"Further, in the event of any foreign Power declaring war with either the British Empire or the United States, both nations would share equally in the conduct of subsequent hostilities, unless the war were the direct outcome of an effort upon the part of either of the high contracting parties in the direction of territorial expansion. The United States will not assist the British Empire to acquire new territory, but will share from first to last the task of defending existing British territory against the attack of an enemy. Precisely the same obligations will bind the British Empire in the defence of the United States. "It would scarcely be possible to exaggerate the importance to Christendom of this momentous achievement of diplomacy; and future generations are little likely to forget the act or the spirit to which this triumph may be traced: the United States' offer of assistance to Britain during the late war. "The advantages of the Alliance to our good friends and kinsmen across the Atlantic are obviously great, for they are at once given free entry into a market which has four hundred and twenty millions of customers, and is protected by the world's greatest Navy and the world's greatest citizen defence force. Upon our side we are given free entry into the second richest and most expansive market in the world, with eighty million customers, and an adequate defence force. Upon a preferential footing, such as the Alliance will secure to both contracting Powers, the United States offer us the finest market in the world as an extension of our own. In our own markets we shall meet the American producer upon terms of absolute equality, to our mutual advantage, where a couple of years ago we met him at a cruel disadvantage, to our great loss. "We have said enough to indicate the vast and world-wide importance of the Alliance we are able to announce. But we have left untouched its most momentous aspect. The new Alliance is a guarantee of peace to that half of the world which is primarily concerned; it renders a breach of the peace in the other half of the world far more unlikely than it ever was before. As a defensive Alliance between the English-speaking peoples, this should represent the beginning of an era of unexampled peace, progress, and prosperity for the whole civilized world." Before I had half-digested this tremendous piece of news, and with never a thought of breakfast, I found myself hurrying in a hansom to Constance Grey's flat. In her study I found Constance, her beautiful eyes full of shining tears, poring over the announcement. XX PEACE HATH HER VICTORIES Yet I doubt not thro' the ages one increasing purpose runs, And the thoughts of men are widened with the process of the suns. TENNYSON.