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James Simon Watkins

Religion and the

Global Money
Markets
Exploring the Influence
of Christianity, Islam,
Judaism and Hinduism
Religion and the Global Money Markets
 James Simon Watkins

Religion
and the Global Money
Markets
Exploring the Influence of Christianity, Islam,
Judaism and Hinduism
James Simon Watkins
Birmingham, UK

ISBN 978-3-031-04415-1 ISBN 978-3-031-04416-8 (eBook)

https://doi.org/10.1007/978-3-031-04416-8

© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer
Nature Switzerland AG 2022
This work is subject to copyright. All rights are solely and exclusively licensed by the
Publisher, whether the whole or part of the material is concerned, specifically the rights
of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on
microfilms or in any other physical way, and transmission or information storage and
retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology
now known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc.
in this publication does not imply, even in the absence of a specific statement, that such
names are exempt from the relevant protective laws and regulations and therefore free for
general use.
The publisher, the authors and the editors are safe to assume that the advice and informa-
tion in this book are believed to be true and accurate at the date of publication. Neither
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This Palgrave Macmillan imprint is published by the registered company Springer Nature
Switzerland AG
The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
 To Olwyn Gummerson
Thank you for your friendship and your encouragement for me to complete
this book. Always remembered
 Preface

The shock of the Covid-19 pandemic will take some time to wear off.
One former American diplomat has even argued that the impact of
the viral infection on the global economy is like that of a patient in an
“induced coma” where it will take a considerable period of time for the
world to fully wake up.1
With the Russian invasion of Ukraine being yet another jolt to the
global economy, it is uncertain when a full recovery from the treble shocks
of the global financial crisis, Covid and the Russia–Ukraine war will take
place.
It is at this time of crisis that we have a small window of opportunity
to look again at how our global economy works in practice.
Days after the tragedy of the 9/11 atrocity in 2001, the then British
Prime Minister, Tony Blair spoke of how that was the moment when the
“the kaleidoscope has been shaken, the pieces are in flux, soon they will settle
again. Before they do let us reorder this world around us ”.2
What followed next was a war in Afghanistan against the Taliban, which
20 years later, led to the return of the Taliban whilst the war in Iraq led

1 Comments from the former US Ambassador to the Organisation of Islamic Co-

operation, Sada Cumber, as recorded in an Alhambra US Chamber webinar (27 March
2021).
2 Then UK Prime Minister, Tony Blair, to the Labour Party Conference (2 October
2001).

vii
viii PREFACE

to a re-ordering of the geopolitics of the Middle East—but not along the

lines that Tony Blair envisioned in those autumnal days of 2001.
However, this time, due to the tragedy of the pandemic and the
Russia–Ukraine war, the kaleidoscope has been shaken even more force-
fully and there is now a chance to reorder the world following these tragic
events.
To some extent, the very nature of the pandemic could be linked to
existing patterns of capitalist forms of production. Viral epidemics were
noticeable in the 2010s and some commentators argue that the increasing
trend for epidemics was linked to unsustainable environmental practices
to meet excessively short-term economic needs. It has been argued that
human actions in terms of deforestation or other forms of environmental
abuse have enabled some viruses to jump from animals to people.
Whilst it was remarkable how quickly vaccines were developed to stem
the Covid-19 tide, evidence to the US Congress in 2020 indicated that
a coronavirus vaccine could have been developed even earlier but this
did not happen due to the short-term business preoccupations of the
pharmaceutical companies.
Consequently, the complaints that are heard from sections of civil
society regarding the short-termism of capital markets, as exemplified by
the 2008 global financial crisis, have been given added resonance by the
pandemic of the early 2020s.
However, despite some media portrayals of the capital markets being
motivated by greed and short-term business cycles, this characterisation
would not be fully justified.
For there are a number of factors encouraging markets to take a long-
term holistic approach towards investment—and one of these factors is
religion.
This may seem a surprising conclusion for some readers. However, for
many decades, there has been a growing role for Christian investment
funds to use its financial muscle to influence companies to adopt ethical
stances by the power of its investments.
In this book, we will see how these investments have led to real social
change combined with a reshaping of the contemporary capital markets.
Investment funds based on Judaic law are also having a significant
impact in ensuring there is greater access to ethical investment strategies.
We will witness how the foundation of the State of Israel also contributed
to changes in the capital markets.
 PREFACE ix

