wollstonecraft</span>. <i>By G. R. Stirling Taylor</i>.</td></tr> +<tr><td align='left'><span class="smcap">New Leaves</span>. <i>By Filson Young</i>.</td></tr> +<tr><td align='left'><span class="smcap">Personality in Literature</span>. <i>By R. A. Scott-James</i>.</td></tr> +<tr><td align='left'><span class="smcap">Regilding the Crescent</span>. <i>By F. G. Aflalo</i>.</td></tr> +<tr><td align='left'><span class="smcap">Social History of Smoking, The</span>. <i>By G. L. Apperson</i>.</td></tr> +<tr><td align='left'><span class="smcap">Some Eccentrics and a Woman</span>. <i>By Lewis Melville</i>.</td></tr> +<tr><td align='left'><span class="smcap">Speculative Dialogues</span>. <i>By Lascelles Abercrombie</i>.</td></tr> +<tr><td align='left'><span class="smcap">Stupor Mundi</span>. <i>By Lionel Allshorn</i>.</td></tr> +<tr><td align='left'><span class='pagenum'><a name="Page_180" id="Page_180">[Pg 180]</a></span><span class="smcap">Tenth Muse, The</span>. <i>By Edward Thomas</i>.</td></tr> +<tr><td align='left'><span class="smcap">Tricks of the Trade</span>. <i>By J. C Squire</i>.</td></tr> +<tr><td align='left'><span class="smcap">Those United States</span>. <i>By Arnold Bennett</i>.</td></tr> +<tr><td align='left'><span class="smcap">Vie de Bohème</span>. <i>By Orlo Williams</i>.</td></tr> +<tr><td align='left'><span class="smcap">World in Chains, The</span>. <i>By J. Mavrogordato</i>.</td></tr> +<tr><th align='center'><i>Verse</i></th></tr> +<tr><td align='left'><span class="smcap">Book of English Sonnets, The</span>.</td></tr> +<tr><td align='left'><span class="smcap">Carmina Varia</span>. <i>By C. Kennett Burrow</i>.</td></tr> +<tr><td align='left'><span class="smcap">Collected Poems of T. W. H. Crosland</span>.</td></tr> +<tr><td align='left'><span class="smcap">Collected Poems of J. E. Flecker</span>.</td></tr> +<tr><td align='left'><span class="smcap">Collected Poems of F. M. Hueffer</span>.</td></tr> +<tr><td align='left'><span class="smcap">Coronal, A. A New Anthology</span>. <i>By L. M. Lamont</i>.</td></tr> +<tr><td align='left'><span class="smcap">Crowning Purpose, The</span>. <i>By Evelyn Simms</i>.</td></tr> +<tr><td align='left'><span class="smcap">Five Degrees South</span>. <i>By F. Brett Young</i>.</td></tr> +<tr><td align='left'><span class="smcap">Golden Journey to Samarkand, The</span>. <i>By J. E. Flecker</i>.</td></tr> +<tr><td align='left'><span class="smcap">Kensington Rhymes</span>. <i>By Compton Mackenzie</i>.</td></tr> +<tr><td align='left'><span class="smcap">Vision of Consolation, A</span>. <i>By Evelyn Simms</i>.</td></tr> +<tr><td align='left'><span class="smcap">War Poems by 'X.'</span></td></tr> +<tr><th align='center'><i>Drama</i></th></tr> +<tr><td align='left'><span class="smcap">Dramatic Works of St. John Hankin</span>. <i>3 vols</i>.</td></tr> +<tr><td align='left'><span class="smcap">Dramatic Works of Gerhart Hauptmann</span>. <i>6 vols</i>.</td></tr> +<tr><td align='left'><span class="smcap">Cassandra in Troy</span>. <i>By John Mavrogordato</i>.</td></tr> +<tr><td align='left'><span class="smcap">Magic</span>. <i>By G. K. Chesterton</i>.</td></tr> +<tr><td align='left'><span class="smcap">Modern Drama, The</span>. <i>By L. Lewisohn</i>.</td></tr> +<tr><td align='left'><span class="smcap">Peer Gynt</span>. <i>Translated by R. Ellis Roberts</i>.</td></tr> +<tr><td align='left'><span class="smcap">Repertory Theatre, The</span>. <i>By P. P. Howe</i>.</td></tr> +<tr><td align='left'><span class="smcap">Thompson</span>. <i>By St. John Hankin and G. Calderon</i>.</td></tr> +<tr><th align='center'><i>Travel</i></th></tr> +<tr><td align='left'><span class="smcap">Australasian Wander-Year, An</span>. <i>By H. M. Vaughan</i>.</td></tr> +<tr><td align='left'><span class="smcap">Egyptian Æsthetics</span>. <i>By Rene Francis</i>.</td></tr> +<tr><td align='left'><span class="smcap">Fountains in the Sand</span>. <i>By Norman Douglas</i>.</td></tr> +<tr><td align='left'><span class="smcap">Nooks and Corners of Old England</span>. <i>By Allan Fea</i>.</td></tr> +<tr><td align='left'><span class="smcap">Old Calabria</span>. <i>By Norman Douglas</i>.</td></tr> +<tr><td align='left'><span class="smcap">Old English Houses</span>. <i>By Allan Fea</i>.</td></tr> +<tr><td align='left'><span class='pagenum'><a name="Page_181" id="Page_181">[Pg 181]</a></span><span class="smcap">Perfumes of Araby</span>. <i>By Harold Jacob</i>.</td></tr> +</table></div> + +<hr style="width: 65%;" /> +<h2><i>Martin Secker's Series of</i></h2> + + + +<div class='centered'> +<table border="0" cellpadding="2" cellspacing="0" summary="Martin Secker's Series"> +<tr><th align='center'><i>Critical Studies</i></th></tr> +<tr><td align='left'><span class="smcap">Robert Bridges</span>. <i>By F. & E. Brett Young</i>.</td></tr> +<tr><td align='left'><span class="smcap">Samuel Butler</span>. <i>By Gilbert Cannan</i>.</td></tr> +<tr><td align='left'><span class="smcap">G. K. Chesterton</span>. <i>By Julius West</i>.</td></tr> +<tr><td align='left'><span class="smcap">Fyodor Dostoevsky</span>. <i>By J. Middleton Murry</i>.</td></tr> +<tr><td align='left'><span class="smcap">George Gissing</span>. <i>By Frank Swinnerton</i>.</td></tr> +<tr><td align='left'><span class="smcap">Thomas Hardy</span>. <i>By Lascelles Abercrombie</i>.</td></tr> +<tr><td align='left'><span class="smcap">Henrik Ibsen</span>. <i>By R. Ellis Roberts</i>.</td></tr> +<tr><td align='left'><span class="smcap">Henry James</span>. <i>By Ford Madox Hueffer</i>.</td></tr> +<tr><td align='left'><span class="smcap">Rudyard Kipling</span>. <i>By Cyril Falls</i>.</td></tr> +<tr><td align='left'><span class="smcap">Maurice Maeterlinck</span>. <i>By Una Taylor</i>.</td></tr> +<tr><td align='left'><span class="smcap">George Meredith</span>. <i>By Orlo Williams</i>.</td></tr> +<tr><td align='left'><span class="smcap">William Morris</span>. <i>By John Drinkwater</i>.</td></tr> +<tr><td align='left'><span class="smcap">Walter Pater</span>. <i>By Edward Thomas</i>.</td></tr> +<tr><td align='left'><span class="smcap">D. G. Rossetti</span>. <i>By John Drinkwater</i>.</td></tr> +<tr><td align='left'><span class="smcap">Bernard Shaw</span>. <i>By P. P. Howe</i>.</td></tr> +<tr><td align='left'><span class="smcap">R. L. Stevenson</span>. <i>By Frank Swinnerton</i>.</td></tr> +<tr><td align='left'><span class="smcap">A. C. Swinburne</span>. <i>By Edward Thomas</i>.</td></tr> +<tr><td align='left'><span class="smcap">J. M. Synge</span>. <i>By P. P. Howe</i>.</td></tr> +<tr><td align='left'><span class="smcap">Walt Whitman</span>. <i>By Basil de Selincourt</i>.</td></tr> +<tr><td align='left'><span class="smcap">W. B. Yeats</span>. <i>By Forrest Reid</i>.</td></tr> +<tr><th align='center'><i>The Art and Craft of Letters</i></th></tr> +<tr><td align='left'><span class="smcap">Ballad, The</span>. <i>By Frank Sidgwick</i>.</td></tr> +<tr><td align='left'><span class="smcap">Comedy</span>. <i>By John Palmer</i>.</td></tr> +<tr><td align='left'><span class="smcap">Criticism</span>. <i>By P. P. Howe</i>.</td></tr> +<tr><td align='left'><span class="smcap">Epic, The</span>. <i>By Lascelles Abercrombie</i>.</td></tr> +<tr><td align='left'><span class="smcap">Essay, The</span>. <i>By Orlo Williams</i>.</td></tr> +<tr><td align='left'><span class="smcap">History</span>. <i>By R. H. Gretton</i>.</td></tr> +<tr><td align='left'><span class="smcap">Lyric, The</span>. <i>By John Drinkwater</i>.