WE GERMANS FEAR GOD, NOTHING ELSE HAMBURG, JUNE 23, 1914 The following speech is, we believe, the last one delivered by the Emperor before the murder of the Archduke Franz Ferdinand (June 28), which precipitated the war. True to his custom, the Emperor is again at Hamburg at the regatta which usually marks the beginning of his summer holiday. This year his yacht _Meteor_ was to win the Hamburg prize. The banquet at which he ordinarily delivered his address was to be held on board the _Victoria Luise_, and the president of the association, Doctor Schröder, who made the address preceding the Emperor's, alluded to the disaster to the Z-1 and the destruction of that boat off Heligoland. He followed it with a discussion of Germany's progress in naval and aerial development. The Emperor answers with his usual compliments to Hamburg. His naval policy and his policy of expansion had profited the seaport towns particularly, and he was always a welcome guest. In the year of his jubilee, 1913, the Hamburg-American Line had done him the honor to name one of their boats the _Imperator_, and this year they had launched the great thirty-thousand-ton _Bismarck_. If his speech on this occasion shows nothing particularly new, one thing at least is interesting from the change which he introduces in Bismarck's famous statement. The Emperor himself has quoted it previously (April 24, 1901): "We Germans fear God, nothing else in the world." Here it seems to have in it a little more of defiance and possibly of challenge: "We Germans fear God and absolutely nobody and nothing else in the world."