to last the task of defending
existing British territory against the attack of an enemy. Precisely the
same obligations will bind the British Empire in the defence of the
United States.

"It would scarcely be possible to exaggerate the importance to
Christendom of this momentous achievement of diplomacy; and future
generations are little likely to forget the act or the spirit to which
this triumph may be traced: the United States' offer of assistance to
Britain during the late war.

"The advantages of the Alliance to our good friends and kinsmen across
the Atlantic are obviously great, for they are at once given free entry
into a market which has four hundred and twenty millions of customers,
and is protected by the world's greatest Navy and the world's greatest
citizen defence force. Upon our side we are given free entry into the
second richest and most expansive market in the world, with eighty
million customers, and an adequate defence force. Upon a preferential
footing, such as the Alliance will secure to both contracting Powers,
the United States offer us the finest market in the world as an
extension of our own. In our own markets we shall meet the American
producer upon terms of absolute equality, to our mutual advantage, where
a couple of years ago we met him at a cruel disadvantage, to our great
loss.

"We have said enough to indicate the vast and world-wide importance of
the Alliance we are able to announce. But we have left untouched its
most momentous aspect. The new Alliance is a guarantee of peace to that
half of the world which is primarily concerned; it renders a breach of
the peace in the other half of the world far more unlikely than it ever
was before. As a defensive Alliance between the English-speaking
peoples, this should represent the beginning of an era of unexampled
peace, progress, and prosperity for the whole civilized world."

Before I had half-digested this tremendous piece of news, and with never
a thought of breakfast, I found myself hurrying in a hansom to
Constance Grey's flat. In her study I found Constance, her beautiful
eyes full of shining tears, poring over the announcement.

XX

PEACE HATH HER VICTORIES

Yet I doubt not thro' the ages one increasing purpose runs,
And the thoughts of men are widened with the process of the suns.

TENNYSON.

I had hoped to be the bearer of the Alliance news to Constance, and
s