204 TRANSACTIONS OF ROYAL SCOTTISH ARBORICULTURAL SOCIETY. 



destructive in the colder waters of the north than in the warmer 

 south, and that this is observable even in a comparison between 

 the Firth of Forth and the English Channel, but still more 

 markedly so if either of these is contrasted with the Mediterranean. 

 1 am also informed, as a further illustration of this difference, 

 that the only wood which will withstand the Teredo upon our 

 coasts is the "greenheart" {Nectandra), but that even this 

 is attacked in the Mediterranean. 



30. Continental Notes— Germany, 



By B. RiBBENTROP, CLE. 

 Retrospect. 



Getural. — Economic prosperity in the German Empire 

 appeared still to be in a thoroughly sound and favourable 

 condition in the beginning of 1907, but owing to unhealthy 

 over-speculation, over-production, the reckless use of the 

 money markets all over the world, and the American crisis, 

 clouds began to rise, and soon a rapid change took place. 

 Deep depression, extending over the whole of 1908, followed 

 the years of prosperity. 



German industry did not give way without an obstinate 

 struggle, and tried to stave off the evil days by increased 

 exertions. The seriousness of these efforts can best be judged 

 by the extent to which the banks were indented upon, in excess 

 even of the prosperous years preceding. 



The following table of the Imperial Bank of Germany clearly 

 proves this. In million marks — 



Year 



1906 

 1907 

 IQ08 



Jan. Feb. - Mar. April i May ■ June July 



442-1 302-5 375-5 374-i,338-4 427'9 487-3 

 554-01428-1 541-7 555-9439-81564 -9616-7 



716-9 5i9-3'543-9 527-4 



>'S 397 -0:339 o 



Aug. Sept. Oct. Nov, , Dec. [Average 



434-8 615-8788-7 678-0 704-0. 497 



536-9689-38ii-o823-0934-7 625 

 265*9 334"4382-6 189-7 314-0 410 



In spite, however, of a well-organised resistance, it proved 

 impossible to stop the downward slide. The least to suffer 

 were the producers of raw materials, who, owing to a Kartell 

 (semi-trust) policy, were in a position to regulate outturn 

 and prices ; the same policy protected, to a considerable 



