NEWS OF THE WEEK.
THE most interesting, and what events may prove to have been the most important, incident of the past week was the receipt of the German reply to the last American Note on sub- marine warfare. The reply had been most anxiously awaited in the United States, as it was generally felt that on it depended the whole of the future relations between Germany and America. It involved, even if it should not immediately determine, the question of peace and war. It will be remembered that Mr. Wilson's Note had definitely demanded that Germany should "proclaim and make effective renunciation of her present methods of submarine warfare against passenger and cargo ships," and had warned Germany that the penalty for her failure to comply would be the rupture of her rela- tions with the United States. Those words had been regarded as an ultimatum. " No " from Germany would mean the return to his own country of Count Bernstorff.