which is slightly more moderate in tone and tempo. Julius Bab figures on the title page of two anthologies: Die deutsche Revolutionslyrik and 1914-der deutsche Krieg im deutschen Gedicht.

numerous mono

LITERATURE, CRITICISM, ETC. No very important work has been added to literature and criticism. But there have been graphs on individual writers, which form interesting reading, though they may not throw much new light on their subjects. Goethe-literature has been enriched by Emil Ludwig's Goethe, which purports to be the story not of the great German poet, but of the man Goethe, and might therefore be as properly classed with biography. The same is true of Etta Federn's Hebbel, which is a specimen of biographical fiction and which has caused no little discussion among the Hebbel authorities. Heinrich Mayne is the author of a volume on Theo. Fontane 1819-1919, which ends in an inquiry into the rank accorded to the poetnovelist a hundred years after his birth. F. F. Baumgarten has written a critical study entitled Das Werk Conrad Ferdinand Meyers. Paul Heukamer is the author of a book on that eccentric member of the romantic School of Germany, Zacharias Werner. Nietzsche comes in for a share of serious attention in several books, among them Ernst Howald's Friedrich Nietzsche und die klassische Philologie. There have been books on Heine, Jeremias Gotthelf, Hölderlin, and others.

a

BIOGRAPHIES, LETTERS, MEMOIRS. The serious interest in socialism and the personages identified with its history manifests itself not only in several books on the Marxian system, but also in biographical studies, foremost among them Hermann Oncken's Ferdinand Lassalle, which he calls a social-political biography. Psycho-analysts are prying into the lives of the great writers, a striking example of their methods being Eduard Hischmann's Gottfried Keller, frankly called "psycho-analytic study." Hermann Esswein has given us a new book on Strindberg. Karl Quenzel's work, Der Maler Feuerbach, is a biography of the artist based on letters and memoirs. Moritz Stübl has added to Chodowiecki literature the diary recording the artist's journey to Dresden and Leipzig. Ernst Anemüller is the author of a Schiller book: Schiller und die Schwestern Lengefeld, and Albert Janssen has written on Die Frauen rings um Hebbel. Eduard Brandes is the editor of the letters of Jens Peter Jacobsen, which has been promptly translated. Richard Dehmel's Zwischen Volk und Menschheit is a new war diary.. Gustav Frenssen's Grübeleien--1890-95 is a book of leaves from diaries, notes on current events, aphorisms, etc. The Lebenserinnerungen by von Eckartstein of which the first volume is dated 1895 gives interesting glimpses of German public life.

HISTORY, WAR BOOKS, ETC. Hans von Helmolt presents Ein Vierteljahrhundert Weltgeschichte 1894-1919. He has also made an attempt to discredit the authenticity of Karl Kautsky, the socialist writer, who on getting hold of the documents in the archives of the government has done so much towards enlightening the Germans about the causes of the war. Helmolt's book bears the title Kautsky, der Historiker. called Die neueste Geschichte des jüdischen Volkes is said to be translated, but the original language is not mentioned; the author's name on the title-page is S. M. Dubnow. Of the numer

A book

ETHICS,

FOLKLORE, TRAVEL, ETC. Wilhelm Hausenstein is the editor of a selection from the world's fairy-tales, which is illustrated by reproductions of carvings, sculpture, pottery, textiles, etc., and is entitled Exoten. Theodor Koch-Grünberg has edited a collection of Indianermärchen aus Südamerika. A. Diss is responsible for a book on Kaukasische Märchen, Otto von Taube for a volume of Russische Märchen. The Siyawashi, the old Persian tale from Firdusi, has been brought out in a new edition. Victor Ottman has written a book called Mexikaner, Heinrich Schüler is the author of Brasilien, ein Land der Zukunft, and Leo Mirau of Argentinien. A warning to Germans not to emigrate to the United States is contained in H. Zetzsche's An der Indianergrenze, which is announced as a truthful picture of America for the instruction of young and old. Bernhard Kellermann's Ein Spaziergang in Japan is a book of some charm, and Stefan Zweig's Fahrten, Landschaften und Städte is delightful reading. PHILOSOPHY, ᎪᏒᎢ, MUSIC. Emil Barthel is the author of a work called Polargeometrie. Karl Vorländer attempts to deduce the philosopher's reading of life from his writing in Kants Weltanschauung aus seinen Werken. Hermann Hesse is responsible for Zarathustra's Wiederkehr-ein Wort an die deutsche Jugend. Martin Havenstein strikes also a serious note in addressing his people: Vornehmheit und Tüchtigkeit-dem deutschen Volke zur Einkehr. Under the collective title Die Freude and the sub-title Blätter einer neuen Gesinnung, Wilhelm Uhde edits an attractive work, containing selections from the world's literature from Schiller to Paul Claudel and reproductions of art from Beltraffio to Picasso. Konstantin Umansky is the author of Neue Kunst in Russland-1914-19. Paul Wertheimer has written the preface to the book Indische Baukunst contained in the Orbis Pictus. Hans Joachim Moser has written a new history of music; Hans Volkmann a biography of Emanuel d'Astorga, Eugen Segnitz a book on Arthur Nikisch, C. J. Glasenapp on Siegfried Wagner und seine Kunst, and Sebastian Röckl adds another book to the voluminous literature on the subject suggested by the title: Ludwig II und Richard Wagner.

