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by its financial rulers without the necessary guidance and stimulus, and still more without the necessary example. Thousands of men and women, who if age or sex had allowed them to go to the front, would have fought as well as any of our champions there, continue to waste on self-indulgence and fripperies money that is needed for the war. It is more than high time that we should put this right, and that the heroism which is fighting our battles at the front should be supported by some attempt to imitate it by those of us who are left at home in the use that we make of our money.

The sort of financial heroism that is required of us ought not to be a very great strain on our patriotism. To be asked to save all we can, and subscribe to a British Government security yielding us roughly 5% per cent, with the possibility of temporary depreciation reduced to a minimum by a bonus on redemption, with the certainty of getting our money back with a comfortable capital increase in five, seven, or ten years, according as we may choose, with an option of conversion into the 5 per cent loan at 95, or of using our bonds at their face value for cash if at any time the Government brings out a long-dated loan for the purpose of the war—this is a form of financial heroism which, if it had been put before us 20 years ago, when Trustee Securities yielded 2% per cent, would have seemed to the average investor an impossibly beautiful dream. Such, however, is the appeal that is now made to us, and it is well that we should understand the duty that this appeal imposes upon us. The new issue has been frequently described as a new loan, implying that it is more or less on the lines of the great effort made last January, followed, as such efforts usually are, by a reaction into extravagance. That is not the kind of effort that is

now expected from us. The New National War bonds are to be on sale until further notice, and what is asked of us is not to make a great temporary effort, but from henceforward to cut down our expenditure to the bone, save, and continue to save, every shilling except what is essential to health and efficiency, and to put what we save from time to time by steady instalments into this new form of Government borrowing. By this process, instead of using up the productive power of the nation (which is the only source, apart from borrowing abroad, from which the war's needs can be met) on our own amusements, enjoyments, and frivolity, we hand it over to the Government to be invested in victory. By this continual transfer of buying power from us to the Government we check the rise in prices, cheapen the cost of the war, and reduce the Government's excuse for financing the war by inflation, and so making everything dear for us and for our poorer neighbors. Financial heroism, if it can be so described, will thus pay us directly and indirectly. It may also, if we carry it out on a really heroic scale, enable us to feel that we at home are making some small effort, not worthy to stand with that which is being made by those who are fighting for us, but just something to show that we are the same men as they are, and have done what we could. Not many of us can yet flatter ourselves that we have made any such effort. Plenty of people have suffered privation and cut down expenditure, but in most cases when this has been done drastically it has happened through compulsion. The revolution in our spending habits, which for years has been preached as essential to the sound finance of the war, has not yet been accomplished. The new National bonds give us one more opportunity. We believe that the nation will take it if the need is properly put before it by authoritative voices whose every word commands attention. It has to be recognized that the work of our Finance Minister at such a time is not a task to be undertaken as a side issue along with other exacting duties. Rumor indicates that a change in this respect may be announced before long; and though the admirable qualities of the present Chancellor have won for him the respect of all parties, any change will be welcomed that means more earnest concentration on the business of finance, more efficient appeals to the country to do its duty, a more vigorous use of the weapon of taxation, and a check on the public extravagance, which is crimi

nally dissipating the nation's resources. The Economist.


The formation was recently reported of the Anglo-American Corporation, the object of which is to take an interest in and develop some of the gold-mining leases on the Eastern Rand. The new Company has been formed by some of the leading financial interests in the United States in conjunction with certain members of the Transvaal mining industry, and while its entire capital is only £1,000,000, it is stated that its total resources may be increased later to £6,000,000. Some of the leading mining engineers and managers on the Witwatersrand have been Americans, but American capital has hitherto played no part in the development of that great goldfield. One would think that with the ever-increasing rise in the price of commodities, and the consequent fall in the purchasing power of gold, goldmining would cease to be a paying proposition, except where the gold contents were of a high percentage; but one cannot teach the Americans

much about gold-mining, and presumably the founders of the AngloAmerican Corporation know what they are about. The matter is of interest, as it denotes a further stage in the development of the American financial exploitation of the world, which the war has made imminent. If American skill, industry and inventiveness thereby penetrate into hitherto undeveloped, or only partially developed, areas of the world (and goodness knows there is room enough in Russia, Brazil and South America generally), American financiers certainly—the inhabitants of the respective countries and the world at large, possibly—will benefit very con

siderably. The New Statesman.