Islamic finance is a direct challenge to the business as usual approach

of conventional capital markets. It is the capital markets that have had to
adjust to the demands of Muslim investors, and we will also explore the
historical causes of Islamic finance which included an unforeseen outcome
of the 1973 Yom Kippur War.
Finally, we will consider the emerging impact of Hinduism on capital
markets. What is the driving force behind these new trends? Is it the
inspiring example of Mahatma Gandhi, whose inclusive and egalitarian
economic philosophy has inspired people of all faiths and none, or is it
really the Hindu nationalism as articulated by the BJP leader and Indian
Prime Minister, Narendra Modi?
For too long the impact of religion upon the trading floors of the
capital markets has been ignored and even sidelined. This now ends with
the publication of this book.
Instead, we will go on a journey from Dr. Martin Luther King being
arrested by racist police in Alabama to Mahatma Gandhi being arrested
by racist colonial police in Ahmedabad. We will see how war and conflict
in the Middle East has contributed to the formation of ethical investment
funds in Israel and Islamic finance in the countries of the Persian Gulf.
Not only this, but we will also witness how religious-based funds are
leading to companies changing their ways—from a television broadcaster
ending its stake in the pornographic Playboy Channel to fossil fuel compa-
nies being forced to change their ways in response to the climate change
challenge.
Along the way we will come across the events that have shaped our lives
such as the ending of apartheid in South Africa and the Good Friday
Agreement in Northern Ireland.
What cannot be ignored by this remarkable story is that the role of
religion in capital markets is not only here to stay but, with Hinduism
now making itself felt on trading floors, it may not be too long when
the dharmic faiths of Buddhism, Sikhism and Jainism will also be known
to investment analysts and brokers operating at the heart of the global
capital markets.

Birmingham, UK James Simon Watkins

 Acknowledgements

May I thank all those people who spoke to me on background as well as

on the record in preparation for this book.
My thanks also goes to Stephen Beer for his advice, knowledge and
counsel and James Corah of CCLA for his expertise.
May I also thank my publishers at Palgrave Macmillan for their support
and guidance.

Note
Dates and months cited in this book are based on common era dates
rather than Jewish, Muslim and Hindu dates and years unless otherwise
stated within the text.

xi
 Contents

1 Introduction: Is It Time to Trust the Capital Markets? 1

2 Religion and the Drivers of Ethical Finance 9
3 The Libertarian Challenge to Capital Markets 47
4 Secularism, Shintoism, Buddhism and the Japanese
Economy 59
5 The Bible and the Markets 71
6 United States: The Christian Struggle for Ethical
Finance 107
7 Christian Investment Funds: A Tale of Two Cities 159
8 Judaism: Faith and Practice 237
9 Judaism: Ethical Finance and the Israeli Economy 263
10 Islam: The Challenge to Business as Usual 281
11 Islamic Finance: Evolution and Growth 305
12 Islamic Finance Contracts 317
13 Islam and Iranian Capital Markets: A New Approach? 349
14 Hinduism: Dharma and the Economy 375

