Else a way will have to be fought out of it; and a great European war would set the Old World, perhaps the whole world, back a long way; and thereafter, the present armed watching would recur; we should have gained nothing.

It seems impossible to talk the Great Powers out of their fear of one another or to "Hague" them out of it.

They'll never be persuaded to disarm.

The only way left seems to be to find some common and useful work for these great armies to do.

Then, perhaps, they'll work themselves out of their jealous position.
Isn't this sound psychology?
To produce a new situation, the vast energy that now spends itself in maintaining armies and navies must find a new outlet.