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factors in the problem, so far as our national economy is concerned. But it is evident that no confident judgment can be formed upon the wider issue. For there are very few countries in which reliable statistical evidence of the distribution of incomes exists, enabling us to judge whether the surplus income, whose excessive accumulation is the main source of trouble, forms an increasing or a diminishing proportion of income as a whole. To set out upon such an inquiry is no part of my purpose here. But it may not be out of keeping with that purpose to indicate some general considerations bearing on this important matter.

Whether the economic experiences of the war have made for or against the equalisation of incomes and absorption of the surplus, it is not easy to decide. One of its most patent results has been a large increase of the aggregate of the interest charge in most of the belligerent countries. Subscribed in every country mainly from the war profits of the rich, the burden of the new war debts hangs heavy on the industrial peoples of the world. Every further fall of prices, of course, increases the size and the proportion of this addition to the surplus income of the rich. The temporary rise in rate of interest for new capital may not add much to the net income of the capitalist class, implying as it does a less amount of supply of new capital. But the impetus given by war economy to the organisation of businesses into combines, and other non-competent and price-controlling bodies, definitely strengthens their surplus earning power.

On the other hand, as we have seen, certain counter-