xiii
xiv CONTENTS

15 Gandhi and Vivekananda: A Tale of Two Visions 403

16 The Practical Application of Hindu Economics 421
17 Future of Faith-Based Funds 445

Index 457
 List of Figures

Fig. 2.1 Catholic and Protestant faith leaders in Northern Ireland

trying to reach an understanding as to how the two
communities could work together in the province.
These faith leaders met under the aegis of the US-based
Interfaith Center on Corporate Responsibility in 1993
(Courtesy Interfaith Center on Corporate Responsibility) 17
Fig. 6.1 Dr. Leon Sullivan preaching at the Zion Baptist Church
in Philadelphia in the 1960s. It was as the pastor of this
church and with the support of his congregation that Dr.
Sullivan began his campaign to reshape corporate
governance in the United States (Courtesy: Sullivan Trust) 131
Fig. 6.2 Dr. Sullivan outside the Progress Plaza in Philadelphia
in the 1960s. The initiative to assist African American
businesses continues to this day (Courtesy: Sullivan Trust) 134
Fig. 6.3 Image of a General Motors sign in 1960s South Africa.
It was the debates within the corporate boardroom,
as led by Dr. Sullivan, as to under what conditions US
firms should invest in apartheid South Africa that led
to the publication of the Sullivan Principles (Courtesy:
Interfaith Center on Corporate Responsibility) 136
Fig. 6.4 Sister Regina Murphy who played a leading role
in developing the MacBride Principles whose aim
was to end discrimination against the Catholic
Community in Northern Ireland (Courtesy: Interfaith
Center on Corporate Responsibility) 151

xv
xvi LIST OF FIGURES

Fig. 7.1 Image of a man in suit speaking into a mike. Paul

Neuhauser, who helped establish the Interfaith Center
for Corporate Responsibility (ICCR) became a leading
advocate for the ICCR as the organisation became
stronger over the years (Courtesy: Interfaith Center
for Corporate Responsibility) 165
Fig. 7.2 Image of Paul Neuhauser who is crouching. Paul
Neuhauser, pictured in 1973, was the leading figure
behind the foundation of the Interfaith Center
on Corporate Responsibility (ICCR) (Courtesy: Interfaith
Center on Corporate Responsibility) 176
Fig. 12.1 Islamic finance contracts 318
Fig. 12.2 Murabaha 321
Fig. 12.3 Parallel Istisn’a 328
Fig. 12.4 Two tier Mudaraba 330
Fig. 16.1 Faith leaders gathered at Zug in 2017 to agree the Zug
Principles for faith-based investments (Courtesy:
FaithInvest) 423
 CHAPTER 1

Introduction: Is It Time to Trust the Capital

Markets?

Many people do not trust capital markets.

Study after study has revealed that the trust gap between consumers
and the money markets—or Main Street with Wall Street—has widened.1
Market participants are seen in popular culture as rapacious, greedy
and self-serving who act against the best interests of wider society.
This is not a new phenomenon.
Fast-paced speculation in tulips with the all too inevitable crash in the
bulb bubble led to lost livelihoods—and lives—in seventeenth-century
Holland.
The City of London was portrayed as vulgar and not suitable to speak
of in polite company in eighteenth-century Britain.
Wall Street was seen as the home of the “robber barons” in the nine-
teenth century with barely an interest in the lives and livelihoods of
everyday Americans.
The scourge of unhinged speculation was condemned after the 1929
Wall Street crash with its contribution to preparing the political ground
for 1930s populism and the consequent outbreak of the Second World
War.

1 Ed Saiedi, Ali Mohammadi, Anders Broström, Kourosh Shafi, Distrust in Banks and
Fintech Participation: The Case of Peer-to-Peer Lending, (February 2018).

© The Author(s), under exclusive license to Springer Nature 1

Switzerland AG 2022
J. S. Watkins, Religion and the Global Money Markets,
https://doi.org/10.1007/978-3-031-04416-8_1
2 J. S. WATKINS

