These tendencies are continuing at an accelerating rate. This is the price Scotland is paying for its “sense of participation in a larger nationality”—a sense that even then must be qualified by recognition of the fact that the “larger nationality” will in turn be subjected to the same “policy” as the “smaller” (although both, no doubt, may continue a while longer to have a sense of “Empire”)—unless Scotland comes to the rescue of England in the manner suggested. The Scottish Convention of Burghs (of which I have been a member) is the oldest municipal institution in Europe—it is also the most effete and powerless. Otherwise its continued existence would not be tolerated for a moment. Let it discuss with any “real determination” the effect of the amalgamation of the Scottish banks, railways, etc., with the English—or the relation of the banking system to the policy of neglect and deliberate “misunderstanding” which is eviscerating Scotland—and it will speedily see the end of its long history. Scotland’s, and more than Scotland’s, only hope—albeit yet a slender one—is through the Scottish Socialist movement, and, it may be, one of its Irish Catholic leaders. The closer inter-relationship of the Scottish Socialist and Nationalist Movements, their increasing identity of personnel, and happily, their tardy concentration on the financial aspect, is the one promising feature in the situation, unparalleled in history, in which a whole nation, reputedly hard-headed and patriotic, have been almost ineradicably persuaded by (mainly alien—or alienated) financial interests that black is white and white black until they wax only the more perfervid in their patriotic protestations, and the more diligent in their Sisyphus task of futile “thrift,” the more their country is denuded of population, status, and prosperity, and themselves of all that makes life worth living. It is significant that _The Scotsman_ and other Anglo-Scottish papers dealing with the new Draft Bill, are increasingly conceding the “advantages” of sentimental nationalism, but simultaneously warning their readers that “realistic nationalism” will be reactionary and profitless—“what Scotland wants is not a Parliament of its own, but more employment, new industries,” etc., as if the present system were supplying these, and nationalism threatened the supply. Happily, as I have said, the Scottish Home Rule Movement is rapidly re-orienting itself along realist lines, but the degree of realism achieved has not yet reached through to the financial backwork of our affairs, the real manipulation area, without control of which “self-determination” is only a delusion and a snare. This is not surprising—when that stage has not even been reached in the Irish Free State despite the long history of intense nationalistic activity there and the relatively great measure of “political success” achieved. But the Scottish psychology differs from the Irish, and, nationalistically laggard as Scotland