Britain, as though to put her good faith beyond doubt,
is really ahead of everybody in stopping her shipbuilding. Work on the four new battleships has been suspended. Of course, this has dealt a great blow at the yards, notably on the Clyde. Unem- ployment on the Clyde, in Sheffield, and elsewhere has been suddenly aggravated. We should like to remark here, however, that it is taking a very shortsighted view to believe that the iron and steel trades are going to be permanently crippled by the limitation of armaments. Of course, there will be a very serious temporary disturbance of employment. That is only to be expected. But in the long run the gain not only to these trades but to every trade will be enormous, if the world can press forward in the creation of wealth undeterred by incessant 'panics about war and revolution.
