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208 of the 'sixties; and we have done these things mainly from our increasing haste to get hold of something new, and our almost equal haste, when we have it, to throw it away again.

We have cast our bread upon the waters. The sort of wealth to the pursuit of which nations have committed themselves needs (it now appears) an enormous amount of protection. And it cannot have been without some demoralising effect upon the mind of the community that we have been driven by our outstanding necessities to build every year six or seven of those enormous engines of destruction called "Dreadnoughts," whose effective lease of life is about 20 years, something considerably shorter than the lease of life which we allow for our most jerry-built lodging-houses! And on these short-lived products of industry (which are to-day the sign and symbol and safeguard of our world-power), our aristocracy of labour has been spending its strength, and the nation has now to depend on them for its safety. The cost of building a "Dreadnought" is about the same as the cost of building St. Paul's Cathedral. Imagine to yourself a nation building every year six or seven St. Paul's Cathedrals, with the consciousness that in twenty-five or thirty years they will all again be levelled to the dust, and you will get from that picture something of the horror which an artist is bound to feel at the necessity which thus drives us forward, even in peace-time, to the continuous destruction,