The German Emperor, after attending the North German Yacht Club's
regatta on the Lower Elbe, was entertained on Tuesday at a banquet on board the Hamburg American liner ' Victoria Luise.' The Burgomaster, in proposing the Emperor's health, observed that they demanded for them- selves, just as they denied to no other Power, freedom of competition on land, on the water, and in the air, and the Emperor, after thanking the Burgomaster for his speech, "flaming with patriotism," made some interesting remarks on German naval expansion. The union of the national forces and the backing of the Imperial power now enabled the German trader to go quietly on his way under his own flag. But the flag must fly in honour. "It must not heedlessly be planted where one is not sure of being able to defend it. You will understand why I have practised reserve in regard to the spreading of the German flag where, perhaps, it was wished and desired by many a one." He had been guided by the old Hanseatic motto : "It is easy to nail their flag to the mast, but it costs much to haul it down again with honour." He thought that he could claim that hitherto during his reign nobody had come too near to the honour of their flag, and he could pledge himself to this, that whenever they went forward his flag would follow them. The Emperor's reference to the demand for a German occupation of Morocco was so guarded as to afford no handle to Radicals or Chauvinists, but its signifi- cance was none the less unmistakable.