to-morrow. It is always urged, of course, that the citizens of to-morrow
are as deeply interested in the defence of the realm that they are to
inherit as those of to-day, but that argument ignores the obvious fact
that to-morrow will bring its own problems of defence with it, which
seem likely to be at least as costly as those of the present day.
Another objection to lending economically backward countries money to be
invested in ships, is that we thereby encourage them to engage in
shipbuilding rivalry, and to join in that race for aggressive power
which has laid so sore a burden on the older peoples. The business is
also complicated by the unpleasant activities of the armament firms of
all countries, which are said to expend much ingenuity in inducing the
Governments of the backward peoples to indulge in the luxury of
battleships. Here, again, there is no need to paint too lurid a picture.
The armament firms are manufacturers with an article to sell, which is
important to the existence of any nation with a seaboard; and they are
entirely justified in legitimate endeavours to push their wares. The
fact that the armament firms of England, Germany, and France had certain
interests in common, is often used as a text for sermons on the subject
of the unpatriotic cynicism of international finance. It is easy to
paint them as a ring of cold-blooded devils trying to stimulate
bloodthirsty feeling between the nations so that there may be a good
market for weapons of destruction. From their point of view, they are
providers of engines of defence which they make, in the first place, for
the use of their own country, and are ready to supply also, in time of
peace, to other nations in order that their plant may be kept running,
and the cost of production may be kept low. This is one of the matters
on which public opinion may have something to say when the war is over.
In the meantime it may be noted that unsavoury scandals have
occasionally arisen in connection with the placing of battleship orders,
and that this is another reason why a loan to finance them is likely to