elaborately constructed theorem, but upon the simple exposition of the political facts of Europe as they exist to-day. These facts, which are incontrovertible, and which I shall elaborate presently, may be summed up in a few simple propositions stated thus:
- An extent of devastation, even approximating to that which Mr. Harrison foreshadows as the result of the conquest of Great Britain, could only be inflicted by an invader as a means of punishment costly to himself, or as the result of an unselfish and expensive desire to inflict misery for the mere joy of inflicting it. Since trade depends upon the existence of natural wealth and a population capable of working it, an invader cannot "utterly destroy it," except by destroying the population, which is not practicable. If he could destroy the population he would thereby destroy his own market, actual or potential, which would be commercially suicidal.6
- If an invasion of Great Britain by Germany did involve, as Mr. Harrison and those who think with him say it would, the "total collapse of the Empire, our trade, and the means of feeding forty millions in these islands ... the disturbance of capital and destruction of credit," German capital would also be disturbed, because of the internationalization and delicate interdependence of our credit-built finance and industry, and German credit would also collapse, and the