Owing to the war, the usual meeting of the British Association is not to be held this year. Thus, as President of the Section of Economic Science and Statistics, in place of the ordinary Presi dential Address, I am writing the introductory chapter to the volume of reports prepared by committees of investigation, which have now been at work for the past three years. Inevitably, considerations connected with the war must be in the forefront of our thoughts, and it is not unnatural, in the first place, to give some attention to what Professor Scott in 1915 called the Economics Of War.

In the confusion which followed the outbreak of hostilities in 1914, the predominating problem was as to how the economic situation must be faced and how it would develop. Those who recall the total disorganisation of all business arrangements in the first week of August of that year, will feel surprise rather that the country settled down with such rapidity to the new conditions than that the month of August was passed in bewilderment as to what the future would bring forth. The extraordinarily firm basis of British credit stood the strain wonderfully well. The courage shown by those in charge enabled us to weather the first onset of the whirlwind of war with comparatively little damage; and, though many individuals suffered severely, the commercial and manufacturing interests stood the shock without serious injury. Within a surprisingly short time the nation accustomed itself to the new conditions, and turned to meet them with undaunted mind.

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