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THE FUTURE OF DEMOCRACY one inﬆance; but everyone, even in the moﬆ intereﬆing occupation, has a feeling of monotony. I have held the offices of Secretary of State for War, and also of Lord Chancellor, and I can tell you there is a great deal of monotony in both these tremendously intereﬆing offices—although there is always the chance of accomplishing something great in them. If I could tell you what monotonous work had to be done before the Territorial Force (which the Mayor has referred to) was brought into exiﬆence, I should tell you of an often monotonous record.

I say this because I want to show you that there is a certain amount of monotony that you cannot hope to get rid of in life, but you can reduce it vaﬆly if you only know your work and are intereﬆed in it.

Let me go on to speak of how things can be made better.

Some people tell us that Labour creates Capital. But Labour undirected can do little good. Nor does Capital create wealth. It is a tool which is used to create wealth, but anyone who thinks he can create wealth by Capital alone has only to try and use it by itself and without sufficient knowledge, and he will find his miﬆake. What creates wealth is knowledge and power of directing the requisite Labour and Capital. It is that which enables the possession of work and wealth alike to be directed for the benefit of mankind.

Labour and Capital are both necessary inﬆruments. Nowadays, since the Joint Stock Company came into exiﬆence, all you have to do, if you are a real and truﬆed director—a man of wisdom and not a guinea-pig—all you have to do, if you are a capable person who can influence public confidence, is to say, "I can pay you six, eight, or ten per cent.—it is high juﬆ now—on your capital if you inveﬆ it in the company which I have formed to do such and such work. And people are thankful to get such intereﬆ, and hand over their 13