most powerful navies, if she wanted to exceed the building activity of England. If this competition led to war with England, before the balance of power had been altered, the result of all these efforts would only be either that more millions would find their graves in the depths of the sea, or that the booty of England would contain an even greater measure of German energy. When Germany decided to pursue a naval policy, she deserted the sphere in which she was almost unconquerable, and acquired a vulnerable spot in her armour. Germany attempted to make herself felt where she was weak. In the interests of Germany I would have feared a powerful ally less than a powerful enemy. I did not believe that the acquisition and defence of any colonies which could be acquired without an international war showed promise of substantial gain. Germany could have derived far greater economic advantages from the colonies of other States than from her own, because even at that time England and America were more substantial purchasers of German goods than the German colonies. Serious emigration, which could only have been obviated by colonies for Germany, existed no longer. In my opinion, Germany would have succeeded in acquiring colonies far more easily if she had entered into an alliance with England, than by entering into open competition with Great Britain. Germany could have achieved this end as long as she did not acquire the necessary power to enforce that which was not given to her willingly. If the German Empire had entered
