19 FEBRUARY 1916, Page 3

gone 'saves the islands from fatal race - feuds and chaos. The

• corresponaerit also names as a possible reason disapproval of Bank Rate, 5 per cent., changed' from ff -p.c. Aug. 8th, 1914.

the Lusitania' settlement. Whatever the reason is, Mr. Gard- son's act is most significant. We cannot help thinking ourselves that the defence question is the real issue. The party which believes in the absolute necessity of adequate defences in • a world which contains Germany is strong, intelligent. and resolute. General Leonard Wood's leadership is a guarantee of its good sense and good faith.