political circles
perceived in it a design on Germany's part of acquiring a port on the
Moroccan coast. The word "compensation," which afterwards was to prove
the solution of Franco-German differences was now first mentioned by
Germany.

After England's determination to support France had been made plain by
ministerial statements, the entire Morocco episode was closed by the
Franco-German Agreement signed on November 5, 1911, as "explanatory
and supplementary" to the Franco-German Agreement of 1909. The effect
of the new Agreement was practically to give France as free a hand in
Morocco as England has in Egypt, with the reservation that "the
proceedings of France in Morocco leave untouched the economic equality
of all nations." The Agreement further gives France "entire freedom of
action" in Morocco, including measures of police. The rights and
working area of the Morocco State bank were left as they stood under
the Act of Algeciras. The sovereignty of the Sultan is assumed, but
not explicitly declared. The compensation to Germany for her agreement
to "put no hindrances in the way of French administration" and for the
"protective rights" she recognizes as "belonging to France in the
Shereefian Empire" was the cession by France to Germany of a large
portion of her Congo territory in mid-Africa, with access to the Congo
and its tributaries, the Sanga and Ubangi.

While the ground-idea of Germany's policy of economic expansion, and
the source of all her trouble with England, is her insistence on her
"place in the sun," the difficulty attending it for other nations is
to determine the place's nature and extent, so that every one shall be
comfortable and prosperous all round.

The alterations in conditions among civilized nations during the last
half-century, more especially in all that relates to international
intercourse--political, financial, commercial, social--makes it
reasonable to suppose that changes must follow in the conduct of their
foreign policies. The fact also, recognized by no country more clearly
than by Germany, that the profitable regions of the earth are already
appropriated makes an economic policy for her all the more advisable.
An economic policy, moreover, is, notwithstanding her apparent
militarism, most in harmony with the peaceful and industrious
character of her people. Unfortunately, the stage in progress where
the political and commercial interests of all nations have become
defined and adj