utterances, such as the address to the troops sailing for China in
order to quell the Boxer rebellion, the constant association in
all his speeches of the great idea of God, with the ravings of a
megalomaniac, the frenzied oratory in which he indulged at the
beginning of the War, have harmed Germany more than anything else. It
is possible to lose nobly; but to have lost a great war after having
won so many battles would not have harmed the German people if it
had not been represented abroad by the presumptuous vulgarity of the
Kaiser and of all the members of his entourage, who were more or less
guilty of the same attitude.

Before the War Germany had everywhere attained first place in all
forms of activity, excepting, perhaps, in certain spiritual and
artistic manifestations. She admired herself too much and too openly,
but succeeded in affirming her magnificent expansion in a greatness
and prosperity without rival.

By common accord Germany held first place. Probably this consciousness
of power, together with the somewhat brutal forms of the struggle for
industrial supremacy, as in the case of the iron industry, threw a
mysterious and threatening shadow over the granitic edifice of the
Empire.

When I was Minister of Commerce in 1913 I received a deputation of
German business men who wished to confer with me on the Italian
customs regime. They spoke openly of the necessity of possessing
themselves of the iron mines of French Lorraine; they looked upon war
as an industrial fact. Germany had enough coal but not enough iron,
and the Press of the iron industry trumpeted forth loud notes of war.
After the conclusion of peace, when France, through a series of wholly