The position of the pound is in any case against nature. Money and the cost of materials tend like water to find a common level. The majestic pound is standing up on end like the waters of the Red Sea to let the Israelites pass over dry-shod out of Egypt. When they get to the other side down will come the pound. There is besides the economic element of revolution a political one also. If England follows her parliamentary institutions and does not suspend them as Czecho-Slovakia has done hers, there is bound to be a great change soon. Adult franchise of male and female ought certainly to bring Labour into power. But the spirit of England will overcome the greed and vulgarity of the age. England still preserves a fine reputation on the Continent. That is because of the code of a gentleman. The man who keeps his word, lives cleanly, and is generally reserved in conversation, is admired in every capital. The political efforts made to ease the peace treaty and help the Germans, have done England's reputation no harm. The English fill the imagination as men of honour. It is difficult, however, to relate England to Europe. In terms of England's honour we are nearer than we were, and _Perfide Albion_ is not nearly so perfidious. But as a business people we are out of touch. We have more bad types of business men than formerly. There are a lot of commercial rogues, who, at least, call themselves English, though their mothers may have played false. On the other hand, the stalwart, honest type does not get on so well as he did. The war has confused his mind a little. Many still want to punish the Germans. And in punishing the ex-enemy they punish themselves. One would think that the supposed "nation of shopkeepers" would be appealed to on grounds of commercial sagacity. A nation that has made the experiment of a business government might be expected to live by a business code. It is well known in business that good-will is the foundation of prosperous trade, and that hostile relationships do not pay. How often has one read this type of appeal in England. The sentences are taught in English commercial correspondence classes: "I want to make a proposition to you, a strictly commercial proposition. How can we help one another to do more business? How can we be mutually serviceable to one another? Think it over. I do you a good turn now because I know you are certain to be in a position by and by to do me a good turn." It has been open for England to say this to Germany, France, Serbia, Czecho-Slovakia, the United States, and to many other countries, but for some reason or other we have held off. We have substituted another and not very worthy phrase, "Let them stew in their own juice," forgetting that if we let them stew there we shall stew, too, in ours. And it is not likely to be a very good stew.