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 absolutely ignores some of our finest chances of profit, there is something wrong with the system. Our servants are not doing what they are paid to do.

As I have already briefly contended, our recent experience furnishes a very ghastly confirmation of this suspicion. The British Empire will survive the dangers that beset it, though it will be deeply impaired economically, for two fundamental reasons: the Allies have double the population of the Central European Powers, and they have, including in this respect the United States, far larger ultimate resources in material and money. The fact that we do eventually muddle through will, one fears, content the majority of our people, but the thoughtful patriot will ask two questions. How many hundred millions has our slowness in mobilising our resources cost us, by protracting the war? And what is likely to be the fate of the British Empire if, with a similar slackness, it has at some later date to meet a numerically equal and far more alert enemy?

Let me briefly recount the facts which show that our national business has been grossly mismanaged. Can any person look back on all the facts which are now public property and say that our soldiers and statesmen were innocent in not perceiving the grave possibility of war with Germany at any time in the last three years? That, however, will scarcely be said: the readiness of our fleet is a sufficient reply. We know further that the general character of the war was foreseen. England was