MISCELLANEOUS. Carry Brachvogel reviews the political possibilities opening before woman in Eva in der Politik. Jacob Schaffner seems to have been converted to socialism; his new book is entitled Die Erlösung vom Klassenkampf. Der Atheismus und seine Geschichte im Amendlande by Fritz Mauthner directs attention to a subject almost forgotten in the present preponderance of social problems. Christian Morgenstern has published a book of Epigramme und Sprüche. It is reported that Gerhart Hauptmann, who in his youth studied sculpture in Rome, has once more installed himself in a studio. Hermann Hesse, too, has given proof of versatility by exhibiting his water-colors in Basle. On receiving the Grillparzer Prize for

GERMAN NEW GUINEA

his latest drama Karl Schönherr turned over the amount to the suffering children of Vienna's poor. Helen Keller has turned over the proceeds of the German editions of her works to the Germans blinded in the war. Considerable sensation has been caused by the appearance of a book under the title Rudolf der, Letzte-Tagebuch eines deutschen Fürsten, a fictitious diary drawing upon the war books of Bethmann-Hollweg, Czernin, and others. Stefan Zweig has published a protest against an unauthorized translation of his story Brennendes Geheimniss, which was published in America under the title The Burning Secret and credited to one "Stephen Branch." There have been numerous new editions of E. T. A. Hofmann, Theodor Storm, Friedrich Theodor Vischer, Anzangruber, Chamisso, Glasbrenner, and a new volume in the Weimar Goethe Edition. The writings of Alfred Kerr, the critic, of Gustav Meyrink, the inimitable satirist, of Wedekind, and others have been collected. Among the many translations Romain Rolland's Colin Breugnon, the popular tales of Tolstoy, works by Anatole France, Louis Couperus, Remy de Gourmont, Karl Gjellerup, Selma Lagerloef, and French, Italian, and Span

'ish classics.

are

NECROLOGY. Franz Hirsch, the venerable editor of magazines which he outlived by many years, died, July 18. Another representative of the old generation, Bernardine Schulze-Smidt, whose stories revolved mainly about life in Bremen, passed away, February 17, at the age of 74, after having finished a new story since published. The death of Richard Dehmel, February 8, removes from the ranks of what in the nineties was called "Young Germany" one of its most interesting figures. Swiss literature has suffered the loss of Adolf Frey, poet and literary historian, who died, February 12, in Zurich. Leopold von Schröder, philologist and literary critic, died in Vienna on February 9th. Franz Koppel-Elfeld, dramatist and collaborator with the popular von Schönthan, passed away January 16th. In Ludwig Ganghofer, who died, on July 24th, Munich lost one of her most popular literary celebrities. Jeannot Emil Freiherr von Grotthuss, a writer who founded one of the best monthly magazines, Der Türmer, and Karl Storck, the editor of that magazine, died during the summer. August Spanuth, pianist and music critic, died January 11th. Wilhelm Wundt, the famous physiologist, passed away, August 31.

