When it is remembered that the beginnings of all this date back only to 1898, when the first navy bill was passed through the Reichstag with much difficulty, and only after the Emperor and his ministers had brought every influence to bear upon the members, Germany is certainly to be congratulated upon her success. Nor is she to be blamed for remembering, and regretting, that the two most important harbors used by her trade are Antwerp and Rotterdam, the one in Belgium, the other in Holland. The Kielerwoche, or Kiel Regatta, has grown from the sailing-matches of a few small yachts into one of the best-managed, most picturesque, and gayest yachting weeks in the world. Indeed, from the stand-point of hospitality, orderliness, imposing array of shipping, and good racing and friendliness to the stranger, I am not sure that it is equalled at either Newport or Cowes. Were I writing merely from my personal experience, I should declare unhesitatingly that it is the most splendid and best-managed picnic on the water that one can attend, and lovers of yachts and yachting should not fail to see it. This Kielerwoche, too, has, and is intended to have, an influence in teaching the Germans to aid and abet their Emperor and his ministers in making Germany a great sea power. When a nation for more than a hundred years has been quite comfortably safe from any fear of attack because she has been easily first in commerce, wealth, industry, and in sea power, it comes as a shock, even to a phlegmatic people, to learn that they are being rapidly overhauled commercially, financially, industrially, and as a fighting force on the sea; and all this within a few years. England with her money subsidies, with her troops, and with her navy has heretofore provided against Continental aggression by the diplomatic philosophy of a balance of power. She has arranged her alliances with Continental powers so that no one of them could become a menace to herself. She did so against the Spain of Charles V, the France of Louis XIV, the France of Napoleon, the Russia of the late Czar, and now against the Germany of William II. The France of the great Napoleon, in attempting to complete the commercial isolation of England by compelling Russia to close her ports to her, buried herself in snow and ice on the way back from Moscow, and delivered herself up completely a little later at Waterloo. That was the nearest to success of any attempt to break through the doctrine of the balance of power.