Sober-minded and farseeing men, in England and elsewhere, believe that,
despite the ravage of her men and trade, Germany will come back
commercially.

"You must not forget," said one of them, "that, no matter how badly she
is beaten, Germany will still be a going business concern. She will have
an immense plant; her genius of efficiency and organisation cannot be
killed. Through her magnificent industrial education system she has
trained millions of boys to take the vacant stools and stands in shop
and mill. England and France have no such reserves. Besides, if we
pauperise Germany, no one--not even Belgium--will get a pound of
indemnity."

You have now seen the moving picture of half a world in process of
significant change, wrought by clash of arms, and facing a complete
economic readjustment with peace. Whether the Paris Pact is practical or
visionary, no matter if England is free trade or protectionist,
regardless of Germany's ability to find herself industrially at once,
one thing we do know--the end of the war will find the Empire of World
Trade molten and in the remaking.

Fresh paths must be shaped; the race will be to the best-prepared.
Whatever our position, be it neutral or belligerent--and no man can
tell which now--we shall face a supreme test of our resource and our
readiness. What can we do to meet this crisis, which will mean continued
prosperity or costly reaction?

Many things; but they must be done now, when immunity from actual
conflict gives us a merciful leeway. More than ever before, we shall