</td></tr> +<tr><td align='left'><span class="smcap">Parody</span>. <i>By Christopher Stone</i>.</td></tr> +<tr><td align='left'><span class="smcap">Satire</span>. <i><span class='pagenum'><a name="Page_182" id="Page_182">[Pg 182]</a></span>By Gilbert Cannan</i>.</td></tr> +<tr><td align='left'><span class="smcap">Short Story, The</span>. <i>By Barry Pain</i>.</td></tr> +<tr><td> </td></tr> +<tr><th align='center'><i>The Tales of Henry James</i></th></tr> +<tr><td align='left'><span class="smcap">Altar of the Dead, The</span>.</td></tr> +<tr><td align='left'><span class="smcap">Aspern Papers, The</span>.</td></tr> +<tr><td align='left'><span class="smcap">Beast in the Jungle, The</span>.</td></tr> +<tr><td align='left'><span class="smcap">Coxon Fund, The</span>.</td></tr> +<tr><td align='left'><span class="smcap">Daisy Miller</span>.</td></tr> +<tr><td align='left'><span class="smcap">Death of the Lion, The</span>.</td></tr> +<tr><td align='left'><span class="smcap">Figure in the Carpet, The</span>.</td></tr> +<tr><td align='left'><span class="smcap">Glasses</span>.</td></tr> +<tr><td align='left'><span class="smcap">Lesson of the Master, The</span>.</td></tr> +<tr><td align='left'><span class="smcap">Pupil, The</span>.</td></tr> +<tr><td align='left'><span class="smcap">Reverberator, The</span>.</td></tr> +<tr><td align='left'><span class="smcap">Turn of the Screw, The</span>.</td></tr> +<tr><td> </td></tr> +<tr><th align='center'><i>Two-Shilling Novels</i></th></tr> +<tr><td align='left'><span class="smcap">Carnival</span>. <i>By Compton Mackenzie</i>.</td></tr> +<tr><td align='left'><span class="smcap">Sinister Street: Vol. I</span>. <i>By Compton Mackenzie</i>.</td></tr> +<tr><td align='left'><span class="smcap">The Passionate Elopement</span>. <i>By Compton Mackenzie</i>.</td></tr> +<tr><td align='left'><span class="smcap">The Sea-Hawk</span>. <i>By Rafael Sabatini</i>.</td></tr> +<tr><td align='left'><span class="smcap">Sanine</span>. <i>By Michael Artzibashef</i>.</td></tr> +<tr><td align='left'><span class="smcap">Fortitude</span>. <i>By Hugh Walpole</i>.</td></tr> +<tr><td align='left'><span class="smcap">The Lion's Skin</span>. <i>By Rafael Sabatini</i>.</td></tr> +<tr><td align='left'><span class="smcap">Widdershins</span>. <i>By Oliver Onions</i>.</td></tr> +<tr><td align='left'><span class='pagenum'><a name="Page_183" id="Page_183">[Pg 183]</a></span><span class="smcap">One Kind and Another</span>. <i>By Barry Pain</i>.</td></tr> +<tr><td> </td></tr> +<tr><th align='center'><i>Fiction</i></th></tr> +<tr><td align='left'><span class="smcap">Bankrupt, The</span>. <i>By Horace Horsnell.</i></td></tr> +<tr><td align='left'><span class="smcap">Banner of the Bull, The</span>. <i>By Rafael Sabatini.</i></td></tr> +<tr><td align='left'><span class="smcap">Battles of Life</span>. <i>By Austin Philips.</i></td></tr> +<tr><td align='left'><span class="smcap">Breaking-Point</span>. <i>By Michael Artzibashef.</i></td></tr> +<tr><td align='left'><span class="smcap">Burnt House, The</span>. <i>By Christopher Stone.</i></td></tr> +<tr><td align='left'><span class="smcap">Carnival</span>. <i>By Compton Mackenzie.</i></td></tr> +<tr><td align='left'><span class="smcap">Casuals of the Sea</span>. <i>By William McFee.</i></td></tr> +<tr><td align='left'><span class="smcap">Chaste Wife, The</span>. <i>By Frank Swinnerton.</i></td></tr> +<tr><td align='left'><span class="smcap">Collected Tales: Vol. I</span>. <i>By Barry Pain.</i></td></tr> +<tr><td align='left'><span class="smcap">Collected Tales: Vol. II</span>. <i>By Barry Pain.</i></td></tr> +<tr><td align='left'><span class="smcap">Columbine</span>. <i>By Viola Meynell.</i></td></tr> +<tr><td align='left'><span class="smcap">Complete Gentleman, The</span>. <i>By Bohun Lynch.</i></td></tr> +<tr><td align='left'><span class="smcap">Created Legend, The</span>. <i>By Feodor Sologub.</i></td></tr> +<tr><td align='left'><span class="smcap">Dark Forest, The</span>. <i>By Hugh Walpole.</i></td></tr> +<tr><td align='left'><span class="smcap">Dark Tower, The</span>. <i>By F. Brett Young.</i></td></tr> +<tr><td align='left'><span class="smcap">Debit Account, The</span>. <i>By Oliver Onions.</i></td></tr> +<tr><td align='left'><span class="smcap">Deep Sea</span>. <i>By F. Brett Young.</i></td></tr> +<tr><td align='left'><span class="smcap">Dial of Ahaz, The</span>. <i>By H. M. Vaughan.</i></td></tr> +<tr><td align='left'><span class="smcap">Duchess of Wrexe, The</span>. <i>By Hugh Walpole.</i></td></tr> +<tr><td align='left'><span class="smcap">Fool's Tragedy, The</span>. <i>By A. Scott Craven.</i></td></tr> +<tr><td align='left'><span class="smcap">Fortitude</span>. <i>By Hugh Walpole.</i></td></tr> +<tr><td align='left'><span class="smcap">Golightlys, The</span>. <i>By Laurence North.</i></td></tr> +<tr><td align='left'><span class="smcap">Guy and Pauline</span>. <i>By Compton Mackenzie.</i></td></tr> +<tr><td align='left'><span class="smcap">Impatient Griselda</span>. <i>By Laurence North.</i></td></tr> +<tr><td align='left'><span class="smcap">Imperfect Branch, The</span>. <i>By Richard Lluellyn.</i></td></tr> +<tr><td align='left'><span class="smcap">In Accordance with the Evidence</span>. <i>By O. Onions.</i></td></tr> +<tr><td align='left'><span class="smcap">Introducing William Allison</span>. <i>By William Hewlett.</i></td></tr> +<tr><td align='left'><span class="smcap">Iron Age, The</span>. <i>By F. Brett Young.</i></td></tr> +<tr><td align='left'><span class="smcap">King's Men, The</span>. <i>By John Palmer.</i></td></tr> +<tr><td align='left'><span class="smcap">Lion's Skin, The</span>. <i>By Rafael Sabatini.</i></td></tr> +<tr><td align='left'><span class='pagenum'><a name="Page_184" id="Page_184">[Pg 184]</a></span><span class="smcap">Little Demon, The</span>. <i>By Feodor Sologub.</i></td></tr> +<tr><td align='left'><span class="smcap">Lot Barrow</span>. <i>By Viola Meynell</i>.</td></tr> +<tr><td align='left'><span class="smcap">Marriage of Quixote, The</span>. <i>By Donald Armstrong</i>.</td></tr> +<tr><td align='left'><span class="smcap">Making Money</span>. <i>By Owen Johnson</i>.</td></tr> +<tr><td align='left'><span class="smcap">Meleager</span>. <i>By H. M. Vaughan</i>.</td></tr> +<tr><td align='left'><span class="smcap">Millionaire, The</span>. <i>By Michael Artzibashef</i>.</td></tr> +<tr><td align='left'><span class="smcap">Modern Lovers</span>. <i>By Viola Meynell</i>.</td></tr> +<tr><td align='left'><span class="smcap">Narcissus</span>. <i>By Viola Meynell</i>.</td></tr> +<tr><td align='left'><span class="smcap">Nocturne</span>. <i>By Frank Swinnerton</i>.</td></tr> +<tr><td align='left'><span class="smcap">Old House, The</span>. <i>By Feodor Sologub</i>.</td></tr> +<tr><td align='left'><span class="smcap">One Kind and Another</span>. <i>By Barry Pain</i>.</td></tr> +<tr><td align='left'><span class="smcap">Passionate Elopement, The</span>. <i>By Compton Mackenzie</i>.</td></tr> +<tr><td align='left'><span class="smcap">Peter Paragon</span>. <i>By John Palmer</i>.</td></tr> +<tr><td align='left'><span class="smcap">Questing Beast, The</span>. <i>By Ivy Low</i>.</td></tr> +<tr><td align='left'><span class="smcap">Record of a Silent Life, The</span>. <i>By Anna Preston</i>.</td></tr> +<tr><td align='left'><span class="smcap">Salamander, The</span>. <i>By Owen Johnson</i>.