I come, finally, to the economic causes of the war. I must reluctantly confess that I do not share the opinion of some eminent writers, who regard these causes as the most prominent and the most decisive. Germany, according to them, determined to make war—on Russia and France, be it noted, for prior to the invasion of Belgium there was no thought of other opponents—in order to secure indispensable markets for her goods and to avert an imminent economic crisis. It would be superfluous here to give the figures recorded in all the tables of statistics, proving the enormous development of German industry throughout the forty-four years of peace that have elapsed since the Treaty of Frankfort. Like all growths that are too speedy, this development had its weak points, its alarming symptoms; it did not bear the look of perfect health. In an organism that was shooting up so rapidly, a sudden crisis, a violent illness, was likely to produce fatal complications. Too many enterprises were being founded on advances from banks. The great financial and industrial companies were inflating their share and debenture capital to such an extent that any slackening in production would have threatened to suspend the payment of dividends. Two-thirds of the population lived on the wages earned in workshops and factories. A stoppage in the activity of the latter, involving prolonged loss of work, would have meant a dearth of bread in countless homes and a great outcry of distress from countless throats. It was therefore the imperative duty of the Government, not only to see that the existing outlets for the national industry were kept open, but to provide for the acquisition of new ones. Already some ominous bankruptcies had warned the authorities of what might happen. Over-production would inevitably lead to extreme measures, in order that there might be no congestion. Among these measures, the only infallible one was war, with its invasion of foreign markets by force, its wiping out of those competitors who would not let German labour enjoy the monopoly that it needed. Such, in a crude outline, are the arguments adduced to show the overwhelming importance of economic causes. If from industry we pass to farming on a large scale, which is organized in Prussia on industrial lines, we observe a specious prosperity, depending in no small degree on the renewal of the commercial treaty with Russia. This treaty, concluded at a critical moment, after the Russo-Japanese war, empowered the great Prussian landowners, thanks to surreptitious export bounties, to send their wheat and their rye even to Finland, whereas Russian agricultural produce could only enter Germany after the sale of the German crops.