This pamphlet being rather
philosophic than statistical, I have taken the easy course of printing a
selection of these testimonies, crude and undigested, in an appendix--a
cold storage of facts and figures that allows me to repeat with a quiet
conscience that trade is booming. The greater the war, apparently, the
greater the profits. In the words of the _Manchester Guardian_:--

The first full calendar year of war has been a period of
unparalleled industrial activity and, generally speaking,
prosperity in this country. Heavy losses and bad times have been
encountered in a few important industries, but these are balanced
by unprecedented profits made by a large variety of industries,
whether directly or indirectly affected by the war.[33] ... But it
would be a mistake to suppose that, while war manufactures
prospered, all other

FOOTNOTES:

[Footnote 32: See, for instance, my article "A Footnote to the Balkan
War," published in the _Asiatic Review_ for July 1, 1914. This opinion
is there expressed in the following words which I still think
substantially true, though one or two phrases are rhetorically
exaggerated.

"England and the rest of Western Europe have outgrown by about three
hundred years the time in the development of nations when fighting is
natural and even necessary. England, of course, continues to contemplate
war, and to be bluffed by the threat of war in the circumlocutions of
diplomacy. But her national welfare no longer requires war; and, if she
ever undertakes it, it will be at the bidding of merchants and usurers,
who do not represent even the baser instincts of the specifically
national spirit, but are wholly foreign and parasitic. On that occasion
the _Daily Mail_ and the Foreign Office will no doubt assure the British
people that the war in question involves the whole honour and welfare of
the State; and the people will believe it. But it will not be true. For
England is happily not, or not yet, a nation of shopkeepers; and it will
be only the shopkeepers whose welfare is concerned."]

industry languished and decayed. To prove the contrary and show
that only here and there were there heavy losses, we may quote some
figures compiled by the _Economist_....

And so forth.[34]

To this I will add only two typical paragraphs as a text for my
subsequent remarks, as I believe they suggest the general economic
process which enriches the particu