GERMAN NEW GUINEA. The territories now known as NEW GUINEA, formerly held by Germany in the West Pacific including Kaiser Wilhelm's land; Bismarck Archipelago; the German Solomon Islands; Nauru, the Caroline Islands, the Marshall Islands, and the Marianne or Ladrone Islands, with the exception of the

island of Guam. These colonies were occupied by the Australians, Sept. 12, 1914. Under the Treaty the islands north of the equator namely, the Marshall Islands, the Carolines, the Pelew, and Ladrone islands were turned over to Japan under a mandate, and those south of the equator including the Bismarck Archipelago, the German portion of the Solomon Islands, and Kaiser Wilhelm's land were assigned to Australia. German Samoa was assigned to New Zealand, and Nauru was assigned to Great Britain under a mandate. At the beginning of 1920 the British administrator of the New Guinea possessions of

A former German pro

GERMAN SAMOA. tectorate comprising that portion of the Samoan group which lies to the west of longitude 171° east; now known as the territory of Western Samoa, including Savaii and Upolu, the largest of the Samoan islands. Area, about 994 square miles; population, about 40.000. They were occupied by the New Zealand forces Aug. 29, 1914, and their status was subject to the Peace Conference, at which it was proposed that they should be governed by New Zealand as a mandatary under the League of Nations. The plan of government proposed by New Zealand included a legislative council to which native chiefs would be eligible.

GERMAN SOUTHWEST AFRICA. A former protectorate of Germany lying between Angola and the Cape Province of the Union of South Africa; captured by South African forces from the Germans in July, 1915; and administered after the war by the Union of South Africa under a mandate. Area, 322,200 square miles; European population in 1913, 14,830, of whom 12,292 were Germans. For statistical details pertaining to education, production, etc., see preceding YEAR BOOKS. In 1918 the imports were £1,031,534. In 1917-18 the revenue was £306,045 and the expenditure £650,052. For military purposes a number of railway lines were built during the war and they have since been extended. The total mileage in the protectorate was placed at the beginning of 1920 at 1417.

GERMANICS. See GERMAN LITERATURE; PHILOLOGY; AUSTRIA; SWITZERLAND; HOLLAND; GERMANY. See IRON AND STEEL; NAVAL PROGRESS.

ETC.

GERMANY. A republic set up after the war in place of the imperial monarchy overthrown in the revolution of the closing months of 1918; organized under the constitution adopted July 31, 1919, and promulgated Aug. 13, 1919; formerly the German empire, a constitutional monarchy consisting of 25 federated states and an imperial territory or Reichsland; situated in central Europe.

AREA AND POPULATION. The 25 states of the former empire had an area of about 208,825 square kilometers, exclusive of the German part of Lake Constance and the North Sea lagoons, with a population estimated before the war, June 30, 1914, at 67,812,000. The latest official figures before the war were those of the census of 1910 which are given in detail along with final statistics in preceding YEAR BOOKS. În 1920 the area of the German republic was given at 203,979, the latter figures being based on the census 176 square miles and the population at 63,051,mile. As the arrangements under the Treaty of of 1910, and giving a density of 310.3 per square limits of the republic in 1920 were not known, Versailles were still incomplete, the existing but the above figures were probably excessive, and a closer estimate for area was about 171,910 square miles and the population about 55,086,000. These estimates are based on the losses

occasioned by the following changes prescribed by the Treaty: 1st, Alsace-Lorraine returned to France; 2nd, the larger part of West Prussia ceded to Poland; 3rd, a portion of Eastern Gali

cia ceded to Poland; 4th, part of Upper Silesia to Czecho-Slovakia; 5th, Eupen and Malmely to Belgium; 6th, Memel to the Allies; 7th, Danzig to the Allies. Of these Alsace-Lorraine was estimated at 5604 square miles, with a population of 1.874,014; the Polish cession at 17,756 square miles, with a population of 3,500,000; the part ceded to Belgium, 386 square miles, with a population of 65,000; Memel, 965 square miles, with a population of 650,000; Danzig, 579 square miles, with a population of 250,000. The regions to be determined by plebiscite were estimated at an area of 11,580 square miles with a population of 3,500,000. There was finally the Saar Basin which was placed for a term of years under the League of Nations and was at the expiration of that term to decide by popular vote upon its destination; area, estimated at 220 square miles, with a population of 640,733. The area under temporary occupation by the Allied military forces was placed at about 9650 square miles with about 7,000,000 inhabitants. The cities over 500,000 at the census of 1910 were as follows: Berlin, 2,071,257; Hamburg, 931,035; Munich, 596,467; Leipzig, 589,950; Dresden, 548,308; Cologne, 516,527; Breslau, 512,105. Berlin at the census of Oct. 20, 1919, was given at 1,897,864. No later figures for education were available than those given in preceding YEAR BOOKS.

