commercialism, the parvenu and the snob.  The idealism which made the Empire a possibility is passing away.  There is need, and a general demand, for franchise reform in Prussia, and a change in the spirit of Prussian bureaucratic administration would be acceptable, though it is, perhaps, hopeless to expect it.  The opposition in Germany between the monarchic and the democratic principle, if not more marked than it was twenty or thirty years ago, is manifesting itself over a wider and perhaps deeper area.  The relations between capital and labour are far from satisfactory adjustment.  Social democracy is yearly gaining fresh adherents, and if guilty of no political violence, is yet a constant source of danger to domestic peace.  The German middle class, that bourgeoisie which is the backbone and strength of the Empire, is losing its Spartan simplicity and its content with small and moderate pleasures; and the national virtues of thrift and self-denial are yielding to the temptations of wealth and luxury.  Business credit is unduly stretched, speculation in land has attained disturbing proportions, and the banking world is in too many instances allied with hazardous or doubtful enterprises.  Nevertheless the country as a whole is sound, intellectually, morally, and financially.

It would be difficult to mention any of the greater tasks of imperial administration to which the Emperor does not continue to devote personal attention.  He is the life and soul of the army and navy, though it should not be forgotten that as regards the latter he has in Admiral Tirpitz an executive talent worthy of his own directive.  His interest in the mercantile marine remains what it was when in 1887, as Prince William, he drew up an expert opinion which decided the Hamburg-Amerika Company to build their fast ocean-going steamers at home instead of abroad, and by the success of the experiment commenced the modern development of Germany’s shipbuilding industry.  Indeed, his attention to the Hamburg line, familiarly known as the “Hapag” line, from the initial letters of its legal title, “Hamburg-Amerika Packetfahrt-Aktien Gesellschaft,” and to the Norddeutsche line from Bremen, has given rise to the unfounded belief that he is heavily interested in their financial success.  Herr Albert Ballin, the Director of the Hamburg line, though a Jew, is among his intimates and advisers, and the Emperor is said to have caused umbrage more than once to Court officials and the aristocracy by giving directors of both lines precedence at his table.  Without the Emperor’s personal support it is probable that neither the firm of Krupp at Essen nor the splendid shipbuilding yards at Hamburg, Bremen, Stettin and elsewhere would continue to progress as they are doing.  He neglects no opportunity of stimulating Germany’s internal and external trade.  He is at all times ready to encourage the introduction of useful achievements of modern science and invention.  And lastly, by tactful treatment of other German rulers, and a wise policy of non-interference with their States, he is promoting a feeling of federal solidarity.