They are in Russia and France, and their names have not yet crossed the Atlantic in the press reports.
However long Germany may fight on, offensively or defensively, her retreat must begin this year.

Then the world will be increasingly interested in the terms of peace.
Balfour, the English statesman, says privately, "I know the people look for the dismemberment of Germany, and some look for her destruction, but this is not the intelligent opinion or intelligent desire.

Germany is an indispensable part of the world's industrial, commercial, financial, and political organization.

To destroy Germany would be a world loss." The opinion of eminent political and financial people in England is that Germany can never repair the total damage she may inflict.

So far as England is concerned, next after the destruction of Germany's war-power, giving insurance of a European peace, comes first the indemnification of every financial loss that Belgium suffers.