AT the beginning of his reign Ferdinand was, or pretended to be, an ardent Russophile. Then something happened which made him think that he had been backing the wrong horse. Perhaps it was the result of the Russo-Japanese War; perhaps it was because little Prince Boris did not receive the usual decoration from St. Petersburg when he was made honorary colonel of the Russian Regiment of Minsk. We may be sure, at any rate, that the motive was not affection for Germany or the German Empire. That great nation has not the gift of inspiring affection, least of all in small peoples within reach of her claws.

Ferdinand was bribed, and bribed heavily, we may be certain; and, like the rulers of other Balkan States, he and his advisers thought for a time that the Central Powers were going to win. He thought he saw his way to an increase of territory at the expense of Serbia, perhaps also of Greece. Some say that he dreamed of reigning at Constantinople. These hopes must be wearing rather thin now. The time has not yet come for turning his coat; but if, or when, it seems to him safe and expedient to leave the Kaiser in the lurch, he will do it without the slightest scruple.

Meanwhile, there was no danger in making the Emperor of Austria his confidant; the poor old gentleman, if he understood what was said to him, probably thought the idea a very sensible one, and wished heartily that he had come to terms with Russia.

W. R. INGE.