</td></tr> +<tr><td align='left'><span class="smcap">Sanine</span>. <i>By Michael Artzibashef</i>.</td></tr> +<tr><td align='left'><span class="smcap">Sea Hawk, The</span>. <i>By Rafael Sabatini</i>.</td></tr> +<tr><td align='left'><span class="smcap">Security</span>. <i>By Ivor Brown</i>.</td></tr> +<tr><td align='left'><span class="smcap">Sinister Street</span>. I. <i>By Compton Mackenzie</i>.</td></tr> +<tr><td align='left'><span class="smcap">Sinister Street</span>. II. <i>By Compton Mackenzie</i>.</td></tr> +<tr><td align='left'><span class="smcap">Snare, The</span>. <i>By Rafael Sabatini</i>.</td></tr> +<tr><td align='left'><span class="smcap">South Wind</span>. <i>By Norman Douglas</i>.</td></tr> +<tr><td align='left'><span class="smcap">Story of Louie, The</span>. <i>By Oliver Onions</i>.</td></tr> +<tr><td align='left'><span class="smcap">Tales of the Revolution</span>. <i>By M. Artzibashef</i>.</td></tr> +<tr><td align='left'><span class="smcap">Telling the Truth</span>. <i>By William Hewlett</i>.</td></tr> +<tr><td align='left'><span class="smcap">True Dimension, The</span>. <i>By Warrington Dawson</i>.</td></tr> +<tr><td align='left'><span class="smcap">Uncle's Advice</span>. <i>By William Hewlett</i>.</td></tr> +<tr><td align='left'><span class="smcap">Undergrowth</span>. <i>By F. & E. Brett Young</i>.</td></tr> +<tr><td align='left'><span class="smcap">Unofficial</span>. <i>By Bohun Lynch</i>.</td></tr> +<tr><td align='left'><span class="smcap">Widdershins</span>. <i>By Oliver Onions</i>.</td></tr> +<tr><td align='left'><span class="smcap">Years of Plenty</span>. <i>By Ivor Brown</i>.</td></tr> +</table></div> +<hr style="width: 65%;" /> +<div class="footnotes"><h3><br /><br />FOOTNOTES:</h3> + +<div class="footnote"><p><a name="Footnote_1_1" id="Footnote_1_1"></a><a href="#FNanchor_1_1"><span class="label">[1]</span></a> This conception of the gradually extending and still to be +extended sphere of morality, or from another aspect of law, was implied, +I think, by Lord Haldane in his Address on Higher Nationality. (<i>The +Conduct of Life, and Other Addresses</i>, p. 99.) +</p><p> +In this address Lord Haldane distinguished in the State three sanctions +of conduct. +</p> +<div class="blockquot"> +<p>1. Law.</p> + +<p>2. The Moral Sanction, Kant's Categorical Imperative "that rules +the private and individual conscience, but that alone." +</p><p> +3. The force of social habit or <i>sittlichkeit</i>, "less than legal +and more than merely moral, and sufficient in the vast majority of +the events of daily life, to secure observance of general standards +of conduct without any question of resort to force." The Lord +Chancellor adds, "If this is so within a nation, can it be so as +between nations?"</p></div> +<p> +But although Lord Haldane distinguishes three sanctions of conduct, the +resultant line of conduct is one. And it seems to me unimportant to +analyse the sanctions if we can only estimate the sum of their +obligations. It is this totality of obligations, the whole +systematisation of conduct in human life, that in my adumbrated analysis +I call the moral sphere. +</p><p> +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 fighting. 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 State. But it is too much to hope +that philosophers should remain Ministers of a State in which +journalists are become dictators.</p></div> + +<div class="footnote"><p><a name="Footnote_2_2" id="Footnote_2_2"></a><a href="#FNanchor_2_2"><span class="label">[2]</span></a> Cf. Plato's myth of Protagoras (<i>Prot</i>. 322 B ff.).</p></div> + +<div class="footnote"><p><a name="Footnote_3_3" id="Footnote_3_3"></a><a href="#FNanchor_3_3"><span class="label">[3]</span></a> Even Aristotle probably had some suspicion of it; so in his +anxiety to justify the institution of slavery he had to make out that +slaves were not men at all but only machines.</p></div> + +<div class="footnote"><p><a name="Footnote_4_4" id="Footnote_4_4"></a><a href="#FNanchor_4_4"><span class="label">[4]</span></a> Duelling might be classified theoretically as a survival of +the wolfish condition sketched in § 5. But the persistent institution of +single combat should not be regarded as in itself a survival, but rather +as an outlet for the surviving instinct, a concession justified by +political or social considerations that vary from age to age. Even Plato +in his <i>Republic</i> (465 A) agreed that the citizen might in certain +circumstances take the law into his own hands, probably regarding such +action as a sort of equity, what Aristotle calls επανὁρθωμα νὁμου ἡ ελλεἱπει δια τοὑ καθὁλου, a rectification of certain special +cases not covered by law. +</p><p> +In modern states again, e.g. in Austria and Germany, duelling is not so +much a survival as a corollary of militarism, which involves a +fetichistic veneration of the military uniform or of military "honour."</p></div> + +<div class="footnote"><p><a name="Footnote_5_5" id="Footnote_5_5"></a><a href="#FNanchor_5_5"><span class="label">[5]</span></a> See below, Chapter IV, § 4. <i>Nationalism True and False</i>.</p></div> + +<div class="footnote"><p><a name="Footnote_6_6" id="Footnote_6_6"></a><a href="#FNanchor_6_6"><span class="label">[6]</span></a> The duties of a jury are, of course, very carefully limited +by law. But even in this reduced sphere they are remarkable chiefly for +their incompetence, prejudice, inattention, and stupidity. See +particularly André Gide's <i>Souvenirs de la Cour d'Assises</i>, all the +implied criticisms in which apply, <i>mutatis quibusdam mutandis</i>, with +equal force to English and indeed to all juries.</p></div> + +<div class="footnote"><p><a name="Footnote_7_7" id="Footnote_7_7"></a><a href="#FNanchor_7_7"><span class="label">[7]</span></a> It is possible to argue, though of course impossible to +prove, that if every diplomatic document of recent years had been +immediately made public, the relations between the Powers would have +remained very much what they are with "secret diplomacy"; that "public +diplomacy" would if anything have intensified the existing jealousy and +distrust. As a matter of fact anyone who takes the trouble can +approximately discover the diplomatic situation existing at a particular +moment between any two Powers, even if he cannot know the verbal text of +a particular treaty. 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 policy, the answer is that the +only way to ensure the democratic control of diplomats or any other +public servants is to educate the people.</p></div> + +<div class="footnote"><p><a name="Footnote_8_8" id="Footnote_8_8"></a><a href="#FNanchor_8_8"><span class="label">[8]</span></a> Such a volume or something very much like it has actually +made its appearance, since these lines were written, in Professor Robert +Michels' <i>Political Parties</i> (Jarrold, 1916).</p></div> + +<div class="footnote"><p><a name="Footnote_9_9" id="Footnote_9_9"></a><a href="#FNanchor_9_9"><span class="label">[9]</span></a> Cf. Bernard Shaw, in Pease, <i>History of the Fabian +Society</i>, p. 268: "Sooner or later, unless democracy is to be discarded +in a reaction of disgust such as killed it in ancient Athens, 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 +excitement. Without qualified rulers a Socialist State is impossible."