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DAILY NEWS, Dec. 20, 1919.—"Mr. Balfour advocates the continuanceof the Governments which made the gigantic muddle of the Peace Treaty , on theground that the muddle consequent upon it still continues. . . . Mr. Keynes saw it all going on from the inside. He has written an unforgettable, shatteringaccount of it. He prophesied the result, and the reality is crowding hard uponhis prophecy."

MONTREAL UNIVERSITY MAGAZINE, April 1920.—"At first read-ing the book was a disappointment. It was no revelation from heaven. It wasthe plainest statement of fact. Upon further reading it was easy to see whyM. Poincare was disturbed. It is a disturbing book. Persons who are learneil inforgotten controversies will revive for it the epithet 'devilish,' as having thedefinitive value the term possessed when it was applied to the writings of Gibbon,Darwin, Huxley, and Matthew Arnold ."

FORTNIGHTLY REVIEW, March 1, 1920.—"Mr. Keynes 's book has nowbeen published three months, and no sort of official reply to it has been issued.Nothing but the angry cries of bureaucrats has been heard. No such crushingindictment of a great act of international policy, no such revelation of thefutility of diplomats has ever been made."

QUARTERLY REVIEW, April 1920.—"Few, if any writers on publicfinance or on the dismal science of Political Economy have leaped so rapidlyinto fashion and celebrity as Mr. Keynes. Half a century after Adam Smith 'sdeath, when Sir Robert Peel 's Cabinet was converted from Protection to FreeTrade, not a single member of it had read T/ie Wealth of Nations. NeitherMalthus, Ricardo, Karl Marx, Bastiat, Friedrich List, Bagehot , Jevons, HenryGeorge, nor any other economists who have disclosed unsuspected truths, exposedpopular fallacies, or invented potent fictions, ever took the City and the WestEnd by storm as Mr. Keynes has done by a single stroke."

TIMES LITERARY SUPPLEMENT, April 29, 1920.—"Mr. Keynes . . .has violently attacked the whole work of those who made the Treaty in a bookwhich exhibits every kind of ability except the political kind. . . Mr. Keynes knows everything except the elements of polities, which is the science of discover-ing, and the art of accomplishing, the practicable in jmblic affairs."

TIMES ("Annual Financial and Commercial Review"), Jan. 28, 1921.—" The almost unhealthy greed with which Mr. Keynes 's book on The EconomicConsequences of the Peace was devoured in a dozen countries was but a symptomof the new desire to appreciate, and, if possible, to cope with, the economic con-sequences not only of the peace but of the war."

LIVERPOOL COURIER, Feb. 2, 1921.—"In the eyes of the world—atleast, of the world that is not pro-German —the reparation costs are wholly in-adequate. It is true that in the eyes of Mr. J. M. Keynes it is wicked to chargeGermany with the cost of war pensions, but we imagine that the average manwith a simple sense of simple justice does not agree with Mr. Keynes ."

" Realist " in the ENGLISH REVIEW, March 1921.—" The operation of in-demnity-payment must be followed through to its remorseless end. . . . Thecry 'Germany must pay' has still a good healthy sound about it."

ENGLISH REVIEW, June 1921.—" What Mr. Maynard Keynes predictedin his remarkable book is coming only too true. All over Europe the nationsare standing to arms, thinking boundaries, while trade languishes, productionstagnates, and credit lapses into the relativities."