EMIGRATION. No complete figures of emigration for the year 1920 were available, but during the first nine months the emigrants to Brazil, Argentina, Mexico, and the United States numbered 6010 of whom a very small number went to the United States. While this was twice as many as had emigrated during the same period in the preceding year, it was but a small fraction of what had been expected. It was estimated at the close of the year that nearly 5,000,000 Germans were ready to emigrate if they could procure the money for their passage, the greater part of them wishing to go to Brazil on account of the good opportunities for colonization there offered. At the close of the year the government was undertaking by means of a series of lectures to supply intending emigrants with information in respect to the South American countries. Some alarm was expressed by officials over the class of German emigrants who were said to come from the most desirable elements.

PRODUCTION. Over 90 per cent of the soil had been estimated as productive before the war and the arable land was placed in 1913 at 65,148,000 acres; the woods and forests at 35,558,000; meadows, pasture, and grass at 21,760,500. The chief crops in 1919 with their acreage and total yield in metric tons were as follows: Wheat, 2.828,150 acres and 2,169,169 metric tons; rye, 10,789,235 acres and 6,100,444 metric tons; barley, 2,815,127 acres and 1,910,363 metric tons; oats, 7,482.197 acres and 4,453,688 metric tons; potatoes, 5,451,982 acres and 21,449,186 metric tons. The yield of beets in 1916 was 16,877,520 metric tons. (See AGRICULTURE.) The International Bureau of Agriculture published in November the following figures for live stock in Germany, showing the movement since 1912: Horned cattle, March 1, 1912, 16,444,723; July 2. 1919, 16,381,605; June 1, 1920. 16,981,522; sheep, on these respective dates, 6,241.726; 6,162,794: 7,021,342; hogs, 8,610,796; 9,430,268; 11,656,813: goats, 5,781,750; 4,679,419; 4,967,537.

Prussia is the main source of mineral produc

tion and the principal mining regions are in Rhenish Prussia, Westphalia, and Silesia, for iron and coal; in the Harz Mountains for copper and silver; and in Silesia for zinc. The source of a considerable part of Germany's mineral wealth was in the regions lost in the war. Complete figures for recent mineral publication were not available but the following information was issued in respect to potash and lignite in 1920. The potash deposits of Germany, which were discovered by the Prussian government in 1843 at Stassfurt while boring for rock salt and which occur in upper layers of rock salt in the plains of Northern Germany, have been estimated to occupy a volume of 10,790,000,000 cubic meters and to contain 20,000,000,000 metric tons of potash salts, corresponding to about 2,000,000,000 metric tons of potash (KO), a quantity sufficient to supply the world for 2000 years at the present rate of consumption. These beds were first exploited about 1860, and have furnished practically the entire world's supply of potash for many years. The results of the lignite mining in the Niederlausitz district, in spite of many interruptions, were more favorable in 1920 than in 1919. The output increased from 20.4 to 24 million tons, and the production of briquettes from 5.5 to 6.5 million tons. In comparison with 1919 the output of the individual miner showed a slight improvement, although still only half that of 1913.

COMMERCE. Before the war the foreign trade of Germany was according to the Statesman's Year Book for 1920 as follows in 1913: Imports, £560,335,800; exports, £509,965,000. During the 10% months following the signing of the armistice, the exports of the United Kingdom to Germany were valued at £16,207,748 and the imports to the United Kingdom from Germany at £217,435. During the year ending June 30, 1919, the United States exported to Germany goods to the value of $8,818,882 and imported $944,981. In 1920 the government had not resumed its publication of the statistics of foreign trade, but the following information was supplied by the Berlin press: Prior to the war Germany's foreign trade always showed an adverse balance, but this was more than compensated by shipping activities, foreign holdings, and interest on capital invested abroad. The mercantile fleet alone brought in 1,000,000,000 to 1,500,000,000 gold marks gross profits during 1913, equal to 60 to 65 billion paper marks under present conditions. The following figures show the foreign trade of Germany with several countries during 1919:

The total gold, silver, and other metal coin in circulation March 31, 1918, was 7,428,077,200 marks; the total paper money in circulation Jan. 31, 1918, was 17,731,000,000 marks. The total funded debt Oct. 1, 1918, bearing interest was 93,719,974,200 marks; treasury bills bearing no interest, 23,017,629,500 marks; total loan credits on Oct. 1, 1919, 90,400,000,000 marks; total public debt estimated at the beginning of 1920, 204, 000,000,000 marks of which the war debt was officially estimated at 157,700,000,000 marks; calling for interest to the amount of 7,900,000,000 marks.

