I can conceive no such Peace Congress as those that have settled up after other wars, settling up after this war. Not only has the war been enormously bigger than any other war, but it has struck deeper at the foundations of social and economic life. I doubt if we begin to realize how much of the old system is dead to-day, how much has to be remade. Since the beginnings of history there has been a credible promise of gold payments underneath our financial arrangements. It is now an incredible promise. The value of a pound note waves about while you look at it. What will happen to it when peace comes no man can tell. Nor what will happen to the mark. The rouble has gone into the Abyss. Our giddy money specialists clutch their handfuls of paper and watch it flying down the steep. Much as we may hate the Germans, some of us will have to sit down with some of the enemy to arrange a common scheme for the preservation of credit in money. And I presume that it is not proposed to end this war in a wild scramble of buyers for such food as remains in the world. There is a shortage now, a greater shortage ahead of the world, and there will be shortages of supply at the source and transport in food and all raw materials for some years to come. The Peace Congress will have to sit and organize a share-out and distribution and reorganization of these shattered supplies. It will have to Rhondda the nations. Probably, too, we shall have to deal collectively with a pestilence before we are out of the mess. Then there are such little jobs as the reconstruction of Belgium and Serbia. There are considerable rectifications of boundaries to be made. There are fresh states to be created, in Poland and Armenia for example. About all these smaller states, new and old, that the peace must call into being, there must be a system of guarantees of the most difficult and complicated sort.