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ARE WE LIVING ON CAPITAL? 303
them, that is the end of the question. So long, there-
fore. as the yield of the taxes is maintained. the military
powers are practically certain to go on maintaining and
adding to their armaments. This entails corresponding
outlay on the part of other powers more disposed to
peace, especially on the part of a power like England.
which has a foot in every continent. and depends on
predominance at sea for its very existence as a State.
Whether other powers likt: it or not, in fact. the great
military powers, in this matter. set the pace. Unless
they are to be at the mercy of the military powers,
which would obviously be a dangerous position. the
industrial and peaceful powers must be prepared to
show fight.
The second inference I would draw is that in the
game of preparation the more economic and peaceful
powers ought to he able to keep pace while straining
their resources less than the military powers them-
selves. It is easy to see that, in spite of the great in-
crease of our Navy in recent years, and the increase in
the Army, apart from the war in South Africa, the
expenditure burdens the United Kingdom much less
in proportion than the expenditure for the same objects
burdens our military neighbours. We could add greatly
to that expenditure and still be no more burdened in
proportion. It will be unpleasant to spend the money.
There is so much else to be done with the amount if
it were available. But if the ~xpenditure is judged
necessary it can be met by present sacrifice and with-
out trenching on capita1.
A third inference is that. as the expenditure is un-
avoidable, the best should be made of the necessity,
and if. as is alleged, part of the sacrifice called for may
be repaid by the benefits which extensive military
training ought to confer on the population of the
co'untry, then an attempt ought to be made so to
arrange matters as to procure the largest indirect re-
turn for the inevitable outlay. The value of athletic
exercises to the population in universally: recognized.