</p></div> + +<div class="footnote"><p><a name="Footnote_10_10" id="Footnote_10_10"></a><a href="#FNanchor_10_10"><span class="label">[10]</span></a> Cf. Webb, <i>Industrial Democracy</i>, p. 718.</p></div> + +<div class="footnote"><p><a name="Footnote_11_11" id="Footnote_11_11"></a><a href="#FNanchor_11_11"><span class="label">[11]</span></a> Several books have been published giving details of the +Armament Ring and international "Kruppism." I don't think that the +language here used does any injustice to the facts.</p></div> + +<div class="footnote"><p><a name="Footnote_12_12" id="Footnote_12_12"></a><a href="#FNanchor_12_12"><span class="label">[12]</span></a> See below, § 7.</p></div> + +<div class="footnote"><p><a name="Footnote_13_13" id="Footnote_13_13"></a><a href="#FNanchor_13_13"><span class="label">[13]</span></a> They usually add to their mental confusion the elementary +blunder of using the word "fittest" in a moral instead of in its +biological sense.</p></div> + +<div class="footnote"><p><a name="Footnote_14_14" id="Footnote_14_14"></a><a href="#FNanchor_14_14"><span class="label">[14]</span></a> If anyone were to suggest that this is disproved by the +unparalleled nobility of Australians, New Zealanders, Canadians and +Indians in the present campaign, I should reply that they are actuated +by devotion not to the Empire but to England, not to the Company but to +the Chairman of the Company. This may be a quibble, but I think the +distinction is real. Anyhow, I leave it at that, as the point has no +primary relevance.</p></div> + +<div class="footnote"><p><a name="Footnote_15_15" id="Footnote_15_15"></a><a href="#FNanchor_15_15"><span class="label">[15]</span></a> See below, Chapter IV, § 5.</p></div> + +<div class="footnote"><p><a name="Footnote_16_16" id="Footnote_16_16"></a><a href="#FNanchor_16_16"><span class="label">[16]</span></a> The paragraph is worth preserving in its entirety: "Mr. W. +N. Ewer, who lectured at Finchley for the Union of Democratic Control, +has explained that the report which we published of his speech is +unfair, and that he is really in substantial agreement with Mr. Asquith. +This is disingenuous, and Mr. Ewer knows it is. He has not repudiated +the correctness of the report, which stated that he dilated on the +danger of British navalism, and declared that we must give up singing +'Rule Britannia!' nor has he repudiated his remarks as to the pleasure +which the tune of the Austrian National Anthem gave him. Does he think +that Mr. Asquith would substantially agree with that? Or the +country?"—<i>The Evening Standard</i>, July 26, 1915.</p></div> + +<div class="footnote"><p><a name="Footnote_17_17" id="Footnote_17_17"></a><a href="#FNanchor_17_17"><span class="label">[17]</span></a> I cannot help reproducing here a letter which originally +appeared in the <i>Manchester Guardian</i> at the time of the Boer War, and +is quoted by Mr. Norman Angell in <i>The Great Illusion</i>, p. 281. +</p><p> +"<span class="smcap">Sir</span>,—I see that 'The Church's Duty in Regard to War' is to be +discussed at the Church Congress. This is right. For a year the heads of +our Church have been telling us what war is and does—that it is a +school of character; that it sobers men, cleans them, strengthens them, +knits their hearts; makes them brave, patient, humble, tender, prone to +self-sacrifice. Watered by 'war's red rain,' one Bishop tells us, virtue +grows; a cannonade, he points out, is an 'oratorio'—almost a form of +worship. True; and to the Church men look for help to save their souls +from starving for lack of this good school, this kindly rain, this +sacred music. Congresses are apt to lose themselves in wastes of words. +This one must not, surely cannot, so straight is the way to the goal. It +has simply to draft and submit a new Collect for war in our time, and to +call for the reverent but firm emendation, in the spirit of the best +modern thought, 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 it. Still, man's moral nature +cannot, I admit, live by war alone; nor do I say with some that peace is +wholly bad. Even amid the horrors of peace you will find little shoots +of character fed by the gentle and timely rains of plague and famine, +tempest and fire; simple lessons of patience and courage conned in the +schools of typhus, gout, and stone; not oratorios, perhaps, but homely +anthems and rude hymns played on knife and probe in the long winter +nights. Far from me to 'sin our mercies,' or to call mere twilight dark. +Yet dark it may become; for remember that even these poor makeshift +schools of character, these second-bests, these halting substitutes for +war—remember that the efficiency of every one of them, be it hunger, +accident, ignorance, sickness, or pain, is menaced by the intolerable +strain of its struggles with secular doctors, plumbers, inventors, +schoolmasters, and policemen. 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 drains. +Every year thousands of women and children must go their way bereft of +the rich spiritual experience of the widow and the orphan."</p></div> + +<div class="footnote"><p><a name="Footnote_18_18" id="Footnote_18_18"></a><a href="#FNanchor_18_18"><span class="label">[18]</span></a> Cf. the present writer's introduction to Whyte-Melville's +<i>Gladiators</i> in <i>Everyman's Library</i>, 1911.</p></div> + +<div class="footnote"><p><a name="Footnote_19_19" id="Footnote_19_19"></a><a href="#FNanchor_19_19"><span class="label">[19]</span></a> It was certainly, for example, the Headline Instinct which +caused Mr. John Lane, a publisher of some repute, to impose on Mr. Ford +Madox Hueffer's novel <i>The Saddest Story</i>, one of the most remarkable +novels of the century, such an absurdly irrelevant title as <i>The Good +Soldier</i>. <i>The Good Soldier</i> was published in April, 1915. The evidence +that the publisher must have changed the title just before publication +is that an instalment of it had appeared serially as <i>The Saddest Story</i> +in the summer of 1914, and that as <i>The Saddest Story</i> it actually +figured in Mr. John Lane's catalogue at the end of the book.</p></div> + +<div class="footnote"><p><a name="Footnote_20_20" id="Footnote_20_20"></a><a href="#FNanchor_20_20"><span class="label">[20]</span></a> <i>Matyas Diak</i> of Budapest.</p></div> + +<div class="footnote"><p><a name="Footnote_21_21" id="Footnote_21_21"></a><a href="#FNanchor_21_21"><span class="label">[21]</span></a> 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 prices. Cf. quotations from the German +Press in <i>The New Statesman</i> of January 29, 1916.</p></div> + +<div class="footnote"><p><a name="Footnote_22_22" id="Footnote_22_22"></a><a href="#FNanchor_22_22"><span class="label">[22]</span></a> "Ces choses sont plutôt des moyens que l'on emploie pour +travailler à faire prospérer l'Etat qu'ils ne sont l'essence de sa +prospérité."—Rousseau, <i>Political Writings</i>, I, 345 (C. E. Vaughan's +edition).</p></div> + +<div class="footnote"><p><a name="Footnote_23_23" id="Footnote_23_23"></a><a href="#FNanchor_23_23"><span class="label">[23]</span></a> See, for instance, the Report of the Committee of Public +Accounts (commenting on the extravagance of Admiralty and War +Contracts), summarised in <i>The Times</i> of August 19, 1916.</p></div> + +<div class="footnote"><p><a name="Footnote_24_24" id="Footnote_24_24"></a><a href="#FNanchor_24_24"><span class="label">[24]</span></a> See Orage, <i>National Guilds</i>, p. 170 ff.