A portion of the approximate sum of 115 billion francs devoted by Germany, up to the end of July, 1917, to the carrying on of the war has enabled her to burglarize her own allies by taking advantage of the extremely bad financial situation which faced them at the end of the Balkan wars. As a result of this situation, Austria-Hungary, Bulgaria, and Turkey, in order to sustain the present long-drawn-out struggle, have been forced to draw on the credit of Berlin. The sum total of the loans made by Germany to her allies and secured by her own war loans cannot yet be verified, but there can be no doubt that it mounts up to a respectable number of billions. These loans have worked out to the immense advantage of Germany, for the following reasons. Established facts prove that, without the assistance of Austro-Hungarian, Bulgarian, and Turkish troops, and without the numerous products supplied her by the Orient, Germany would have been beaten long ago, even in spite of the Allies’ blundering. As these troops and resources are of priceless value to Germany, it would seem that she must have paid dearly for them, and in gold. However, as the reserve of the German Imperial Bank was 1,356,875,000 marks in July, 1914, and 2,527,315,000 in February, 1917, it is certain that Germany has not lent gold to her allies,—in large quantities, at any rate,—but only paper, whose value depends solely on the strength of German credit. In reality, therefore, Germany, simply by keeping a printing-press busy turning out little stamped slips of paper, has obtained troops, food-stuffs, and raw materials which were indispensable to her in avoiding defeat; and at the same time she has so established herself as a creditor as to give her the right to exact final payment by her allies for advances which were primarily made to them in Germany’s own vital interest. Now these obligations weigh so heavily on countries like Austria-Hungary, Bulgaria, and Turkey, already in sore stress, that they incur loans which no one of these three countries can ever hope to pay off unless a victory of the Allied democracies should shatter the financial yoke of Berlin. In order to appreciate the nature of these loans and their consequences, the example of Turkey is particularly instructive. ‘Germany’s advances to Turkey in no way represent Turkish war-expenditure. We must add to them the requisitions made in the country itself, and the war-material purchased in Germany and Austria-Hungary which is not yet paid for.’