Neutral countries whose frontiers march with those of Germany have rendered enormous aid to the Central Powers by the supply of materials and food. The general practice of evasion has been to smuggle home produce of all sorts for which high prices were forthcoming and use for local consumption similar products imported from other countries over seas. The imports of many lines of merchandise into Holland alone are known to have increased from fifty to one hundred per cent. compared with pre-war figures. [Illustration] _WHAT SHOULD WE DO WITHOUT MICHAEL?_ _Michael_: "_For my 100 Marks I obtained a receipt. I gave this for second 100 Marks and I received a second receipt. For the third loan I gave the second receipt. Have I invested 300 Marks and has the Government got 300, or have both of us got nothing?_" * * * * * If we desire the possibility of shaping a peace in accordance with our needs and our vital requirements, we must not forget the question of cost. We must see to it that the whole future livelihood of our people shall, so far as is in any way possible, be relieved of the burden. The leaden weight of thousands of millions is due to the people who got up this war. They, not we, shall drag it along with them. Of course, we know that this is a matter of peculiar difficulty, but everything that can be done in this direction shall be done. We are paying the money almost exclusively to ourselves, whilst the enemy is paying its loans abroad, a guarantee that in the future we shall maintain the advantage. DR. HELFFERICH, _Reichstag, September, 1915._ [Illustration] _WE DON'T UNDERSTAND THIS LOAN GAME_ _(In Germany there is a game by which children passing a coin from one to another are supposed to, but do not, get richer.)_ * * * * * German statesmen and editors make a boast of the fact that so far they have not raised any war funds by taxation. That is true, but they are pursuing the far less commendable course of raising the money by loans and by "hanky-panky" manipulations of currency paper. Dr. Helfferich, the Imperial Minister of Finance, recently admitted that he dared not impose further taxation, and it is a fair inference that he knew any such proposals would be futile--that the burdens of the German taxpayers are already as heavy as they can bear. _The Nineteenth Century and After._ [Illustration] _THE GERMAN LOAN_ "_Don't breathe on the bubble or the whole will collapse_" * * * * * The German war loans have been subscribed mainly by the great companies of Germany; by the Savings Banks, the Banks, the Life and Fire Insurance and Accident Insurance Companies, etc.