</p></div> + +<div class="footnote"><p><a name="Footnote_25_25" id="Footnote_25_25"></a><a href="#FNanchor_25_25"><span class="label">[25]</span></a> Unfortunately I can find no authority for the amusing +report that the annual export of "wine" from Paris is <i>greater</i> than the +annual import.</p></div> + +<div class="footnote"><p><a name="Footnote_26_26" id="Footnote_26_26"></a><a href="#FNanchor_26_26"><span class="label">[26]</span></a> That is, of course, of the modern or democratic state. +Democracy and education are interdependent.</p></div> + +<div class="footnote"><p><a name="Footnote_27_27" id="Footnote_27_27"></a><a href="#FNanchor_27_27"><span class="label">[27]</span></a> As a matter of fact, no serious attempt to protect +children was made before the Factory and Workshops Act of 1878.</p></div> + +<div class="footnote"><p><a name="Footnote_28_28" id="Footnote_28_28"></a><a href="#FNanchor_28_28"><span class="label">[28]</span></a> Since the war there have been the most determined attempts +to destroy all the social legislation so painfully acquired. See G. D. +H. Cole, <i>Labour in War Time</i>, pp. 254-274.</p></div> + +<div class="footnote"><p><a name="Footnote_29_29" id="Footnote_29_29"></a><a href="#FNanchor_29_29"><span class="label">[29]</span></a> <i>Republic</i>; 432 A. αρμονἱα τινι ἡ σωφροσἡνη ωμοἱωται, κ.τ.λ. +</p></div> + +<div class="footnote"><p><a name="Footnote_30_30" id="Footnote_30_30"></a><a href="#FNanchor_30_30"><span class="label">[30]</span></a> See <i>The Future in America</i>, and <i>New Worlds for Old, +passim</i>.</p></div> + +<div class="footnote"><p><a name="Footnote_31_31" id="Footnote_31_31"></a><a href="#FNanchor_31_31"><span class="label">[31]</span></a> This seems to apply to all belligerent states. Certainly +very little sanity finds its way into Germany except through the pages +of <i>Vorwaerts</i>. It is therefore humiliating to be told that <i>Vorwaerts</i> +has a much larger circulation than any socialist paper in England.</p></div> + +<div class="footnote"><p><a name="Footnote_32_32" id="Footnote_32_32"></a><a href="#FNanchor_32_32"><span class="label">[32]</span></a> See, for instance, my article "A Footnote to the Balkan +War," published in the <i>Asiatic Review</i> for July 1, 1914. This opinion +is there expressed in the following words which I still think +substantially true, though one or two phrases are rhetorically +exaggerated. +</p><p> +"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 necessary. England, of course, continues to contemplate +war, and to be bluffed by the threat of war in the circumlocutions of +diplomacy. But her national welfare no longer requires war; and, if she +ever undertakes it, it will be at the bidding of merchants and usurers, +who do not represent even the baser instincts of the specifically +national spirit, but are wholly foreign and parasitic. On that occasion +the <i>Daily Mail</i> and the Foreign Office will no doubt assure the British +people that the war in question involves the whole honour and welfare of +the State; and the people will believe it. But it will not be true. For +England is happily not, or not yet, a nation of shopkeepers; and it will +be only the shopkeepers whose welfare is concerned."</p></div> + +<div class="footnote"><p><a name="Footnote_33_33" id="Footnote_33_33"></a><a href="#FNanchor_33_33"><span class="label">[33]</span></a> Moreover, as I hope to suggest later, even these losses to +a few individual <i>industries</i> do not necessarily imply losses to the +<i>capital</i> involved, which in some cases has been diverted or adapted to +other industries more appropriate to the times. For a review of Trade +profits in 1916 see the <i>Manchester Guardian</i>, January 1, 1917.</p></div> + +<div class="footnote"><p><a name="Footnote_34_34" id="Footnote_34_34"></a><a href="#FNanchor_34_34"><span class="label">[34]</span></a> See Appendix I.</p></div> + +<div class="footnote"><p><a name="Footnote_35_35" id="Footnote_35_35"></a><a href="#FNanchor_35_35"><span class="label">[35]</span></a> Quoted in the <i>New Age</i>, March 16, 1916.</p></div> + +<div class="footnote"><p><a name="Footnote_36_36" id="Footnote_36_36"></a><a href="#FNanchor_36_36"><span class="label">[36]</span></a> April 8, 1916, from the "City" article by Emil Davies.</p></div> + +<div class="footnote"><p><a name="Footnote_37_37" id="Footnote_37_37"></a><a href="#FNanchor_37_37"><span class="label">[37]</span></a> My italics.</p></div> + +<div class="footnote"><p><a name="Footnote_38_38" id="Footnote_38_38"></a><a href="#FNanchor_38_38"><span class="label">[38]</span></a> 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 trader. (See above, p. 45.) The rise in +freights is unalloyed profit, for the shipping companies have no +increased risk, since the Insurance Companies are guaranteed by the +State.</p></div> + +<div class="footnote"><p><a name="Footnote_39_39" id="Footnote_39_39"></a><a href="#FNanchor_39_39"><span class="label">[39]</span></a> Which was first drafted in a letter to <i>The Garton +Foundation</i> more than a year ago.</p></div> + +<div class="footnote"><p><a name="Footnote_40_40" id="Footnote_40_40"></a><a href="#FNanchor_40_40"><span class="label">[40]</span></a> April 29, 1916. One might also mention for its +verisimilitude the situation described at the end of Mr. F. Brett +Young's novel <i>The Iron Age</i> (Secker, 1916), in which the insolvent +ironworks of Mawne are saved in the nick of time by the declaration of +war.</p></div> + +<div class="footnote"><p><a name="Footnote_41_41" id="Footnote_41_41"></a><a href="#FNanchor_41_41"><span class="label">[41]</span></a> Also, of course, by the campaign for Preferential Tariffs, +which, it was hoped, would have increased consumption by excluding a few +foreign competitors from colonial markets.</p></div> + +<div class="footnote"><p><a name="Footnote_42_42" id="Footnote_42_42"></a><a href="#FNanchor_42_42"><span class="label">[42]</span></a> Cf. 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 them. These stories come mostly +from Flanders. At home the same superabundance may have been the undoing +of many a Quartermaster-Sergeant, who, not knowing what to do with such +a plethora of beef, and having a proper superstition against throwing +away good food, was tempted to sell it for about a penny a pound to the +local butcher.</p></div> + +<div class="footnote"><p><a name="Footnote_43_43" id="Footnote_43_43"></a><a href="#FNanchor_43_43"><span class="label">[43]</span></a> And the fact that they are doing so at the public expense +is, of course, only an additional advantage to the traders who supply +their needs; as they do not risk losing any of their money through bad +debts.</p></div> + +<div class="footnote"><p><a name="Footnote_44_44" id="Footnote_44_44"></a><a href="#FNanchor_44_44"><span class="label">[44]</span></a> From this it follows incidentally that a high tariff is of +no advantage to the community as a whole, but only to a particular +section of the community. 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 import; actually the tariff will not exclude +the import if there is a natural demand for it, 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 tax; i.e. if an +imported article pays a duty of sixpence, the price to the consumer of +all such articles whether imported or home-made will be raised a +shilling.