4 NOVEMBER 1905, Page 1

On October 26th the German Emperor, at a banquet in

honour of the late Field-Marshal Moltke, ended a speech with the following sentences :—" The second glass is for the future and the present. You have seen, gentlemen, how we stand in the world. Then—powder dry, sword keen, eyes on the goal, muscles taut, and amity with pessimists. I empty my glass to our people in arms. The German Army and the General Staff. Hurrah ! " The words have been discussed throughout Europe, and are in many places supposed to contain a threat, either to France oi Great Britain. We do not so read them, but rather believe that the Emperor, acknowledging that Ger- many is in a manner isolated, declares with an emotion of pride that he is no pessimist, for the German Army, the German Staff, and the German people in arms can guard all German rights. We are accustomed to say much the same thing, though, as we have no frontiers, our sayings Bound less truculent.