Directly peace is signed, unless we provide for the event beforehand, our Press will pass under neutral conditions. There will be nothing to prevent, for example, any foreseeing foreign power coming into Great Britain, offering to buy up not only this paper or that, but also, what is far more important, to buy up the great book and newspaper distributing firms. These vitally important public services, so far as law and theory go, will be as entirely in the market as railway tickets at a station unless we make some intelligent preventive provision. Unless we do, and if, as is highly probable, peace puts no immediate stop to international malignity, the Germans will be bigger fools than I think them if they do not try to get hold of these public services. It is a matter of primary importance in the outlook of every country in Europe, therefore, that it should insist upon and secure responsible native ownership of every newspaper and news and book distributing agency, and the most drastic punishment for newspaper corruption. Given that guarantee against foreign bribery, we may, I think, let free speech rage. This is so much a matter of common sense that I cannot imagine even British "wait and see" waiting for the inevitable assault upon our national journalistic virtue that will follow the peace. So I spread out the considerations that I think justify our forecasting, in a very changed Great Britain and a changed Europe, firstly, a legal profession with a quickened conscience, a sense of public function and a reformed organisation, and, secondly, a Press, which is recognised and held accountable in law and in men's minds, as an estate of the realm, as something implicitly under oath to serve the State. I do not agree with Professor Michel's pessimistic conclusion that peace will bring back exacerbated party politics and a new era of futility to the democratic countries. I believe that the tremendous demonstration of this war (a demonstration that gains weight with every week of our lengthening effort), of the waste and inefficiency of the system of 1913-14, will break down at last even the conservatism of the most rigidly organised and powerful and out-of-date of all professions.