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Yet a loan of from £50,000,000 to £100,000,000 and I repeat that even this figure is very optimistic except as the result of a settlement of a kind which engaged the active goodwill of individual Germans with foreign resources and of foreigners of German origin and sympathies would only cover Germany's liabilities under the London Schedule for four to six months, and the temporarily reduced payments of last March for little more than a year.

A warrant-officer of the Commander-in-Chief's Bodyguard had the honour of hoisting the Union Jack over the Rathaus at Windhuk, the capital of Germany's erstwhile colonial possessions. A cheer went up as the flag fluttered up in the noon sunlight. Windhuk was naturally regarded as the Mecca, so to speak, of the invading army.

Her astonishing capacity for saving increased in proportion with her wealth. Without having Germany's force of development and Great Britain's power of expansion, France enjoyed a wonderful prosperity and her wealth was scattered all over the world. Italy had arisen under the greatest difficulties, but in less than fifty years of unity she progressed steadily.

Take my word for it: the solution of Germany's deliverance is not to be found in the simple antidote of political assassination, for only men bound up in the success of the German arms, or their terrorized creatures of our own sex, are near enough to throw the bomb." "It was rather a commonplace idea," said Kate, gracefully, "but what can you do?"

Prince Bismarck was no colonial enthusiast, though he passes for being the founder of Germany's present colonial policy; and even to-day the colonial party in Germany, though a very noisy, is not a very large or influential one.

When Germany's crack aviator made a daily visit to Paris, dropping bombs, in the afternoon during the early weeks of the war, the Parisians took his arrival as a spectacle and thronged the boulevards to watch him and applaud. When at last he was shot through the head, the French press lamented his loss with genuine appreciation of his nerve and his skill.

The best railways and roads from Berlin to Paris ran through Belgium; the Vosges protected more than half of the French frontier south of Luxembourg, Belfort defended the narrow gap between them and Switzerland, and even the wider thirty miles' gap between the northern slopes of the Vosges and Luxembourg was too narrow for the deployment of Germany's strength; the way was also barred by the elaborate fortifications of Verdun, Toul, and Nancy.

Now it might be Marshal Foch, with wrinkled, weary, war-worn visage, and thin rumpled hair, in shabby uniform, telling of Germany's failure to fulfill the armistice conditions; one would meet him later in the corridor outside like Grant, he was apt to have the stump of a black cigar in the corner of his mouth usually shaking his head ominously over the failure of the politicians to treat Germany with the requisite severity.

"We can't tell yet," said Carter. "The precautions they take and the roundabout methods they have of communicating with each other show that all Germany's spies constantly act as if they knew they were under surveillance. In fact, I suppose every German in this country, whether he is a spy or not, can't help but notice that his neighbors are watching him and well they might."

However the blame may be apportioned between the Junker and commercial classes, it is clear that, fired by the Bismarckian programme, and greatly overstretching it, they played into each other's hands. The former relied for the financing of its schemes on the support of the commercials. The latter saw in the militarists a power which might increase Germany's trade-supremacy.