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 through her fingers. The sale of her foreign holdings advertises the fact that other nations are capable of buying them, and, further, that these other nations are busily producing surplus value.

The movement has become general. Today, passing from country to country, an ever-increasing tide of capital is welling up. Production is doubling and quadrupling upon itself. It used to be that the impoverished or undeveloped nations turned to England when it came to borrowing, but now Germany is competing keenly with her in this matter. France is not averse to lending great sums to Russia, and Austria-Hungary has capital and to spare for foreign holdings.

Nor has the United States failed to