One final point. If it is true, as I have argued, that the decay of the prestige and efficiency of Parliament is due to the fact that it is already overloaded with functions and responsibilities, it must be obvious that to add to this burden the responsibility for controlling the conduct of great industries, such as the railways and the mines, would be to ensure the breakdown of our system of government, already on the verge of dislocation. In so far as it may be necessary to undertake on behalf of the community the ownership and conduct of any great industrial or commercial concern, I submit that it is essential that it should not be brought under the direct control of a ministerial department responsible to Parliament. Yet the ultimate responsibility for the right conduct of any such undertaking (_e.g._ the telephones, electric supply, or forests) must, when it is assumed by the State, rest upon Parliament. How is this ultimate responsibility to be met? Surely in the way in which it is already met in the case of the Ecclesiastical Commissioners or the Port of London Authority--by setting up, under an Act of Parliament, an appropriate body in each case, and by leaving to it a large degree of freedom of action, subject to the terms of the Act and to the inalienable power of Parliament to alter the Act. In such a case the Act could define how the authority should be constituted, on what principles its functions should be performed, and how its profits, if it made profits, should be distributed. And I suggest that there is no reason why the Post Office itself should not be dealt with in this way. It is only a fleeting and superficial survey which I have been able to give of the vast and complex themes on which I have touched; and there is no single one of them with which I have been able to deal fully. My purpose has been to show that in the political sphere as well as in the social and economic spheres vast tasks lie before Liberalism, and, indeed, that our social and economic tasks are not likely to be efficiently performed unless we give very serious thought to the political problem. Among the heavy responsibilities which lie upon our country in the troubled time upon which we are entering, there is none more heavy than the responsibility which rests upon her as the pioneer of parliamentary government--the responsibility of finding the means whereby this system may be made a respected and a trustworthy instrument for the labours of reconstruction that lie before us. THE STATE AND INDUSTRY BY W.T. LAYTON M.A., C.H., C.B.E.; Editor of the _Economist_, 1922; formerly Member of Munitions Council, and Director of Economic and Financial Section of the League of Nations; Director of Welwyn Garden City; Fellow of Gonville and Caius College, Cambridge, 1910.