The course of events, so far as Great Britain was concerned in them, in the fortnight preceding the war, was as follows: The Austrian Note to Serbia, which was in fact an Ultimatum, was delivered at Belgrade on July 23, and a reply was demanded within forty-eight hours. Sir Edward Grey, while earnestly deprecating any time-limit to this Note, had laid stress, before knowing its contents, on the appalling consequences that would follow should it lead to a European war between four Powers--a complete collapse of European credit and industry which, in great industrial States, would mean "a state of things worse than that of 1848." But he declined to express an opinion on the merits of the Austro-Serbian dispute. Between the presentation of the Note and the expiry of the time-limit, however, Great Britain made three attempts at peace. In conjunction with Russia, whose Foreign Minister described the Note as "provocative and immoral," she urged the extension of the time-limit on Austria, and pleaded with Germany to do the same. Next, she proposed that Germany, France, and Italy should work together at Vienna and St. Petersburg in favour of conciliation. Italy, France, and Russia assented; Germany had no objection, if Austro-Russian relations became threatening. Thirdly, the Russian, French, and British representatives at Belgrade were instructed to advise Serbia to go as far as possible to meet Austria. Serbia, in fact, conceded very nearly all the Austrian demands; but Austria had determined on war, and Germany, when Sir Edward Grey urged her to persuade Austria to accept the reply, merely "passed on" his message to Vienna. The time-limit having expired, Sir Edward Grey proposed (July 26), by telegram to the British representatives at Paris, Berlin, and Rome, a Conference in London between himself and the French, German and Italian Ambassadors, to discuss the best means towards a settlement. France and Italy accepted; Russia agreed, if direct explanations with Vienna should prove impossible; Germany, however, said that the Conference would practically amount to a court of arbitration, but subsequently "accepted in principle" mediation by the four Powers between Austria and Russia. But Austria now declared war against Serbia. On July 28, however, Sir Edward Grey was informed through the German Ambassador that Germany was endeavouring to mediate between Russia and Austria. He then sent word to the German Government asking them, if they did not like the Conference he had proposed, to suggest any other form of mediation. The German Chancellor's answer was to invite the British