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 before the Institute of Chartered Accountants on June 15, 1921, he showed that in order to pay the final liability of close on £400,000,000 a year, that would be necessary when all the £6,600,000,000 of indemnity bonds had been issued, Germany's exports must amount to not less than £1,200,000,000. "German foreign trade," he continued, "could not be expanded to this point and such a large exportable surplus could not be maintained unless wages were kept extremely low by comparison with those paid in competing countries. . . . At this moment wages in Germany—I speak of course of real wages—are not more than half those paid in this country, and yet the German workman is labouring for long hours with great efficiency and with apparent contentment, or at any rate acquiescence. We may, perhaps, find the reason for this industrial facility in the superiority of his present lot over his recent condition. During the war all classes in Germany suffered very great privations in consequence of the blockade. We remember to what straits they were reduced—clothes made of paper, food substitutes of every kind, an almost complete absence of fats, very little oil, and indeed, general privation such as no other people suffered. Though the German workman may be ill paid now, by comparison with