in all 440,000,000_l._ with the Stock Exchange closed. The loan of 350,000,000_l._ (p. 236) had been over-subscribed, and there had been nearly 100,000 applications for small amounts, so the sum had been raised without any of the German expedients for raising a smaller loan at a higher interest. Unemployment had gone down, confidence had been restored, British credit had stood the strain, the market had been less affected than any in the world. The raising of the loan gave him confidence that British credit was built on foundations that no foreseeable contingency could destroy. In the subsequent debate Mr. Austen Chamberlain paid special tributes to the services of the Bank of England, its Governor, its ex-Governor (Mr. Cole), and Lord Revelstoke; the President of the Board of Agriculture gave particulars of a proposed scheme for the manufacture of aniline dyes, hitherto made exclusively in Germany--the consumers to subscribe 3,000,000_l._, the Government, subject to certain conditions as to control, to guarantee debenture interest on another 1,500,000_l._; and Mr. Bonar Law endorsed this scheme and criticised, in moderate terms, the recent purchase by the Government of 18,000,000_l._ worth of sugar, and the total prohibition of the import of sugar in consequence. The Home Secretary explained that the sole aim was to prevent sugar coming from neutral countries and being replaced there by German sugar. The Bill was subsequently read a third time. On the adjournment, Lord Charles Beresford (U.) commented favourably, on the whole, on the naval position. The First Lord of the Admiralty, in reply, said that it was useless to discuss particular incidents, such as the battle off Chile, the loss of the _Aboukir_ and her consorts, and the expedition to Antwerp, without the disclosure, at present impossible, of all the orders and the entire situation. The only rule as to publishing information was that the publication should not interfere with the operations of the war; and he expressed the gratitude of the Admiralty for the reserve shown by the Press. The incidents seen were a very small part of the work going on all over the world. The British Navy had been confronted in the event of war by four main perils--(1) surprise before it was in its war stations [which had been averted by the assemblage at Spithead]; (2) the escape of fast armed liners of the enemy, but only 1.9 per cent. of the mercantile marine had been lost, against an estimate before the war of 5 per cent.; (3) mines, but the limits of that danger could now be discerned and it was being further restricted and controlled; (4) submarines, a novel and very grave danger, but British power in submarines was far greater than German, and the only reason it could not produce greater results was the rarity of a target for attack. A fifth danger, oversea invasion, he dismissed curtly as an enterprise perilous for the invaders. Of British shipping 97 per cent. was plying, of German