A Bare Outlook.

"THINGS YOU HAVE GOT TO DO WITHOUT.
CLOTHES AND FOOD."--_Daily Sketch_.

This seems to bring the War even closer than the PREMIER intended.

* * * * *

MORE OR LESS.

The fleet of Dutch merchantmen which has been sunk by a waiting submarine
sailed, it now appears, under a German guarantee of "relative security":
and the incident has been received in Holland with a widespread outburst of
relative acquiescence. Germany, in the little ingenious arrangements that
she is so fond of making for the safety and comfort of her neighbours, is
so often misunderstood. It should be obvious by this time that her attitude
to International Law has always been one of approximate reverence. The
shells with which she bombarded Rheims Cathedral were contingent shells,
and the _Lusitania_ was sunk by a relative torpedo.

Neutrals all over the world who are smarting just now under a fresh
manifestation of Germany's respective goodwill should try to realise before
they take any action what is the precise situation of our chief enemy. He
has (relatively) won the War; he has (virtually) broken the resistance of
the Allies; he has (conditionally) ample supplies for his people; in
particular, he is (morally) rich in potatoes. His finances at first sight
appear to be pretty heavily involved, but that will soon be adjusted by
(hypothetical) indemnities; he has enormous (proportional) reserves of men;