gerated. In no respect
is the broadening of outlook more discernible than in the sphere of
imperial affairs. Hitherto the Empire to the working man has been regarded
as almost mythical. In so far as it did exist, it was conceived as a happy
hunting ground for the capitalist exploiter. The spontaneous assistance
given to the mother country by the colonies and dependencies has convinced
him of the reality of the Empire, and vaguely inspired him with a vision of
its possibilities as a federation of free commonwealths. In other words,
the British Empire, contrasted with that of Germany, is gradually being
recognised as standing for Democracy, however imperfect its achievements
may be up to the present. Consequently, the return of peace will see a
deeper interest in imperial questions; indeed, it is not too much to say
that there will be an imperial renaissance, born of a new patriotism, "clad
in glittering white." The change of heart which is taking place in the
people of this country, through the opening of the flood-gates of feeling
and thought by the unsuspecting warrior in shining armour, may bring a new
age comparable in its influence on civilisation with the great epochs of
the past. To-day is seed-time. But the harvest will not be gathered without
sweat and toil. The times are pregnant with great possibilities, but their
realisation depends upon the united wisdom of the people.

BOOKS

In order to understand the machinery of international trade, reference
should be made to Hartiey Withers' _Money Changing_ (5s.), or Clare's
_A.B.C. of the Foreign Exchanges_ (3s.); an outline of the subject will
be found in any good general text-book on Economics. On the financial
situation, see articles on "Lombard Street in War" and "The War and
Financial Exhaustion" (_Round Table,_ September and December 1914); "War
and the Financial System, August 1914," by J.M. Keynes (_Economic Journal_,
September 1914); and articles in the _New Statesman_ on "Why a Moratorium?"
(August 15,1914), and "The Restoration of the Remittance Market" (August
29, 1914). Norman Angell's _The Great Illusion_ (2s. 6d.) should be
consulted for an examination of the relations between war and trade.
The most accessible book dealing with the foreign trade of the European
countries is the _Statesman's Year-Book_, published annually at 10s. 6d.
The chapters reprinted from the _Encyclopaedia Britannica_ are also useful.
A valuable article on "The Economic Re