Last Saturday we heard of the Germans on Kemmel Hill, of Ypres almost certainly lost, and the enemy storm heavy over the Channel ports. Today we read of a British Cabinet Minister warning his countrymen against a coming peace offensive. And yet the week that is gone has witnessed no Waterloo, no battle of the Marne, though it may be that Von Arnim's defeat between Ypres and Locre may be discovered some day to have borne a much greater significance than the very considerable importance we attach to it now. What we are witnessing today in the spirit of the Allies is the natural rebound after the surmounting of a crisis. Only that "rebound" hardly describes the state of feeling. Without quite being aware how it happened, we find ourselves turning to the morning's headlines with an air of comparative indifference, prepared for the ordinary "local engagements" and "improvements of positions," where a week ago we snatched at the morning paper prepared for the worst. In this country, we have undoubtedly slipped into this tranquil stage behind the heavy barrage of the Loan campaign, which has given us little time for other things. Is the present state of mind one of unjustified confidence? By no means, Hard tests still confront the Allied armies; but the fact that refuses to be explained away is that in the seventh week of Germany's supreme effort the German army stands still and newspapers are beginning to explain things to the people at home.--NEW YORK EVENING POST.