We know of no such " but" ourselves. We have
always admitted the obvious fact that Germany has a perfect right to build as many ships as she pleases. What we can never admit is the possibility of allowing our naval supremacy to be lost, or even seriously threatened. Yet if German naval strength became fairly comparable with our own, our old power of argument in the great affairs of the world would be gone. Germany might conscientiously feel it her duty to force us to submission to her desires, as she forced Russia last year. By submission we might have to sacrifice some great principle dear to every Englishman's heart. That is why—to give only one illustration—it would be base in us to yield our naval supremacy. If while retaining that supremacy, as we firmly mean to do, we can be good friends with Germany, we shall be indeed delighted. But we cannot help feeling, and ought frankly to say, that, our resolution being what it is, and German ambitions being what they are, the renewed talk of an "understanding" about armaments is . utterly unreal.
