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sors could by any manner of means dictate the terms of Peace. Moreover, Germany's difficulties in obtaining supplies and breadstuffs will have a weakening effect upon that Power. Her financial position, as proved by the reduced value of the Reichsmark in neutral states, who continue exacting gold for the payment of goods, cannot be otherwise than extremely precarious. In view of all this, we may dismiss the assumption of a victorious Germany as unthinkable.

We should, however, consider other possibilities. In the first place it is quite impossible to predict, for how long Russia and France will be able, even with the greatest possible loyalty to the Entente, to keep up their tremendous effort. Poland and the North of France have been laid waste; they were amongst the richest regions of Russia and France. Belgium has been well-nigh ruined. And a further occupation of that unhappy land will make ruin more complete. As we have already remarked, Germany continues ravaging the territories she occupies with a complete insouciance as to who will pay the bill in the end.

It is, even if we admit that the resources of the British Empire are intact, an open question, whether even that Empire will be able to stand the strain of economie dislocation for an unlimited period of time. A hundred years ago, indeed, Britain could fight for twenty years without being ruined. But in our days a prolonged war will mean a very precarious situation for the world's commerce. On the one hand,

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