the United States, France, Switzerland, and Austro-Hungary, and at the
conclusion of peace the British firms that before supplied them, if they
have not in the meantime become bankrupt, will find that their customers
have formed new connections.

The shrinkage of credit would bring a multitude of commercial failures;
the diminution of trade and the cessation of manufactures a great many
more. The unemployed would be counted by the million, and would have to
be kept at the public expense or starve.

If in the midst of these misfortunes, caused by the mere fact of war,
should come the news of defeat at sea, still more serious consequences
must follow. After defeat at sea all regular and secure communication
between Great Britain, her Colonies, and India comes to an end. With the
terrible blow to Britain's reputation which defeat at sea must bring,
what will be the position of the 100,000 British in India who for a
century have governed a population of nearly 300,000,000? What can the
Colonies do to help Great Britain under such conditions? For the command
of the sea nothing, and even if each of them had a first-rate army, what
would be the use of those armies to this country in her hour of need?
They cannot be brought to Europe unless the British navy commands the
sea.

These are some of the material consequences of defeat. But what of its
spiritual consequences? We have brought up our children in the pride of
a great nation, and taught them of an Empire on which the sun never
sets. What shall we say to them in the hour of defeat and after the
treaty of peace imposed by the victor? They will say: "Find us work and
we will earn our bread and in due time win back the greatness that has
been lost." But how are they to earn their bread? In this country half