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be found in the work of Herbert Hoover asSecretary of Commerce at Washington. Theguild spirit of old days has to find its modern formand to be reconciled with leadership and discipline,inevitable where big industry and moderntechnology prevail.

We may hope for a day when the greatorganisers of industry shall feel it to be moreworthy to co-operate with free and contentedfellow-workers instead of with mere hirelings whounder the scourge of hunger regard their workwith indifference or hostility. To do battle withthe blind force of nature we have to summon theforce of community action. Only when the bornleaders " with a free people stand upon freeground," will they be tempted to say to themoment, Goethe 's " nay tarry, thou art so fair,"—and on that day it will be found that the year'sbalance sheet shows a happy outcome. Fordemocracy " pays" if applied step by step and byeducational methods.

Disappointed with democracy of the presentday, let us remember the word, that disillusion-ment with regard to democracy is based on theabsence of true democracy.

(4) Western Socialism, as to the ultimate goal,coincides with modern democracy. Both strivefor a social order where Liberty, Equality andSolidarity reign. Even Karl Marx himself wasimbued with the spirit of democracy which he hadinherited from bourgeois ancestors. In thisrespect the western socialism is a synthesis betweenprimitive socialism, where the community meant