ers, army-coaches, landowners, and well-to-do families
whose wealth, livelihood, or position depends mainly upon the
continuance of warlike preparations, and whose personal interests are
enormously increased by actual war. When a nation is pouring out its
wealth at the rate of L2,000,000 or even L10,000,000 a week, as in the
future it may well do, much of it will run away to waste, but most of it
will stick to one finger or another; and the dirtier the finger the more
will stick. It seems silly, it seems almost incredible, that, only a few
generations ago, the peoples of Europe were engaged in killing each
other as fast as possible over a question of dynasty--whether this or
that poor forked radish of a mortal should be called King of Spain or
King of France. But in our own days men kill each other for dynasties of
cash--for wealthy firms and intermarried families. Nations fight that
private companies may show a higher percentage on dividends. It is
silly; it is almost incredible. But to shareholders and speculators
instigated by these motives Norman Angell's appeal is futile. Even a
victorious war may spell disaster to the nation; but even defeat spells
cash for them.

Holland was in February 1911 compelled to buy twenty-four inferior big
guns from Krupp, without contract or competition, for the defence of her
Javanese possessions, which no one thinks of attacking. Do you suppose
that Krupp's Company regards war as disadvantageous, or circulates
Norman Angell's book for a new gospel? "What plunder!" cried Bluecher,
looking over London from St. Paul's. Nowadays he would not wait to
plunder a foreign nation; he would invest in a Dreadnought company, and
plunder his own. Our naval expenditure in 1911-12 amounted to
L46,000,000; our army expenditure to nearly L28,000,000--a total of
L73,650,000 for what is called defence! Ten years ago we were in the
midst of a most expensive war. Nevertheless, in ten years the annual
expenditure upon armaments has increased by L14,000,000--far more than
enough to double our Old Age Pensions. Within thirty years the naval
estimates have more than quadrupled. Are we to suppose that no one grows
fat on the people's money? _Quidquid delirant reges_. The kings of the
earth stood up and violently raged together; their subjects died. But
now the kings of the earth are raging financiers with a shrewd eye to
business, and their subjects starve to pay them. We used to be told that
the man who paid