no patrol of cruisers in the Atlantic, in the Pacific, and in the Mediterranean. One thing at least is certain, that if we can ever arrive at a time when a real Concert of Europe prevails, one of the first things which it must take in hand is a thorough examination of the extent of defensive force which a nation requires as a minimum for the preservation of its independence and liberty. [13] Notably Lord Loreburn, in his _Capture at Sea_ (Methuen). TRADE IN ARMAMENTS Certainly one crying evil exists which ought to be dealt with promptly and effectively in accordance with the dictates of common sense as well as common morality. I refer to the trade in armaments carried on by private companies, whose only interest it is to foment, or perhaps actually to produce, war scares in order that munitions of war may be greedily purchased. A notorious example is furnished by the great works at Essen owned by Krupp. In the same position are the great French works at Creusot, owned by Schneider, and those of our own English firms, Armstrongs, Vickers, John Brown, and Cammell Laird. These are all successful concerns, and the shareholders have reaped large profits. I believe that at Creusot the dividends have reached twenty per cent., and Armstrongs yield rarely less than ten per cent. It is necessary to speak very plainly about industries of this kind, because, however we like to phrase it, they represent the realisation of private profit through the instruments of death and slaughter. It would be bad enough if they remained purely private companies, but they really represent the most solid public organisations in the world. We know the intimate relations between Krupp and the German Government, and doubtless also between Messrs. Schneider and the French Government. This sordid manufacture of the instruments of death constitutes a vast business, with all kinds of ramifications, and the main and deadly stigma on it is that it is bound to encourage and promote war. Let me quote some energetic sentences from Mr. H.G. Wells on this point: "Kings and Kaisers must cease to be commercial travellers of monstrous armament concerns.... I do not need to argue, what is manifest, what every German knows, what every intelligent educated man in the world knows. The Krupp concern and the tawdry Imperialism of Berlin are linked like thief and receiver; the hands of the German princes are dirty with the trade. All over the world statecraft and royalty have been approached and touched and tainted by these vast firms, but it is in Berlin that the corruption is centred, it is from Berlin that the intolerable pressure to arm and still to arm has come."[14]