The new spirit is still but poorly expressed, but it will find expression. The war goes on, and we discuss this question of economic reconstruction as though it was an issue that lay between the labour that has stayed behind and the business men, for the most part old men with old habits of mind, who have stayed behind.

The real life of Europe's future lies on neither side of that opposition. The real life is mutely busy at present, saying little because of the uproar of the guns, and not so much learning as casting habits and shedding delusions. In the trenches there are workers who have broken with the old slacking and sabotage, and there are prospective leaders who have forgotten profit. The men between eighteen and forty are far too busy in the blood and mud to make much showing now, but to-morrow these men will be the nation.

When that third factor of the problem is brought in the outlook of the horoscope improves. The spirit of the war may be counted upon to balance and prevail against this spirit of individualism, this spirit of suspicion and disloyalty, which I fear more than anything else in the world.

I believe in the young France, young England, and young Russia this war is making, and so I believe that every European country will struggle along the path that this war has opened to a far more completely organised State than has existed ever before. The Allies will become State firms, as Germany was, indeed, already becoming before the war; setting private profit aside in the common interest, handling agriculture, transport, shipping, coal, the supply of metals, the manufacture of a thousand staple articles, as national concerns.

In the face of the manifest determination of the Central Powers to do as much, the Allies will be forced also to link their various State firms together into a great allied trust, trading with a common interest and a common plan with Germany and America and the rest of the world.... Youth and necessity will carry this against selfishness, against the unimaginative, against the unteachable, the suspicious, the "old fool."

But I do not venture to prophesy that this will come about as if it were a slick and easy deduction from present circumstances. Even in France I do not think things will move as lucidly and generously as that. There will be a conflict everywhere between wisdom and cunning, between the eyes of youth and the purblind, between energy and obstinacy.

The reorganisation of the European States will come about clumsily and ungraciously. At every point the sticker will be found sticking tight, holding out to be bought off, holding out for a rent or a dividend or a share, holding out by mere instinct. At every turn, too, the bawler will be loud and active, bawling suspicions, bawling accusations, bawling panic, or just simply bawling. Tricks, peculation, obstinacies, vanities--after this war men will still be men. But I do believe that through all the dust and din, the great reasons in the case, the steady constructive forces of the situation, will carry us.

I believe that out of the ruins of the nineteenth century system of private capitalism that this war has smashed for ever, there will arise, there does even now arise, in this strange scaffolding of national munition factories and hastily nationalised public services, the framework of a new economic and social order based upon national ownership and service.

Let us now recapitulate a little and see how far we have got in constructing a picture of the European community as it will be in fifteen or twenty years' time. Nominally it will be little more of a Socialist State than it is to-day, but, as a matter of fact, the ships, the railways, the coal and metal supply, the great metal industries, much engineering, and most agriculture, will be more or less completely under collective ownership, and certainly very completely under collective control. This does not mean that there will have been any disappearance of private property, but only that there will have been a very considerable change in its character; the owner will be less of controller but more of a creditor; he will be a rentier or an annuitant.

The burthen of this class upon the community will not be relatively quite so heavy as it would otherwise have been, because of a very considerable rise in wages and prices.