It is one to be remembered.
Although there is no sign at present of a changed spirit in the German rulers, or in the party which is now dominant in Germany, the prospect of an alteration in the spirit of the German people is not hopeless, unless they emerge from the War victorious.

A significant passage from a German paper is quoted by Sir Dugald Clerk in the most valuable and encouraging address on the "Stability of Britain," delivered by him to the Royal Society of Arts in 1916.

"So the Germans are awakening to a consciousness of the futility of their dream of domination founded upon the idea of might, irrespective of the rights of other nations, and they will ultimately be forced to accept the idea, so strange to them hitherto, that honesty between nations is as necessary as between man and man." The whole address should be read as an antidote by any who take a "gloomy joy in depreciation," as a tonic by those who are depressed by our failures and apprehensive of our future.
To maintain a real peace based on goodwill, we want to get rid of the jealous spirit which regards the prosperity of one nation as an injury to others.

"The economic and financial strength of this country is founded upon the welfare not merely of the British people, but practically of all countries." "Commerce is not a war.

It will be found that wealth increases simultaneously in industrious nations." "We must not even forget that a poverty-stricken Germany and Austria would react on the whole world." "Punish the Germans and Austrians by all means--they thoroughly deserve it--but do not imagine that by cutting those nations out of the world's commerce the other nations can be rendered more wealthy." These general statements do not exclude, of course, the possibility that it may be found necessary for a time by "economic pressure" to secure performance by the enemy of certain terms, nor that, during a period of reconstruction and readjustment, the conditions affecting certain industries may not demand some special temporary protection for them.