[Illustration: ANOTHER TURKISH CONCESSION.

TURKEY (_anxious to save the Peace Conference from embarrassment_).
"EUROPE! WITH ALL THY FAULTS I LOVE THEE STILL. IF THOU INSISTEST, I AM
PREPARED TO STAY WITH THEE, BAG AND BAGGAGE."]

* * * * *

[Illustration: "OH, YES, MADAM, BRITANNIA WILL SUIT YOU ADMIRABLY. AND WHAT
ABOUT THE GENTLEMAN?"

"OH, HE'S GOING IN HIS DINNER-JACKET, REPRESENTING ONE OF THE SMALLER
NATIONS."]

* * * * *

OUR INVINCIBLE NAVY.

ORDEAL BY WATER.

When the innermost recesses of the Admiralty archives yield their secrets
to the historian there will be some strange and stirring events to relate.
But however diligently the chroniclers may search amongst the accumulated
records at Whitehall there will still remain one outstanding performance,
one shining example of courage and endurance of which no trace can there be
found; for it was never officially known how Reginald McTaggart upheld the
honour of the White Ensign in the Gulf of Lyons.

Reginald does not in the ordinary way suffer from excess of modesty; indeed