in a fair way towards being settled. Then the negotiations over the affair began to drag unduly, and there was a further flutter of nervousness in the money world. And then one morning the papers reported a highly menacing speech by one of the German Ministers, and the situation began to look black indeed. 'He will be disavowed,' every one said over here, but in less than twenty-four hours those who knew anything knew that the crisis was on us--only their knowledge came too late. 'War between two such civilised and enlightened nations is an impossibility,' one of our leaders of public opinion had declared on the Saturday; by the following Friday the war had indeed become an impossibility, because we could no longer carry it on. It burst on us with calculated suddenness, and we were just not enough, everywhere where the pressure came. Our ships were good against their ships, our seamen were better than their seamen, but our ships were not able to cope with their ships plus their superiority in aircraft. Our trained men were good against their trained men, but they could not be in several places at once, and the enemy could. Our half-trained men and our untrained men could not master the science of war at a moment's notice, and a moment's notice was all they got. The enemy were a nation apprenticed in arms, we were not even the idle apprentice: we had not deemed apprenticeship worth our while. There was courage enough running loose in the land, but it was like unharnessed electricity, it controlled no forces, it struck no blows. There was no time for the heroism and the devotion which a drawn-out struggle, however hopeless, can produce; the war was over almost as soon as it had begun. After the reverses which happened with lightning rapidity in the first three days of warfare, the newspapers made no effort to pretend that the situation could be retrieved; editors and public alike recognised that these were blows over the heart, and that it was a matter of moments before we were counted out. One might liken the whole affair to a snap checkmate early in a game of chess; one side had thought out the moves, and brought the requisite pieces into play, the other side was hampered and helpless, with its resources unavailable, its strategy discounted in advance. That, in a nutshell, is the history of the war."
Yeovil was silent for a moment or two, then he asked:
"And the sequel, the peace?"
"The collapse was so complete that I fancy even the enemy were hardly prepared for the consequences of their victory. No one had quite realised what one disastrous campaign would mean for an island nation with a closely packed population. The conquerors were in a position to dictate what terms they pleased, and it was not wonderful that their ideas of aggrandisement expanded in the hour of intoxication. There was no European combination ready to say them nay, and certainly no one Power was going to be rash enough to step in to contest the terms of the treaty that they imposed on the conquered. Annexation had probably never been a dream before the war; after the war it suddenly became temptingly practical. Warum nicht? became the theme of leader-writers in the German press; they pointed out that Britain, defeated and humiliated, but with enormous powers of recuperation, would be a dangerous and inevitable enemy for the Germany of to-morrow, while Britain incorporated within the Hohenzollern Empire would merely be a disaffected province, without a navy to make its disaffection a serious menace, and with great tax-paying capabilities, which would be available for relieving the burdens of the other Imperial States. Wherefore, why not annex? The warum nicht? party prevailed. Our King, as you know, retired with his Court to Delhi, as Emperor in the East, with most of his overseas dominions still subject to his sway. The British Isles came under the German Crown as a Reichsland, a sort of Alsace-Lorraine washed by the North Sea instead of the Rhine. We still retain our Parliament, but it is a clipped and pruned-down shadow of its former self, with most of its functions in abeyance; when the elections were held it was difficult to get decent candidates to come forward or to get people to vote. It makes one smile bitterly to think that a year or two ago we were seriously squabbling as to who should have votes. And, of course, the old party divisions have more or less crumbled away. The Liberals naturally are under the blackest of clouds, for having steered the country to disaster, though to do them justice it was no more their fault than the fault of any other party. In a democracy

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