The author of the Memorandum is no doubt himself actuated entirely by humane and high-minded feelings, and the very fact of his taking such a very strong attitude on the Armenian question reveals an amount of courage which calls for unqualified admiration; but he evidently knows that many of his countrymen require more tangible inducements for abandoning their callous or hostile attitude on the Armenian question. He therefore calls attention to the serious loss which not only Turkish economic life but also German trade interests will suffer, if the extermination of the Armenians is to be carried to the bitter end. He shows that the Turks are absolutely without any talent for trade and industry, and that the legend about the dishonesty of the Armenians and Greeks as opposed to the honesty of the Turks has no foundation in fact of any sort. He says that many German merchants are under the impression that their customers in Turkey are Turks, while in reality they are Armenians, Greeks, or Jews. The Greeks apparently are chiefly concerned with export trade, while the import trade is mainly in the hands of Armenian merchants. The German exporters, who give longer credits than others, are of course interested in the solvency of their customers, but many of them are ignorant of their nationality, and--starting from the notion that everyone who wears a fez is of Turkish nationality--they think that they are dealing with Turks. These exporters will have a rude wakening when the true facts become known to them. The Memorandum, by way of illustration, mentions one firm of importers in Constantinople who sell goods to 378 customers residing in 42 towns in the interior. The total amount owing by these customers at the date when the information was given, was nearly £14,000, which sum had to be written off as lost, as all the 378 debtors, with their employees and with their goods, have vanished; they are either dead or wander about as beggars on the borders of the Arabian desert. During the Balkan war some members of the Young Turk Committee tried to damage the trade of the Armenians and of the Greeks by means of a boycott, which was put into operation with the aid of the Government. The rural population, which was in this way compelled to make their purchases in Turkish shops only, obtained bad goods at increased prices, and returned to the Armenians and Greeks as soon as the boycott was raised. The Memorandum quotes a report, dated 15th August, 1915, and made by the American Consul at Aleppo, which sums up the result of the deportations of the Armenians in the following passage:--