Now, Lloyd George said the other day that it was the money which in the long run would count and that Great Britain had that; and the meetings that are held to induce Englishmen to enlist are addressed by speakers who meet with lots of applause when they say: "We may not be able to put the same number of men into the field immediately that Germany was able to put or Russia was able to put, but in the long run, considering the attitude of all the different parts of our empire, we will be able to put just as many men, and therefore time is on our side both as regards force in the field and money to sustain it." (The London Times confesses that enlistment in Ireland is a failure.) Lloyd George says that for a comparatively short time England's enemies can finance themselves and be very efficient, but that as time passes they unquestionably will exhaust not only their pecuniary means but their resources of men as well. That is his position at this time. Therefore, it does appear as if the long duration of the war was a thing desired, at least in Great Britain, as being their hope of victory. Both Great Britain and France are wealthy countries. Just how wealthy Germany is I do not think they realize, nor do we know, nor what its ultimate resources can be. Now, looking at the allied line as a whole, we will suppose that the German forces were overwhelmingly triumphant in France, and suppose, likewise, which is by no means as strong a hypothesis, that Russia is overwhelmingly victorious against Austria and the Eastern German Army; then, of course, you have the situation in which that one of the Allies which is triumphant will assert its leadership in the terms of peace that will be reached, and would have the hegemony, as we call it, of all Europe. Russia's Position. So that the defeat of the Allies in the west and their overwhelming success in the east would compel the acceptance, in any peace that might be made, of such terms as Russia chose to dictate. She would have to be satisfied, otherwise there would only be one outcome of it; that is, of course, if Great Britain and France could not accept those terms, there would be a rupture, and stranger things have been seen than Germany, France, and Great Britain fighting against Russia. Stranger things than that have been seen; such changes in the alliances between States have occurred at intervals from the seventeenth century onward in Europe, a phase of the subject that is too lengthy to discuss here, but which every student of history knows all about. And it is thinkable that they might occur again. Suppose, on the other hand, that the Germans should imitate Frederick the Great, which is not so preposterous as appears on the face of it, because of comparatively easy means of transportation, and should be able to make successive victorious dashes, first in the east and then in the west, backward and forward; leadership would be hers, and France would be a minor power for years to come.