ve studied them with great interest," he admitted.

"I do not need tell you then that they are scouted with indignation by
my master and his advisers," the Prince answered. "Neither shall we
permit for a single moment the detention of our fleet upon its mission."

"That means, then, war with England," Monsieur Grisson remarked quietly.

"Unless they instantly withdraw their insolent demands--undoubtedly,"
the Prince answered.

Monsieur Grisson turned to the German.

"And you, Count," he asked, "how does this concern you?"

"We also," the Count answered, "consider the demands of England
unwarrantable. We believe that there were undoubtedly Japanese torpedo
boats concealed amongst the English fishing fleet, and we consider that
the action of the Admiral in command of the Russian fleet was fully
justified."

"You are prepared, then, to give Russia your moral support?" the
President asked.

"We are prepared to do more," the Count answered boldly. "If England
persists in her demands we are prepared to demonstrate against her."

Monsieur Grisson assumed a very grave expression.

"I too," he said, "have lost no time in endeavoring to solve the mystery
of this North Sea incident. I have been in communication with the
English Ambassador, and I have collected all the evidence possible.
There is absolutely no proof obtainable of the presence of any Japanese
craft amongst the English fishing fleet. I submit, therefore, that this
is a case for arbitration. I consider that up to the present our friends
on the other side of the Channel have displayed commendable moderation
in a time of great excitement, and I am happy to say that I have the
authority of Lord Fothergill himself for saying that they will consent
to submitting the affair to a commission of arbitration."

The President's words were received with chilling silence. It was the
Prince, who, after a short silence, replied.

"Arbitration," he said coldly, "does not commend itself to us. We have
been insulted. Our country and our gallant fleet have been held up to
ridicule throughout the whole English Press. We are tired of being
dictated to and bullied by a weaker Power--the openly declared ally of
our enemy. England has long been seeking for a _casus belli_ with us. At
last she has found it."

Monsieur Grisson whispered for a moment to one of his colleagues. Then
he turned once more to the Prince.

"Let us understand one another, Monsieur le Prince!" he said, "