Since this dilapidated Manchester sign-post has now become the meeting point of all sections of the Liberal party, Radical and Whig, Imperialist and Little Englander, and since some of the leaders of Labour and even (strange to say) some of the Socialists are taking up their places in the shadow, it becomes imperative to ask what meaning exactly the words are intended to convey. With “Peace” I have dealt fully already, and have endeavoured to define the Socialist attitude towards it. But “Retrenchment and Reform” demand further examination. No surer proof of the utter emptiness of what is called “Liberal Imperialism” can be advanced than the manner in which its leaders have joined in the demand for retrenchment. I can understand the position of those who manfully opposed the South African War; I can understand the position of those who manfully supported it. Both are honest and consistent and worthy of all respect. But surely there never was a meaner spectacle than this of eminent and influential politicians shouting vigorously with the Mafficking crowd while war is popular, and then, when the brief season of ultra-patriotic excitement is over, grumbling and whining when presented with the inevitable bill of costs. It is equally absurd and unworthy. If we want an Empire, if we want a strong foreign policy, if we want vigour and efficiency--we must be prepared to pay for it. If we think the price too high, then, in heaven’s name, let us be honest and admit that the Little Englanders were in the right all along. Do not let us court an easy but most contemptible popularity by swaggering as Imperialists, when what we really want is all the sweets of Empire but none of the burdens. That is what “Liberal Imperialism” seems to mean. Indeed Liberal Imperialism has proved nothing better than a fizzle. Three years ago we thought that there might be something in it. So far-sighted a reformer as Mr. Sidney Webb celebrated in a memorable magazine article “Lord Rosebery’s Exodus from Houndsditch,” expressing the hope then widely entertained that the Liberal Imperialist movement meant the final laying of Gladstonian Ghosts and the creation of a Progressive party alive to the needs of the new time. That hope is at an end. Lord Rosebery and his retainers have re-entered Hounds ditch with triumphal pomp and ceremony, and are now distinguishable from their frankly Gladstonian colleagues only by the greater fluidity of their convictions.