The democratic nature of our loans is all-important, too.  We have had people suggesting that these loans would be repudiated—­a suggestion that is not only absurd, but is humorous when one realizes that about ten million of our people have invested in them.  To get a House of Commons elected that would repudiate these loans would be a difficult task.

The widespread nature of the loans is sound for the people and the Government, and will help us not only to win the war, but, what is still more important, “to win the peace.”  We have in this struggle paid more and better wages to our people than ever before, conditions have been improved, masses of our people have led a fuller existence than ever before.  We want to make these and still better conditions permanent.  We cannot do that by a military victory only—­we can only do it by finishing financially sound, and the man or woman who saves now and invests is one of our soundest reconstructors.

In the readjustments in industry that must come there will be temporary displacements, and the money invested will be invaluable to those affected.  In our great task of reorganizing industries, of renovating and repairing, of building up new works and adding to our productiveness, finance is all-important.  We shall need large sums for the development of our industry, for the transferring of war work back to peace pursuits, for the opening up of new industries and work, for the development of trade abroad and the selfish using up of resources that could be conserved, makes the work harder—­might even, if extravagantly large, cripple us seriously at the end of this struggle.

The sacrifices of our men can achieve military victory, but weakness and self-indulgence at home can take the fruits of their victories away.

Those who are working and saving in our War Savings Movement are so convinced of its value, not only to the state, but to the individual, and for the character of our people, that they have expressed the very strongest conviction that it should go on after the War, and it will probably remain in our reconstruction.

We have also urged the wisdom of saving for the children’s education and for dots for daughters, so that our young women may have some money in emergencies, or something of their own on marriage, and both of these are being done.

The great problem of education bulks very large in our reconstruction schemes.  A new Education Bill for England and Wales has been prepared by Mr. Fisher—­and his appointment is in itself a sign of our new attitude.  He is Minister of Education and is really an educationist, having been Vice-Chancellor of Sheffield University when given the appointment.  His Bill puts an end to that stigma on English education, the half-time system in Lancashire, and raises the age for leaving school to what it has been in Scotland for some years—­sixteen years of age.  It provides greater opportunities for secondary and technical training and improves education in every way.  Its passage, or the passage of a still better Bill, is essential for any real work in reconstruction.