NEWS OF THE WEEK .
THERE is little definite to record this week as to the prospects of peace or the general European situation. The statement made by Sir Edward Grey in the House of Commons on Tuesday must, however, be regarded as on the whole reassuring. He evidently is of opinion not only that peace is likely to be concluded between Turkey and the Allies on honourable terms, but also that the Great Powers will ultimately be able to accept those terms, or at any rate that such modifications as they may make in the terms will not in the end prove unacceptable to the Balkan States. Sir Edward Grey, with his habitual caution, let fall the warning that it was always possible that some untoward event might destroy the hopes of peace. That warning was necessary. In the present excited state of Europe a rumour, even if false, that one of the Powers was trying to steal a march on the others might make the whole world fly to arms—not for any specific object but out of pure panic. Happily, however, London is not a very excitable atmosphere, and we feel sure that no man is better qualified to give the true and faithful assurances which dispel panic than Sir Edward Grey. What he says is believed quite as unreservedly in Berlin and Vienna as in St. Petersburg or Paris.
