accusations, let us quote in full the passage in which he dances in
anticipation on London's corpse:--

"Let us sum up. England's reputation for honest business dealing and
for trustworthy administration has suffered. Her insular inviolability
has been put in question. The ravages of war have undermined the
achievements of many generations. Her free gold market has broken
down. The flow of capital towards London will fall off, for those who
cannot borrow there will no longer send deposits. The surplus shown
in her balance-sheet will contract. Foreign trade will also decrease.
Hand in hand with this fall, free trade, that mighty agent in the
development of England's supremacy, will, in all probability, give
place to protection. Stock Exchange business will grow less. Rates of
interest will be permanently higher."

How much truth is there in all this? Has our reputation for honest
dealing and for trustworthy administration suffered? Surely not in the
eyes of any reasonable and unprejudiced observer. In the course of the
greatest war in history, fought by Germany with weapons which have
involved the violation of the most sacred laws of humanity and
civilisation, England has acted with a respect for the interests of
neutrals which has been severely criticised by impatient observers at
home. As for our "insular inviolability" having been put in question,
it certainly has not, so far, suffered any serious damage. Our Fleet
has defended us from invasion with complete success, and the damage
done by marine and aerial raiders to our property on shore is
negligible. Our free gold market is said to have broken down. The
proof of the pudding is in the eating. Germany, when the war began,
immediately relieved the Reichsbank from any obligation of meeting
its notes in gold, and frankly went on to a paper basis. England has