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Germany's position, added Prince Billow, would become really bad, and

peace would be seriously endangered, if she reduced her armaments below the level which her position in Europe required. Lastly, the measure and extent of her naval armaments was fixed by law. At the same time, Germany had great demands upon her purse for her Army and for social reform. " These facts completely preclude the possibility of our exceeding in our shipbuilding programme that which is necessary for our defence, and has accordingly been laid down by law." These phrases, we take it, mean that Germany will do just what she thinks necessary, no more and no less. That is exactly what sensible people always knew she would say. In reality the Chancellor's speech leaves matters very much where they were.

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