LAND AND WATER 
November 21, 1914. 
capable men whom she can so send, will do well to 
remember that figure of Germany's potential re- 
serve : three million and a half : neither to under- 
estimate it nor (as most people seem inclined to 
just now) to over-estimate it grossly. Three million 
and a half. It is a figure easily retained, and it 
•would turn an army of four and a half but not five 
million (counting the trained Landsturm) into an 
army of men ultimately passing through its ranks 
to the number of more than eight million, or nearly 
eight and a half million. 
But here yet another c|ualification comes in. 
The nation must be kept gomg, and in particular 
an industrialised nation such as Germany. Where 
the French, with their agricultural preponderance, 
need, say, one man to keep the wheels of society 
turning, the Germans need more than two. Not only 
the railways, not only the arms factories, but much 
of the electrical works, the textile factories, the 
mines, and a mass of other things, must be kept 
going, especially in a blockaded country and 
in one which has not large reserves of mate- 
rial wealth stocked in expectation of such 
a blockade. It is an almost foolishly low 
estimate to put this number at a million and a 
half. Even such a country as France with a popu- 
lation about 57 per cent, of the German, and hap- 
pily not heavily industrialised, is compelled to set 
aside quite three-quarters of a million. It is true 
that there is some overlap between the men in- 
capable of military service and the adult males 
necessary to the " running " of the country. But 
it is still true that to deduct one million and a half 
adult and capable for non-military duties is to de- 
duct far too little. 
You have, then, not a reserve of three million 
and a half, but a reserve of tw^o million untrained 
men of useful age behind the trained regular active 
army Landwehr and trained Landsturm of Ger- 
many. And a total of roughly seven million men, 
or certainly not seven million and a half, would 
appear in the ranks from first to last, with no 
matter what foverty of officering or training during 
the first twelve months of the war. 
I do not see how there is any getting out of 
these figures. 
But is there not, the reader will ask, some 
further form of reserve upon which Germany could 
still count? For (the reader will add) we have 
heard of much larger figures than these. Yes, 
there are the boys below 20. If you were to take 
all these lads, picking even those of 15 or 16 who 
were tolerably grown and taking every capable one 
who could march at all, and who passed his 17th 
birthday, you would get about two million 
(but not appreciably more) in addition to your 
army. The thing can be done — it is frightfully 
dangerous. It has been done in the past on a very 
small scale. The Boers did something of the kind 
during the South African War, I believe, and 
Napoleon (of course, only in a very partial manner) 
touched upon the desperate method in his hardest 
straits in 1814. But there are two elements in 
that method which I have rightly called a 
desperate method, which render it almost always 
fatal. In the first place you will use material 
which goes to pieces very quickly under the strain 
of a campaign, and you are in the more danger 
here because you are tempted from the appearance 
of youth to believe your material better than it is. 
WAR LOAN, 1925-1928, 
ISSUE OF £350,0C0,000. 
(of which ;^ioo,ooo,ooo has already been placed iu the terms oi 
this Prospectus) in STOCK Of BOIHDS, bearing interest at 3i % 
per annum, payable half-yearly on 1st March & 1st September. 
Price of Issue fixed by H.M. Treasury at £95 per Cent. 
Dividends representing Interest accrued after the 7th December, 
1914, ou the various Iiistalmeiits aa they severally fall due will 
be paid as follows : — 
On the 1st MARCH, 1915 ... 4s. 6d. per cent. 
Oh the 1st SEPTEMBER, 1915 ...£1 lOs Ud, percent. 
The Stock is an investment authorised by " The Trustee Act, 1893," and 
Trustees may invest therein notwithstanding that the price may at 
the time of investment exceed the redemption value ol £100 per cent. 
Applications, which must be accompanied by a deposit of £2 per 
cent., will be received at the Bank of Euglancl, Threadneedle Street, 
London, E.G., and may be forwarded either direct or through the 
medium of any Banker or Stockbroker in the United Kingdom. Appli- 
cations must be for even hundreds of pounds. 
