erity based on such a state of affairs is spurious.

[152] The figures for Italy are as follows:

Excess of
Monthly Imports Exports Imports
Average $1,000 $1,000 $1,000

1913 60,760 41,860 18,900
1914 48,720 36,840 11,880
1918 235,025 41,390 193,635
Jan.-Mar. 1919 229,240 38,685 191,155
Apr.-June 1919 331,035 69,250 261,785
July-Aug. 1919 223,535 84,515 139,020

[153] In the last two returns of the Bank of France available
as I write (Oct. 2 and 9, 1919) the increases in the note issue on the
week amounted to $93,750,000 and $94,125,000 respectively.

[154] On October 3, 1919, M. Bilinski made his financial
statement to the Polish Diet. He estimated his expenditure for the next
nine months at rather more than double his expenditure for the past nine
months, and while during the first period his revenue had amounted to
one-fifth of his expenditure, for the coming months he was budgeting for
receipts equal to one-eighth of his outgoings. The _Times_ correspondent
at Warsaw reported that "in general M. Bilinski's tone was optimistic
and appeared to satisfy his audience."

[155] The terms of the Peace Treaty imposed on the Austrian
Republic bear no relation to the real facts of that State's desperate
situation. The _Arbeiter Zeitung_ of Vienna on June 4, 1919, commented
on them as follows: "Never has the substance of a treaty of peace so
grossly betrayed the intentions which were said to have guided its
construction as is the case with this Treaty ... in which every provision
is permeated with ruthlessness and pitilessness, in which no breath of
human sympathy can be detected, which flies in the face of everything
which binds man to man, which is a crime against humanity itself,
against a suffering and tortured people." I am acquainted in detail with
the Austrian Treaty and I was present when some of its terms were being
drafted, but I do not find it easy to rebut the justice of this
outburst.

[156] For months past the reports of the health conditions in
the Central Empires have been of such a character that the imagination
is dulled, and one almost seems guilty of sentimentality in quoting
them. But their general veracity is not disputed, and I quote the three
following, that the reader ma