A detailed examination of the financial situation of Czeko-Slovakia, of Rumania, and of the Serbo-Croat States gives results which are at the least alarming. Even Greece, which until yesterday had a solid structure, gallops now in a madness of expenditure which exceeds all her resources, and if she does not find a means to make peace with Turkey she will find her credit exhausted. The most ruinous of all is the situation of Poland, whose finance is certainly not better regulated than that of the Bolsheviks of Moscow, to judge from the course of the Polish mark and the Russian rouble if anyone gets the idea of buying them on an international market. The situation of the exchange since the War has not sensibly bettered even for the great countries, and it is extraordinarily worse for the other countries. In June, 1921, France had a circulation of about thirty-eight milliard of francs, Belgium six milliard of francs, Italy of about eighteen milliards; Great Britain, between State notes and Bank of England notes, had hardly £434,000,000 sterling. Actually, among the continental countries surviving the War, Italy is the country which has made the greatest efforts not to augment the circulation but to increase the duties; also because she had no illusions of rebuilding her finance and her national economy on an enemy indemnity. But the conquered countries have so abused their circulation that they almost live on the thought of it--as, in fact, not a few of the conquering countries and those come out from the War do. Germany has passed eighty-eight milliards, and is rapidly approaching one hundred milliards. Now, when one thinks that the United States, after so many loans and after all the expenses of the War, has only a circulation of 4,557,000,000 dollars, one understands what difficulty Germany has to produce, to live, and to refurnish herself with raw materials. Only Great Britain of all the countries in Europe which have issued from the War has had a courageous financial policy. Public opinion, instead of pushing Parliament to financial dissipation, has insisted on economy. If the situation created by the War has transformed also the English circulation into unconvertible paper money, this is merely a passing fact. If the sterling loses on the dollar--that is, on gold--given the fact that the United States of America alone now have a money at par, almost a quarter of its value, this is also merely a transitory fact. Great Britain has the good sense to curtail expenses, and the sterling tends always to improve.