Then in the second half of the twentieth century, the ups and downs
of currencies and share prices led to various public debates as to what to
do about markets with various financial crises in the 1980s and 1990s.
This was the era when market participants were seen as beyond the
pale such as Michael Douglas’ character in the 1987 film, Wall Street,
declaring to a group of investors that “Greed is Good” and the British
comedian, Harry Enfield, breaking into the music charts in 1988 with his
portrayal as a speculator singing his “loadsamoney” song whilst waving a
wodge of cash.
Then came the 2008 global financial crisis and the image of a shamed
Dick Fulds of Lehman Brothers trying to explain away his collapsed
bank’s conduct before sceptical politicians in the US Congress.
This fed into further negative media portrayals of capital markets such
as the manic driven broker played by a charismatic Leonardo di Caprio in
the 2013 film, Wolf of Wall Street and the 2018 German-Luxembourgish
TV series, Bad Banks, where hedonism ruled on the Frankfurt trading
floors.
Even the 2020s pandemic has not relieved the opprobrium levelled at
capital markets. In January 2021, whilst much of the world focussed on
the start of an unprecedented global vaccination campaign, a group of
consumer investors fought back against hedge funds by buying up shares
of the US video games retailer, GameStop, which institutional investors
were effectively short selling.
When there was an attempt by some in Wall Street to stop consumers
buying up these shares, this led to a fleeting moment when the right
wing of the US Republican Party as represented by Senator Ted Cruz
was briefly in accord in condemning the operations of the money markets
with the left wing of the US Democrats as represented by Congress-
woman Alexandria Ocasio-Cortez. That scintillating moment of political
bipartisanship on Capitol Hill has long since passed.
But the question this book poses is whether there is something else
going on which contradicts this public portrayal of endless greed and self-
centredness in capital markets.
For many market participants today would argue that far from “Greed
being Good” the focus is instead on “ESG”—Environmental, Social and
Governance objectives. Thanks to the work of pioneers such as the late
Kofi Annan when he was the United Nations Secretary General in the
2000s, the concept of measuring a company’s worth not just by its profit
 1 INTRODUCTION: IS IT TIME TO TRUST THE CAPITAL MARKETS? 3

margin and dividend policy but also by its ESG requirements has taken
hold in capital markets.
We should not be surprised by this.
In the era of values-driven consumerism where a teenage Swedish envi-
ronmental campaigner can have as big an impact on consumer behaviour
as the utterances of an American President and where big data can be
utilised to measure ESG targets, global markets have moved sharply away
from the champagne swilling era of the 1980s.
Or has it?
This book will contend that whilst the focus on profits remains
undaunted, there has been a sea change in attitudes in capital markets
with the rise of ESG targets which can be measured and tracked.
There is, though, an unsung reason as to why markets have changed
over recent decades which goes beyond the harsh lessons of the 2008
global financial crisis—and that is religion.
Today, there are now Christian, Jewish and Islamic investment funds
which are influencing how markets operate.
The rise of Islamic finance, particularly with the establishment of the
Dubai Investment Bank in 1975, has had a profound impact on markets.
It is hard to find another religion which refers so much to ethical business
dealings as Islam.
It is true that the great religions refer to good ethical conduct and
Hinduism and Christianity refer to economic issues to such an extent
that there is a whole discipline regarding Hindu Economics whilst Chris-
tian theologians debate the very concept of money. There are detailed
stipulations in Judaic practice and law as to the role of contracts and
usury.
It is Islam, though, that has strong business credentials. It was the
Prophet Muhammed who is referred to as having once been a trader
driving camels laden with goods across the desert plains of seventh-
century Arabia.
Khadija, the Prophet’s wife, was a very successful businesswoman in her
own right and helped the Prophet succeed in business before he received
the Revelation and there are even references in the Qur’an to the business
acumen of the Prophet’s family, the Quraysh tribe.
Christian teachings are, though, prevalent when it comes to business
affairs. In 1745, 1846 and 2009, the Vatican railed against the iniquities
4 J. S. WATKINS

of the interest rate mechanism in financial transactions. In Biblical teach-

ings embraced by Christianity and Judaism, there are strictures as to how
the financial services industry should operate:

If you lend money to any of my people with you who is poor, you shall not be
like a moneylender to him, and you shall not exact interest from him. If ever
you take your neighbour’s cloak in pledge, you shall return it to him before
the sun goes down, for that is his only covering, and it is his cloak for his
body; in what else shall he sleep? And if he cries to me, I will hear, for I am
compassionate.2

