The Venezuelan question has entered on a new stage. President
Roosevelt having declined the role of arbitrator, the Powers have fallen back on the alternative to which they committed themselves in advance,—viz., the Hague Tribunal. The decision has been received with acquiescence rather than enthusiasm, though America is undisguisedly relieved. It is felt in Germany that President Roosevelt's award would have been given speedily, while that of the Hague Tribunal, owing to the complicated procedure of the Court, will involve a consider- able delay. Meantime President Castro, who has signified to the Powers his general acceptance of the principle of arbitration, while demurring to certain of the conditions precedent. has
announced, or perhaps we should say invented, another brilliant victory over the Revolutionists.
