instinctively feeling their way to one another, are found united in strong sympathy to support every new imperialist exploit.
If the £60,000,000 which may now be taken as a minimum expenditure on armaments in time of peace were subjected to a close analysis, most of it would be traced directly to the tills of certain big firms engaged in building warships and transports, equipping and coaling them, manufacturing guns, rifles, and ammunition, supplying horses, waggons, saddlery, food, clothing for the services, contracting for barracks, and for other large irregular needs. Through these main channels the millions flow to feed many subsidiary trades, most of which are quite aware that they are engaged in executing contracts for the services. Here we have an important nucleus of commercial Imperialism. Some of these trades, especially the shipbuilding, boiler-making, and gun and ammunition making trades, are conducted by large firms with immense capital, whose heads are well aware of the uses of political influence for trade purposes.