such financial transactions as are incident to the accomplishment of anything whatever in a commercial nation. And then, too, there is a pecuniary interest in being interested in financial transactions. This shifting of discretionary control out of the hands of the gentlemen into those of the underbred common run, who know how to do what is necessary to be done in the face of underbred exigencies, may conceivably go far when it has once been started, and it may go forward at an accelerated rate if the pressure of necessity lasts long enough. If time be given for habituation to this manner of directorate in national affairs, so that the common man comes to realise how it is feasible to get along without gentlemen-investors holding the discretion, the outcome may conceivably be very grave. It is a point in doubt, but it is conceivable that in such a case the gentlemanly executive committee administering affairs in the light of the gentlemanly pecuniary interest, will not be fully reinstated in the discretionary control of the United Kingdom for an appreciable number of years after the return of peace. Possibly, even, the regime may be permanently deranged, and there is even a shadowy doubt possible to be entertained as to whether the vested pecuniary rights, on which the class of gentlemen rests, may not suffer some derangement, in case the control should pass into the hands of the underbred and unpropertied for so long a season as to let the common man get used to thinking that the vested interests and the sacred rights of gentility are so much ado about nothing. Such an outcome would be extreme, but as a remote contingency it is to be taken into account. The privileged classes of the United Kingdom should by this time be able to see the danger there may be for them and their vested interests, pecuniary and moral, in an excessive prolongation of the war; in such postponement of peace as would afford time for a popular realisation of their incompetence and disserviceability as touches the nation's material well-being under modern conditions. To let the nation's war experience work to such an outcome, the season of war would have to be prolonged beyond what either the hopes or the fears of the community have yet contemplated; but the point is after all worth noting, as being within the premises of the case, that there is herein a remote contingency of losing, at least for a time, that unformulated clause in the British constitution which has hitherto restricted the holding of responsible office to men of pedigree and of gentle breeding, or at least of very grave pecuniary weight; so grave as to make the incumbents virtual gentlemen, with a virtual pedigree, and with a virtual gentleman's accentuated sense of class interest. Should such an eventuality overtake British popular sentiment and belief there is also the remote contingency that the rights of ownership and investment would lose a degree of sanctity.