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6 REPORT OF SCHIMMEL & Co. OCTOBER 1915. 
In spite of their ostrich politics our enemies ought to have learned, from the . 
results of the first year of the war, that a successful commercial crusade against 
Germany is out of the question, in spite of the various measures devised to throttle 
our foreign trade. The organization of labour, and its adaptation to existing circum- 
stances, has been carried out to the fullest extent in Germany, whereas England, 
France and Russia have tried in vain to attain this object. In this way the panic-like 
events in internal economic life, about which we hear so frequently in the hostile 
press, are prevented with us. The favourable result of the third war loan surprised 
no one in Germany, seeing that it is fully realized that all payments for the army. and 
the navy are bound to find their way back into home circulation, which means that 
no anxiety is, and need be, felt within our frontiers concerning the financial strength 
of the Nation. | | | | 
We have every reason to continue our trust in the absolute justice of our cause, 
the bravery of the German and allied armies and the oft-tried ability of their leaders. 
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SCHIMMEL .& Co. 
