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 Panama Canal. The opinion has, therefore, been expressed to the writer of more than one very high authority that the United States is destined to become the first maritime Power in the world. The solution, in all probability, lies in the future of Greater Britain. The wealth of America is the result of internal development, the annual ton-mileage of its railways being over six times as great as that of the United Kingdom. This development was very largely the result of the outward flow of British capital I once asked the President of the New York Chamber of Commerce what would happen when the rate of interest in the United States settled down to a safe and low basis. His reply was that capital would flow outwards—history would repeat itself; so that the present population, wealth, and progress of the British Colonies are no measure of the rapid increase which may be destined to come when capital flows in more and more from America and the older countries.

There are two things which turn a nation's eyes away from the sea. The one is concerned with building up, the other with pulling down. Both internal development and internal dissensions have the effect of absorbing the national energies to the exclusion of maritime affairs, and this consideration of internal dissensions should be especially noted as one in which the outlook for the British Empire is more favourable than for a long time past. Historically, the Colonies have always had a keener sense of the value of naval strength than the people of these islands. The American colonists were at one with us on the necessity of maritime predominance, however much they differed from us on matters of policy such as military garrisons and enforced contributions. Men like Mr. Hofmeyr, again, who have vehemently opposed our internal policy in South Africa, have been enthusiastic adherents of a strong British navy.

The present naval contributions of the Colonies, amounting to about 1 per cent. of our naval expendi-