The Spanish and Venetian ambassadors in London were shocked at what they regarded as the indecent rejoicings over Elizabeth's accession. The nation, indeed, breathed a new life. Papal control of its ecclesiastical, and Spanish control of its foreign policy ceased, and it had a queen who gloried in being "mere English." There was really no possible rival sovereign, and no possible alternative policy. The English were tugging at the chain and Elizabeth had to follow; her efforts throughout were aimed at checking the pace at which her people wanted to go. She could not have married Philip had she wished to, and she could not have kept her sea-dogs off the Spanish Main. They were willing to take all the risks and relieve her of all responsibility; they filled her coffers with Spanish gold which they plundered as pirates, knowing that they might be hanged if caught; and they fought Elizabeth's enemies in France and in the Netherlands as irregulars, taking their chance of being shot if taken prisoners. While Elizabeth nursed prosperity in peace, her subjects sapped the strength of England's rivals by attacks which were none the less damaging because they escaped the name of war. Entry: VII
In England the common-law requisites of a guarantee in no way differ from those essential to the formation of any other contract. That is to say, they comprise the mutual assent of two or more parties, competency to contract, and, unless the guarantee be under seal, valuable consideration. An offer to guarantee is not binding until it has been accepted, being revocable till then by the party making it. Unless, however, as sometimes happens, the offer contemplates an express acceptance, one may be implied, and it may be a question for a jury whether an offer of guarantee has in fact been accepted. Where the surety's assent to a guarantee has been procured by fraud of the person to whom it is given, there is no binding contract. Such fraud may consist of suppression or concealment or misrepresentation. There is some conflict of authorities as to what facts must be spontaneously disclosed to the surety by the creditor, but it may be taken that the rule on the subject is less stringent than that governing insurances upon marine, life and other risks (_The North British Insurance Co._ v. _Lloyd_, 10 Exch. 523), though formerly this was denied (_Owen_ v. _Homan_, 3 Mac. & G. 378, 397). Moreover, even where the contract relied upon is in the form of a policy guaranteeing the solvency of a surety for another's debt, and is therefore governed by the doctrine of _uberrima_ fides, only such facts as are really material to the risk undertaken need be spontaneously disclosed (_Seaton_ v. _Burnand_--_Burnand_ v. _Seaton_, 1900, A.C. 135). As regards the competency of the parties to enter into a contract of guarantee, this may be affected by insanity or intoxication of the surety, if known to the creditor, or by disability of any kind. The ordinary disabilities are those of infants and married women--now in England greatly mitigated as regards the latter by the Married Women's Property Acts, 1870 to 1893, which enable a married woman to contract, as a _feme sole_, to the extent of her separate property. Every guarantee not under seal must according to English law have a consideration to support it, though the least spark of one suffices (_per_ Wilmot, J., in _Pillan_ v. _van Mierop and Hopkins_, 3 Burr., at p. 1666; _Haigh_ v. _Brooks_, 10 A. & E. 309; _Barrell_ v. _Trussell_, 4 Taunt. 117), which, as in other cases, may consist either of some right, interest, profit or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other. In some guarantees the consideration is entire--as where, in consideration of a lease being granted, the surety becomes answerable for the performance of the covenants; in other cases it is fragmentary, i.e. supplied from time to time--as where a guarantee is given to secure the balance of a running account at a banker's, or a balance of a running account for goods supplied (_per_ Lush, L.J., in _Lloyd's_ v. _Harper_, 16 Ch. Div., at p. 319). In the former case, the moment the lease is granted there is nothing more for the lessor to do, and such a guarantee as that of necessity runs on throughout the duration of the lease and is irrevocable. In the latter case, however, unless the guarantee stipulates to the contrary, the surety may at any time terminate his liability under the guarantee as to _future_ advances, &c. The consideration for a guarantee must not be _past_ or _executed_, but on the other hand it need not comprise a direct benefit or advantage to either the surety or the creditor, but may solely consist of anything done, or any promise made, for the benefit of the principal debtor. It is more frequently _executory_ than _concurrent_, taking the form either of forbearance to sue the principal debtor, or of a future advance of money or supply of goods to him. Entry: GUARANTEE
ITO, HIROBUMI, PRINCE (1841-1909), Japanese statesman, was born in 1841, being the son of Ito Juzo, and (like his father) began life as a retainer of the lord of Choshu, one of the most powerful nobles of Japan. Choshu, in common with many of his fellow Daimyos, was bitterly opposed to the rule of the shôgun or tycoon, and when this rule resulted in the conclusion of the treaty with Commodore M. C. Perry in 1854, the smouldering discontent broke out into open hostility against both parties to the compact. In these views Ito cordially agreed with his chieftain, and was sent on a secret mission to Yedo to report to his lord on the doings of the government. This visit had the effect of causing Ito to turn his attention seriously to the study of the British and of other military systems. As a result he persuaded Choshu to remodel his army, and to exchange the bows and arrows of his men for guns and rifles. But Ito felt that his knowledge of foreigners, if it was to be thorough, should be sought for in Europe, and with the connivance of Choshu he, in company with Inouye and three other young men of the same rank as himself, determined to risk their lives by committing the then capital offence of visiting a foreign country. With great secrecy they made their way to Nagasaki, where they concluded an arrangement with the agent of Messrs Jardine, Matheson & Co. for passages on board a vessel which was about to sail for Shanghai (1863). At that port the adventurers separated, three of their number taking ship as passengers to London, while Ito and Inouye preferred to work their passages before the mast in the "Pegasus," bound for the same destination. For a year these two friends remained in London studying English methods, but then events occurred in Japan which recalled them to their country. The treaties lately concluded by the shôgun with the foreign powers conceded the right to navigate the strait of Shimonoseki, leading to the Inland Sea. On the northern shores of this strait stretched the feudal state ruled over by Prince Choshu, who refused to recognize the clause opening the strait, and erected batteries on the shore, from which he opened fire on all ships which attempted to force the passage. The shôgun having declared himself unable in the circumstances to give effect to the provision, the treaty powers determined to take the matter into their own hands. Ito, who was better aware than his chief of the disproportion between the fighting powers of Europe and Japan, memorialized the cabinets, begging that hostilities should be suspended until he should have had time to use his influence with Choshu in the interests of peace. With this object Ito hurried back to Japan. But his efforts were futile. Choshu refused to give way, and suffered the consequences of his obstinacy in the destruction of his batteries and in the infliction of a heavy fine. The part played by Ito in these negotiations aroused the animosity of the more reactionary of his fellow-clansmen, who made repeated attempts to assassinate him. On one notable occasion he was pursued by his enemies into a tea-house, where he was concealed by a young lady beneath the floor of her room. Thus began a romantic acquaintance, which ended in the lady becoming the wife of the fugitive. Subsequently (1868) Ito was made governor of Hiogo, and in the course of the following year became vice-minister of finance. In 1871 he accompanied Iwakura on an important mission to Europe, which, though diplomatically a failure, resulted in the enlistment of the services of European authorities on military, naval and educational systems. Entry: ITO