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Rh Lansburg has not added up his columns, and thereby gives evidence of a singular piece of inattention in not noticing that if these figures show anything, they speak against him; for the export trade into countries financially dependent on Germany has in spite of all developed more quickly (if only a little) than in the countries which are independent. (Let us emphasise the if, for Lansburg's figures are far from being complete.)

On the relation between export trade and loans, Lansburg wrote:

"In 1890-91, a Roumanian loan was subscribed through the German banks, which had previously made advances on this loan. The loan was used chiefly for purchases by Roumania of railway material in Germany. In 1891, German export trade into Roumania rose to 55,000,000 marks. The following year it fell to 39,400,000 marks; then, with intervals, to 25,400,000 marks in 1900. It only regained the level of 1891 during recent years, thanks to two new loans.

"German export trade into Portugal rose, following the loans of 1888-9 to 21,100,000 (1890), then fell, in the two following years, to 16,200,000 and 7,400,000; and only regained its former level in 1903.

"German trade with the Argentine is still more remarkable. Following the loans floated in 1887 and 1890, German export trade into the Argentine reached, in 1889, 60,700,000 marks. Two years later it only reached 18,600,000 marks, that is to say, less than one-third of the previous figures. It was not until 1901 that it regained and surpassed its level of 1889, and then only in connection with new loans floated by the State and by municipali-