Well, in my opinion, it would have been a very bad stroke of policy to begin the capture of the French markets by ruining France—this being the most likely result of a successful war. Before leaving Berlin, I already heard some talk of an indemnity of £1,200,000,000 to be extorted from the vanquished Republic. Bismarck had bitterly repented having asked for no more than £200,000,000 in 1871, and there was to be no repetition of that blunder. To this enormous ransom must be added the vast sums that the war would have cost France, the ruin of the departments invaded, the havoc wrought by the victors, all the appalling balance-sheet of a national disaster. How would the sufferers have been able to pay for the goods with which German industry proposed to flood their country? The purchasing power of France after the restoration of peace would have been reduced to the barest minimum. New markets would have been of little use to Germany, if they had lost much of their vitality and absorbing power, as would certainly have been the case in a country that she had bled almost to death. One can hardly see the necessity of capturing the French home trade on such terms as these. Another plan that I have heard ascribed to the great German manufacturers was that of industrializing France after her defeat, setting up workshops and factories under the control of German engineers and overseers, introducing the methods of work, the technical improvements and the organization that had made Germany the wonder of the world, and developing by intensive culture the wealth of that admirable French soil. Why, by so doing they would have breathed fresh life into an ancient rivalry which they had almost succeeded in sweeping from their path! At the moment when German industry was suffering from over-production and plethora, they would have aroused a competition favoured in many respects with peculiar natural advantages. I really cannot hold them capable of so signal a miscalculation. I will readily admit, however, that they might have hoped to oust a ravaged and ruined France from those foreign markets in which she still held a strong position. Still, this project would have been difficult to carry out as regards the special articles for which the French are noted.