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 Jena and Austerlitz; and ten years of war, adding an enormous and crushing burden of debt, had to pass before Trafalgar was consummated by Leipzig and Waterloo.

With Waterloo began a new phase in our national history. New external conditions and new internal developments necessarily altered the whole national attitude towards the problem of defence. We had emerged from a great war in complete command of the sea. No other nation seriously thought of disputing our naval supremacy. The security of our oversea trade, the possession of the oversea Empire we had won, and the power of expanding it indefinitely, followed as a matter of course. Our industry was full of strength and vitality. During all the troubles and uncertainties of the Napoleonic wars, England's security from invasion had caused a steady influx of accumulated capital. At the same time we had emerged exhausted. The necessity of finding means for carrying on the struggle had burdened our industries with innumerable taxes, in which the original object of stimulating industrial development and safeguarding national defence had been almost wholly lost sight o£ A tremendous reaction set in against the militarism which had necessitated these burdens, and against the selfish political oligarchy into whose hands the defence of the country had fallen. New classes without political experience or political traditions came to power, displacing the old ruling classes. These new classes regarded the whole political attitude of their predecessors with suspicion—a suspicion of which traces still linger among us. Cobden's continual denunciation of the Colonial system and of militarism was deeply imbued with social prejudice. He looked upon the army, the navy, and the Colonies as aristocratic preserves, mere instruments of social influence and social intrigue. The connection between industry and defence, between trade and the Empire, was wholly lost from view. Each of these things seemed so secure by itself, that their underlying