shareholders in the companies owning them." It appears to this recalcitrant member--and there is much to be said for his view--that all these consequences have been highly advantageous to this country. On the subject of "key" industries he is equally unconvinced. It appears to him that "the important thing is to get the industries established in this country, and that the question of their ownership is of secondary consequence." It is very satisfactory to note, in view of wild talk that has lately been current with regard to restrictions on our power to export capital, that the Committee has not a word to say for any continuance, after the war, of the supervision now exercised over new issues. The restrictions which it did recommend, while admitting their futility, on imports of capital into our shipping and "key" industries were evidently based on fears of possible war in future. The moral is that this war has to be brought to such an end that war and its barbarisms shall be "spurlos versenkt," and that humanity shall be able to go about its business unimpeded by all the stupid bothers and complications that arise from its possibility. XIV NATIONAL GUILDS _October_, 1918 The Present Economic Structure--Its Weaknesses and Injustices--Were things ever better?--The Aim of State Socialism--A Rival Theory--The New Movement of Guild Socialism--Its Doctrines and Assumptions--Payment "as Human Beings"--The "Degradation" of earning Wages--Production irrespective of Demand--Is that the Real Meaning of Freedom?--The Old Evils under a New Name--A Conceivably Practical Scheme for some other World.