However we may wriggle in our skins and juggle with the chances of the future, I suspect that we shall have to pay the piper. We have without doubt, during the war, been living to a great extent on our capital. Our national income has gone up, _out of capital_, from twenty-two hundred to about three thousand six hundred millions, and will rapidly shrink to an appropriate figure. Wealth may, I admit, recover much more quickly than deductions from the past would lead us to expect. Under the war's pressure secrets have been discovered, machinery improved, men's energies and knowledge brightened and toned up. The Prime Minister not long ago said: "If you insist on going back to pre-war conditions, then God help this country!" A wise warning. If the country could be got to pull together in an effort to cope with peace as strenuous as our effort to cope with the war has been one would not view the economic future with disquietude. But one is bound to point out that if the war has proved anything it has proved that the British people require a maximum of danger dangled in front of their very noses before they can be roused to any serious effort, and that danger in time of peace has not the poster-like quality of danger in time of war; it does not hit men in the eye, it does not still differences of opinion, and party struggles, by its scarlet insistence. I hope for, but frankly do not see, the coming of an united national effort demanding extra energy, extra organising skill, extra patience, and extra self-sacrifice at a time when the whole nation will feel that it has earned a rest, and when the lid has once more been taken off the political cauldron. I fancy, dismally, that a people and a Press who have become so used to combat and excitement will demand and seek further combat and excitement, and will take out this itch amongst themselves in a fashion even more strenuous than before the war. I am not here concerned to try to cheer or depress for some immediate and excellent result, as we have all got into the habit of doing during the war, but to try to conjure truth out of the darkness of the future. The vast reconstructive process which ought to be, and perhaps is, beginning now will, I think, go ahead with vigour while the war is on, and for some little time after; but I fear it will then split into _pro_ and _con_, see-saw, and come to something of a standstill.