The former view is apparently that of the German Government.

It was certainly maintained by M.Perels, then as now the adviser to the German Admiralty, during the discussion of the subject by the Institut de Droit International at Heidelberg in 1887.
The latter view is that which was adopted by the Institut on that occasion.

It was maintained by Great Britain, with reference to the French blockade of Formosa in 1884; was acted on by the allied Powers in the blockade of the coast of Greece, instituted in 1886; and is apparently put forward by the United States at the present moment.
5.

If, however, we are at war with Venezuela (as will, no doubt, be the case if we proclaim a belligerent blockade of the coast, and may at any moment occur, should Venezuela choose to treat our acts, even if intended only by way of reprisals, as acts of war), the situation is changed in two respects: (1) the hostilities which may be carried on by the allies are no longer localised, or otherwise limited, except by the dictates of humanity; (2) third States become _ipso facto_ "neutrals," and, as such, subject to obligations to which up to that moment they had not been liable.

Whatever may have previously been the case, it is thenceforth certain that their merchant vessels must respect the (now belligerent) blockade, and are liable to visit, search, seizure, and confiscation if they attempt to break it.
6.