Hindu teaching also places a significant emphasis on economic consid-

erations. Mahatma Gandhi (1869–1948) famously called for “true
economics ” as part of his non-violent struggle against British colonialism
in India. Speaking from a Hindu perspective, individuals were urged
to live a “decent life” based on dharma (righteousness), artha (material
wealth), kaam (happiness) and moksha (spiritual enlightenment).
What, you may wonder, though, has religious teachings have to do
with the practical realities of, for instance, the $640 trillion global
derivatives market?
With many young people understandably resentful that the reper-
cussions of the 2008 global financial crisis are still holding back job
opportunities which has only been magnified by the 2020s Covid-19
outbreak and the 2022 Russian invasion of Ukraine, any discussion of
religion seems divorced from the day-to-day life of the money markets.
Such a perception of the markets would be reinforced by the views of
some market participants themselves. Though the bonus culture of the
1990s and 2000s has changed, spurred on by the onset of the Covid-
19 crisis, the image that market participants are focussed on their own
personal returns rather than the wider good persists.
This is partly linked to the concept of the bonus culture but this culture
has itself witnessed substantial change with the dominance of quant algo-
rithmic trading leading to many of the high living brokers of the recent
past being made redundant.
Nonetheless, an equities managing director in a financial engineering
role can still expect to earn $570,000–$775,000 a year, whilst asso-
ciates could earn between $140,000 and $190,000. However, the average

2 Exodus 22:25.
 1 INTRODUCTION: IS IT TIME TO TRUST THE CAPITAL MARKETS? 5

bonus on Wall Street fell for the first time in three years in 2018 to
$153,700, according to estimates by the New York State Comptroller.
With the average US salary at $40,000 per annum, even changes in the
bonus culture is unlikely to engender a warm fussy feeling of solidarity
between Wall Street and Main Street.
It is in that context that the introduction of Islamic compliant deriva-
tives has been viewed with suspicion by a number of sharia scholars. Is
this not, many of them argue, conventional derivatives by another name?
Are not the cynical traders of the money markets abusing the name of
Islam to access investors in the Gulf in order to make a quick buck?
In fact, something more dramatic is happening than some of these
scholars give credit for. Whilst the winner takes all approach may still
be dominant amongst market participants, the core principles of religion
are beginning to take hold on trading floors and these ethical values are
having an impact as to how business is conducted and the impact this
form of business has on the social and environmental needs of wider
society.
This is not because of a change of heart by market participants but is
seen as the price of doing business by devising new investment structures
which are weighted towards the beliefs of Muslims with markets being
busy issuing sharia compliant instruments such as sukuks (Islamic finance
bonds) and sharia compliant derivatives.
Whilst one credit ratings agency saw the steps that must be followed
with Islamic derivatives as a “hurdle”, the acceptance of these “hurdles”
by the markets means that—maybe insidiously—the ethical values of Islam
are beginning to shape the very operation of the global money markets
which, in turn, affect the outcome of these market operations for people
of all faiths and none.
Let us first consider the relationship between Islam and the money
markets. What are the hurdles that market participants must follow if they
want a piece of the Islamic finance pie?
It is No to speculation, No to interest and No to investing in unethical
sectors such as gambling.
What is fascinating about the influence of Islamic finance ideas is that
the very concepts that are core to laissez faire capitalism is being subverted
from the inside by these new sharia compliant instruments. The first ever
sukuk was issued in 1990 and the world’s first sovereign sukuk was issued
in 2002. In respect of sharia complaint derivatives, the first formalised
sharia compliant derivatives structures were only finally agreed in 2017.
6 J. S. WATKINS

It is in this remarkably short period of time that the values and objec-
tives of Islamic finance are changing the operations of the money markets
from inside the global financial services industry itself.
These are early days.
The global sukuk market was valued at $399.9 billion at the end of
2017 compared to the value of the conventional bond market at $105.9
trillion as of 2019. The over-the-counter (OTC) interest rate derivatives
turnover (daily average) in the UAE, Malaysia, Saudi Arabia, Indonesia,
Turkey and Bahrain, combined, was only $3 billion as of April 2019
compared to the global value of the conventional derivatives market of
$11.6 trillion at year-end for 2019.
However, this book is looking at these early developments and seeing
what the trend is for sharia compliant instruments in the money markets.
Already we are seeing United Nations backed initiatives praising sukuk
financing as sustainable as compared to other forms of conventional
financing whilst the early signs of the impact of the sharia compliant
derivatives market is that these new disciplines are forcing financial
services businesses to think afresh about their commercial practices and
their impact on society and the wider environment.
We should not necessarily exaggerate the role of Islamic finance to
change behaviour in the money markets. After all, this is the era when
corporates are expected by regulators to—at the very least—pay lip service
to meeting ESG objectives.
However, it can be argued that Islamic finance has been more
successful than years of efforts by regulators, politicians and campaign
groups for the money markets to act more responsibly. It is the market
signals from these sharia compliant instruments which are evincing this
change.
It is Jewish and Christian investment funds which are also making the
running when it comes to addressing environmental concerns.
Operation Noah is a coalition of Christian groups which is arguing
for divestment away from fossil fuels in response to the climate change
emergency. A significant number of investment trusts which have been
established to appeal to Christian investors have decided to positively
respond to Operation Noah’s demands.
At the same time, Christian denominations have their own fund
managers to invest in the money markets in order to fund Church activi-
ties such as the provision of pensions for retired clergy. Whilst these fund
 1 INTRODUCTION: IS IT TIME TO TRUST THE CAPITAL MARKETS? 7

