The Emperor, as an enthusiastic yachtsman, has made it a point to be present, as we have seen, at nearly all of the Hamburg regattas. As he was this year to visit the Czar in the furtherance of his "personal diplomacy," he had already been forced to decline their invitation; but finding it possible to attend at the last moment, he made all possible speed to arrive at Hamburg, where his recently constructed yacht _Meteor_ was to make her first start. The banquet, at which the Emperor spoke, took place on board the Hamburg-American Liner _Deutschland_. YOUR MAGNIFICENCE: I pray you accept my most cordial and heartfelt thanks for this friendly greeting in the midst of men so well known and sympathetic to me. It was, indeed, a severe struggle of conscience for me, placed between my duty and my pleasure, to have to give up eventually the pleasure of being the guest of Hamburg. But it goes without saying that, as compared with the welfare of the realm, personal wishes must be silent, and with a heavy heart I decided, therefore, to send word that it would not be possible for me to be your guest and take part in the series of sports. Happily, however, things arranged themselves favorably. That ship which you all know, delivered to me by Vulcan, my yacht _Hohenzollern_, has again competed with her ancient and renowned reputation. We hurried and flew through the Baltic, and what the yacht could not accomplish the railroad took care of; and so it was possible for me to arrive in time for the splendid arrangements for the Hamburg racing day and, while responding to the wishes of M. S.,[43] at the same time to enter again that circle of men and women whom I prize so highly. It is my duty on the present day to express my deepest gratitude to the city of Hamburg for her warm and hearty reception, which seems to increase from year to year, if that be possible. I must also express my appreciation of the hospitality extended to me in the house of your Magnificence, and also for the beautiful boat which I have received from the hands of a Hamburg master of his craft. We have, therefore, at last before us the proof for which I have been striving for years--that, just as in the building of war-ships and of liners, so too, in yacht construction, we now stand upon our own feet. It is a worthy vessel, built with German hands, out of German materials, and manned from stem to stern by German men. I hope that before the year is out she will clip the waves and show herself to advantage in foreign ports. We follow sport here, and not politics; but your Magnificence has been good enough to touch upon points which now deeply move all German hearts. I still hope that the sense of collective responsibility will, in the hearts of the representatives of our people, be stronger than party feeling, for I assume that no one among you wishes to take upon his shoulders the responsibility of thwarting a reform which is