It is one of the ironies of history that the Venezuelan boundary question which, through the rash and reckless ultimatum of President Cleveland, threatened to precipitate war between the two great English speaking nations of the world, has been settled almost entirely to the advantage of Great Britain. The Arbitration Commission granted her a great deal more than she offered to accept from the Venezuclans. Mr. Cleveland's bid for the vote of the anti-British jingoes caused a fall of American securities in a single day of hundreds of millions of dollars, and failed to secure VOL. LII. No. 6.

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his election. A picture in Punch. at the time fairly represented the attitude of Great Britain. A burly British policeman was convoying to his lodgings a typical Brother Jonathan, who had been dining not wisely, but too well," with the words, "Let me see you home, my good fellow; you will be all right when you sleep this off." As a result of the wise statesmanship then exhibited, and of the marked friendship shown by Great Britain to the United States when several of the powers of Europe menaced interference in the ference in the Philippines, the friendship of these great Anglo