The Government has elected to anticipate the action of the House of Commons, and to put into operation, without waiting for discussion in Parliament, its scheme for the collection

of Commercial Intelligence in Foreign

Countries. They are acting in this matter, in fact, on all fours with the policy they pursued in the case of Lord Faringdon's Committee, and trying to force the hand of Parliament by presenting it with a fait accompli (just as the Kaiser attempted to do in his intrigue with the Tsar to force the hand of France). Sir A. SteelMaitland has been appointed Parliamentary Under-Secretary—as the Pooh-Bah, in fact, of the scheme— and has resigned his late post in favor of Mr. Hewins. Action, moreover, has been taken in connection with the Chambers of Commerce which is sure to provoke widespread dissatisfaction amongst those bodies— in fact, has already done so. The Association of Chambers is faced with a revolt amongst its constituent

members, which may have serious consequences to that body and, polit. ically speaking, produce much friction as soon as Parliament learns that premature action has been taken with out its knowledge or consent. The Chambers of Commerce know their own business better than the Government does. They know that what they want is a Minister of Commerce -i.e., a Minister charged with the duty of developing and fostering British Commerce by legislation at home and energetic action abroad. The lines of policy, fiscal or otherwise, upon which this development should proceed from time to time have little

The Saturday Review.

to do with the case. The underlying principle of management is the vital point. The Board of Trade should remain as an executive body charged with the duty of carrying out the regulations which from time to time exist and govern the administrative regulation of commerce. The Minister of Commerce should have nothing to do with this portion of the work, but should confine himself to the functions sketched out above. Under this plan clear working could be organized and overlapping and friction be avoided. This is what the Chambers of Commerce want and what the Government refuses to give them.


which young either psychic investigdes Frohman's

To the popular “Blue Bonnet” series, Lela Horn Richards adds another attractive volume, “Blue Bonnet-Débutante," which young girls will read eagerly. Several of the characters from the earlier books reappear. Blue Bonnet herself comes into her fortune, builds an orphanage, takes a California trip in her uncle's private car, visits the Exposition, refuses one lover, accepts another, and is joyously married. The Page Co.

Lilian Whiting's “The Adventure Beautiful" (Little, Brown & Co.) is a sympathetic exposition of the teachings of theosophy and the fruits of psychic investigation. It takes its title from Charles Frohman's memorable question: "Why fear death? Death is the most beautiful adventure in life." Its fundamental teaching is that death is simply the withdrawal of the spiritual man, clothed in his ethereal body, from the physical body "as one would withdraw his hand from a glove”; that all intellectual and spiritual activities continue, “that love and prayer keep one closely within the divine leading; that this divine leading and help is absolutely unfailing”; and that we are entering upon an epoch in which direct and personal communication between those in the ethereal and those in the physical worlds will become recognized as a part of normal experience. This volume and others like it attest the increasing eagerness of the quest for evidence to demonstrate the reality of the life unseen.

Hélène Cross's practical little book "Soldiers' Spoken French” (E. P. Dutton & Co.) furnishes just the short cut to a knowledge of colloquial French which American soldiers in France will need. It is compiled from an actual course of spoken lessons given to New Zealand's soldiers. Happy will be the American soldier who studies it in his hours of leisure, and who has it always within reach in the pocket of his uniform for immediate reference for the rendering and pronunciation of sentences in every day use.

In “The Little Gods Laugh” Louise doubtless add the touch of imagination Maunsell Field has written a readable that makes them so. Frederick A. story-less cynical than the title Stokes Co. would imply-of fashionable life in New York. Nita Wynne, its heroine, Margaret Widdimer has re-issued is disillusioned at the very moment her volume, first called “Factories and of her betrothal by learning that her Other Poems,” in a larger form, with lover is concerned in a successful new rhymes added, and some changes business deal which has just ruined in the original text. The first edition hundreds of small shareholders, among was reviewed in The LIVING AGE, and them two old ladies to whom she is the fresh material brings out even deeply attached, and is thrown by her more emphatically the verve and force, father's death and the selfishness of the tremendous earnestness of the poet. her stepmother on her own resources. Miss Widdimer is among the foremost Developing a talent for house furnish- of American versifiers when she touches ing, she wins distinction in that line. the great passionate realities of life; Self-supporting and self-reliant, she is but when she attempts the light or the sought in their perplexities by many tender, she is less successful. A of her earlier friends, and in the cradle-song in this volume ill comunhappy marriage of two of them her pares with the scarlet splendor of own happiness becomes deeply in- “Recompense,” "A Message from volved. The inevitable divorce prob- Italy," and the anguished cry, which lem figures in the story, but it is treated now gives its name to the book, "Facwith comparative conservatism. Little, tories." "The Cloak of Dreams" Brown & Co.

