"I doubt whether the public has fully grasped the change which has come over the nature of modern wealth. If the nature of that change were grasped by our publics, we should be much nearer to accepting the international organizations necessary for the defense of welfare and of civilization than we are. As it is, we are in danger of being diverted to the discussion of schemes for a vast rearrangement of frontiers in defiance of national feeling — for the boundaries of the national and the economic unit do not conveniently coincide — before which the difficulties of a Disarmament Conference would pale into insignificance."