A WORLD PERIL.
I said that in the case of this country the crisis of last year at least had the effect of bringing together for the moment all political parties of the State united in a con- sideration of the common good of the nation. It may be that the world crisis itself will reach a point so serious and so devastating as to bring about some similar unity, at all events between the leading and most powerful nations, but undoubtedly a strong lead is required. I think, for example, that if this country, the United States and France could only agree upon certain dominant essentials for the peace of the world and as re- gards financial matters upon essentials for the further working of the international credit system, it would be found that the arrangement of the financial and economic machinery was a comparatively easy matter. But the "leadership " implies some big sacrifices, and without them I doubt much whether an expansion of credit by this or that country can carry us very fur. Meanwhile, we shall do well to remember that under- neath the forces of law and order as represented by governments of various countries, forces of Bolshevisnt are working, and so long as Governments are in dis- agreement, and as a consequence want and distress increase, so must those disruptive forces be strengthened, possibly to the undoing of what remains of world pro-
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