‘What I have already said in the name of the British Government regarding Belgium, I here repeat in the name of the same Government regarding Serbia. The first condition of peace must be its complete and unrestricted restoration. I have not come here to make a speech. I have simply come to say that, no matter how long the war should last, Britain has pledged her honor that Serbia shall emerge from the conflict independent and completely restored. Moreover, it is not only a matter of honor. The security of civilization is directly involved here. In the West, Belgium has blocked Germany’s way, and Serbia in the East has been the check of the Central Powers. She must continue to mount guard over the gateway to the East.’ To this the Berlin _Kreuzzeitung_ made reply,— ‘Mr. Lloyd George has said that the integral restoration of Serbia was an essential condition of peace and that British honor was pledged to this restoration. The war-aims of England and those of Austria-Hungary and Bulgaria are in absolute opposition on this point.’ The _Hamburger Fremdenblatt_, speaking for Germany as well, added,— ‘Germany and Austria-Hungary have crushed Serbia. They alone will decide what disposition is to be made of King Peter’s former realm.’ There can be no illusion here. The formula ‘peace without annexations and indemnities’ cannot apply to Serbia, which is the keystone of Pan-Germany. We now see that, even if the withdrawal of Germany from the territories of Belgium, France, and Russia now held by her were to take place, Central Pan-Germany would remain essentially intact; and her commercial competition alone would suffice to bring about the economic ruin of France, England, and Russia. The last-named countries would be staggering under their colossal war-debts, with no offsetting compensation, whereas Germany, thanks to six great elements of advantage, would find her war-losses more than counterbalanced by her profits. What chance would the Allied powers, exhausted by a deadly peace, have against the thirty million soldiers of Pan-Germany, when Berlin, refreshed by a short respite, should choose to renew her hold over those western territories which she had temporarily relinquished? Is it not plain what depths of deception lie beneath that formula, ‘peace without annexations and indemnities,’ which the Russian Socialists, ignorant of the vast advantages accruing to Germany from the war, have adopted at the suggestion of Berlin’s Leninist agents? Let us look at the facts, not at the words. If the formula ‘peace without annexations and indemnities’ is acceptable to the Germans, it is simply because this formula, in the opinion of Berlin, will assure the maintenance of Central Pan-Germany, which, in turn, pledges to Germany the domination of Europe and the fulfillment of all other elements of the Pan-German scheme.