ex pointed out. "Selingman has shown us how these must
change. Frankly, although no one can fail to realise the immense
importance of South America as a colonising centre, it is my honest
opinion that the nation who scores most by my friend Selingman's plans,
is not Germany but France. Think what it means to her. Instead of being
a secondary Power, she will of her own might absolutely control the
Mediterranean. Egypt, with its vast possibilities, its ever-elastic
boundary, falls to her hand. Malta and Cyprus follow. It is a great
price that Germany is prepared to pay."

Monsieur Douaille was silent for several moments. It was obvious that he
was deeply impressed.

"This is a matter," he said, "which must be considered from many points
of view. Supposing that France were willing to bury the hatchet with
Germany, to remain neutral or to place Calais at Germany's disposal.
Even then, do you suppose, Herr Selingman, that it would be an easy
matter to destroy the British Navy?"

"We have our plans," Selingman declared solemnly. "We know very well
that they can be carried out only at a great loss both of men and ships.
It is a gloomy and terrible task that lies before us, but at the other
end of it is the glory that never fades."

"If America," Douaille remarked, "were to have an inkling of your real
objective, her own fleet would come to the rescue."

"Why should America know of our ultimate aims?" Selingman rejoined. "Her
politicians to-day choose to play the part of the ostrich in the desert.
They take no account, or profess to take no account of European
happenings. They have no Secret Service. Their country is governed from
within for herself only. As for the rest, the bogey of a German invasion
has been flaunted so long in England that few people stop to realise the
absolute futility of such a course. London is already colonised by
Germans--colonised, that is to say, in urban and money-making fashion.
English gold is flowing in a never-ending stream into our country. It
would be the most foolish dream an ambitious statesman could conceive to
lay violent hands upon a land teeming with one's own children. Germany
sees further than this. There are richer prizes across the Atlantic,
richer prizes from every point of view."

"You mentioned South Africa," Monsieur Douaille murmured.

Selingman shrugged his shoulders.

"South Africa will make no nation rich," he replied. "Her own people are
too stubborn and powerful,