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 word only of the most advanced Socialist Minorities. In Russia it is the expression of the vague but general instinct of the broad masses of the Russian nation, which has not yet grown up into a real and active Imperialism. Whatever may be the result of the world-struggle between the Imperialistic Powers, it is certain that unless the war brings about the complete shipwreck of modern Imperialism the Russian Revolution is in peril. As a non-Imperialistic Power Russia stands to become the victim of Imperialistic Powers. She would never be partner in sharing the Imperialistic booty, she would rather be the victim. It was because this was at once instinctively perceived by Russians that the formula of "no annexations, no indemnities" was accepted so rapidly and completely by the great masses of the people. To Western Europe this formula of "no annexations, no indemnities" was most extreme, socialistic, sectarian. To Russia it was the commonplace of national thinking, the very pivot and axle of the Revolution. The European