</p></div> + +<div class="footnote"><p><a name="Footnote_45_45" id="Footnote_45_45"></a><a href="#FNanchor_45_45"><span class="label">[45]</span></a> In the July, 1914, issue of the <i>Asiatic Review</i>, to which +I have already referred.</p></div> + +<div class="footnote"><p><a name="Footnote_46_46" id="Footnote_46_46"></a><a href="#FNanchor_46_46"><span class="label">[46]</span></a> I need hardly say that in speaking of the commercial class +I do not include its instrument the workers. The international Socialist +movement has not yet succeeded in uniting <i>them</i>; but the exhortation +addressed to them by Marx has been obeyed instead by the capitalists.</p></div> + +<div class="footnote"><p><a name="Footnote_47_47" id="Footnote_47_47"></a><a href="#FNanchor_47_47"><span class="label">[47]</span></a> Here, for instance, is an illuminating sentence from a +private report on Greek trade during the Balkan Wars: "I commercianti +Greci hanno guadagnato molto durante la guerra, perchè hanno venduto +tutte le merci che avevano in deposito a prezzi molto piu alti, che la +gente era obbligata di comperare a cagione che non potevano importare +merci straniere."</p></div> + +<div class="footnote"><p><a name="Footnote_48_48" id="Footnote_48_48"></a><a href="#FNanchor_48_48"><span class="label">[48]</span></a> Since this chapter was written I have seen a pamphlet with +the following title: "The Chance for British Firms in the Rebuilding of +Belgium, by a Belgian Contractor. London, Technical Journals, Limited, +27-29 Tothill Street, Westminster."</p></div> + +<div class="footnote"><p><a name="Footnote_49_49" id="Footnote_49_49"></a><a href="#FNanchor_49_49"><span class="label">[49]</span></a> One Jewish contractor supplied corn and fodder to all +three armies. As soon as his Turkish customers had capitulated, he +tendered for the supply of the victorious Greeks, and he still had +enough to spare for the Bulgarians when they entered the town.</p></div> + +<div class="footnote"><p><a name="Footnote_50_50" id="Footnote_50_50"></a><a href="#FNanchor_50_50"><span class="label">[50]</span></a> May 17, 1915.</p></div> + +<div class="footnote"><p><a name="Footnote_51_51" id="Footnote_51_51"></a><a href="#FNanchor_51_51"><span class="label">[51]</span></a> Such "labour-saving devices," for instance, as "poached +egg servers."</p></div> + +<div class="footnote"><p><a name="Footnote_52_52" id="Footnote_52_52"></a><a href="#FNanchor_52_52"><span class="label">[52]</span></a> As a matter of fact, nearly all the luxury trades cut down +their scale of wages during the first year of the war; and many of these +ostentatiously gave to some War Charity a fraction of the sum thus +extracted from their employees. I suppose it would be libellous to give +examples.</p></div> + +<div class="footnote"><p><a name="Footnote_53_53" id="Footnote_53_53"></a><a href="#FNanchor_53_53"><span class="label">[53]</span></a> Though frantic attempts to conceal it have been made since +the Tax on War Profits was introduced.</p></div> + +<div class="footnote"><p><a name="Footnote_54_54" id="Footnote_54_54"></a><a href="#FNanchor_54_54"><span class="label">[54]</span></a> The <i>New Statesman</i>, May 22, 1915.</p></div> + +<div class="footnote"><p><a name="Footnote_55_55" id="Footnote_55_55"></a><a href="#FNanchor_55_55"><span class="label">[55]</span></a> See above, p. 47, note 4. Some illuminating details are +given in the <i>Nation</i>, May 22, 1915, concerning the unscrupulous plea of +Government work in order to excuse the employment of children.</p></div> + +<div class="footnote"><p><a name="Footnote_56_56" id="Footnote_56_56"></a><a href="#FNanchor_56_56"><span class="label">[56]</span></a> The <i>Saturday Review</i>, September 18, 1915.</p></div> + +<div class="footnote"><p><a name="Footnote_57_57" id="Footnote_57_57"></a><a href="#FNanchor_57_57"><span class="label">[57]</span></a> "The shortage" too was a permanent excuse just as good for +holding prices up as for holding wages down. Cf. a correspondent in <i>The +Times</i>, May 17, 1916: "This position of affairs makes one doubt if the +shortage in these articles (bottles, jars, tins, boxes, etc.) is as +stated, or that the shortage pays better and the various trades do not +wish the tension to be in any way relieved."</p></div> + +<div class="footnote"><p><a name="Footnote_58_58" id="Footnote_58_58"></a><a href="#FNanchor_58_58"><span class="label">[58]</span></a> I hope it will not soon be forgotten that <i>Punch</i> was not +ashamed to endorse this charge.</p></div> + +<div class="footnote"><p><a name="Footnote_59_59" id="Footnote_59_59"></a><a href="#FNanchor_59_59"><span class="label">[59]</span></a> Cf. Mr. Emil Davies in the <i>New Statesman</i>, April 8, 1916: +"My impression is that the annoyance of Clyde manufacturers at the +present labour troubles is not wholly free from a certain grim +satisfaction. They are not anxious to see carried out the pledge that +shop conditions should go back to the pre-war basis, and, they argue, if +the men are discredited with the public, it will be all to the good of +the employers in the big industrial struggle they look upon as +inevitable after the war. They regard this struggle without anxiety and +are accumulating funds; some of them talk of special funds being created +for the purpose by the employers in association. These are the +impressions gained from conversations with prominent members of the +Glasgow business world."</p></div> + +<div class="footnote"><p><a name="Footnote_60_60" id="Footnote_60_60"></a><a href="#FNanchor_60_60"><span class="label">[60]</span></a> <i>The Great Illusion, passim</i>.</p></div> + +<div class="footnote"><p><a name="Footnote_61_61" id="Footnote_61_61"></a><a href="#FNanchor_61_61"><span class="label">[61]</span></a> This is not necessarily inconsistent with H. N. +Brailsford's similar remark (<i>The War of Steel and Gold</i>, p. 163): "War +is a folly from the standpoint of national self-interest; it may none +the less be perfectly rational from the standpoint of a small but +powerful governing class."</p></div> + +<div class="footnote"><p><a name="Footnote_62_62" id="Footnote_62_62"></a><a href="#FNanchor_62_62"><span class="label">[62]</span></a> Reviewing a work on South America in <i>The Nation</i>, +November 6, 1915.</p></div> + +<div class="footnote"><p><a name="Footnote_63_63" id="Footnote_63_63"></a><a href="#FNanchor_63_63"><span class="label">[63]</span></a> This process is further accelerated by the fact that the +War is being paid for very largely by means of Loans, subscribed +naturally by the richer classes; in future the richer classes will be +receiving the interest on these loans. But in order to pay this interest +the State will have to resort to taxation, some part of which will fall +presumably on the poor. See Professor Pigou's <i>Economy and Finance of +the War</i>.</p></div> + +<div class="footnote"><p><a name="Footnote_64_64" id="Footnote_64_64"></a><a href="#FNanchor_64_64"><span class="label">[64]</span></a> The total British casualties from the beginning of the war +till July 18, 1915, were given as 321,889, of whom 61,384 were killed.</p></div> + +<div class="footnote"><p><a name="Footnote_65_65" id="Footnote_65_65"></a><a href="#FNanchor_65_65"><span class="label">[65]</span></a> <i>The Ruling Caste and Frenzied Trade in Germany</i>, by +Maurice Millioud, Professor of Sociology in the University of Lausanne. +(1915.) Reviewed in the <i>Manchester Guardian</i> by R. C. K. E.