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gathered to herself the wealth of the Mediterranean nations, and it was only by an unwise distribution of it that she became emasculated and lost both power and trade. With a just system of economics it is highly probable that for centuries she could have held back the welling tide of the Germanic peoples. When upon her ruins rose the institutions of the conquering Teutons, commerce slipped ,away, and with it empire. In the present, empire and commerce have become interdependent. Such wonders has the industrial revolution wrought in a few swift decades, and so great has been the shrinkage of the planet, that the industrial nations have long since felt the imperative demand for foreign markets. The favored portions of the earth are occupied. From their seats in the temperate zones the militant commercial nations proceed to the exploitation of the tropics, and for the possession of these they rush to war hot-footed. Like wolves at the end of a gorge, they wrangle over the fragments. There are no more planets, no more fragments, and they are yet hungry. There are no longer Cimmerians and Ethiopians, in wide- stretching lands, awaiting them. On either hand they confront the naked