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 goods, that a wild orgy of competitive buying would almost certainly end in disaster; and that the ultimate end of such a policy is complete worthlessness of money and a return through chaos to the barbarisms of barter.

In 1921, however, Mr. Kitson was dining with some friends, including well-known financiers and merchants. The conversation soon turned on the industrial paralysis that then prevailed which was attributed by various speakers to various causes. As he describes the scene in a preface to a subsequently published work, entitled Unemployment, he seems to have dealt faithfully with his companions. "The writer's turn came last and he expressed himself as being in entire disagreement with every member. Not one of the reasons so far urged for our industrial woes would stand even the most superficial investigation, and consequently the remedies suggested were not only worthless but foolish." He went on to attribute the depression to a deflation policy announced about twelve months before by Mr. Chamberlain, and maintained that industrial and social conditions would grow worse until this policy of credit contraction was reversed. He was finally challenged by his opponents to furnish a remedy for unemployment and industrial depression. The result