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that with the coming perfection of the flying machine and the submarine, she will be no more secure against attack and destruction than any other power. She will remain inferior in numbers to the Teutons and she will not be able ever to oppose their attacks from the air with any permanent chance of success. An anti-British Continental coalition would make her position infinitely worse. Such a coalition is quite possible whenever some continental Power produces a Statesman of exceptional political genius, and his existence does not coincide with that of a man of the same calibre in England. As an example we may cite Louis XIV who did not succeed in subjugating Europe as he was effectively opposed by William III.

An old-fashioned peace will mean a continuation of the divergence of political and personal morals. Each individual state will take no heed of the material or other interests of other states.

No international agreement or promise will hold out against international hatreds or jealousies. As soon as a State believes itself or the coalition of which it is the head, powerful enough, it will not take the least notice of International Law, or of any human or „divine" laws whatever. It will break the peace and try to conquer by force what it cannot obtain otherwise. And this for the simple reason that its statesmen know that all the others, in their situation, would do precisely the same thing, and that if they did not take action