I do not perceive in England the slightest possibility of catastrophe or any serious likelihood of a general upheaval of society.

The war has impoverished us, but not seriously;--I should judge that the real wealth of the country in 1919 is at least equal to what it was in 1900.

Our balance of trade is adverse, but not so much so that the readjustment of it need disorder our economic life.[157] The deficit in our Budget is large, but not beyond what firm and prudent statesmanship could bridge.
The shortening of the hours of labor may have somewhat diminished our productivity.

But it should not be too much to hope that this is a feature of transition, and no due who is acquainted with the British workingman can doubt that, if it suits him, and if he is in sympathy and reasonable contentment with the conditions of his life, he can produce at least as much in a shorter working day as he did in the longer hours which prevailed formerly.

The most serious problems for England have been brought to a head by the war, but are in their origins more fundamental.