We are victors indeed; we have won to the shore; but the wreck of the tempest lies all round us; and what is the future to be?
It is four months now, since, in the splendid rooms of the Villa Murat, I listened to President Wilson describing the sitting of the Conference at which the Resolution was passed constituting the League of Nations--four months big with human fate.

The terms of peace are published, and at the present moment no one knows whether Germany will sign them or no.

The League of Nations is in existence.

It has a home, a Constitution, a Secretariat.

But the outlook over Europe is still dark and troubled, and the inner League of Three is still the surest ground in the chaos, the starting-point of the future.