The chapters collected in this book represent a running comment on the European situation during the past ten months. Although in the haze that covers the Continent it is difficult always to see clearly what is happening, and still more difficult to forecast what is likely to occur, I have not deemed it necessary to revise any of the estimates I made from time to time in these periodic reviews on the position. In the period covered by them peace has gone back perceptibly and unmistakably. Of the years immediately after the end of the Great War it may be said that up to the present year each showed a distinct improvement over its predecessor.

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