It was made a matter of merriment in the case of William Morris that he preached the doctrines of socialism while he was a prosperous manufacturer; but I see that he was perfectly consistent. There is no justice, for instance, about the principle of disarmament, unless all nations loyally disarm at the same time. A person cannot be called upon to strip himself of his personal property for disinterested reasons, if he feels that he is surrounded by people who would use the spoils for their own interest. The process must be carried out by a sincere majority, who may then coerce the selfish minority. I have no conception what I should do with my money if I determined that I ought not to possess it. It ought not to be applied to any public purpose, because under a socialist regime all public institutions would be supported by the public, and they ought not to depend upon private generosity. Still less do I think that it ought to be divided among individuals, because, if they were disinterested persons, they ought to refuse to accept it. The only good reason I should have for disencumbering myself of my possessions would be that I might set a good example of the simple life, by working hard for a livelihood, which is exactly what I do; and my only misfortune is that my earnings and the interest of my accumulated earnings produce a sum which is far larger than the average man ought to possess. Thus the difficulty is a very real one. Moreover the evil of personal property is that it tends to emphasise class-distinctions and to give the possessors of it a sense of undue superiority. Now I am democratic enough to maintain that I have no sense whatever of personal superiority. I do not allow my possession of property to give me a life of vacuous amusement, for the simple reason that my work amuses me far more than any other form of occupation, If it is asked why I tend to live by preference among what may be called my social equals, I reply that the only people one is at ease with are the people whose social traditions are the same as one's own, for the simple reason that one does not then have to think about social traditions at all. I do not think my social traditions are better than the social traditions of any other stratum of society, whether it be described as above or below my own; all I would say is that they are different from the social traditions of other strata, and I much prefer to live without having to consider such matters at all. The manners of the upper middle-class to which scientifically I belong, are different from the manners of the upper, lower-middle, and lower class, and I feel out of my element in the upper class, just as I feel out of my element in the lower class. Of course if I were perfectly simple-minded and sincere, this would not be so; but, as it is, I am at ease with professional persons of my own standing; I understand their point-of-view without any need of