has convinced him of the reality of the Empire, and vaguely inspired him with a vision of its possibilities as a federation of free commonwealths.  In other words, the British Empire, contrasted with that of Germany, is gradually being recognised as standing for Democracy, however imperfect its achievements may be up to the present.  Consequently, the return of peace will see a deeper interest in imperial questions; indeed, it is not too much to say that there will be an imperial renaissance, born of a new patriotism, “clad in glittering white.”  The change of heart which is taking place in the people of this country, through the opening of the flood-gates of feeling and thought by the unsuspecting warrior in shining armour, may bring a new age comparable in its influence on civilisation with the great epochs of the past.  To-day is seed-time.  But the harvest will not be gathered without sweat and toil.  The times are pregnant with great possibilities, but their realisation depends upon the united wisdom of the people.

BOOKS

In order to understand the machinery of international trade, reference should be made to Hartiey Withers’ Money Changing (5s.), or Clare’s A.B.C. of the Foreign Exchanges (3s.); an outline of the subject will be found in any good general text-book on Economics.  On the financial situation, see articles on “Lombard Street in War” and “The War and Financial Exhaustion” (Round Table, September and December 1914); “War and the Financial System, August 1914,” by J.M.  Keynes (Economic Journal, September 1914); and articles in the New Statesman on “Why a Moratorium?” (August 15,1914), and “The Restoration of the Remittance Market” (August 29, 1914).  Norman Angell’s The Great Illusion (2s. 6d.) should be consulted for an examination of the relations between war and trade.  The most accessible book dealing with the foreign trade of the European countries is the Statesman’s Year-Book, published annually at 10s. 6d.  The chapters reprinted from the Encyclopaedia Britannica are also useful.  A valuable article on “The Economic Relations of the British and German Empires,” by E. Crammond, appeared in the Journal of the Royal Statistical Society, July 1914.  The same writer published an article on “The Economic Aspects of the War” in The Quarterly Review for October 1914 (6s.).  A grasp of the economic development of Germany may be obtained from W.H.  Dawson’s Evolution of Modern Germany (5s.) and the same writer’s Industrial Germany (Nation’s Library, 1s.).  Mr. F.W.  Taylor’s Scientific Management (5s.) and Miss J. Goldmark’s Fatigue and Efficiency (8s.) explain scientific management.  A short account is also given in Layton’s Capital and Labour (Nation’s Library, 1s.).