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 necessary to wait till actual loss has been occasioned to British vessels. I refer to these matters in order to bring the history of the dispute up to date. There is in force between the two countries a Treaty of Arbitration of April 4, 1908, in which it is agreed that differences relating to the interpretation of Treaties (with certain exceptions which do not cover the present question) should be referred to the Hague Tribunal. I know of no rule of international law, nor of any treaty obligation which obliges nations to wait until some actual loss has been occasioned before they can settle their differences by arbitration, and I should regard the existence of any such principle as disastrous to the cause of peace. But in this case we have more than a mere difference of opinion because the United States have passed a statute founded on the construction of the Treaty to which Great Britain objects, and that action has caused direct and present injury to British interests since it is impossible for shipowners or traders to make final arrangements to meet the new trade-route until it is known whether they are to be at a disadvantage as compared with their American rivals.

But we need not discuss the proposal for arbitration further. We may rest well assured that if the provisions of the Act to which exception is taken are not repealed, the dispute will be referred to some international Court of Justice. From the first years of their history the United States have been the constant advocates of the settlement of differences between nations by arbitration, and their action has been of a value to humanity which cannot be estimated too highly. We need not, we cannot, suppose that they will depart from their accepted policy on the present occasion, for by so doing they would strike a death blow at a cause of which it is their glory that they have been the foremost champions.