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308 teach. If we learn rightly we shall gain for ourselves and be able to confer upon others benefits far more important than any of the material advantages which may come to us through a shrewd handling of the new possibilities in international trade.

"I hesitate to discuss any phase of the great conflict now raging in Europe. By to-day's mail, for example, I received long, personal letters from Lord Haldane, from Lord Morley, from Lord Weardale, and from Lord Bryce. Another has just come from Prof. Schiemann of Berlin, perhaps the Emperor's most intimate adviser; another from Prof. Lammasch of Austria, who was the Presiding Judge of the British-American arbitration in relation to the Newfoundland fisheries a few years ago, and who is a member of the Austrian House of Peers. Still others are from M. Ribot, Minister of Finance in France, and M. d'Estournelles de Constant. These confidential letters give a wealth of information as to the intellectual and political forces that are behind the conflict.

"You will understand, then, that without disloyalty to my many friends in Europe, I could not discuss with freedom the causes or the progress of the war, or speculate in detail about the future of the European problem. My friends in Germany, France, and England all write to me with