</p></div> + +<div class="footnote"><p><a name="Footnote_66_66" id="Footnote_66_66"></a><a href="#FNanchor_66_66"><span class="label">[66]</span></a> All that we need know, for instance, of German military +conduct in Belgium is contained in the following communication made to +the <i>Kölnische Zeitung</i> by Captain Walter Brum, adjutant to the +Governor-General of Belgium, who may be presumed to know the inner +history of these appalling transactions:— +</p><p> +"The principle according to which the whole community must be punished +for the fault of a single individual is justified by the theory of +<i>terrorisation</i>. The innocent must suffer with the guilty; if the latter +are unknown the innocent must even be punished in their place, and note +that the punishment is applied not <i>because</i> a misdeed has been +committed, but <i>in order that</i> no more shall be committed. To burn a +neighbourhood, shoot hostages, decimate a population which has taken up +arms against the army—all this is far less a reprisal than the sounding +of a <i>note of warning</i> for the territory not yet occupied. Do not doubt +it; it was as a note of warning that Baltin, Herve, Louvain, and Dinant +were burned. The burnings and bloodshed at the opening of the war showed +the great cities of Belgium how perilous it was for them ..." etc.</p></div> + +<div class="footnote"><p><a name="Footnote_67_67" id="Footnote_67_67"></a><a href="#FNanchor_67_67"><span class="label">[67]</span></a> Chapter I, §§ 9-11.</p></div> + +<div class="footnote"><p><a name="Footnote_68_68" id="Footnote_68_68"></a><a href="#FNanchor_68_68"><span class="label">[68]</span></a> See below, note on p. 113; and compare Brailsford, <i>The +War of Steel and Gold</i>, p. 22, on "preparations which are always +supposed to be defensive," and p. 264, on the methods used to support +the plea that large navies are purely "defensive."</p></div> + +<div class="footnote"><p><a name="Footnote_69_69" id="Footnote_69_69"></a><a href="#FNanchor_69_69"><span class="label">[69]</span></a> E.g. Oscar Wilde and Artzibashev.</p></div> + +<div class="footnote"><p><a name="Footnote_70_70" id="Footnote_70_70"></a><a href="#FNanchor_70_70"><span class="label">[70]</span></a> "The whole industrial expansion of Germany dates from the +introduction of the Bessemer process in 1879, by which its supplies of +iron became possible to work at a profit."—<i>Bertrand Russell</i>.</p></div> + +<div class="footnote"><p><a name="Footnote_71_71" id="Footnote_71_71"></a><a href="#FNanchor_71_71"><span class="label">[71]</span></a> It is unnecessary to refer at length to the world-famous +caricaturists of <i>Simplicissimus</i>, although it may be noted that the +best of them, Gulbrannson, is a Norwegian, while his chief rival, Heine, +is a Jew. Munich sculptors whose names might be mentioned are +Hildebrand, Taschner, Hahn, and Wrba.</p></div> + +<div class="footnote"><p><a name="Footnote_72_72" id="Footnote_72_72"></a><a href="#FNanchor_72_72"><span class="label">[72]</span></a> Even such scientific achievements as those of Ehrlich and +Ostwald should be regarded as results of regulated industry and diligent +experiment.</p></div> + +<div class="footnote"><p><a name="Footnote_73_73" id="Footnote_73_73"></a><a href="#FNanchor_73_73"><span class="label">[73]</span></a> Another instance of the fallacy is the quite unjustified +prejudice in the Army in favour of "Regular" officers.</p></div> + +<div class="footnote"><p><a name="Footnote_74_74" id="Footnote_74_74"></a><a href="#FNanchor_74_74"><span class="label">[74]</span></a> 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 ... while again our own "Business +Experts" are reversing the process. The passages that follow are quoted +from a letter of Dr. Rice Holmes in <i>The Times</i> of August 11, 1916. +</p><p> +"In German schools not only are classics taught more systematically and +more thoroughly than in all but a few of our own, but they are learned +by a greater proportion of the population; and, moreover, the hours +devoted to natural science in those schools in which it is taught are +fewer than in our public schools.... Since 1903 the number of German +boys receiving a classical education has steadily increased. In 1904 +there were 196,175 pupils in schools (<i>Gymnasien</i> and <i>Realgymnasien</i>) +where Latin is compulsory, of whom 153,680 belonged to the classical +schools (<i>Gymnasien</i>), and therefore learned Greek as well (W. Lexis, +<i>Unterrichtswesen im Deutschen Reich</i>, ii. 218); in 1911, as Mr. R. W. +Livingstone has shown (<i>The Times Educational Supplement</i>, April 4, p. +49, col. 2), the corresponding figures were 240,000 and 170,000; and in +1908, 'out of a total of 31,622 students entering 18 out of 21 German +universities (Munich, Erlangen, and Wurzburg not reporting), ... only +7-1/2 per cent entered without Latin or Greek' (Professor Francis W. +Kelsey, <i>Latin and Greek in American Education</i>, 1911, p. 43). "Möge das +Studium der griechischen und römischen Literatur immerfort die Basis der +höheren Bildung bleiben." So wrote the greatest of the Germans; and the +countrymen of Goethe, whose genius was scientific as well as poetical, +have not forgotten his words. On the other hand, in the modern schools +(<i>Realgymnasien</i> and <i>Oberrealschulen</i>) only a small fraction of the +time-table—from two hours a week (out of twenty-five) to six (out of +thirty-one)—is devoted to natural science. To anyone who has read +Matthew Arnold's <i>Higher Schools and Universities in Germany</i>, or Dr. M. +E. Sadler's <i>The Realschulen in Berlin</i>, or who is acquainted with the +opinions expressed by Helmholtz, A. W. Hofmann, Bauer, and other +'eminent scientific professors,' 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 +nation. It was with this object that by the regulations published in +1901 the time devoted to Latin in the <i>Realgymnasien</i> was increased. And +those who do not learn natural science learn what for the nation is +equally important—the value of scientific method."</p></div> + +<div class="footnote"><p><a name="Footnote_75_75" id="Footnote_75_75"></a><a href="#FNanchor_75_75"><span class="label">[75]</span></a> The Daily News, October 20, 1915:— +</p><p> +"A pathetic story is told in the <i>Vorwärts</i> by Herr Adolf Köster (who +acts as war correspondent for the German Socialist Press) in connection +with the recent fighting at Hooge. 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-book:— +</p><p> +"'We looked through the booklet. It contained postcards from the front, +from home, from a sister and from a sweetheart—photographs from the +battlefields of brave soldiers and from home. There was also a small +amateur photograph, rather badly made, of a young girl sitting at a +typewriter. She had blonde hair and on the back of the photo she had +written: "Look at the waves of my hair and note also how very diligent I +am" (English in the original). One of us asked the soldier to give him +this photograph. But he replied: "You can take the whole book, photos, +postcards, etc. But this picture I will keep in memory of my friend." By +"his friend" he meant the Scotsman whom he had killed by his +hand-grenade.'"