German trade and commerce, the bankers of Berlin and Frankfort would
have denounced war; the merchants of Hamburg and Bremen would have been
the strongest advocates of peace. A like test might be applied to other
cases of aggression. The effects of breaking off diplomatic--and, still
more, commercial--relationships, although no shot is fired and no
regiment mobilised, and of mere neutrality differ _toto coelo_. The very
people who are least influenced by moral restraints, who scorn justice,
will be most influenced by the financial losses and the destruction of
their trade.

It was, no doubt, right "to commend a study of the question" to His
Majesty's Government, but it is also well to commend to the Government
the desirability of consultation with those outside the Government
departments who have given study to it already. Like other problems, it
should be considered in advance during the War. As Lord Shaw forcibly
pointed out, "The project does not mean the slackening of our efforts or
a weakening of our forces or timidity in our policy in the present War.
If it did I would not be associated with it for one hour."

To quote Lord Grey's words, Germany has to be convinced that force does
not pay, that the aims and policy of her military rulers inflict
intolerable and also unnecessary suffering upon her. The regeneration of
Germany, a real new birth, is necessary if the peace of the world is to
be secured; and surely by now we might have learned that such
regeneration will never come unless Germany is beaten in this War. As
Lord Grey says, "Recent military success and the ascendancy of Prussian
militarism have reduced the advocates of anything but force to silence"
in Germany. As these words are written comes the report of the sinking
of the hospital ship _Llandovery Castle_, followed by cold-blooded and
deliberate murder. The mass of German crime grows daily.