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We have, so far, discussed possible future developments exclusively from the point of view, and on the assumption, that the Allied Powers would be victorious, and that they would subdue Germany, after having penetrated into the country, and completely reduced its resistance. We have done so, because we assumed that it will hardly be possible to obtain Peace from Germany in any other way. This, of cour se, is merely an assumption, which should not make us lose sight of other possibilities.

At the beginning of the war, and until a few months ago, a victorious Germany was by no means unthinkable. But the splendid resistance made by France and Russia, the enthusiasm of all the British colonies and possessions, supporting the splendid bravery of the small Army which England, unprepared for war, could yet place at the disposal of her Allies and the certainty of conscription in England have reduced the chances of Germany and Austria to a minimum, which neednot form a starting point for the discussion of the future at all; at least not in the sense that the aggres-