In the days of the sailing ship and the lumbering wagon dragging slowly over all but impassable roads, for one country to derive any considerable profit from another, it had, practically, to administer it politically. But the compound steam engine, the railway, the telegraph, have profoundly modified the elements of the whole problem. In the modern world political dominion is playing a more and more effaced role as a factor in commerce; the non-political factors have in practise made it all but inoperative. It is the case with every modern nation actually that the outside territories which it exploits most successfully are precisely those of which it does not "own" a foot. Even with the most characteristically colonial of all--Great Britain--the greater part of her overseas trade is done with countries which she makes no attempt to "own," control, coerce, or dominate--and incidentally she has ceased to do any of these things with her colonies. Millions of Germans in Prussia and Westphalia derive profit or make their living out of countries to which their political dominion in no way extends. The modern German exploits South America by remaining at home. Where, forsaking this principle, he attempts to work through political power, he approaches futility. German colonies are colonies "pour rire." The Government has to bribe Germans to go to them; her trade with them is microscopic; and if the twenty millions who have been added to Germany's population since the war had had to depend on their country's political conquest they would have had to starve. What feeds them are countries which Germany has never "owned" and never hopes to "own"; Brazil, Argentina, the United States, India, Australia, Canada, Russia, France, and England. (Germany, which never spent a mark on its political conquest, to-day draws more tribute from South America than does Spain, which has poured out mountains of treasure and oceans of blood in its conquest.) These are Germany's real colonies. Yet the immense interests which they represent, of really primordial concern to Germany, without which so many of her people would be actually without food, are for the diplomats and the soldiers quite secondary ones; the immense trade which they represent owes nothing to the diplomat, to Agadir incidents, to Dreadnoughts; it is the unaided work of the merchant and the manufacturer. All this diplomatic and military conflict and rivalry, this waste of wealth, the unspeakable foulness which Tripoli is revealing, are reserved for things which both sides to the quarrel could sacrifice, not merely without loss, but with profit. And Italy, whose statesmen have been faithful to all the old "axioms" (Heaven save the mark!) will discover it rapidly enough. Even her defenders are ceasing now to urge that she can possibly derive any real benefit from this colossal ineptitude.