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majority of the Emperor's advisers or not; we do not deny that, in order to secure Russia's co-operation, England was obliged to sacrifice the interests of Persia, which she had very much at heart; for it was British influence in Teheran which had helped the youngPersians to set up a constitutional Government at the very doors of autocratie Russia. From the fact of Persia being abandoned by England to her former rival Russia; the road to India being there by thrown open to the possible aggression of the latter Power, we are bound to conclude that the British military authorities were in possession of information regarding Germany's designs, which must have been of the most serious, of the most threatening nature. A great country like England cannot afford to give up its role as the protector of a state like Persia struggling to free itself from the embrace of its merciless neighbour, except in case of dire necessity, when the vital interests of the protector are in jeopardy. Neither are we, for our present argument, concerned in any inquiry as to aggressive designs on the part of Russia, or with the question as to whether England would have declared war if Germany had not invaded Belgium. We are concerned with the results of an old fashioned peace, after the financial super-operation has been concluded, and after the day when the world will have returned to its hum-drum life of peace and to its usual everyday existence, disturbed only now and then by a small colonial expedition or by some

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