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 and with a fresh Cabinet, in which Mr. Gerald Graham, the organiser of the Defenders, was given a seat, a settlement was at last arrived at.

To further describe the chaotic state of England occasioned by the terrible and bloody war would serve no purpose. The loss and suffering which it had caused the country had been incalculable; statisticians estimated that in one month of hostilities it had amounted to £500,000,000, a part of which represented money transferred from British pockets to German, as the enemy had carried off some of the securities upon which the German troops had laid their hands in London.

Let us for a moment take a retrospective glance. Consols were at 50; bread was still 1s. 6d. per loaf; and the ravages of the German commerce-destroyers had sent up the cost of insurance on British shipping sky-high. Money was almost unprocurable; except for the manufacture of war material, there was no industry; and the suffering and distress among the poor could not be exaggerated. In all directions men, women, and children had been starving.

The mercantile community were loud in their outcry for "peace at any price," and the pro-German and Stop-the-War Party were equally vehement in demanding a cessation of the war. They found excuses for the enemy, and forgot the frightful devastation and loss which the invasion had caused to the country. They protested against continuing the struggle in the interests of the "capitalists," who, they alleged, were really responsible for the war.

They insisted that the working class gained nothing, even though the British Fleet was closely blockading the German coast, and their outcry was strengthened when a few days after the blockade of the Elbe had begun two British battleships were so unfortunate as to strike German mines, and sink with a large part of their crews. The difficulty of borrowing money for the prosecution of the war was a grave obstacle in the way of the party of