"It is with profound satisfaction that we learn that 'Spain has led to the terms for peace dictated front Washington." Words to'this effect: were joyful reading in' all the morning papers last Wednesday. Personally I think the Spaniards have cause to congratulate themselves-on having escaped so easily' from a situation of undoubted humiliation. OF course, had a heavy war indemnity been deitianded they could not have paid. it, and'as a kind of set-off against this the "Americans ded any respon-ibility with regard to Spain's Cuban and Porto Rice debts. 'The Spaniards must have been prepared for the request, to yield up all power in the West Indies. 'Altogether I should think' they mist experiencing a feeling of intense relief. The fate of the Philippines is at present uncertain and in that we are interested even more than'in the future of Cuba. In Australia especially the decision is awaited with no little interest. Pending the conclusion of the Treaty of Peace the United States will oe-upy Manila, but after that what will happen? Will Spain be left in possession or will an independent form of government be tried, or will a third party step in, or will America continue to protect—or annex? We shall see; at any rate the future of the islands must affect us we shall be interested onlookers during the next few weeks.
Text read from the printed page and cleaned; old type leaves the occasional error.