It seems necessary to note a further, and in a sense more improbable, line of disintegration among modern fixed ideas. Among the best entrenched illusions of modern economic preconceptions, and in economic as well as legal theory, has been the indispensability of funds, and the hard and fast limitation of industrial operations by the supply or with-holding of funds. The war experience has hitherto gone tentatively to show that funds and financial transactions, of credit, bargain, sale and solvency, may be dispensed with under pressure of necessity; and apparently without seriously hindering that run of mechanical fact, on which interest in the present case necessarily centers, and which must be counted on to give the outcome. Latterly the case is clearing up a little further, on further experience and under further pressure of technological exigencies, to the effect that financial arrangements are indispensable in this connection only because and in so far as it has been arranged to consider them indispensable; as in international trade. They are an indispensable means of intermediation only in so far as pecuniary interests are to be furthered or safeguarded in the intermediation. When, as has happened with the belligerents in the present instance, the national establishment becomes substantially insolvent, it is beginning to appear that its affairs can be taken care of with less difficulty and with better effect without the use of financial expedients. Of course, it takes time to get used to doing things by the more direct method and without the accustomed circumlocution of accountancy, or the accustomed allowance for profits to go to interested parties who, under the financial regime, hold a power of discretionary permission in all matters that touch the use of the industrial arts. Under these urgent material exigencies, investment comes to have much of the appearance of a gratuitous drag and drain on the processes of industry.