Then, except for an ambiguous Italy, there will be nothing left upon the Continent of Europe but a victorious France and her smashed and broken antagonists and her servile and uncertain allied peasant States, Europe Balkanised from the Rhine to the Black Sea. It will be a realisation of the great dreams of Napoleon I, a hundred and twenty years later. True, Russia will loom rather dark and rather neglected in the background of the French millennium, but the French think that from a military or political point of view Russia is to be counted out for the next fifty years. And, as the happy achievement of “security” in Europe becomes more certain, France will be able to turn her attention to her old rival and temporary ally across the Channel. French ideas of trade and economics have always been nationalist and monopolistic, and at last she will be in a position to apply to Britain with real effect that system of exclusion from the markets of Europe, the Continental system, which failed when Napoleon I first devised and tried it a century or more ago. Moreover, she will be at last able to reopen the discussion of the proper ownership of the vast natural resources of Central Africa, at present largely shared by the British. The victory of the Ruhr is a considerable victory, a great hungry victory, but it is only one in a sustained campaign in the realisation of a policy centuries old, the policy of French predominance in the European world. France has had revolutions and reverses, but her nationalism is the intensest of all nationalism, and her conception of international policy has been the same under Bourbon, Bonaparte, or Republic. She seems to be incapable of any such ideas as co-operation, coalescence, union, pooling, reconciliation, reconstruction on a broader basis, brotherhood of nations or the like. There is no stopping her. She will thrust her fluttering tricolour, her brave little men in horizon blue and steel helmets, her intrigues and her claims, farther and farther over a suffering, disorganised world--until she becomes by common consent impossible. The Ruhr is a great victory for France, and it has won her nothing. What next will she do after the Ruhr? IV THE SINGAPORE ARSENAL 13.10.23