confidence in the Emperor William's love of peace, notwithstanding the not infrequent air of melodrama about what he says and does. … Germany can not go to war for the sake of Morocco, nor yet to exact payment of those compensations that she very reasonably demands for the French occupation of Fez, which has become more or less permanent. On the whole I feel less faith in Great Britain's desire for peace. She would not be sorry to see the others destroying one another; only, under those circumstances, it would be difficult for her to avoid armed intervention. … As I thought from the very first, the crux of the situation is in London.
By the end of July, a different conception of Germany's action seemed to prevail. It began to be seen that the episode of the "Panther" had been staged by way of calling for a show-down on the actual intentions and purposes of the Triple Entente; and it got one. Mr. Lloyd George, "the impulsive Chancellor of the Exchequer," as Count de Lalaing calls him, made a typical jingo speech at the Mansion House; a speech which the Prime Minister, Mr. Asquith, and Sir Edward Grey, the Foreign Minister, had helped him to compose. The air was cleared at once—England stood by France—and what better plan could have been devised for clearing the air than the dispatch of the "Panther"? Germany stood for the policy of economic equality,
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