the fatigue and weakness of the labouring classes-all combine to retard the revival of industry. The depreciation of the currency renders it impossible to buy materials from abroad, even if the want of shipping and other obstacles permitted their supply. In Austria masses of people are, as we have lately been officially told, on the verge of starvation, and all sorts of diseases play havoc among the people. Germany is better off in this respect, but even here, among the poorer classes, want, privation, and disease are rife. Such conditions cannot but encourage revolutionary feelings and engender a recrudescence of political strife, leading perhaps to civil Reconstruction, in the widest sense of the word, and a revival of trade and industry, are obviously the only safeguard against despair and violence, and therefore the only means by which the solvency of Germany, and her ability to pay even the sums already demanded of her, can be restored. Consequently it is to the interest of the Allies that this restoration should take place, and as speedily as possible. But it cannot really begin until the disastrous uncertainty, which now hangs, like the sword of Damocles, over Germany's head, is removed. Until the German Government knows whether it will have to provide five or eight or ten thousand millions-in other words, whether the sum is to be one which in course of time it may be able to pay, or one which will inevitably spell national bankruptcy and ruin-reconstruction on any considered plan, and even the moral and industrial revival on which solvency depends, are out of the question. The Supreme Economic Council and the Reparation Commission must take the situation in hand without delay; and the latter body, in particular, should be instructed to bear in mind, when making its final estimates, that excessive demands may mean the failure to get anything at all. No one in his senses now believes in the complete re-imbursement of our war-losses which was so recklessly promised fourteen months ago. We may, indeed, agree that Germany, for her crime in initiating the war and for her brutalities in the waging of it, deserves to be made to pay the uttermost farthing; but what we have to guard against is that madness of revenge which recoils upon itself. Nor will it suffice to rest content with this negative restriction of our demands; we must initiate and carry out a positive policy. The German Empire was, in matters of trade, our best customer before the war; we cannot afford to destroy so productive a source of national income, or to deprive our debtor of the only means by which she can be enabled to pay her debts. Commercial relations-under certain restrictions, no doubt-should be re-established and fostered immediately on the ratification of the Peace; and the renewal of political relations must follow. Germany, for all her defeats and humiliations, remains the greatest Power on the Continent; her influence in Central and Eastern Europe cannot but grow with reviving strength and stability. The question of Russia-the greatest international question of the day, and of many future dayscannot be settled without taking Germany into consideration, even into some kind of partnership. So far we have no policy regarding Russia. The first thing is to decide on our policy; the next, to obtain-if possible -the consent to it of our allies; the third-and it is at least as important as the second-is to bring the German Government into accord. If we treat that Government with due consideration in other respects, we need have no fear of the issue. It is in a mood to accept our lead; and, if we secure its support for our policy in Eastern Europe, we may well hope for success. If, on the other hand, we attempt to ignore Germany and to deal with Eastern questions alone, she has no choice but to become our rival, the ally of Lenin or of whatever power we oppose. And, considering her resources, and above all her geographical position, such a rivalry, whether open or secret, will prove very dangerous, if not fatal, to any policy we may adopt. By E. T. Burke, late Lieut.-Col. R.A.M.C. V The Sermons of a Poet. VII Women and the Church. By John Bailey By G. F. Abbott By Mrs. Creighton VIII Imperial Migration and the Clash of Races. IX The First Lord Holland. By Fleetwood Chidell By the Hon. J. W. Fortescue X Germany, Turkey and the Armenian Massacres. XI The Jews as a Revolutionary Leaven. XIII The Economics of the Peace. By J. Ellis Barker By Colonel Blood By C. Ernest Fayle Canada Subscription, $4.65 per year; Single Copies, Entered at New York Post Office as Second Class Matte LONDON: JOHN MURRAY MONTHLY REVIEWS Nineteenth Century and After Fortnightly Review Contemporary Review $6.00 each per year; any wo, $11.50; the three, $17.00. Single copies, 75 cents MONTHLY MAGAZINE Blackwood's Magazine $4.00 per year; single copies, 40 cents QUARTERLY REVIEWS Edinburgh Review Quarterly Review $4.50 each per year; the two, $8.50 per year. Single copies, $1.50 All subscriptions payable in New York funds LEONARD SCOTT PUBLICATION CO. 249 West 13th Street New Yor |