IT is currently reported that the late King Edward once said, "We are all Socialists, now": and if the term "Socialism" meant to-day what His Majesty probably meant by it, many of us could truthfully make a similar statement. Without any doubt, we could do so if we attached to the term the meaning which it had when it was first invented. It came into use in the thirties of the last century, and expressed a certain disappointment over the result of political reform.