Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes a bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill done.

In this autumn of 1919, in which I write, we are at the dead season of our fortunes.

This siren, this goat-footed bard, this half human visitor to our age the hag-ridden and enchanted woods of Celtic antiquity. One catches in his company that flavour of final purposelessness, inner responsibility, existence outside or away from our Saxon good and evil, mixed with cunning, remorselessness, love of power.

A conventional valuation which is established as the outcome of the mass psychology of a large number of ignorant individuals is liable to change violently as the result of a sudden fluctuation of opinion due to factors which do not really make much difference to the prospective yield; since there will be no strong roots of conviction to hold it steady.

When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.

He had one illusion - France; and one disillusion - mankind, including Frenchmen.

The old saying holds. Owe your banker �1000 and you are at his mercy; owe him �1 million and the position is reversed.