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 meeting the demand. The old Liberal idea of peace and retrenchment again is recognized by the Socialistic, and indeed by the whole body of social reformers, as equally essential for the successful prosecution of their aims. Popular budgets will bring no relief to human suffering if the revenues that they secure are all to go upon the most expensive ship that is the fashion of the moment, nor can the popular mind devote itself to the improvement of domestic conditions while it is distracted either by ambitions or by scares. On the other side, the Liberal who starts from the Gladstonian tradition has in large measure realized that if he is to maintain the essence of his old ideas it must be through a process of adaptation and growth. He has learnt that while Free Trade laid the foundations of prosperity it did not erect the building. He has to acknowledge that it has not solved the problems of unemployment, of underpayment, of overcrowding. He has to look deeper into the meaning of liberty and to take account of the bearing of actual conditions on the meaning of equality. As an apostle of peace and an opponent of swollen armaments, he has come to recognize that the expenditure