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Granted that income will at once begin to drop all round, shrinking perhaps fast to below the pre-war figures, still at first there must be a rolling river of demand and the wherewithal to satisfy it. For years no one has built houses, or had their houses done up; no one has bought furniture, clothes, or a thousand other articles which they propose buying the moment the war stops.

Their revelations truly merit the term, showing remarkably clearly the unity of conception, determination of purpose, and co-operation with the German Government which characterised the policy of the I.G. Pre-war American Situation. Let us briefly consider the relevant aspects of the pre-war American situation.

Yet I have had one pre-war pleasure this week which carried with it no sort of disappointment. It was as good as I had thought it would be. I went to Lord's and watched first-class cricket again. There are people who want to "brighten cricket." They remind me of a certain manager to whom I once sent a play.

That Jack Maitland had somehow dropped out of the intimate circle of friends who had in pre-war days made the Rectory their headquarters was to her a more bitter disappointment than she cared to acknowledge even to herself.

Any State regulations of labour are rightly watched with the greatest jealousy. Pledges have been given that certain pre-War conditions as regards labour shall be re-established as soon as possible. During the War the exceptional conditions demanded exceptional measures.

The result is, familiarity without intimacy and detachment without dignity, while the pre-War official habit of going Home every year for some months has prevented even subordinates from studying their district or department consecutively.

He emphasised her pre-War services, showing that though 19-1/4 millions sterling was fixed as a maximum by the Nicholson Committee, that amount had been exceeded in 11 out of the last 13 budgets, while his own last budget had risen to 22 millions. During these 13 years the revenue had been only between 48 and 58 millions, once rising to 60 millions.

It had now more than the pre-war bitterness; between the combatants flowed rivers of blood; behind them ranked male relatives killed or maimed by the male relatives of their foes on the opposite seat. The English ladies won. Germany was a conquered race, and knew it. In revenge, the backfisch coughed and sneezed "all over the carriage," as Mrs.

Delicacy in dyes, in the pre-war days, gave certain French woollen goods an advantage over ours in our own markets; yet we maintained our vast superiority in exports by the free use of all the dyes available. Let protection operate all round, and our foreign markets will be closed to us by our own political folly.

Had we escaped the coal and railway strikes, which had no excuse for their beginning and less justification for their delayed settlement, we should have done infinitely better. But labor was insistent on holding to the war heights, and heedless forces of reaction sought the pre-war levels, and both were wrong.