Further payments wiU be required as follows : — 
£3 per cent, on Monday, tlie 7th December, 1914. 
£10 per cent, on Jlonday, the 21st December, 1914^ 
£10 per cent, on Thursday, the 7th January, 1915. 
£10 per cent, on Thursday, the 21st January, 1915. 
£10 per cent, on Thursday, the 4th February, 1015. 
£10 per cent, on Monday, the 22nd February, 1915. 
£10 per cent, ob Thursday, the 11th March, 1915. 
£10 per cent, on Thursday, the 25th March, 1915. 
£10 per cent, on Monday, the 12th April, 1915. 
£10 per cent, on Monday, the 26th April, 1915. 
THE GOVERNOR AND COAIPANY OF THE BANK OF 
ENGLAND are authorised to receive applications for this Loan, which 
will take the form either of Inscribed Stock, or Bonds to Bearer, at the 
option of the Subscribers. 
If not previously redeemed, the Loan will be repaid at par on the 1st 
March, 1928, but His Majesty's Govei-nment reserve to themselves the 
right to redeem the Loan at par at any time on, or after, the 1st March, 
1925, on giving mot less than three calendar months' notice in the 
Jjondon Gazette. Both Capital and Interest will be a charge on the 
Consolidated Fund of the United Kingdom. 
The books of the Loan will be kept at the Bank of England and at the 
Bank of Ireland. Dividends will be paid half-yearly on the 1st March 
and 1st September. Dividends on Stock will be paid by Warrant, which 
will be sent by post. Dividends on Bonds will be paid by Coupon. 
Inscribed Stock will be convertible into Bonds to Bearer at any time 
without payment of any fee, and Bonds to Bearer will be exchangeable 
for Inscribed Stock on payment of a fee of one shilling per Bond. 
In case of partial allotment, the balance of the amount paid as deposit 
will bo applied towards the payment of the first instalment. Should 
there be a surplus after making that payment, such surplus wiQ be 
refunded by cheque. 
The instalments may be paid in full on or alter the 7th December, 
1914, under discount at the rate of 3 per cent, per annum. In case 
of default in the payment of any instalment by its proper date, the 
deposit and the instalments previously paid will be liable to forfeiture. 
Scrip Certificates to Bearer, with Coupon attached for the dividend 
payabfe on tlie 1st March, 1915, will be issued in exchange for the pro- 
visional receipts. As soon as these Scrip Certificates to Bearer have 
been paid in full they can be inscribed (i.e., can be converted into Slock), 
or tlicy can be exchanged for Bonds to Bearer (as soon as these can be 
prepared) in denominations of £100, £200, £500, and £1,000. In- 
scribed Stock will be transferable ia any sums which are multiples of 
a penny. 
Application Forms may be obtained at the Bank of England and the 
Bank of Ireland; at any Bank or Money Order Office, in the United 
Kingdom; of Messrs. Mullens, Marshall, and Co., 13, George Street, 
Jklansion House, E.G. ; and of the principal Stockbrokers. 
The List of Applications will be closed on, or before, TUESDAY, the 
24th NOVEMBER, 1914. 
IJank of England, London, 
17t]i November, 1914. 
LOOKING BACKWARDS. 
Readers of the special articles appearing in this Journal 
on " The World's War by Land and Water " will doubtless 
wish to retain in correct rotation this remarkable series 
of articles by HILAIRE BELLOC and FRED T. JANE. 
We have, therefore, prepared special cloth binders to hold 
the first thirteen numbers, at a cost of 1 S, 6d. each. 
Or we will supply the thirteen numbers complete, in the 
binder, for 6s. 6d. 
Owing to the big demand for back numbers already 
received we have had to reprint some of the earlier 
numbers. Same can now be supplied at 6d, per copy. 
Order now from your Newsagent, Bookstall, or direct 
from the Publishers, 
♦'LAND AND WATER," 
CENTRAL HOUSE. KINGSWAY. LONDON. 
10* 
