The socialising and communist tendencies set up by measures of industrial mobilisation for the purposes of the War, have been carried forward in another sphere by the economic terms of the Treaty of Versailles. These latter, if even partly carried into effect, will mean in very large degree the compulsory socialisation, even communisation, of the enemy States. Not only the country's foreign trade, but much of its internal industry must be taken out of the hands of private traders or manufacturers. The provisions of the Treaty assuredly help to destroy the process upon which the old economic order in Europe rested. Let the reader ask himself what is likely to be the influence upon the institution of private property and private commerce of a Treaty world-wide in its operation, which will take a generation to carry out, which may well be used as a precedent for future settlements between States (settlements which may include very great politico-economic changes in the position of Egypt, Ireland, and India), and of which the chief economic provisions are as follows:-- 'It deprives Germany of nearly the whole of her overseas marine. It banishes German sovereignty and economic influence from all her overseas possessions, and sequestrates the private property of Germans in those places, in Alsace-Lorraine, and in all countries within Allied jurisdiction. It puts at the disposal of the Allies all German financial rights and interests, both in the countries of her former Allies and in the States and territories which have been formed out of them. It gives the Reparations Commission power to put its finger on any great business or property in Germany and to demand its surrender. Outside her own frontiers Germany can be stripped of everything she possesses, and inside them, until an impossible indemnity has been paid to the last farthing, she can truly call nothing her own. 'The Treaty inflicts on an Empire built up on coal and iron the loss of about one-third cf her coal supplies, with such a heavy drain on the scanty remainder as to leave her with an annual supply of only 60 million tons, as against the pre-war production of over 190 million tons, and the loss of over three-quarters of her iron ore. It deprives her of all effective control over her own system of transport; it takes the river system of Germany out of German hands, so that on every International Committee dealing with German waters, Germans are placed in a clear minority. It is as though the Powers of Central Europe were placed in a majority on the Thames Conservancy or the Port of London Authority. Finally, it forces Germany for a period of years to concede "most favoured nation" treatment to the Allies, while she receives no such reciprocal favour in return.'