FINANCIAL SITUATION, APRIL 1. The above figures show the financial situation as reported at the beginning of the year. The following information in regard to conditions at the end of March was supplied by the United States Bureau of Foreign and Domestic Commerce on the basis of reports in the Berlin press:

On March 31, 1920, Germany's national debt amounted to 197,000,000,000 marks (New York mark exchange then about $0.025), of which sum only 92,000,000,000 marks, i.e. not quite half, was consolidated by means of long-term loans. The debts of the federal states amounted on Aug. 1, 1917, to 17,500,000,000 marks in firm loans and 12,500,000,000 marks in short-term liabilities, while the debts of the Communes amounted to 12,500,000,000 marks consolidated and 10,000,000,000 marks unconsolidated. The entire national debt of Germany would, therefore, amount to about 250,000,000,000 marks, or about 4500 marks per capita of the population of the country since the peace treaty, as against one-tenth of that amount in 1914. At that time Germany's liabilities, which were almost exclusively incurred for productive investments, were counterbalanced by actual values of at least the same amount. The 250,000,000,000 marks above mentioned were entirely uncovered. The expenditure of the commonwealth for the year 1920 was estimated at 27,900,000,000 marks for the ordinary budget as laid before the National Assembly by the Finance Minister early in May. To this sum must be added extraordinary expenditures, estimates at 11,600,000,000 marks, and the deficit of the post office and railways, which formerly showed a profit amounting to the enormous sum of 15,000,000,000 marks. This made a total debit for the year, and that, too, for commonwealth requirements only, of 54,500,000,000 marks. Amendments introduced into the estimates by the National Assembly with regard to the salaries of civil servants involved an additional expenditure of 2,000,000,000 marks in the ordinary budget. Moreover, since the general increase of prices induced by the depreciation of money had by no means reached its highest point, there was every probability that the administrative expenses as regards personnel would increase still further. And in the same way the expenditure in the extraordinary budget-in which, to take only a few items, the damages caused by the riots are put down at 1,000,000,000 marks, demobilization of the old army at 2,100,000,000

GERMANY

marks, and the liabilities incurred under the peace treaty at 5,000,000,000 marks-was likely to exceed the estimate. The fiscal requirements of the federal states and Communes could not be ascertained with accuracy, since only a few budgets had been published. But in 1919 the Finance Ministry had estimated the future financial needs of the commonwealth at 17,500,000,000 marks and those of the individual states and Communes at 6,000,000,000 marks. Owing to the great increase of expenditures the requirements of the states and communes probably amounted to between 18,000,000,000 and 20,000,000,000 marks. It was therefore probable, then, that the total sum which the German nation would have to expend in 1920 would amount to between 75,000,000,000 and 80,000,000,000 marks.

The estimated revenue of the commonwealth for 1920 was as follows:

This gave a total of 22,000,000,000 marks. From the nonrecurrent revenue from the war taxes, viz, the tax on increased fortunes and the super-income tax, 3,000,000,000 marks were still available for 1920, so that the total revenue for the year might be increased to 25,000,000,000 marks. That was not even enough to meet the ordinary expenditure, which exceeded that sum by 2,900,000,000 marks. According to the plans of the Finance Ministry, this deficit was to be covered by various new taxes. On the other hand, there were no credit items at present to counterbalance the extraordinary expenditure and the deficits of the postal and railway services. Matters stood somewhat better with the federal states and communes, whose total revenue, in the absence of reliable data might be estimated at about 15,000,000,000 marks. The financial position of the commonwealth, states, and Communes might therefore be shown as follows:

the Entente's indemnification account were confined to the sums demanded for the deliveries, required under the peace treaty, of coal, machinery, chemicals, cattle, etc. Further sums must be forthcoming for the indemnification of the owners of vessels and dock material to be surrendered, for the payment of pre-war debts, for which the commmonwealth had to assume the difference in the rate of exchange, and for other payments still in arrears.

