"As 90 per cent. of the trade into the interior is in the hands of the Armenians, the result is that the country has to face economic ruin. As the greater part of the commercial transactions are credit transactions, hundreds of business men of high standing, though not themselves Armenians, have to face bankruptcy. In the evacuated localities, barring a few exceptions, there will not be a single mason, smith, tailor, carpenter, potter, tentmaker, weaver, shoemaker, jeweller, chemist, doctor, lawyer, or any other person engaged in trade or in a profession; the country will, in fact, be in a helpless position." The author of the Memorandum winds up the section relating to the effect of the deportations on Turkish trade with the following passage:-- "The popularity of the--otherwise unpopular--war may have been temporarily increased with the Turkish populace by the annihilation and spoliation of the non-Mohammedan population, more particularly of the Armenians, but partly also of the Syrians, the Greeks, the Maronites, and the Jews; but the more thoughtful Mohammedans will, on perceiving the net result of the damage suffered by their country, regretfully lament the economic ruin of Turkey, and come to the conclusion that the Turkish Government has lost incomparably more by the internal warfare than it can ever gain by external victories." As regards the "moral consequences" of the Armenian massacres, the German scholar says that they will not be properly felt till after the end of the war. He means by that, that the civilized world will then wake up to the horrors of the deeds which have been perpetrated by the Turkish Government. He continues: "The world will not allow itself to be persuaded by the contention that strategical considerations had required the deportation of half a million of women and children, wholesale conversions to the Mohammedan faith, and the annihilation of hundreds of thousands of defenceless persons." The German scholar's Memorandum, for obvious reasons, is very silent as to the moral responsibility of the German Government for the deeds which rouse his indignation, but several of his countrymen are more outspoken. In this respect some of the documents included in this pamphlet are very instructive.