paralysed the whole industrial life of this neighbour-country, must in- 

 directly also injure German industry. When in a country like England, 

 which is such an important market for German products, business is 

 practically at a standstill during a longer or shorter period, it is obvious 

 that our export-trade cannot remain unaffected. In the German coalfields, 

 unfortunately, the British coal-strike has also provoked disturbances, which, 

 however, have subsided more quickly than those across the North Sea. 



The strength of the German money-market was put to a severe test 

 last autumn, when the uncertain political situation resulted in the sudden 

 withdrawal of funds due to French and British creditors. The sensational 

 reports, partly maliciously inspired, which appeared in certain foreign 

 papers at the time were powerless to shake our money-market, notwith- 

 standing the fact that simultaneously it had to meet increasing claims 

 on the part of German traders, and the success with which it stood the 

 trial has decidedly increased foreign respect for the financial power of 

 Germany. 



The foreign trade of the German Empire in the year 1911 shows 1 the 

 following totals: — 



Imports 9544,8 million Marks, compared with 8930,0 million Marks in 1910, 

 Exports 81 11,8 „ „ „ „ 7474,6 „ „ „ 1910. 



A comparison between the values of the imports and exports of the 

 three principal commercial countries of Europe bears eloquent witness to 

 the satisfactory development of Germany's foreign trade. The figures for 

 the years 1910 and 1911, in million Marks, were as follows: — 



n (Exports in 1911 8111,8, Imports 1911 9544,8) , < , 



Germany . . . .( * ^ mQ ^ * mQ ^ j+1242 



United Kingdom 

 France 



1911 9222, „ 1911 13815 | , 



1910 8737, „ 1910 13769 J" 1 " 



1911 4938, „ U9H 6529 | , 

 1910 4988, „ 1910 5739 P~ 



Closer consideration of the above figures shows that the foreign trade 

 of Germany has grown at a materially higher rate than that of either 

 Britain or France. A surprising fact is the notable drop in French exports, 

 the increased trading-turnover of the Republic being entirely due to the 

 rise in imports. We should be exceeding our scope were we, in these A 

 pages, to trace the causes that have brought about a result which is the w 

 more noteworthy in view of the enactment in the year 1910 of increased 

 protective duties, from which another outcome would certainly have been 

 expected. 



The German chemical industry, and in a more restricted sense the 

 industry of essential oils, essences and artificial perfumes, has had its 



