attack, delivered rather for social and moral than economic reasons, upon a class of property like the brewing trade provokes. What sort of outcry, therefore, would be raised throughout the world when every South African mining share in the world lost at one stroke half its value, and a great many of them lost all their value? Who would invest money in the Transvaal at all if property were to be subject to that sort of shock? Investors would argue that though it be mines to-day, it might be other forms of property to-morrow, and South Africa would find herself in the position of being able hardly to borrow a quarter for any purpose whatsoever, save at usurious and extortionate rates of interest. The whole of South African trade and industry would, of course, feel the effect, and South Africa as a market would immediately begin to dwindle in importance. Those businesses bound up with South African affairs would border on the brink of ruin, and many of them topple over. Is that the way efficient Germany would set about the development of her newly-acquired Empire? She would soon find that she had a ruined Colony on her hands. If in South Africa the sturdy Dutch and English stock did not produce a George Washington with a better material and moral case for independence than George Washington ever had, then history has no meaning. If it costs England a billion and a quarter to conquer Dutch South Africa, what would it cost Germany to conquer Anglo-Dutch South Africa? Such a policy could not, of course, last six months, and Germany would end by doing what Great Britain has ended by doing--she would renounce all attempt to exact a tribute or commercial advantage other than that which is the result of free co-operation with the South African people. In other words, she would learn that the policy which Great Britain has adopted was not adopted by philanthropy, but in the hard school of bitter experience. Germany would see that the last word in colonial statesmanship is to exact nothing from your Colonies, and where the greatest colonial power of history has been unable to follow any other policy, a poor intruder in the art of colonial administration would not be likely to prove more successful, and she, too, would find that the only way to treat Colonies is to treat them as independent or foreign territories, and the only way to own them is to make no attempt at exercising any of the functions of ownership. All the reasons which gave force to this principle in the seventeenth and eighteenth centuries have been reinforced a hundredfold by the modern contrivances of credit and capital, quick communication, popular government, popular press, the conditions and cost of warfare--the whole weight, indeed, of modern progress. It is not a question here of theorizing, of the erection of an elaborate thesis, nor is it a question of arguing what the relations of Colonies ought to be. The differences between the Imperialist and the