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These are the principles from which any rule must be shown to spring, before it can be said to be a rule for international guidance. But what are the principles of right and wrong? These are not left to the individual reason of the interpreter of the law for the time being, but are to be decided by the public opinion of the civilized world, as it stands at the time when the case arises.

You do not dismiss attempts to correct errors in medicine or surgery, or education, or tramcars, or cookery, by talking about the millenium; why should you throw that word at attempts to correct the errors of international relationship?

In Paris, of course, they are quite different balloons have much too much flavour to be international they are smaller and lighter in colour and gayer and more reckless they always look as if they were out on a spree, just waiting to break loose from the long string by which they are tied, in a huge multi-coloured sunshade, to a stick.

Of all the principles, gentlemen, of foreign policy which I have enumerated, that to which I attach the greatest value is the principle of the equality of nations; because, without recognizing that principle, there is no such thing as public right, and without public international right there is no instrument available for settling the transactions of mankind except material force.

It was also America, he went on, which had given China moral support and active backing in her ten-years' struggle against the drug. We had called together the Opium Conference at Shanghai, and later the Hague International Opium Conference, and owing to the publicity gained through these conferences China had had the courage to demand the opportunity to eradicate the curse.

Their efforts to stop wars between nations, while tranquilly ignoring the world-wide economic struggle for existence which cost more lives and suffering in any one month than did the international wars of a generation, was a most striking case of straining at a gnat and swallowing a camel.

These cold, thin-lipped calculators, arguing that "War doesn't pay"; those lank-haired cosmopolitans, preaching their "International," as if the only business of mankind were wages! War still was the stern school where men learnt virtue, duty, forgetfulness of self, faithfulness unto death. This particular war, of course, must be stopped: if it were not already too late.

In addition to all this King Milan was unfortunate in his conjugal relations; his wife, the beautiful Queen Natalie, was a Russian, and as he himself had Austrian sympathies, they could scarcely be expected to agree on politics. But the strife between them extended from the sphere of international to that of personal sympathies and antipathies.

De Gex sent a wire early this morning and then, on receipt of a reply, they hired a car and drove out to keep the appointment." "Chamartin was a Spanish financier. De Gex is one of international fame a millionaire," I remarked. "The wits of De Gex are perhaps pitted against the widow and the executors of the dead man. Don't you agree?" "Entirely," was Hambledon's reply.

Our present concern, however, is not with the war problems of to-day, but with the processes of international finance in the past, and perhaps, before we get to the end, with some attempt to hazard a glimpse into its arrangements in the future. What was the effect on England, and on the countries to whom she lent, of her moneylending activity in the past?