managers for churches as diverse as Methodism to the Anglican commu-

nion may have a low profile, they are responsible for significant sums and
their actions on global markets has an impact on how market participants
react and behave.
Over recent decades, there has been an increase in the level and tempo
of learned debate amongst Christian and Jewish scholars as to how these
faiths should respond to the dominance of global markets. This debate
has contributed to governance discussions which, in turn, have a direct
impact as to how a number of fund managers operate on a daily basis.
There is a renewed contemporary debate as to the role of the Vatican
bank—or the Institute for the Works of Religion—following steps made
by Pope Francis I to end corruption within the city state. Whilst there has
been much media attention as to allegations of shady dealing, what has
not been addressed with the same level of detail is the influence of the
financial clout of the Catholic Church in shaping the actions of market
participants.
Jewish faith-based funds have developed a particular focus with impact
investments. Whilst some financial commentators dismiss the value of
impact investments for placing ethics before profits, in fact Jewish faith-
based funds have shown that time and time again, profits and ethics
can go together. We will also see how concepts, such as shmita—or the
rabbinical year—have had a profound effect on the growing influence of
Jewish faith-based finance in the capital markets.
There is another faith that is also aiming to influence and shape the
money markets. Hinduism is one of the oldest established religions in the
world. Unlike Judaism, Christianity and Islam, which are clearly related
and are all Abrahamic faiths, Hinduism has developed its own spiritual
credo with a beauty and strength of purpose which echoes through the
years including with the spectacular celebration of Diwali.
For some economists, such as Thomas Picketty, the practical economic
implications of Hinduism are seen within the caste system, a regi-
mented class structure which was augmented by the strictures of the
British colonial authorities in India in the nineteenth and early twentieth
centuries.
However, today, when it comes to the impact of Hindu economics, the
long-held ideas of religious leaders and scholars as to how an economy
should operate are being conflated with the electoral success of Bharatiya
Janata Party (Indian Peoples’ Party—BJP) with the BJP’s Narendra
Modi’s dominant role as the Prime Minister of India since 2014.
Another random document with
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One instant in close speech
With them he doth confer:
God-sped, he hasteneth on,
That anxious traveller...

I was that man—in a dream:

And each world's night in vain
I patient wait on sleep to unveil
Those vivid hills again.

Would that they three could know

How yet burns on in me
Love—from one lost in Paradise—
For their grave courtesy.

ALEXANDER

It was the Great Alexander,

Capped with a golden helm,
Sate in the ages, in his floating ship,
In a dead calm.

Voices of sea-maids singing

Wandered across the deep:
The sailors labouring on their oars
Rowed, as in sleep.

All the high pomp of Asia,

Charmed by that siren lay,
Out of their weary and dreaming minds,
Faded away.
Like a bold boy sate their Captain,
His glamour withered and gone,
In the souls of his brooding mariners,
While the song pined on.

Time, like a falling dew,

Life, like the scene of a dream,
Laid between slumber and slumber,
Only did seem....

O Alexander, then,
In all us mortals too,
Wax thou not bold—too bold
On the wave dark-blue!

Come the calm, infinite night,

Who then will hear
Aught save the singing
Of the sea-maids clear?

THE REAWAKENING

Green in light are the hills, and a calm wind flowing

Filleth the void with a flood of the fragrance of Spring;
Wings in this mansion of life are coming and going,
Voices of unseen loveliness carol and sing.

