Between the years 1905 and 1910 the total export trade of Germany increased by $408,225,000, but the whole of the increase was due to the heavier forms of manufactures: machinery, iron ware, coal-tar dyes, iron wire, steel rails, and raw iron. The increasing competition is shown by the fact that during those same years her exports of the finer manufactures, such as cotton and woollen goods, clothing, gold and silver ware, porcelain, maps, prints, and the like, actually decreased by $66,975,000! I am not maintaining for a moment that these problems are peculiar to Germany, but merely that, owing to the rapid progress, they are aggravated, and that to point out Germany as a model of successful achievement, along these and other lines, in order to bolster up political cure-alls at home, is a betrayal of crass ignorance of the general internal situation of the country, and once such prejudiced pleaders are found out, the rebound will go too far the other way. That were a pity, too, for we have much to learn from Germany. The $30,000,000 in gold in the Julius Tower at Spandau, called the war-chest, and the income from railroads, forests, and mines, are to be put down on the other side of the ledger, but as a year's war, it is calculated, would cost France, England, or Germany some $2,300,000,000 each, these sums are of negligible importance. The Prussian railways cost $2,250,000,000, and are now valued at twice that sum, and pay an average of seven per cent. on the invested capital. Maintenance costs are included in the total annual expenses, and there is no, so it is claimed, actual depreciation. Of the net revenue of $157,330,417 in 1909, about $55,000,000 are transferred to the state revenue, out of which all charges of the state, including interest on bonds, are paid. The rest is used for new construction, sinking funds, reserve funds, and so on. The report of the Interstate Commerce Commission of 1909-1910 states that there are nearly $19,000,000,000 of railway capital outstanding in America. There are 240,438 miles of single track in the United States; 59,000 locomotives, 35,000 for freight, and a total of 2,290,000 cars of all kinds; and the railways carried in one year 971,683,000 passengers and 1,850,000,000 tons of freight. In 1910, 386 persons were killed, but, what is often forgotten, more than one half the total accidents were due to stealing rides and trespassing on the tracks. The railways in the United States are our largest purchasers by far, and for every dollar they earn 42 cents is spent in wages, 26 cents for material, raw or manufactured, before anything is given out for interest on loans or dividends.