Now, the Commercial magnates of Germany realise the crushing fact--No indemnity possible!! and what of the Notes which are held? When shades of night fall heavily, and the Loan Game can be played no more, will the German people, tricked and impoverished, go to bed supperless and silent? German finance IS “a scrap of paper.” W. M. J. WILLIAMS [Illustration: WE DON’T UNDERSTAND THE LOAN GAME In Germany there is a game by which children passing a coin from one to another are supposed to, but do not, get any richer.] A War of Rapine True, O Liebknecht, it is indeed a war of rapine, engendered, planned, and brought about by the nation to which you belong. Yet, foul as is that nation, its foulness is not greater than your futility, by which you show up the strength of that which you oppose with as much effect as our own Snowden and Casement can claim for their efforts to arrest the work of the Allies. Men who claim British birth claim also the quality of loyalty, as a rule, and thus there can be little sympathy with such a one as this Liebknecht, whom Raemaekers shows as a little ascetic in the presence of the sombre War Lord. It is part of the plan of Nature that every country shall breed men like this: men who are constitutionally opposed to the current of affairs, ridiculously futile, blatantly noisy, the type of which extreme Socialists and Syndicalists are made. Possessed of a certain obstinacy which is almost akin to courage, they accomplish nothing, save to remain in the public eye. Such is Liebknecht, apostle of a creed that would save the world by the gospel of mediocrity, were human nature other than it is. But, in considering this Liebknecht, let us not forget that he has no more love for England, or for any of the Allies, than the giant whom he attempts so vainly to oppose; he is an apostle, not of peace, but of mere obstruction, perhaps well-meaning in his way, but as futile as the Crown Prince, and as ludicrous. E. CHARLES VIVIAN [Illustration: LUTHER LIEBKNECHT IN THE REICHSTAG “It is a war of rapine! On that I take my stand. I cannot do otherwise.” Liebknecht was the one member who protested against the war.] The Dutch Junkers