Frith
scored "Beautiful as the Moon – Terrible as an Army with Banners" for piano, bass guitar and percussion. Piekut writes, in his 2019 book
Henry Cow: The World Is a Problem, that the piece differs from Frith's other compositions for Henry Cow in that the
metre changes less frequently and he does not deploy
counterpoint. Instead he uses a melody with long note values and a "clear and unified texture" to emphasise
Dagmar Krause's voice. Frith's piano line meanders, but has a fixed eighth-note
pulse, accompanied by
John Greaves' bass guitar and Cutler's percussion, which is mostly cymbals and bass drum signalling bass note changes, rather than a steady beat. Piekut described the first three verses of the song, which includes the "No Sun No Birds" vamp, as having a "distinctive rhythmic profile", characterised by the bass guitar's E and B notes. In the next section, the two verses beginning "Last days ...", Frith deploys a "lyrical,
diatonic vocal melody" which, Piekut says, "could have been written by
Weill in an alternate universe". What follows is an instrumental break that begins with a vamp of "chordal pattern that mixes major and minor modes and reestablishes intensity through repetition". This slowly fades and is replaced by an open improvisation passage of
overdubbed pianos. The song then concludes with a final verse, returning to the "Rose Dawn" theme at the end of the first section with variations on the text. Piekut writes that Cutler's lyrics in the song are "[e]xtremely dense with mythological figures and poetic turns of phrase". Cutler draws on the Christian
apocalypse and its parallels to
communist revolution. He uses images of death and ghosts "to portray a haunted world of lies" and "the crimes of economic exploitation and linguistic reification". The song concludes with turning talk into action ("Time solves words—by deeds"), and ending the old order and beginning the new ("Let Ends Begin").
Paul Hegarty and Martin Halliwell write, in
Beyond and Before: Progressive Rock Since the 1960s, that the lyrics avoid "populist demagoguery" by emphasising the road to revolution and the need for "the oppressed" to recognise society's flaws. They state that Krause's "note-shifting vocals complete the song's
Brechtian didactic model". ==Personnel==