"...One last word I owe to The Economist and its readers. I have been accused by The Times financial editor of imparting to The Economist a distressingly pacifist policy. In plain English, I am accused of being a peacemaker. The accusation is not distressing to me. I plead guilty to the charge. It has been my principal object during the past year to prepare the public mind for peace by separating passion and friction from reasons and fact; and if I could believe that I had hastened its advent by one day, and saved the precious lives and limbs that are lost in 24 hours, I should feel myself to have won a prize worth all the titles that Emperors shower on their favourites and Ministers on their supporters. That the negotiation of peace is a difficult task I admit; that the attainment of an honourable and lasting settlement is beyond the reach of a competent diplomacy I deny. That it is desired by all the belligerent nations I feel certain, and the fact that the circulation of The Ec...