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 rather than proceed in step with a leisurely partner who seemed to fear nothing quite so much as success in getting payment from his late enemy.

A Memorandum dated May 17, 1921, and addressed to the Prime Minister by the employers and workmen of the Iron and Steel Industry expressed its grave concern "at the possibility that, unless there is a rigid control of the whole of Germany's export trade, any Reparation settlement will have the effect, either by maintaining the exchange in a depreciated condition or otherwise, of encouraging the general export trade of Germany."

In June of the same year Mr. Edgar Crammond, well known as a bold and hard-working statistician, was telling the Bankers' Institute that Germany would "become the central workshop of the world, although operating under depressing conditions and at famine wages; her central shop would stretch out its tentacles to all markets of the world, aided by the boundless passion and tenacity of a people fighting for its life with the whole force of its concentrated productive machinery."

Fears such as these echoed by statesmen, bankers, statisticians and producers must have been balm to the spirit of Germany, showing her that important classes here feared the