The King of Italy has been well received in Germany,
hot the speeches at Potsdam at the banquets given in his honour were singularly cautious and colourless. The German papers say they were intended to announce that the Triple Alliance continued on its old terms, and this also is the view of the semi-official Press of Vienna. That is probably the true view, but the Alliance has become rather a political arrangement against certain contingencies than a grouping of peoples who recognise that their interests are identical. It seems certain, however, that if any one of the three Powers were attacked the others would move to its defence ; and that after all is the real guarantee of peace. It must not be forgotten that the King of Italy was a little fettered by his wish for better economical relations with France and his renewed friendship with the Court of St. Petersburg. That fettered the German Emperor also, and prevented any special exhibition of warmth on either side. There was, in fact, no warmth ; but a coldly reasonable alliance may be a strong one, especially when it is a purely defensive one. The great difficulty now is to arrange an economic agreement, none of the nations being prepared for Free-trade, and each most jealous lest its ally's Protec- tionist tariff should secure it some advantage.
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