Those meetings of the statesmen in No. 10 Downing Street will make a dramatic chapter in history when they come to be written. Behind the representatives of each nation stood the forces of reaction: sullen, menacing, obstructive. Herriot knew that if he yielded too much he would be destroyed by the Conservatives of France, by that formidable power still held by Poincaré and all he stands for in French opinion. Marx and Streseman knew that if they surrendered too much they would be overwhelmed by a Nationalist outburst in their own country. Ramsay MacDonald knew that if he asked either side to ignore their own public opinion the Conference would fail and calamity would follow. The American Ambassador, Kellogg, knew that his people would refuse to guarantee a loan to Germany unless France withdrew demands which deprived it of all security. Time and time again the Conference was on the point of breaking down. The international bankers sat behind the scenes refusing to sanction French plans for further penalties against Germany if she defaulted in future payments. There was anguish among the Germans when Herriot told them that his hands were tied regarding the evacuation of the Ruhr and that no withdrawal could be made until a year more had run. They saw his difficulty as he saw theirs. The French would unseat him if he conceded an earlier withdrawal. He pleaded with them to agree to this condition—utterly opposed to the spirit of the Dawes Report—for the sake of the loan of forty million pounds sterling, future liberty, world peace. The wires were hot with messages to and from Berlin and Paris, where the Governments insisted on national demands. The fate of Europe trembled in the balance, until at last the German representatives yielded to that year in the Ruhr, under protest, with misgivings and forebodings, but with a hope that the enormous disappointment to the German people would be outweighed by the saving of their economic life, the future liberation from hostile occupation, a postponement, at least, of ruin. So the Dawes Report was accepted and signed, and the London Agreement began a new chapter of history in which there is a promise—another chance—of peace at last, and a spirit of conciliation between the nations. III.—THE PRESENT PERILS There are still many danger zones through which our civilisation must pass before there is anything like security against calamities which might destroy it for a long chapter of history. There are still many points of peril which make one anxious even for the immediate future, and it seems to me that, without raising imaginary bogies or allowing pessimism to paint too dark a picture, it is necessary to look at these possible causes of trouble and to realise the very thin ground upon which we are all walking above smouldering fires.