"New discord has arisen in Europe of late years from the fact that Germany is not satisfied with the result of the late War. I have indicated several times that Germany got off lightly after the Great War. I know that that is not always a fashionable opinion, but the facts repudiate the idea that a Carthaginian peace was in fact imposed upon Germany. No division was made of the great masses of the German people. No portion of Germany inhabited by Germans was detached, except where there was the difficulty of disentangling the population of the Silesian border. No attempt was made to divide Germany as between the northern and southern portions which might well have tempted the conquerors at that time. No State was carved out of Germany. She underwent no serious territorial loss, except the loss of Alsace and Lorraine, which she herself had seized only 50 years before. The great mass of the Germans remained united after all that Europe had passed through, and they are more vehemently united to-day than ever before. You may talk of the War indemnity; what has happened there? I suppose that the Germans paid, in round terms, £1,000,000,000. But they had borrowed £2,000,000,000 at the same time, and there are no signs of their paying back."