o me a period when there was a wilder rush for wealth, or
a more blatant display of luxury? Sometimes I wish the War back; England
was at her best when the call for sacrifice came home to her. But
how--we hear great talk of Reconstruction, but I am reminded rather of
the Restoration."

"My friend," said the Sage, "I shall believe that this too is only a
temporary phase. Memory is not our strong point, but you can perhaps
throw back your mind to a year ago and recall how near we came to
the ruin of our hopes. Victory took us by surprise; and we were less
prepared for Peace at that moment than we ever had been for War. And,
just as in the first days of the fighting we went astray, running after
the cry, 'Business-as-usual,' so to-day we are making as bad a mistake
when we run after 'Pleasure-as-usual'--or rather more than usual. But
we soon revised that early error, and we shan't waste much time about
revising this. For though we lacked imagination then, and still lack
it, we have the gift, perhaps even more useful if less showy, of common
sense. And when common sense is found in natures that are honest and
hearts that are clean it may make mistakes, but not for long.

"No, I am an optimist, and an incorrigible old fool, if you like, but I
am certain that the spirit which won the War is not going to fail us
at this second call. Perhaps we have only been waiting for the actual
consummation of Peace to settle down to our new and greater task.

"And now I must excuse myself from further dialogue, having a mission
to perform in connection with this very task. I go to distribute a
corrective for some of the evils of Peace, as indicated by you. My
motor-lorry, stuffed with samples, awaits me without."

"And what is the nature of your patent medicine?" said the Cynic, very
cynically.

"It is," replied Mr. Punch, very confidently but also very
modestly,--"it is a little thing of my own. It is, in fact; my

[Illustration: ONE HUNDRED AND FIFTY-SIXTH VOLUME".]

* * * * *

[Illustration: INDEX]

* * * * *

CARTOONS.

PARTRIDGE, BERNARD
Babes in the Wood (The) 25
Bear Turns (The) 443
Cinderella 183
Cramping his Style 283
"Dora" discomfited 63
Dove at Sea (The) 303
"Dry" Humour 123
England Expects 163
Faith Restored 463
First German Victory (The) 83
Foch-Terrier (The) 203
Germany Draws the Pen 383
G