The same truth applies to a high-born aristocrat of Austrian origin, Prince Max Egon von Fürstenberg, who to-day, in the Emperor’s circle of friends, holds the place formerly occupied by the fascinating but depraved Philip von Eulenburg. He is the obvious favourite, the Kaiser’s indispensable confidant, addressed by his master with the “thou” of intimacy. He was given one of the great ornamental Court posts, that of Grand Marshal, as a prelude, it was whispered, to a far more important position in the Government. But how could this newcomer, half German and half Austrian, who migrated to Berlin after inheriting vast estates from Karl Egon, his cousin of the elder branch, ever have undertaken anything but a sinecure, since he was unable to manage his own property? Instead of quietly enjoying the princely income derived from his patrimony, Prince Egon took it into his head that he had a genius for business, like Herr von Gwinner, the director of the Deutsche Bank, or Herr Ballin, the king of Germany’s mercantile marine. With another moneyed grandee of equal inexperience, Prince von Hohenlohe-Oeringen, he founded the famous Princes’ Trust, a unique example, I believe, of an aristocratic ring boldly competing with the lords of finance, industry, and commerce. In a few years this trust piled one enterprise upon another, beginning with magnificent hotels in Berlin and Hamburg. The crash was not long in coming; to-day, Prince von Hohenlohe is ruined, and his associate has been compelled to mortgage his ancestral estates to the tune of over £1,000,000. Like many of his peers—laughter being an attribute of kings as of other mortals—William II. requires to be amused. Prince Egon is a sparkling companion, with a happy knack in telling good stories; he has all the untiring fluency of the Viennese. This, obviously, is enough to explain his success. In certain circles, however, people persist in crediting him with a mysterious sway over his Imperial master, and in regarding him as the power behind the throne who whispers advice into the Sovereign’s ear. That he may have served now and then as a link between Vienna and Berlin, between the Archduke Ferdinand and William II., is not unlikely. At the close of the Balkan War, the Kaiser seemed to have abandoned his ally during the latter’s vain efforts to secure the revision of the Treaty of Bucharest. Fürstenberg may have been used immediately afterwards to set the connection upon its former footing of intimacy and confidence; before the murder of the Archduke, he may have acted as a go-between for the two cronies, when they drew up the plan of a war of revenge which, while compensating Austria for her disappointments, was to set up the supremacy of Germany in Continental Europe. To assign Prince Egon a more important rôle would be overrating his mental capacity. We may safely acquit him of any share in the direct responsibility for the war. V.