thrills with lines like these:

They bade me follow fleet The adventures of a young English- To my brother's work and play, man who has spent ten years lumbering But the Cloak of Dreams blew over in Northern Canada, as he sets out on a

my feet, quixotic attempt to save his partner Tangling them from the way: from blackmail, make the plot of Harold Blindloss's latest story, "Car

They bade me watch the skies men's Messenger." They include vis. For a signal dark or light, iting a fine old country house in the But the Cloak of Dreams blew over my

oyes, North of England, winning the con

Shutting them fast from sight. fidence of its charming daughter, encountering private detectives, wan- Henry Holt & Co. dering on Scottish heaths, foregathering with poachers, receiving mysterious Modeled on a long series of religious warnings from attractive damsels, books, but in itself ethical rather than jumping from railroad trains and religious, "Inspiration and Ideals," tracking suspected characters into with a sub-title of "Thoughts for abandoned mines, and each is described Every Day,” gives Grenville Kleiser a with the enthusiasm for daring and chance to preach the gospel of cheerendurance which has made the writer's fulness three hundred and sixty-five books popular. As usual, his tone is so times a year. The result is a breezy wholesome that it would be ungracious page for every morning, the main to cavil because his characters are thought lettered in startling black, not alive. The lads who follow their the rest in readable print, the whole fortunes so eagerly-book after book- well able to rouse ambition and cour

age for the day's encounter and mastering. One page for each sermonette, the familiar purple cover, the more familiar purple ribbon between the pages, the convenient size, all are emblematic of this type of literature, and the result is invigorating. “Think optimistically”—“Cultivate fine taste” —“He enjoys the sunlight most who walks through crisp morning air and climbs the hill-top”: these are some of the black-lettered exordiums with which the preacher of joy begins. The exhortation ranges from advice to drink fresh water in abundance to pleas for meditation on God. Funk & Wagnalls Co.

A Canadian rubber factory is the scene of Alan Sullivan's uncommonly effective study of the relations between labor and capital, “The Inner Door,” and its owner is a charming girl, luxuriously brought up, who is spending a year abroad before marrying. Her fiancé—his prospects suddenly altered by the failure of his father's investments—undertakes to test his practical fitness for life by going, under an assumed name, to work in the factory. Through the influence of Jacob Sohmer, a mysterious foreigner of large heart and far vision, who is really the central figure of the book, he gradually learns to see the situation from the workingman's point of view, and at the same time, becomes more and more doubtful of being able to induce his betrothed to take the same position. The appearance of an efficiency expert and the consequent “speeding up” precipitate a strike, in spite of Sohmer's counsels, and several personal problems are settled at the same time. The chapters describing Sylvia's experiences at Monte Carlo add variety to a plot which never lags; the characters are clearly individualized; the tone of the book

rings true, and it will give equal pleasure to readers who take it up for relaxation only, and to those who bring to it a more serious purpose. The Century Co.

The volume on “Science and Learning in France,” which is published by the Society for American Fellowships in French Universities, is a splendid and timely tribute to the scholars of France by representative scholars of America. The Introduction is contributed by ex-President Eliot of Harvard University and George E. Hale, Foreign Secretary of the National Academy of Sciences, and the general Editor is Professor John H. Wigmore of Northwestern University. The Introduction describes the general intellectual spirit of France and Paris. Following this, there are nearly one hundred special papers, each by a writer familiar with a particular field of scholarship, who reviews the notable achievements of French scholarship and describes the leaders in that field. The departments of anthropology, archaeology, astronomy, botany and agriculture, chemistry, criminology, education, engineering, geography, geology, history, law, mathematics, medicine, philology—classical, Romance, Oriental, Semitic and English—philosophy, physics, political science, psychology, religion, sociology, and zoology are thus separately considered; and in an Appendix are given descriptions of educational advantages for American students in France, with a history of recent changes in its University system, a list of the organization and requirements of French institutions of higher learning and practical suggestions to the intending graduate student. The list of sponsors for the book includes more than a thousand names. Numerous portraits add to its value and personal interest.

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