workers indignant at the U-boat campaign; moreover, there is a world-wide cry for a vindictive trade after the war against Germany, and for organised boycotts that may further restrict the process of economic world recovery. It is doubtful if the menace of these 'revenge' movements and the difficulty of controlling them in democratic States is properly appreciated in Germany. The militarist Government of Germany, fighting now for bare existence, is concealing from its people this world-wide disposition to boycott German trade and industry at any cost to the boycotting populations, and buoying them up with preposterous hopes of 'business as usual' as soon as peace is made. The fact has to be faced that while the present German Government remains no such economic resumption is possible. The 'War after the War' possibility has to be added to the economic destruction in Russia, Belgium, and elsewhere in any estimate of the situation after the war.
"The plain prospect of material disorganisation thus opened should alone suffice to establish the absolute necessity for peace now of such a nature as will permit a worldwide concentration upon reconstruction, in good faith and without any complications of
