After I had practically finished the preceding pages, the Franco-German convention as to Morocco and the Congo Compensation were published; the Turko-Italian War broke out; the revolution in China assumed dimensions which point to the probability of new disorders in Eastern Asia; and, lastly, it was known that not merely an _entente cordiale,_ but a real offensive and defensive alliance, aimed at us, exists between France and England. Such an alliance does not seem to be concluded permanently between the two States, but clearly every possibility of war has been foreseen and provided for. I have been able to insert all the needful references to the two first occurrences in my text; but the light which has lately been cast on the Anglo-French conventions compels me to make a few concluding remarks. The German Government, from important reasons which cannot be discussed, have considered it expedient to avoid, under present conditions, a collision with England or France at any cost. It has accomplished this object by the arrangement with France, and it may be, of course, assumed that no further concessions were attainable, since from the first it was determined not to fight at present. Only from this aspect can the attitude of the Government towards France and England be considered correct. It is quite evident from her whole attitude that Great Britain was resolved to take the chance of a war. Her immediate preparations for war, the movements of her ships, and the attack of English high finance on the foremost German banking establishments, which took place at this crisis, exclude all doubt on the point. We have probably obtained the concessions made by France only because she thought the favourable moment for the long-planned war had not yet come. Probably she will wait until, on the one hand, the Triple Alliance is still more loosened and Russia's efficiency by sea and land is more complete, and until, on the other hand, her own African army has been so far strengthened that it can actively support the Rhine army. This idea may sufficiently explain the Morocco policy of the Government, but there can be no doubt, if the convention with France be examined, that it does not satisfy fully our justifiable wishes. It will not be disputed that the commercial and political arrangement as regards Morocco creates favourable conditions of competition for our manufacturers, _entrepreneurs_ and merchants; that the acquisition of territory in the French Congo has a certain and perhaps not inconsiderable value in the future, more especially if we succeed in obtaining the Spanish _enclave_ on the coast, which alone will make the possession really valuable. On the other hand, what we obtained can never be regarded as a sufficient compensation for what we were compelled to abandon.