The Hague Tribunal on Monday published its decision on the
question of preference among the creditors of Venezuela, deciding in favour of a preferential payment to Britain, Germany, and Italy, the three blockading Powers, in respect of the 30 per cent. levied on the Customs. Few will quarrel with the justice of the decision. It was the blockade—what- ever we may think of the political wisdom of those who organised it in conjunction with Germany—which induced Venezuela to yield, and the Powers which incurred the risk and cost of the blockade have a right to preferential treatment. The right is clear, though the sum involved is ridiculously small ; and the submission to the Hague Tribunal is sufficient to rebut the allegation that preferential treatment would be a concession to brute force and a defiance of equity. The President of the Tribunal, M. Mura- vieff, made a speech at the close of which he referred to the war in the Far East in the familiar Russian tone. "A just Providence would decide between righteous claims and mere frivolous pretensions." M. Muravieff has every right to his opinions, but an international Arbitration Tribunal is scarcely the proper place to air them.
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