THE POLITICAL ECONOMY OF WAR.
(TO Tu■ EDITOR or TUB " Sricorvrou.."1
Sin,—I only hope your reviewer is right in thinking that I paint the economic effects of war over-luridly in black or red. I am afraid, however, you will find a year or two hence that my forebodings as to the future are not exaggerated. As to your reviewer's correction about Consols, he perhaps does not know that a 2i per cent. Government stock did exist in 1897-8, and that it rose to 110, while the 2;1 per cent. Consols rose, as he says, above 113. It is quite true that I have always advocated an international limitation and reduction of armaments ; and, if I survive the criticism of your reviewer, I shall continue to do so in the belief that it is the only means of avoiding international bankruptcy and anarchy after the
P.S.—Your reviewer's inference from his discovery that Consols are sometimes spelt in my book with a small " o" is erroneous. I would assure him that I have a very great respect for the stock, and have done my best to persuade the Government to allow it a free market. Bat I see no reason for placing it on a par with the Deity.
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