TAXATION. With an annual revenue of over 40,000,000,000 marks, Germany, as regards the yield of taxation, headed all other nations according to German writers. They cited an estimate prepared by M. Dumont, chairman of the French budget committee, which figured the contributions per capita of the population in various countries as follows: England, 526 francs; France, 453 francs; America, 272 francs; Italy, 228 francs; and Germany, 700 marks. They said, the objection that these figures only represent paper marks would not hold water. For while in January the prices for many articles for which Germany must rely wholly or in part upon import from abroad had accommodated themselves to the depreciation of the mark in foreign countries, incomes of all kinds, including manufacturers' profits, wages, and salaries, had not increased in anything like the same proportion as the mark had fallen. To what an extraordinary extent German incomes and fortunes were being drawn upon for the public requirements might be judged from the following examples: A taxpayer who hitherto had lived on the interest derived from a capital of 1,000,000,000 marks, had drawn 50,000 marks annually in interest, had to contribute 244,250 marks of this capital to the commonwealth emergency levy. Of this reduced income of 37,787 marks he had to pay 8931 marks income tax and 3778 marks tax on the yield of capital, so that only 25,078 marks remained of his original income of 50,000 marks. And this income, reduced by exactly one-half, was further burdened with indirect taxes of all kinds. A taxpayer who before the war had a capital of 2,000,000,000 marks, and had doubled it during the war, was in the spring of 1920 taxed as follows: 2,328,030 marks war tax and 1,004,500 marks on the emergency levy. Of the income remaining to him he had to pay 26,439 marks income tax and 8337 marks tax on the yield of capital, so that, after paying direct taxes, only 48,599 marks that is, less than one-fifth of his original income of 250,000 marks-remained, and this was still further reduced by the other taxes on consumption, transport, etc. In spite of these enormous rates of taxation, these four direct taxes did not bring in even one-half of the annual burden of the above-mentioned 40,000,000,000 marks imposed upon the German nation.

FINANCIAL SITUATION IN THE SUMMER. In the Reichstag session of July 1, 1920, the condition of German finances was discussed by the Minister of Economics. After having pointed out that the expenditure of the commonwealth during 1919 had amounted to not less than 74,500,000,000 marks (14,400,000,000 marks were needed for covering regular expenses and 57,750,000,000 for meeting irregular expenses; 1,800,000,000 billion were consumed by the amortization of debts), he analyzed the budget for 1920, which was still awaiting its final settlement. The main items of the budget were set down as follows:

Should the new taxes, mentioned as the last

item, be granted, the revenues of the regular time since the outbreak of the war; but there budget would cover the expenditure for the first was little hope of accomplishing this, as it was yet very doubtful whether the entire sum set down on paper would be reached. The increase in the deficits of the postal and railway adminis tration was reaching large figures. The postal administration had recently estimated its deficit at 870,000,000 marks and the railway administration its deficit at from 12,000,000,000 marks to 15,000,000,000 marks.

The financial situation of Berlin was set forth by the German delegates to the Brussels Conference and the main points were as follows: On August 31st according to them the debts of the empire amounted to 240,000,000,000 marks an increase of 40,000,000,000 marks since May 31st. The cause of this increase was the falling off in the state-controlled industries. The debts of the separate states amounted to 24,700,000,000 marks. The budget for 1919 could not be determined exactly on account of the lack of precise figures for the receipts but the receipts were placed at only 7,617,000,000 marks while the expenses amounted to 75,324,000,000 marks. The budget estimates for 1920 made ordinary receipts and expenditures balance at 39,800,000,000 marks, while the extraordinary budget was 37,666,000,000 marks. The Germans defended their war and navy budget which amounted to 5,089,000,000 on the ground that it was the fault of the Treaty which obliged Germany to abolish obligatory military service and employ a mercenary force which required a high rate of pay. increase of the extraordinary expenses was explained by the war burdens which increased to the extent of 47,000,000,000 marks for 1919-20 of which 4,769,000,000 fell within the first quarter of 1920. The chief financial measures taken were a general income tax and a tax on business. The framers of the report pointed out the difficulty of determining the receipts and the seriousness of the situation in view of the fact that after the plebiscite a tenth of Germany's territory might be taken away. As to credit circulation it continually increased because the receipts did not cover the expenditures. It had mounted from 5,528,000,000 marks in 1914 to 72,223,000,000 marks in Aug. 31, 1920. In respect to commerce imports played the principal part and manufactured products were for the most part exported but Germany had great natural resources especially in coal and potash. The report

The