value of good relations with Russia. To a certain extent, that is true. But they quite forget to add that he laid equal stress on the importance of good relations with Italy, for example. Indeed, the same Herr von Bismarck once concluded an alliance with Italy so that he might more easily settle accounts with Austria. Why is not this policy now advocated? They will reply that the Italy of to-day is not the Italy of that time. Good. But then, honourable sirs, permit me to remind you that the Russia of to-day is no longer the Russia of that time. Bismarck never laid down a policy which would be permanently binding under all circumstances and should be adhered to on principle. He was too much the master of the moment to burden himself with that kind of obligation. Therefore, the question ought not to be what Bismarck then did, but