(is a painful feeling) P (without this indirect) Q (appeal to our self love,the sense of inferiority in others,) R (and not an exalting one) S The correct sequence should be

Since, the starting statement carries a subject; R will be the first statement as it talked about sense of inferiority. S follows next logically. P describes the feeling of inferiority and thus continues with the flow. Q will be the concluding statement and thus form a coherent paragraph.

The correct formation would be, ?The sense of inferiority in others and not an exalting one is a painful feeling without this indirect appeal of our self-love.?