England looked upon Germany as a Power which was of world importance commercially and politically and which, partly because of its enormous industrial development, assumed such threatening proportions that the two countries already contended against one another in the same sphere and with equal energy. The so-called peaceful conquest of the world by commercial enterprise, which, in the eyes of those who governed our public affairs at that time, represented the highest peak of human wisdom, was just the thing that led English statesmen to adopt a policy of resistance. That this resistance assumed the form of an organized aggression on a vast scale was in full conformity with a type of statesmanship which did not aim at the maintenance of a dubious world peace but aimed at the consolidation of British world-hegemony. In