[16] Summarizing an article in the _Oriental Economic Review_, the San Francisco _Bulletin_ says: "Japan at this moment seems to be finding out that 'conquered' Korea in every real sense belongs to the Koreans, and that all that Japan is getting out of her war is an additional burden of statesmanship and an additional expense of administration, and an increased percentage of international complication due to the extension of the Japanese frontier dangerously close to her Continental rivals, China and Russia. Japan as 'owner' of Korea is in a worse position economically and politically than she was when she was compelled to treat with Korea as an independent nation." The _Oriental Economic Review_ notes that "the Japanese hope to ameliorate the Korean situation through the general intermarriage of the two peoples; but this means a racial advance, and through it closer social and economic relations than were possible before annexation, and would probably have been easier of accomplishment had not the destruction of Korean independence embittered the people." [17] Spanish Four per Cents. were 42-1/2 during the war, and just prior to the Moroccan trouble, in 1911, had a free market at 90 per cent. F.C. Penfold writes in the December (1910) _North American Review_ as follows: "The new Spain, whose motive force springs not from the windmills of dreamy fiction, but from honest toil, is materially better off this year than it has been for generations. Since the war Spanish bonds have practically doubled in value, and exchange with foreign money markets has improved in corresponding ratio. Spanish seaports on the Atlantic and Mediterranean teem with shipping. Indeed, the nature of the people seems changing from a _dolce far niente_ indolence to enterprising thrift." [18] London _Daily Mail_, December 15, 1910. [19] "Traité de Science des Finances," vol. ii., p. 682. [20] "Die Wirtschafts Finanz und Sozialreform im Deutschen Reich." Leipzig, 1882. [21] "La Crise Économique," _Revue des Deux Mondes_, March 15, 1879. [22] Maurice Block, "La Crise Économique," _Revue des Deux Mondes_, March 15, 1879. See also "Les Conséquences Économiques de la Prochaine Guerre," Captaine Bernard Serrigny. Paris, 1909. The author says (p. 127): "It was evidently the disastrous financial position of Germany, which had compelled Prussia at the outbreak of the war to borrow money at the unheard-of price of 11 per cent., that caused Bismarck to make the indemnity so large a one. He hoped thus to repair his country's financial situation. Events cruelly deceived him, however. A few months after the last payment of the indemnity the gold despatched by France had already returned to her territory, while Germany, poorer than ever, was at grips with a crisis which was to a large extent the direct result of her temporary wealth." [23] "Das Deutsche Reich zur Zeit Bismarcks."