At this point the policy of simple permeation of the Liberal Party may be said to have come to an end. The "Daily Chronicle," under the influence of Mr. Massingham, became bitterly hostile to the Fabians. They could no longer plausibly pretend that they looked for the realisation of their immediate aims through Liberalism. They still permeated, of course, since they made no attempt to form a party of their own, and they believed that only through existing organisations, Trade Unions on one side, the political parties on the other, could sufficient force be obtained to make progress within a reasonable time. In one respect it must be confessed we shared an almost universal delusion. When the Liberal Party was crushed at the election of 1895 we thought that its end had come in England as it has in other countries. Conservatism is intelligible: Socialism we regarded as entirely reasonable. Between the two there seemed to be no logical resting place. We had discovered long ago that the working classes were not going to rush into Socialism, but they appeared to be and were in fact growing up to it. The Liberalism of the decade 1895-1905 had measures in its programme, such as Irish Home Rule, but it had no policy, and it seemed incredible then, as it seems astonishing now, that a party with so little to offer could sweep the country, as it was swept by the Liberals in 1906. But nobody could have foreseen Mr. Lloyd George, and although the victory of 1906 was not due to his leadership, no one can doubt that it is his vigorous initiative in the direction of Socialism which secured for his party the renewed confidence of the country. * * * * *