Amongst other anecdotes, he told me of a certain agreement about which dispute had arisen. The famous financier took the paper into his own hands and made a few swift calculations. "Let it go," he concluded, "it is only a thousand pounds at the outside. May as well be honest." Concerning a dead fisherman or two, concerning boundaries through unproductive mountain ranges we shall arbitrate and feel virtuous. For gold mines and good pasture lands, mixed up with a little honour to give respectability to the business, we shall fight it out, as previously. War being thus inevitable, the humane man will rejoice that by one of those brilliant discoveries, so simple when they are explained, war in the future is going to be rendered equally satisfactory to victor and to vanquished. In by-elections, as a witty writer has pointed out, there are no defeats—only victories and moral victories. The idea seems to have caught on. War in the future is evidently going to be conducted on the same understanding. Once upon a time, from a far-off land, a certain general telegraphed home congratulating his Government that the enemy had shown no inclination whatever to prevent his running away. The whole country rejoiced. "Why, they never even tried to stop him," citizens, meeting other citizens in the street, told each other. "Ah, they've had enough of him. I bet they are only too glad to get rid of him. Why, they say he ran for miles without seeing a trace of the foe." The enemy's general, on the other hand, also wrote home congratulating his Government. In this way the same battle can be mafficked over by both parties. Contentment is the great secret of happiness. Everything happens for the best, if only you look at it the right way. That is going to be the argument. The general of the future will telegraph to headquarters that he is pleased to be able to inform His Majesty that the enemy, having broken down all opposition, has succeeded in crossing the frontier and is now well on his way to His Majesty's capital. "I am luring him on," he will add, "as fast as I can. At our present