THE world that has emerged from the last war is very diferent from the world that existed before it. The war of 1914, although the fighting casualties were greater, made a far smaller change in the standing and relationship of the Great Powers. Among those Powers, Austria-Hungary was the only casualty. After the first war, as after the second, it was not long before the generous hearts of the victorious democracies began to bleed with pity for the defeated, and the tears that filled their eyes blinded them to the fact that although rations might be short in Germany she had gained one enormous advantage as the result of the war. She no longer in 1919 had two Great Powers as her neighbors. Her frontiers no longer marched with those of the Russian and Austro-Hungarian Empires. Where they had stood there remained now only nations of the second or the third category--Poland, Austria, Hungary, Czechoslovakia and the Baltic republics. How quickly she availed herself of this advantage was only realized when 15 years after her complete defeat Europe was once more trembling before her menaces.
From this remarkable fact we should have learnt the lesson that the victor is not always the winner, nor is the defeated necessarily the greatest loser. No nation had a prouder record in the Second World War than Great Britain, the only one that went into it of her own will at the beginning and remained undefeated until the end. Yet Great Britain has lost her naval supremacy, upon which has depended her authority ever since she became one of the Great Powers; she has lost her foreign investments, with which have gone her supremacy in the financial and her leadership in the commercial world; and, since the war, she has also lost her Indian Empire with dominion over 340,000,000 souls.
More disastrous even than these gigantic losses is the fact, still only dimly appreciated by the majority of Englishmen, that Great Britain has lost the inestimable advantages conferred upon
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