If I can do this with any semblance of success, it may perhaps excuse the restrictions I am placing on this subject, for I fully realize the immense future possibilities of other means of movement. The railway has not come to the end of its evolution, far from it to any reader of Mr. Horniman’s book, “How to Make the Railways Pay for the War,” in which Mr. Gattie’s “third-dimensional” railway system is described, a system which bids fair, were it introduced, to prove as revolutionary as George Stephenson’s locomotive itself. Nor has the steamship, except perhaps in size, reached its utmost development, for every day heralds a further improvement, and, as for aircraft, they are scarcely out of the nursery; yet I am of opinion that, until a radical change in their engines is introduced, and this change may demand a new motive force, their utility in peace will be severely restricted, and, if restricted in peace, in numbers they are not likely to be so numerous in war as some people imagine. I mention these things here because of the limit I have placed on the items I intend to examine when compared to the subject of economic movement as a whole. I have called this little book Pegasus, not only because this famous steed had wings, which to me are the wings of imagination, but because he was born near the sources of the ocean and sprang from the blood of Medusa. To me, the sources of the ocean are symbolic of these little islands of ours, which produced not only the first practical steam engine and the first locomotive, but also the footed wheel which developed into the caterpillar track. Further, Medusa, that monster who turned all who gazed on her to stone, is surely the incarnation of that obstructive ignorance which, by impeding originality of idea and novelty of action, compels thought and things to grow, and through struggle with her to prove their utility and worth. THE BATTLE OF THE IRON HORSE THE RAILWAY CENTENARY I must begin somewhere, and since I refuse to begin at the soles of men’s feet, which are the beginning of his anatomy, the earth is our natural datum point, I will begin just a hundred years ago, when the world we know to-day was as remote from the world as it was then, as the world I hope to point the way to will, in many ways, be as remote from the world as it is now.