</p></div> + +<div class="footnote"><p><a name="Footnote_76_76" id="Footnote_76_76"></a><a href="#FNanchor_76_76"><span class="label">[76]</span></a> Spinoza, <i>Ethica</i>, IV, 45.</p></div> + +<div class="footnote"><p><a name="Footnote_77_77" id="Footnote_77_77"></a><a href="#FNanchor_77_77"><span class="label">[77]</span></a> <i>Labour Leader</i>, March 30, 1916, quoting an address by Mr. +Arthur Ponsonby, M.P.—I have not been able to verify these references, +so I give the story only as an example of the method of progressive +distortion, and not as one that actually occurred, though it may have +done so.</p></div> + +<div class="footnote"><p><a name="Footnote_78_78" id="Footnote_78_78"></a><a href="#FNanchor_78_78"><span class="label">[78]</span></a> H. N. Brailsford (<i>The War of Steel and Gold</i>, p. 125) +speaks of an "indifferent democracy." Unhappily our democracy is not +indifferent to Imperialism, for it is misled to believe that mere +expansion is somehow grand and good; the only geography it learns at +school is miscalled "patriotic" because it is designed to encourage this +belief.</p></div> + +<div class="footnote"><p><a name="Footnote_79_79" id="Footnote_79_79"></a><a href="#FNanchor_79_79"><span class="label">[79]</span></a> I.e. as a real "Empire," the British Empire was a failure, +as all Empires must be. It has been a success since it ceased to be an +Empire about a hundred years ago. Cf. Professor H. E. Egerton's +remark:— +</p><p> +"The British Colonial Empire of to-day is not the Empire which was the +outcome of seventeenth-century methods. So far as the colonists +themselves were concerned, English colonisation (in the seventeenth and +eighteenth centuries) was a complete success, but from the point of view +of the mother country it was a failure, and the rock on which it +foundered was the same rock which lost America to Spain and caused +Canada to acquiesce in separation from France."</p></div> + +<div class="footnote"><p><a name="Footnote_80_80" id="Footnote_80_80"></a><a href="#FNanchor_80_80"><span class="label">[80]</span></a> I am ashamed to say that when I wrote these chapters I had +not read Mr. H. N. Brailsford's <i>War of Steel and Gold</i>. But Mr. +Brailsford's brilliant examination of the connection between War and +Finance is quite consistent with my supplementary theory of War and +Trade. "Trade supplies no explanation of Imperialism," says Mr. +Brailsford (p. 75). It does, in so far as Traders support Imperialism +because they think it is good for Trade: while financiers, as Mr. +Brailsford shows, support Imperialism because they know it is good for +investments.</p></div> + +<div class="footnote"><p><a name="Footnote_81_81" id="Footnote_81_81"></a><a href="#FNanchor_81_81"><span class="label">[81]</span></a> "What is vital to any real Democracy in a densely-peopled, +economically-complicated modern State, is that the Government should not +be one. The very concentration of authority which is essential in war +is, in peace, fatally destructive not of freedom alone, but also of that +maximum individual development which is the very end and purpose for +which society exists."—Sidney Webb, <i>Towards Social Democracy?</i>, +1916.</p></div> + +<div class="footnote"><p><a name="Footnote_82_82" id="Footnote_82_82"></a><a href="#FNanchor_82_82"><span class="label">[82]</span></a> "Les Anglais veulent être conquérants; donc ils ne +tarderont pas d'être esclaves."—<i>Political Writings</i>, C. E. Vaughan, I, +373.</p></div> + +<div class="footnote"><p><a name="Footnote_83_83" id="Footnote_83_83"></a><a href="#FNanchor_83_83"><span class="label">[83]</span></a> Spinoza, <i>Ethica</i>, IV, <i>praefat. ad init.</i> Humanam +impotentiam in moderandis et coercendis affectibus servitutem voco.</p></div> + +<div class="footnote"><p><a name="Footnote_84_84" id="Footnote_84_84"></a><a href="#FNanchor_84_84"><span class="label">[84]</span></a> See above, § 2, on "defensive" war, and compare a passage +from Mr. C. Grant Robertson's letter in <i>The Times</i> of August 15, +1916:— +</p><p> +"Bismarck repeatedly and explicitly in the Reichstag justified the wars +of 1864, 1866, and 1870 as 'defensive'—i.e. as not 'willed' by Prussia. +On the contrary, they were wars 'forced' on a peace-loving State denied +its 'rights' by Denmark, Austria, and France. The argument, briefly, on +Bismarckian principles is this. Prussia's policy is an +'<i>Interessenpolitik</i>'—a policy of 'interests.' An 'interest' confers a +'right.' The satisfaction of 'national interest' is therefore the +achievement of 'national rights.' If these 'rights' can be achieved by a +compromise—i.e. by the complete surrender of Prussia's opponents to the +demands based on these 'rights'—that is a proof of her peace-loving +nature. But if her opponents refuse, then the war by which the 'rights' +are secured is a war 'forced' on Prussia. She has not 'willed' it. It is +a 'defensive' war to prevent the robbery of her 'rights' by others; +Bismarck, not without difficulty, converted his Sovereign to this +argument. In each case—1864, 1866, 1870—William I was ultimately +convinced that Denmark, Austria, and France were resisting the 'rights' +of Prussia, and that war to secure them was 'defensive,' 'forced' on the +King, and just. The successful issues confirmed William's conscience and +proved that Bismarckian principles had the Divine sanction."</p></div> + +<div class="footnote"><p><a name="Footnote_85_85" id="Footnote_85_85"></a><a href="#FNanchor_85_85"><span class="label">[85]</span></a> This attitude is well illustrated by the history of the +Crimean War. In January, 1855, "peace seemed impossible until some of +the disgrace was wiped away, and the pacificists, Cobden and Bright, +were burned in effigy.... The prolongation of the war called out no +protest from the public." Yet "the popular war produced an unpopular +peace." When after another year of fighting our French allies finally +insisted on peace, "'there was no indication,' said a Frenchman, 'as to +which was the victor and which the vanquished.' Reviews and +illuminations could not obscure the truth; Britain had sacrificed lives +and treasure and obtained little in return."—Alice Green's Epilogue to +J. R. Green's <i>Short History of the English People</i>.</p></div> + +<div class="footnote"><p><a name="Footnote_86_86" id="Footnote_86_86"></a><a href="#FNanchor_86_86"><span class="label">[86]</span></a> <i>Supra</i>, I, § 5.</p></div> + +<div class="footnote"><p><a name="Footnote_87_87" id="Footnote_87_87"></a><a href="#FNanchor_87_87"><span class="label">[87]</span></a> Mr. 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 slum."</p></div> + +<div class="footnote"><p><a name="Footnote_88_88" id="Footnote_88_88"></a><a href="#FNanchor_88_88"><span class="label">[88]</span></a> See, for example, the quite definite and complete report +on <i>International Government</i>, published by the Fabian Society (1916): +and compare Mr. J. A. Hobson's book <i>Towards International Government</i>, +and Mr. H. G. Wells' <i>The World Set Free</i>.</p></div> + +<div class="footnote"><p><a name="Footnote_89_89" id="Footnote_89_89"></a><a href="#FNanchor_89_89"><span class="label">[89]</span></a> Net loss of £276,560 in first half 1914-15.</p></div> + +<p class='center'>PRINTED BY<br /> +WM. BRENDON AND SON, LTD. 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