The resale value of the English peerage is going up. In Lloyd George's hey day it seems that the requisites for the peerage were the combination of a million pounds and a generous nature and either bachelor hood or a childless marriage. But Mr. Baldwin has effected a change. When he leaves office he may be the only Prime Minister for a century who has left the House of Lords reduced in size. Distinguished records in the colonies and large London bank balances are going unrecognized. Feeling runs strong for a higher peerage turnover.

In France the difficulty is diametrically opposite. One M. Vantel, writing in "Cipano" finds that cook and dentist, nouveaux and clerk are all wearing the Legion of Honour. The Legion, it seems has become no more exclusive than a Long Island home site or a Miami country Club. M. Vantel suggests a sort of suicide by which members of the legion will voluntarily retire "for the glory of France." Or they might draw lots, or play eenie-meenie-minie mo.

England and France may have their minor difficulties over rewarding service to the commonwealth, but just so long as the reward is in the form of a rosette or coronel, they will be following their own best interests. They will escape the necessity of awarding public utilities jobs to loyal contractors, agencies to loyal Anti-Saloon Leagues, warships to influential trust companies.