which might assume a form which would be advantageous to France and
Russia, as well as to ourselves and Germany. He showed me next day the
report of our talk which he had prepared in order to telegraph it to
Paris.

I had other interviews the next day, but the only one which is important
for the purposes of the present narrative is that at my final meeting
with the German Chancellor on the Saturday (February 10). I pressed on
him how important it was for public opinion and the peace of the world
that Germany should not force us into a shipbuilding competition with
her, a competition in which it was certain that we should have to spare
no effort to preserve our margin of safety by greater increases.

[Illustration: M. PAUL CAMBON

FRENCH AMBASSADOR TO GREAT BRITAIN SINCE 1898.]

He did not controvert my suggestion. I could see that personally he
was of the same mind. But he said that the forces he had to contend with
were almost insuperable. The question of a retardation of building under
the proposed Fleet Law was not susceptible of being treated apart from
that of the formula of which he and the Emperor had both spoken. He
suggested that we might agree on the following formula:

1. The High Contracting Powers assure each other mutually of their
desire for peace and friendship.

2. They will not, either of them, make any combination, or join in
any combination, which is directed against the other. They
expressly declare that they are not bound by any such combination.