Coloured with buds of delight the boughs are swaying,

Beauty walks in the woods, and wherever she rove
Flowers from wintry sleep, her enchantment obeying,
Stir in the deep of her dream, reawaken to love.
Oh, now begone sullen care—this light is my seeing;
I am the palace, and mine are its windows and walls;
Daybreak is come, and life from the darkness of being
Springs, like a child from the womb, when the lonely one calls.

THE VACANT DAY

As I did walk in meadows green

I heard the summer noon resound
With call of myriad things unseen
That leapt and crept upon the ground.

High overhead the windless air

Throbbed with the homesick coursing cry
Of swallows that did everywhere
Wake echo in the sky.

Beside me, too, clear waters coursed

Which willow branches, lapsing low,
Breaking their crystal gliding forced
To sing as they did flow.

I listened; and my heart was dumb

With praise no language could express;
Longing in vain for him to come
Who had breathed such blessedness.

On this fair world, wherein we pass

So chequered and so brief a stay;
And yearned in spirit to learn, alas,
What kept him still away.
 THE FLIGHT

How do the days press on, and lay

Their fallen locks at evening down,
Whileas the stars in darkness play
And moonbeams weave a crown—

A crown of flower-like light in heaven,

Where in the hollow arch of space
Morn's mistress dreams, and the Pleiads seven
Stand watch about her place.

Stand watch—O days no number keep

Of hours when this dark clay is blind.
When the world's clocks are dumb in sleep
'Tis then I seek my kind.

THE TWO HOUSES

In the strange city of Life

Two houses I know well:
One wherein Silence a garden hath,
And one where Dark doth dwell.

Roof unto roof they stand,

Shadowing the dizzied street,
Where Vanity flaunts her gilded booths
In the noontide glare and heat.
Green-graped upon their walls
An ancient hoary vine
Hath clustered their carven, lichenous stones
With tendril serpentine.

And ever and anon,

Dazed in that clamorous throng,
I thirst for the soundless fount that stills
Those orchards mute of song.

Knock, knock, nor knock in vain:

Heart all thy secrets tell
Where Silence a fast-sealed garden hath,
Where Dark doth dwell.

FOR ALL THE GRIEF

For all the grief I have given with words

May now a few clear flowers blow,
In the dust, and the heat, and the silence of birds,
Where the lonely go.

For the thing unsaid that heart asked of me

Be a dark, cool water calling—calling
To the footsore, benighted, solitary,
When the shadows are falling.

O, be beauty for all my blindness,

A moon in the air where the weary wend,
And dews burdened with loving-kindness
In the dark of the end.
 THE SCRIBE

What lovely things

Thy hand hath made:
The smooth-plumed bird
In its emerald shade,
The seed of the grass,
The speck of stone
Which the wayfaring ant
Stirs—and hastes on!

Though I should sit

By some tarn in thy hills,
Using its ink
As the spirit wills
To write of Earth's wonders,
Its live, willed things,
Flit would the ages
On soundless wings
Ere unto Z
My pen drew nigh;
Leviathan told,
And the honey-fly:
And still would remain
My wit to try—
My worn reeds broken,
The dark tarn dry,
All words forgotten—
Thou, Lord, and I.
 FARE WELL

When I lie where shades of darkness

Shall no more assail mine eyes,
Nor the rain make lamentation
When the wind sighs;
How will fare the world whose wonder
Was the very proof of me?
Memory fades, must the remembered
Perishing be?

Oh, when this my dust surrenders

Hand, foot, lip, to dust again,
May these loved and loving faces
Please other men!
May the rusting harvest hedgerow
Still the Traveller's Joy entwine,
And as happy children gather
Posies once mine.

Look thy last on all things lovely,

Every hour. Let no night
Seal thy sense in deathly slumber
Till to delight
Thou have paid thy utmost blessing;
Since that all things thou wouldst praise
Beauty took from those who loved them
In other days.

Printed by T. and A. CONSTABLE, Printers to His Majesty

at the Edinburgh University Press
*** END OF THE PROJECT GUTENBERG EBOOK MOTLEY, AND
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